Business

Core Declarative Knowledge
What should students know?

Unit 2:
A1 The role of marketing

• Principles and purposes of marketing:
  • anticipating demand
  • recognising demand
  • stimulating demand
  • satisfying demand.
• Marketing aims and objectives:
  • understanding customer wants and needs
  • developing new products
  • improving profitability
  • increasing market share
  • diversification
  • increased brand awareness and loyalty.
• Types of market – mass and niche market.
  
• Market segmentation.
• Branding, brand personality, brand image, unique selling point (USP), implications of business size for marketing activity, budgetary constraints, availability of specialist staff.

A2 Influences on marketing activity

• Internal influences:
  • cost of the campaign
  • availability of finance
  • expertise of staff
  • size and culture of the business.
• External influences:
  • social
  • technological
  • economic
  • environmental
  • political
  • legal
  • ethical.
    

Unit 4:
A1 Different tasks needed to be completed by an event organiser:

• Organising: venue, location, catering, planning and reserving facilities, e.g. toilets if outdoor event, setting up programme, preparing and distributing documents, contracts.
• Investigating current legal requirements, including consumer protection.
• Setting up organisational procedures, e.g. risk assessment and security.

A2 Different skills needed by an effective event organiser

• Organisational.
• Problem solving.
• Time management.
• Negotiation.
• Communication.
• Interpersonal.

A3 Common formats for skills audit collection

• Likert scale.
• Semantic differential scale.
• Observation.
• Questionnaire.
• Appraisal.
  

Core Procedural Knowledge
What should students be able to do?

Unit 2:

• Can I explain what Unit 2 entails? Including assessments and outcomes
• Can I explain what marketing is?
• Can I explain the different purposes of marketing?
• Can I confidently give examples of marketing methods?
• Can I explain the Principles and purposes of marketing: anticipating demand, recognising demand , stimulating demand and satisfying demand
• Can I confidently explain the different marketing aims and objectives?
• Can I outline a SMART marketing objective?
• Can I explain the different types of markets?
• Can I identify the different types of markets?
• Can I explain what market segmentation is?
• Can I outline the different types of market segmentations?
• Can I outline the benefits and drawback of market segmentation?
• Can I outline the benefits and drawbacks to different types of marketing methods?
• Can I explain what branding is?
• Can I explain the importance and the purpose of branding?
• Can I explain the different influences on marketing?
• Can I confidently explain what the different internal influences on marketing could be?
• Can I explain the different external influences on marketing could be?

Unit 4:

• Can I explain how I will be assessed for Unit 4?
• Can I confidently explain the different factors that should be considered when planning an event?
• Can I explain the different elements of logistics that should be considered when planning an event?
• Can I explain what should be organised when planning an event?
• Can I confidently compare and review existing events and highlight what the event planners had to consider? including logistics
• Can I explain what the different factors are that an event organiser should consider when planning an event? including venue, location, catering, planning and reserving facilities, documents, contracts, health and safety
• Can I confidently explain what a risk assessment is and state its importance?
• Can I confidently create and conduct a risk assessment of my own?
• Can I confidently assess venues and locations for the feasibility of hosting an event?
• Can I confidently explain the different legal requirements needed to carry out an event?
• Can I complete any legal documentation needed to host an event?
• Can I confidently outline and explain the different skills that are needed by an event organiser?
• Can I explain what a skills audit is?
• Can I conduct a skills audit on myself, highlighting areas for improvement and creating an action plan?
• Can I confidently review my own skills and those of an event organiser and apply for a particular role for this project? MD, FD, MD, OD, HRD
• Can I explain the different methods of skills audit forms?
• Can I confidently create an effective skills audit form?
• Can I confidently explain how to write a report for my Assignment 1 Task?
• Can I express how to attain a Merit or a Distinction?

Core Declarative Knowledge
What should students know?

Unit 2:
B1 Purpose of researching information to identify the needs and wants of customers

• To identify target markets.
• To identify size, structure and trends in the market.
• To identify competition.

