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AQA GCSE Business Studies
Study Guide and workbook Unit 2
Name:
Unit 2 Growing a Business:
Introduces the issues involved in growing a business
Looks at what businesses do grow
Explores the different perspectives of the various stakeholders involved in a Business
1 hour examination, 60 marks, 35% of GCSE
Topics:
1
...
Marketing
Page 26 - 38
Conducting Market Research With Limited Budgets
Using The Marketing Mix
3
...
People in Business
Recruiting
Motivating Staff
Protecting Staff Through Understanding Legislation
5
...
They are able to sell into different
markets, reducing the risk that a decline in sales of one product will harm the business, less threat to profits
Financial support – larger firms are less likely to fail than smaller firms, they are able to borrow money easily from
banks so they will find it easier to survive flow problems
...
Reduce competition
...
Expand into
other markets
Risks of expansion:
Owner could lose control
Harder to remain close to customers
Harder and slower to make decisions for the whole business
More stakeholders to satisfy
If a firm reduces its prices by too high a margin then it could result in no increase in profit
Methods of Expansion
Organic/Internal Growth – growing the business from within, increasing sales by using a business’s own
internal resources
Could produce more of its current products to sell into existing markets
Can sell its current products into new markets
Could launch a new product which is a similar product to existing – line extension
Or they could launch a completely new product – diversification
Inorganic/External Growth – expansion outside of the business
Takeover – when one business buys out another business
Merger – when two separate businesses agree to become a single business
Franchising – selling the right to use your businesses idea and brand name to another business
Different types of takeovers and mergers
Mergers/takeovers can be horizontal, vertical or conglomerate
...
g
...
scale
New markets
Forwards: A merger/takeover of a business which is a at a later
stage of the chain of the production, it is the business
distributer/customer
e
...
) Car factory takeover car dealership
Backwards: A merger/takeover of a business which is at anearlier
stage of the chain of production, so it’s the businesses supplier
e
...
) A Beer manufacturer buying a Hop Garden
Conglomerate Integration: This is a merger/
takeover between two businesses that sell
different goods/services
e
...
) Car factory takeover toy factor
Advantages
Diversification – wider
range of products,
spreads the risk of
trading Economies of
scale
Disadvantages
More risky as business
might makemistakes as
it’s not familiar with
new industry
Advantages
Reduces
transportation
costs Diversification
into other markets
Ensures a supplier
and a customer
Disadvantages
Clash of cultures
Financing the deal
Diseconomies of
scale
Regulatory problems
Impact on Stakeholders
STAKEHOLDER: anyone with an interest in the business
Stakeholder
Owners
Workers
Customers
Suppliers
Bank
Government
Advantages
Increase profit
Reduce risk
Greater job security
More opportunity
Increased chance of larger
wage/promotion
Economies of scale (lower
prices)
Bigger product range
Increased sales
Increased profit
Opportunity to supply other
things
Earn more interest
Receive more money as profit
may be invested into bank
More taxes Investigate
large firms
Disadvantages
Less control
Less involved
Less personal Less
multitasking
More demanding
Fewer competition, higher prices
Powerless to influence
Weaker position when regulating
prices
More competitions want to
supply larger firms
Pressure
Bigger risk as larger amounts of
money
Business could become so powerful
that it becomes hard topass laws that
threaten the interests
Could prevent small businesses
growing
Choosing the Right Legal Structure for the Business
Private Limited Companies (LTD)
Medium to large size business owned by private share holders
Advantages
Disadvantages
Limited liability
Better status
Continues after
death of founders
Controls who buys
shares
Can buy in bulk,
economies of scale
Expensive
Register with
Government and send
them accounts
Competitors can view
your accounts
Not full control
Public Limited
Companies
(PLC)
Large business
that sells sharesto
the public
Advantages
Limited liability
Sells shares to the
public
Lots of shares that
are regularly
invested
Media coverage
Disadvantages
Media covers
mistakes
Can’t control who
buys shares
Risk of losing
business
Original owner may
not agree with new
owners
Changing Business Aims and Objectives
Corporate Objectives
About the business as a whole; usually set by the top management
...
