Summer work for Business (Business A level) · Aims Objectives Profit Cash-flow Stakeholders ... Marketing objectives Market growth Primary market research Secondary market research

Summer work for Business

(Business A level)

Any concerns please email Mrs Harris-Moss

[email protected]

Business Year 12 Summer work

1.) Research Key Terms for the first units that you will study - Unit 1 What is Business and Unit3 Marketing.

2.) Analysing the news – pick a recent business news story and complete the worksheet provided.

3.) Extension reading/watching – Read the two articles to get an idea of the level of understanding require for A-level Business

Watch some business related programmes (e.g. Dragons Den, The Apprentice or any business related programme)

https://www.youtube.com/watch?v=bYoWIKG6-lw

https://www.youtube.com/watch?v=xOGUYaLUPAM&t=1165s

4.) If any family members own or run a business, take the opportunity to question them about

their experiences in operating the business.

A Level Business

Year 1 key Terms – version I – May 2015

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AQA A Level Business Year 1 Key terms

NB: Where a key term occur in more than one unit, there will generally be noted in the table

below in the unit that they are first mentioned.

Unit Key Terms 1. What is Business A good

A service A product Mission statement Aims Objectives

Profit Cash-flow Stakeholders

Revenues

Profit Fixed costs Variable costs

Total costs Average costs

Sole trader Unlimited liability

Incorporation

Shareholder Limited liability

Privatisation

Market conditions

Demand Gross domestic product Real incomes Interest rates

Fair trade Sustainable production

Dividends Market capitalisation

Takeover

2. Management, leadership and

decision making

Leadership

Management Authority

Delegation

Empowerment Decentralisation Programmed decisions Non- Programmed decisions

Risk

Uncertainty

Opportunity cost Scientific decision making

Decision trees Probability

Expected value

Net gains

Ethics

The external environment Social responsibility

Communication

Stakeholder engagement. Consultation

3. Decision making

to improve

marketing

performance

Relationship marketing

Business ethics

Marketing objectives

Market growth Primary market research

Secondary market research

Price elasticity of demand

Income elasticity of demand

Segmentation Market segment Targeting Niche marketing

Mass marketing

Sales value

Sales volume

Market share

Sales growth

Internal influences

External influences

Competitiveness

Target population

Sample Brand

Patent Trademark Globalisation

Market research

Market mapping

Confidence level

Confidence interval Big data

Positioning

Marketing mix

Consumer products

Industrial products

Product life cycle

Product portfolio

analysis. Social media

Viral marketing

Multichannel distribution. E-commerce

A Level Business

Year 1 key Terms – version I – May 2015

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Unit Key Terms 4. Decision making

to improve

operational performance

Operational management Labour intensive Capital intensive

Supply chain

Operations objective

Competitive advantage

Total costs

Unit/average costs

Capacity Capacity utilisation

Labour productivity

Efficiency Lean production

Quality

Mass customisation

Inventory Part time

Temporary staff Vertical integration

Corporate social responsibility. Outsourcing

5. Decision making

to improve

financial performance

Financial objectives

Income statements

Gross profit Direct costs

Indirect costs

Operating profit Profit for the year Investment Non-current assets

Capital expenditure

Capital structure

Budgets

Variance analysis Cash flow forecasts

Break-even output Contribution Trade credit Margin of safety

Profitability

Profit margin Internal & external sources

of finance.

Short & long term

finance. Bank loan

Overdraft Venture capital Share capital Mortgages

Debentures

Crowdfunding

6. Decision making

to improve

human resource

performance

Human resource objectives

Employee engagement Employee involvement Training Talent development Diversity Unit labour costs

Labour turnover Labour retention

Human resource plan

Job design Job enrichment Empowerment Organisational structure

Organisational design

Employer brand

Human resource flow Recruitment & selection

Redundancy Dismissal Redeployment Division of labour Time and motion study

Commission Piece rate Performance related pay

Variable pay Employee welfare

Appraisal Team-working

Trade union

Collective bargaining

Trade union wage

premium. Works council Arbitration

Industrial dispute

Conciliation

An important skill in Business is the ability to take a new piece of information and interpret it in order to understand how it is relevant to your work. Business deals with real-life situations and the world around us, one of the most important sources of information is the news. This sheet will help you to analyse news items by getting you to think logically about them, relate them to the materials you study and make judgments about them.

NEWS ARTICLE. Attach the article on the back of this sheet. The article must be about a specific business or an issue that will affect the behaviour of business.

X:\Joining Instructions\2017 - 2018\Transition Work for new Year 12\Business (5)_ANALYSING_THE_NEWS.doc

EVALUATION

1) How might the business respond to this situation and why?

ANALYSIS 1) What are the key issues in this article? (Quote extracts, particularly numbers!) a.

b.

c.

d.

2) What effect will these issues have? Who will it have an impact on? (E.g. customers, workers, owners, government?)

ANALYSING THE