B2 Market research methods and use

• Primary research, to include survey, interview, observation, trials, focus groups.
• Secondary research:
  • internal – business data on customers and financial records to include loyalty cards and sales records
  • external – commercially published reports, government statistics, trade journals, media sources.
• Importance of validity, reliability, appropriateness, currency, cost.
• Quantitative and qualitative data, when and where used.
• Sufficiency and focus of the research.
• Selection and extraction.

B3 Developing the rationale

• Interpretation, analysis and use of data and other information to make valid marketing decisions.
• Identification of any further sources of information that may be required.
• Evaluation of the reliability and validity of the information obtained.
• Product life cycle

Unit 4:
B1 Different types of event, and the factors affecting success

• Business events: conferences, exhibitions, product launches, trade shows, shareholders’ meetings, press conferences, awards evenings, team building, seminars.
• Sport and recreation events: the Olympic Games, the Paralympic Games,
  the Commonwealth Games, sports tournaments, sports matches, motor sports events, racing, equestrian events, country fairs, food festivals, fun runs, village fetes, sailing regattas, dog shows, collectors’ fairs.
• Entertainment: music festivals, concerts, plays.
• Celebrations: weddings, prom nights, birthdays, anniversaries.
• Social enterprise events: charity sports events, charity fundraising events, e.g. dinners, galas, auctions.

B2 Feasibility measures and critical success factors

• Mind map event ideas.
• Purpose of event.
• Aims and objectives.
• Constraints: budget, venue, resources; human and physical.
• Success factors: setting goals and targets.

Learning aim C: Develop a detailed plan for a business or social enterprise event

C1 Event planning and the use of planning tools

• Gantt charts.
• Critical path analysis.
• Online planning tools.

Core Procedural Knowledge
What should students be able to do?

Unit 2:

• Can I explain what primary research is?
• Can I explain what secondary research is?
• Can I outline the benefits and drawbacks of primary and secondary research?
• Can I outline examples of primary and secondary research?
• Can I explain what is meant by the validity of data and why its important?
• Can I explain what is meant by reliability of data?
• Can I explain and Interpretation the different use of data for the Campaign process?
• Can I explain what the product life cycle is?
• Can I outline the benefits and drawbacks of the product life cycle?

Unit 4:

• Can I confidently explain what the different types of events are? Business events, Sport and recreation events, Entertainment, Celebrations and Social enterprise events
• Can I express the difference between the tyoes of events?
• Can I explain what success factors are?
• Can I outline how the event that we do will be successful? What factors will you use?
• Can I explain what aims and objectives are?
• Can I explain what SMART objectives are?
• Can I confidently create aims and objectives for myelf and for the event?
• Can I explain what feasibility of event proposal means?
• Can I assess the feasibility of a potential event?
• Can I decide upon an event that is feasible and successful?
• Can I confidently explain how to write a report for my Assignment 2 Task?

Core Declarative Knowledge
What should students know?

Unit 2:

C3 The marketing campaign

• Content of the marketing message.
• Selection of an appropriate marketing mix.
• Selection of appropriate media.
• Allocation of the campaign budget.
• Timelines for the campaign, including monitoring.
• How the campaign is to be evaluated.

C4 Appropriateness of marketing campaign

• How far the marketing activity reinforces and supports brand value.
• The sustainability of marketing activities.
• Flexibility of the campaign to enable response to both internal and external changes.
• Relevance to organisational goals.
• Appropriateness to target market.
• Legal and ethical considerations.
•  

Unit 4:

D1 Management of the event

• Contracts for venue: suppliers, personnel.
• Marketing of the event: publicity, advertising, sponsorship, guest list, invitations.
• Customer service.
• Monitoring procedures to ensure tasks allocated have been completed.
• Security and health and safety.
• Methods of communication: internally and externally.
• Attendee evaluation: prepare, issue and collect questionnaires.
•  

D2 Problem Solving

• Implementation of contingency plan, e.g. non-delivery of resources.
• Customer service issues.
• Health and safety issues

E1 Evaluation of the Event

• Review of success: meeting aims and objectives, timing, keeping to budget set, effectiveness of contingency plan.
• Analysis of evaluation forms.
• Suggestions for improvement.

E2 Review of personal skills development in the running of the event

• Event management.
• Employability.
• Communication.
• Negotiation.
• Time management.
• Problem solving.
• Team working.
• Analysis of own skills.