Focuses on the desired performance and results of the business
...
E
...
market share of 12%
Specific
Measurable
Achievable
Realistic
Time
Functional Objectives
Set for each major business function and they’re designed to ensure that the corporate objectives are achieved
...
Business functions are different areas within the business: marketing, finance and human
resources
...
g
...
They are better known than smaller businesses so people are more interested, the media also pay them
more attention
...
Ethical issues consist of; animal testing, waste disposal, fair trade, child labour and pollution
...
Choosing the Best Location
Why expand overseas?
Transport costs to a minimum
Local market conditions knowledge
Avoid trade barriers by producing inside a country
Reduce risk from foreign exchange fluctuations
Gain access to raw materials/cheap labour
Potentially could avoid paying tax (employ expert accountants and shuffle money between countries)
Win subsidies from government and force workers to accept lower wages by threatening to relocate
Consider: passing trade, competition, plot size, cost of land, transport links, proximity to suppliers, target market, complimentary
businesses
Disadvantages? Language barriers, increased transport costs, loss of UK jobs (unethical, receive bad publicity) andlow wage
country decision could be seen as unethical
Exam practice
June 2011
Fine Tune Aerials Ltd
Fine Tune Aerials Ltd is a private limited company that was set up in 1990
...
There are four similar businesses in the town
...
It is considering relocating to a larger city,
such as Manchester or Liverpool
...
What does it mean if a company has limited liability?
How does having an objective help Fine Tune Aerials Ltd? Explain the
benefits to Fine Tune Aerials Ltd of growing in size
...
Marketing
The Marketing Mix
Product
A product portfolio is the range of different product a firm sells, they may do this to compete or grow
Wide portfolio: spreads risk, more sales, economies of scale, more marketing costs, reach more customers,management harder,
one bad product could harm other products and high research/development costs
Narrow portfolio: limited market, economies of scale, specialisation, limited customers and hard to get repeat sales Boston
Matrix:
Market Growth: Are the numbers of potential customers in the market growing or not?
Market Share: Does the product being sold have a low or high market share?
Product Life Cycle:
Introduction – researching, developing and
then launching the product
Growth – when sales are increasing at
their fastest rate
Maturity – sales are near their highest, butthe
rate of growth is slowing down, e
...
new
competitors in market or saturation
Decline – final stage of the cycle, when
sales begin to fall
Extension strategies extend the life of the product
before it goes into decline
...
Examples of the techniques are:
Advertising – try to gain a new audience or remind the current audience
Price reduction – more attractive to customers
Adding value – add new features to the current product, e
...
video messaging on mobile phones
Explore new markets – try selling abroad
New packaging – brightening up old packaging, or subtle changes such as putting crisps in foil packets or Seventies
music compilations
Price
Pricing decisions are based on: degree of competition, nature of the market and cost of production Prices affect
affordability, impression and competitiveness
Pricing strategies:
Competitive Pricing: setting a price for a product based on prices charged by competitors
Price skimming: setting a high price at a high level to create a high quality and exclusive image
Penetration Pricing: setting price at a low level to gain greater market share
Cost plus Pricing: setting a price by adding a profit market up to the total cost of producing a product
Loss leader Pricing: making minimal profit on certain profits to get more profit on others
Psychological Pricing: pricing at a trivially lower price to create the illusion of cheapness, e
...
99p instead of £1
Promotion
Sales promotion: discounts, product trials, free gifts, bogof, competitions, point-of-sale advertising, and use of credit
Direct marketing: goes straight to customer, invited to make direct response, can measure success
Sponsorship: businesses can sometimes help to pay for events such as sport competitions, TV shows or exhibitions artstheatres, art galleries, concert halls, makes businesses look classy
...
g
...
g
...
g
...
g
...
g
...
These items are sold to other UK companies, who give them away as freebies to
promote their own businesses
...
PP Ltd buys the items in bulk from suppliers based in China
...
Once PP Ltd has an order, it prints the customer’s name, logo or slogan onto the items to
personalise them
...
However, its customers are buying far
fewer computer mouse mats
...
Overall, the demand for PP Ltd s products has increased over the past five years
...
