Notesale: Turn your study into money

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Revision Notes: GCSE Business Studies (Unit 1)
 Niche Market= Part of market with customers that have a
particular need
...
Unlimited
liability (if business flops they must sell everything to pay
debts)
...
● Unlimited or
limited liability ● Legally responsible for partners
 Private Limited Comps= Often small business with LIMITED
LIABILTY (risk of only losing what was invested) ● Expensive
coz of legal paperwork ● Must publish accounts yearly
...

Advantage: Less risk of failing
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 Stakeholder: Someone affected by a business
...
g
...

 Objectives: Specific Aims
...

 Staffing description (e
...
job description, wages)
...

Location (LO):





LO of raw materials
...

Transport
Economies of concentration ● Similar businesses nearby ∴
Easy to find labour
 Communication Links ● Internet/ post
 Location of Market ● Locate near customer
Marketing Mix (4 P’s):
 Product ● Desire?
 Price ● Value?
 Promotion ● Make customers aware
 Place ● Sold in a convenient place
Marketing Strategy: Goal of increasing sales and achieving
sustained competitive advantage
...

Supply:
Quantity of product consumers are willing to and make for a sale
...

Sources of finance:
 Grants: Money that doesn’t have to be paid back often
given by the government
...

 Venture Capital: Money invested by Venture Capitalists
(experienced investors who invest into new or expanding
businesses)
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Indirect Costs (Overheads): Running costs (e
...
bills)
...

Variable Costs: Mostly directs (Increases due to
expansion)
...

 Cash inflow: Sales
 Cash outflow: Buys
Net-cash flow: difference between cash inflow and outflow
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Revision Notes: GCSE Business Studies (Unit 1)
Staff Pay:






Wages ● Manual workers ● Encourage long hours
Salary ● Every month ● Office workers
Commission  Per item sold
Bonus  Sum added to pay (if targets are met)
Fringe Benefits  Reward that doesn’t involve money

Employment Law:
1)

2)
3)
4)
If a business has a poor Cash flow:
 Staff don’t get paid on time, poor motivation
...

Reasons for poor Cash flow:
 Poor sales
...

 Poor business decisions (e
...
new products)
...
)
Health & Safety legislation  Staff receive H&S training &
suitable working conditions
...


Methods of Production:
 Job production: Manufacture individual product
● Labour needed & Unique
 Batch production: Produce an identical batch  Limited

CAD (Comp Aided
Design)

CAM (Comp Aided
Manufacture)

 Create 3D design and
instant changes

Accurate/ No Human error/
Improved productivity

Ways to improve Cash flow:
 “Reschedule their receipts of income” (e
...
less generous
credit terms)
...

 Destocking: Selling unused stock  Cash outflow reduced
in buying stock
Recruitment:
Job Description:





Formal job title
Main purpose of job
Main duties
Full or part time

Personal Specification:
 Qualifications
 Experiences/ Attitudes (Essential or desirable)
Job Advertisement:
 Advertise internally  No new ideas
 Advertise externally New ideas
 CV: Summary of one’s personal details, skills,
qualifications and interest
...

Application form  Only desired info
Tests:
 Skills & Personality
 Aptitude  Potential to learn
 Group test  Teamwork potential

 Electronic burger  Auto order
if stock falls
 Debit card  Direct transfer
Customer Service:
 After sale support & warranty
 Fulfilling requirements
 Dealing w/ questions

Word of mouth
...

Locate in remote
areas (Low wages)
...
Compare
prices
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Not trustworthy
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Can’t be seen before buying
...


Can provide a FAQ
Specialist website staff



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