Unit 3:

A1 Functions and role of money

• The ability to handle money received, and to control money paid, is a fundamental requirement for personal and business success. This success relies on understanding what ‘money’ is.
• Functions of money:
  • unit of account
  • means of exchange
  • store of value
  • legal tender.
• Role of money is affected and influenced by a number of factors:
• personal attitudes towards risk and reward, borrowing, spending and saving
• life stages (childhood, adolescence, young adult, middle age, old age), key features of each stage, financial needs and implications at each stage
• culture, including religious and ethical beliefs
• life events can vary the personal life cycle from individual to individual
• external influences/trends and the financial-related effects
• interest rates, cost of borrowing versus reward of saving.
• Planning expenditure, common principles to be considered in planning personal finances:
  • to avoid getting into debt
  • to control costs
  • to avoid legal action and/or repossession
  • remain solvent
  • maintain a good credit rating
  • avoid bankruptcy
  • to manage money to fund purchases
  • to generate income and savings
  • set financial targets and goals
  • provide insurance against loss or illness
  • to counter the effects of inflation.

A2 Different ways to pay;

• The use of money as a payment method, advantages and disadvantages of:
  • cash
  • debit card
  • credit card
  • cheque
  • electronic transfer
  • direct debit
  • standing order
  • pre-paid cards
  • mobile payment apps
  • contactless cards
  • charge cards
  • store cards
  • mobile banking
  • Banker’s Automated Clearing Services (BACS)
  • Faster Payments Service (FPS)
  • Clearing House Automated Payment System (CHAPS).

A3 Current accounts

• Different types, features, advantages and disadvantages, different services offered:
• • standard
  • packaged, premium
  • basic
  • student.

Core Procedural Knowledge
What should students be able to do?

Unit 2:

• Can I select an appropriate marketing aim and objective to suit a particuar business?
• Can I explain how marketing aims and objectives may differ based on the businesses actvities
• Can I explain what situaltonal analysis are?
• Can I confidently use SWOT analysis for selecting the correct markrting campaign activity
• Can I confidently use PESTLE analysis for selecting the correct marketing campaign activity
• Can I confidently utilse market research data to determine the target market of a business?
• Can I confidently utiilse market research data to conduct a competitor analysis?
• Can I explain what the marketing mix is?
• Can I explain what product development is?
• Can I explain how businesses can use pricing strategies effectively?
• Can I explain what the different promotional advertising methods are?
• Can I explain what the different distribution channels are?
• Can I explain what the extended marketing mix is, and how it is useful for a business?
• Can I outline what the marketing campain comprises of?
• Can I explain the appropriateness of a particular markeing campaign?
• Can I confidently explain what the marketing camaign is?
• Can I effectively write a marketing campaign for a business, based on a case study?
• Can I confidently complete my external examination?
• Can I evaluate and reflect on my contribution and the success of the event?
• Can I review my personal skills that have been demonstrated throughout the event process?

Unit 4:

• Can I explain what event planning tools are?
• Can I confidently create my own event planning tool?
• Can I analyse the use of event planning tools?
• Can I confidently explain what the factors are needed to be considered when planning an event?
• Can I explain what a contingency plan is?
• Can I effectively and successfully manage an event?
• Can I confidently write a report on factors and success of an event?

Unit 3:

• Can I explain what the functions and role of money is?
• Can I outline the different ways to pay?
• Can I explain what current accounts are?
• Can I give examples of current accounts?
• Can I explain how to manage personal finance?
• Can I explain what is meant by the personal finance sector?
• Can I outline the features of different financial institutions?
• Can I outline how these institutions communicate with customers?

Core Declarative Knowledge
What should students know?

Unit 3:

E1 Cash flow forecasts

• Inflows/receipts:
  • cash sales
  • credit sales
  • loans
  • capital introduced
  • sale of assets
  • bank interest received.
• Outflows/payments:
  • cash purchases
  • credit purchases
  • rent
  • rates
  • salaries
  • wages
  • utilities
  • purchase of assets
  • Value Added Tax (VAT)
  • bank interest paid.
• Prepare, complete, analyse, revise and evaluate cash flow.
• Use of cash flow forecasts for planning, monitoring, control, target setting.
• Benefits and limitations of cash flow forecasts.