The managers would like the business to be based in one location, where the manufacture of the freebie
items, the printing on these items and the office work would all take place
...
PP Ltd s managers have been offered rent free offices close to the suppliers
...
Explain why the demand for computer mouse mats bought as promotional freebies might have fallen
...
The demand for PP Ltd ’s products has increased and the managers want to open a new factory
...
Advise PP Ltd ’s managers on which is likely to be the best option
...
Finance
Finance for Large Businesses
Why would an expanding business need to raise finances?
Pay for new stores
Pay staff wages
Pay for promotion
Develop new products
Internal sources
Retained profits – liquidity suffers, shareholders unhappy (less dividends)
Selling assets – what if they needed this in future
Sell shares – lose control
External sources
Bank loans – interest
Share issue – lose control, dividends must be paid Profit
and Loss Accounts and Balance Sheets
Profit and loss account looks at all of the things that you have bought and sold
across the year and takes away all of the costs you had to pay during that year
...
Trading Account
Calculates the amount of gross profit the business makes
...
Profit & Loss Account
Expenses are extra costs that you have to pay for, things that help youoperate as
a business
...
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AQA GCSE Business Studies
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•
operating profit = gross profit – total expenses
You always pay the banks back first if you awe them
...
• net profit = operating profit – interest - taxes
Appropriation Account
Net profit is entirely your own money to spend as you want to
...
• retained profits: money saved, can be used for future investment and meansthey
will need to borrow less money to the bank
•
dividends: a company will need to give money to their shareholders
•
drawings: owner of the business takes out money for their own personal use BALANCE SHEET shows financial
position of assets and liabilities of a business at specific moment
ASSETS: everything that is owned by a business which has value
NON CURRENT ASSETS: value of assets that the business has purchased and expects to keep for more than one year
CURRENT ASSETS: cash, cash equivalents, expected to be turned into cash during the next year
LIQUIDITY: how easy it is to turn current asset into cash
LIABILITIES: debts sum of money that is owed
CURRENT LIABILITIES: amount owed which are due to be paid within the next year
NON CURRENT LIABILITIES: long term liabilities that need to be settled in more than a years’ time
EQUITY: value of capital invested into the company by shareholders and the profits that have been retained
LIQUIDITY RATIOS: help assess is there is efficient cash or equivalent current assets to be able to pay its debts as they
become due, if doesn’t have cash its debts becomes insolvent, focus on short term using current assets and current liabilities
CURRENT RATIO = CURRENT ASSETS / CURRENT LIABILITIES
This is how much business has for every £1 that is owed
ACID TEST RATIO = (CURRENT ASSETS - STOCK) / CURRENT LIABILITIES
When stock is harder and slower to be turned into cash
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People in Business
Reorganising Organisational Charts and Management Hierarchies
Key Terms
Organisational structure: the way the people in a business are organized
Span of control: how many people you are directly in control of
•
•
•
•
•
•
•
Span of Control
The numbers of subordinates a manager is directly
responsible for
Narrow span of control: allow for closer supervision,
more layers in hierarchy may be required, helps more
effective communication
Wide span of control: gives subordinates more
independence, more appropriate if labour costs are
significant, reduce number of managers factors:
experience and personality of manager
nature of business
skills and attitudes of employees
tradition and culture of organisation
Hierarchy: the number of levels in the organisational structure
Chain of command: the path through which messages are passed
Delayering: a company removing a layer of hierarchy in order to reduce costs, increase motivation or in case of a merger, in
which two people would be doing the same job
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Decision Making = Power & Authority
•
centralised: authority rest with senior management at the centre of a business
•
decentralised: authority given further down the hierarchy away from the centre
•
most large business usually have decentralisation as it operates from several location, adding new business units and
markets
•
how much independence do business units/groups within a business have when it comes to the key decisions
Centralised Structures
Keep decision making firmly at the top of the hierarchy
Advantages
Easier to enforce policies and rules Prevent
parts of the business becoming too
independent
Easier to coordinate and control
Economies of scale easier to achieve
Greater use of specialisation
Quicker decision making, stronger leadership
Disadvantages
More bureaucratic, extra layers
Lack of authority down hierarchy
May reduce manager motivation
Decentralised Structures
Decision making is spread out to include more junior managers in the hierarchy, as well as individual business units or trading
locations
Advantages
Decisions are made closer to the customer Able to
respond to local circumstances Improved level of
customer service Consistent with aiming for a
flatter hierarchy Good way of training and
developing junior management
Improve staff motivation
15
Disadvantages
More difficult to ensure consistent practices and
policies
Diseconomies of scale Strong
leadership is not present
AQA GCSE Business Studies
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Recruitment and Retention of Staff
1
...
