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Business Studies Unit 1

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Mind Map on Business Studies Unit 1, created by Megan Mitchell on 24/04/2016.
Megan Mitchell
Mind Map by Megan Mitchell, updated more than 1 year ago
Megan Mitchell
Created by Megan Mitchell about 8 years ago
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Resource summary

Business Studies Unit 1
  1. Starting a business
    1. Why start a business?
      1. What is a business?
        1. Business Location?
          1. Objectives // Aims?
            1. Social enterprise?
              1. Gap in the market?
                1. Market Mapping
                2. Franchise
                  1. Advantages // Disadvantages
                  2. Stakeholder Influence?
                    1. Sole Trader
                      1. Partnership
                        1. Unlimited Liability
                      2. Marketing
                        1. Primary
                          1. Reliable, Cost, time consuming
                            1. Questionnaire!
                            2. Secondary
                              1. Non reliable, non costly, time consuming
                                1. Internet Research
                                2. Marketing Mix
                                  1. Important?
                                    1. 4 P'S
                                    2. Adapting to the product?
                                    3. Finance
                                      1. Sources
                                        1. Bank loan
                                          1. Overdraft
                                            1. Grants
                                              1. When to use them?
                                                1. Advice?
                                              2. Calculations!
                                                1. Profit, Loss, Expenses, Revenue
                                                2. Importance of cash?
                                                  1. Cash flow forecast!
                                                    1. Importance, Benefits?
                                                      1. Interpreting?
                                                        1. Solutions to problems
                                                    2. People in business
                                                      1. When to recruit workers
                                                        1. Recruitment methods
                                                          1. Payment?
                                                            1. Skills needed for job?, experince of worker, how much other familiar firms are paying
                                                              1. Attracting and keeping the best!
                                                                1. Monetary // Non Monetary
                                                          2. Full time, part time?
                                                            1. Job description
                                                              1. Specification
                                                                1. Advertise!
                                                                  1. Short list candidates
                                                                    1. Interviews
                                                              2. Internal // External recruitment
                                                                1. Motivation!!
                                                                  1. Importance?
                                                                    1. Techniques?
                                                                    2. Protecting the staff
                                                                      1. Equal pay, minimum wage, discrimanation legalisation, employment rights, health and safety acts
                                                                    3. Operations Management
                                                                      1. Job production // Batch production
                                                                        1. Advantages // Disadvanatges
                                                                        2. Operationally Efficient
                                                                          1. Advantages
                                                                          2. More operationally efficient?
                                                                            1. Machinary, highly motivated workers, minimum wastage, faster production methods
                                                                            2. Technology
                                                                              1. Robots
                                                                                1. Communication
                                                                                2. Quality
                                                                                  1. How can it be achieved?
                                                                                  2. Customer Service
                                                                                    1. Reliability, pre sales advice, service at time of purchase, after sales purchase
                                                                                      1. Benefits?
                                                                                    2. Consumer Protection
                                                                                      1. Sales of goods act (Product is as described)
                                                                                        1. Consumer protection act (Suffers injury from product)
                                                                                          1. Competition act (fix prices)
                                                                                            1. Consumer protection (distance selling)
                                                                                              1. Consumer protection (unfair trading situations- Advertisements mislead or decieve
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