Business Studies Unit 1

Business Studies Unit 1

1. Starting a business

   • Why start a business?
   • What is a business?
   • Business Location?
   • Objectives // Aims?
   • Social enterprise?
   • Gap in the market?
     • Market Mapping
   • Franchise
     • Advantages // Disadvantages
   • Stakeholder Influence?
   • Sole Trader
     • Partnership
     • Unlimited Liability

2. Marketing

   • Primary
     • Reliable, Cost, time consuming
     • Questionnaire!
   • Secondary
     • Non reliable, non costly, time consuming
     • Internet Research
   • Marketing Mix
     • Important?
     • 4 P'S
   • Adapting to the product?

3. Finance

   • Sources
     • Bank loan
     • Overdraft
     • Grants
     • When to use them?
       • Advice?
   • Calculations!
     • Profit, Loss, Expenses, Revenue
   • Importance of cash?
     • Cash flow forecast!
       • Importance, Benefits?
       • Interpreting?
       • Solutions to problems

4. People in business

   • When to recruit workers
     • Recruitment methods
     • Payment?
       • Skills needed for job?, experince of worker, how much other familiar firms are paying
         • Attracting and keeping the best!
           • Monetary // Non Monetary
   • Full time, part time?
   • Job description
     • Specification
       • Advertise!
         • Short list candidates
           • Interviews
   • Internal // External recruitment
   • Motivation!!
     • Importance?
     • Techniques?
   • Protecting the staff
     • Equal pay, minimum wage, discrimanation legalisation, employment rights, health and safety acts

5. Operations Management

   • Job production // Batch production
     • Advantages // Disadvanatges
   • Operationally Efficient
     • Advantages
   • More operationally efficient?
     • Machinary, highly motivated workers, minimum wastage, faster production methods
   • Technology
     • Robots
     • Communication
   • Quality
     • How can it be achieved?
   • Customer Service
     • Reliability, pre sales advice, service at time of purchase, after sales purchase
       • Benefits?
   • Consumer Protection
     • Sales of goods act (Product is as described)
       • Consumer protection act (Suffers injury from product)
         • Competition act (fix prices)
           • Consumer protection (distance selling)
             • Consumer protection (unfair trading situations- Advertisements mislead or decieve