E2 Break-even analysis

• Costs:
  • variable
  • semi-variable
  • fixed
  • total.
• Sales:
  • total revenue
  • total sales
  • selling price per unit
  • sales in value and/or units.
• Calculation using/manipulating break-even formula (units and/or sales value)
• completion of break-even chart, break-even point.
• Identification of area of profit, area of loss.
• Identify and calculate margin of safety (units and value).
• Calculation of total contribution, contribution per unit benefits and limitations.
• Use of break-even for planning, monitoring, control, target setting.
• Prepare, complete, analyse, revise and evaluate break-even.

F1 Statement of comprehensive income

• Purpose and use.
• Completion, calculation and amendment to include gross profit (revenue, opening inventories, purchases, closing inventories, cost of goods sold), calculation of profit/loss for the year (expenses, other income).
• Adjustments for depreciation (straight-line and reducing balance).
• Adjustments for prepayments, accruals.
• Interpretation, analysis and evaluation of statements.

F2 Statement of financial position

• Purpose and use.
• Completion, calculation and amendment of statement using vertical presentation to include:
  • non-current assets (tangible and intangible, cost, depreciation and amortisation, net book value)
  • current assets (inventories, trade receivables, prepayments, bank, cash)
  • current liabilities (bank overdraft, accruals, trade payables)
  • net current assets/liabilities
  • non-current liabilities (bank loan and mortgage)
  • net assets
  • total equity (opening capital, transfer of profit or loss, drawings, closing capital).
  • Adjustments for straight line (cost x%) depreciation, reducing balance
    (cost – depreciation to date x%).
  • Adjustments for prepayments, accruals.
  • Interpretation, analysis, and evaluation of statements.

F3 Measuring profitability

• Calculation, interpretation, analysis and evaluation of:
  • gross profit margin: (gross profit/revenue) × 100
  • mark-up: (gross profit/cost of sales) × 100
  • profit margin: (profit/revenue) × 100
  • return on capital employed (ROCE): (profit/capital employed) × 100
  • Profit for the year = Revenue – cost of sales – expenses
  • Capital employed = total assets – current liabilities
  • or Capital employed = non-current liabilities + total equity

F4 Measuring liquidity

• Calculation, interpretation, analysis and evaluation of:
  • current ratio: current assets/current liabilities
  • liquid capital ratio: (current assets – inventory)/current liabilities

F5 Measuring efficiency

• Calculation, interpretation, analysis and evaluation of:
  • trade receivable days: (trade receivable/credit sales) × 365
  • trade payable days: (trade payables/credit purchases) × 365
  • inventory turnover: (average inventory/cost of sales) × 365

F6 Limitations of ratios

• Limitations of ratios when assessing business performance.

Unit 19:

A1 Exploration of ideas for a micro-business start-up

• Idea generation for new products, services and/or market for business opportunities.
• Decision matrix: generation of selection criteria and scoring for business opportunities.

Core Procedural Knowledge
What should students be able to do?

Unit 3:

• Can I confidently outline what is breakeven analysis?
• Can I confidently calculate the BEP, MOS, and draw and lale the BE chart?
• Can I confidently interperate the break-even chart?
• Can I confidenlty outline what a statment of comprehensive income is?
• Can I correclty complete a statement of comprehensive income?
• Can I outline what a statement of financial position is?
• Can I correctly complete a statement of financial position?
• Can I accurately measure the profitability of a business?
• Can I confidently utilise the profitability formulas(gross profit margin, mark-up, profit margin and return of capital employed)?
• Can I confidently utilise the liquidity forulas (current ratio and liquid capital ratio)?
• Can I confidently utilise the effecieny formulas (Trade receivable days, trade payable days and inventory turover)
• Can I confidently outline what the limitations of ratios are?

Unit 19:

• Can I confidently outline what Unit 19 entails?
• Can I confidently explain how business ideas come about?
• Can I analyse the different methods business ideas come about?
• Can I explain what a micro-business is?