AQA GCSE Business Studies -Unit 1

Anya Riley
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GCSE Business Studies Mind Map on AQA GCSE Business Studies -Unit 1, created by Anya Riley on 05/06/2016.

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Anya Riley
Created by Anya Riley over 3 years ago
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AQA GCSE Business Studies -Unit 1
1 The Business Organisation
1.1 Business Ownership Structures
1.1.1 Sole Traders
1.1.1.1 Advantages
1.1.1.1.1 Easy to set up
1.1.1.1.2 You are your own boss
1.1.1.1.3 You decide how to spend profit
1.1.1.2 Disadvantages
1.1.1.2.1 Long hours
1.1.1.2.2 Unlimited liability
1.1.2 Partnerships
1.1.2.1 Between 2-20 people
1.1.2.1.1 All have an equal say in the business
1.1.2.2 Advantages
1.1.2.2.1 More owners = more ideas
1.1.2.2.2 More owners = More people to share work
1.1.2.2.3 More capital to put into the business
1.1.2.3 Disadvantages
1.1.2.3.1 Each partner is legally responsible for what every other partner does.
1.1.2.3.2 Most have unlimited liability
1.1.2.3.3 Easily led to disagreements
1.1.3 Limited Companies
1.1.3.1 Private Limited Companies
1.1.3.1.1 Advantages
1.1.3.1.1.1 LIMITED LIABILITY
1.1.3.1.1.2 Independant
1.1.3.1.1.3 Owned by shareholders
1.1.3.1.1.4 Dividends paid to shareholders
1.1.3.1.1.5 Separate legal identity
1.1.3.1.1.6 Maximum of 50 people
1.1.3.1.2 Disadvantages
1.1.3.1.2.1 Maximum of 50 people
1.1.3.1.2.2 Expensive to set up
1.1.3.1.2.3 Have to publish financial informatilon
1.1.3.2 Public Limited Companies
1.1.3.2.1 Advantages
1.1.3.2.1.1 Easy access to shares as can be sold on stock market
1.1.3.2.1.2 Large amount of capital can be raised and easy access to it
1.1.3.2.1.3 Anyone can buy shares
1.1.3.2.1.4 Run by board of directors
1.1.3.2.1.5 Shareholders can have a vote and a say in how the business is run
1.1.3.2.1.6 LIMITED LIABILITY
1.1.3.2.1.6.1 If there are issues such as a loan not geting paid back,then the company is in trouble and NOT the owners
1.1.3.2.2 Disadvantages
1.1.3.2.2.1 Anyone can buy shares
1.1.3.2.2.2 Complicated
1.1.3.2.2.3 Lots of rules and regulations
1.1.3.2.2.4 Expensive
1.1.3.2.2.5 Hard to manage effectively
1.1.3.2.2.6 Greater risk of takeover
1.1.3.2.2.7 Legally obliged to publish accounts
1.2 Franchises

Annotations:

  • The legal right to use the name, logo and products of a firm.
1.2.1 Advantages
1.2.1.1 Less risk
1.2.1.2 Wider marketing
1.2.1.3 Training
1.2.1.4 Increase market share
1.2.2 Disadvantages
1.2.2.1 Can't create new products
1.2.2.2 Pre-established rules
1.2.2.3 Possible chance of poor reputation
1.3 Aims, Objectives and Business Success
1.3.1 Survival
1.3.2 Profit

Annotations:

  • The money left after all costs are taken from revenue
1.3.3 Growth
1.3.4 Market Share

Annotations:

  • The proportion of total market sales sold by one business
1.3.5 Environmental sustainability

Annotations:

  • This is about minimizing the impact of the firm's activities on the environment.
1.3.6 Ethical Considerations

Annotations:

  • Thinking about whether the company acts in such a way that society believes is morally right
1.3.7 Customer Satisfaction

Annotations:

  • This measures how happy consumers are with the products and services provided by the firm
1.3.8 Aims are long-term goals for a business
1.3.9 Objectives are short-term goals that businesses set to help them to achieve their aims
1.4 Stakeholders

Annotations:

  • Anyone who is affected by a business
1.4.1 Different Stakeholders have different ideas of success
1.4.1.1 Emplyees

Annotations:

  • They are interested in job security and promotional prospects.
1.4.1.2 Suppliers

Annotations:

  • If the business is successful then they will gain more revenue as the business will be buying more supplies from them.
1.4.1.3 The Local Community

Annotations:

  • If the business is successful then it may expand, this will create new jobs for the people in the community.

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