Job analysis – decide what job will be and person you’re looking for
3
...
Skills/qualities/qualifications of a candidate
5
...
Interview of short listed people
7
...
Born in 1980 in Mauritius, Natasha’s early exposure to food came from her mother
and grandmother, both of whom were keen cooks
...
After a disagreement with the owner of Cayenne she left and opened her own restaurant Ramdin’s in 2006 with the help of a loan
from her father
...
Setting up as a sole trader is a relatively simple process
...
A trading licence is only required for the operation of
businesses such as nightclubs, nursing homes, pet kennels and restaurants such as Ramdin’s
...
How are the profits divided in a sole
trading business?
2
...
Which type of sole trading business would
require a special trading licence?
4
...
What does this mean?
5
...
Why do sole traders often find it difficultto
borrow money from banks?
7
...
Explain why
...
The boys aged 6, 9 and 13 are very activeand love
skateboarding and mountain biking
...
The designs and materials are inspired by her three sons
who because of their active lifestyle, go through clothes very quickly
...
Nicola designs and makes the products by hand in her spare bedroom and sells them over the internet
and in two local stores
...
Nicola is a talented designer but by her own
admission she feels she could know a lot more about the other aspects of business
...
Explain what is meant by the term sole
trader
...
Analyse 3 advantages Nicola gets
through operating as a sole trader
...
Analyse 3 disadvantages Nicola might
experience through operating as a sole
trader
...
Nicola currently performs all the
management functions of the business including, design, manufacture, sales and marketing
...
Nicola regards herself as a talented designer but by her own admission she feels she could know a lot more about business and
recently one of her close friends suggested that she should either take on a partner or change the company to a limited
company
...
Explain why forming a partnership mightbe a
good idea for Nicola
...
Analyse two difficulties Nicola might
face as a result of taking on a partner
...
Nicola has been advised that if she does
form a partnership she should drawup a
partnership agreement
...
(6 marks)
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Tom’s Travel is owned by Tom and Mary Gillen
...
Tom and Mary met
on a cruise ship in the Bahamas where Mary was the travel rep
...
In the beginning Tom kept his job in the bank while Mary ran the business
...
In 2006 Declan decided he wanted to retire so Tom and Mary bought his
share of the business
...
1
...
What is the maximum number ofpartners in
a general partnership?
3
...
If there is no Deed of partnership how will
the profits of Tom’s Travel be divided?
5
...
What advantages does a partnershipsuch as
Tom’s Travel have over a sole trading
business such as Ramdin’s restaurant?
7
...
The bulk of this increase is thought to have come
from existing sole trader or partnership businesses such as taxi drivers and milkmen who have decided to incorporate their
businesses to take advantage of new tax laws for limited companies
...
Failure to file accounts on time, for example, can lead to fines of up to £5,000 and in some cases to
the winding up of the company
...
Explain what is meant by a private limited
company
...
Analyse some of the advantages that a small
businesses such as a self-employedtaxi driver or
milkman might gain from converting his
businesses into private
limited company
...
Explain some of the difficulties they might
face after they incorporate their businesses
...
Their brands, Cafédirect,
Teadirect and Cocodirect are sold through most of the major supermarkets
...
The company was founded in 1991by a number of charities including OXFAM and Traidcraft
...
4
million people
...
1
...
What type of company was Cafédirectafter
2004?
3
...
What do the letters Ltd indicate?
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AQA GCSE Business Studies
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2
...
Using the yellow pages, name 5 private limited
companies who operate in your localarea
...
If Ltd was to go bust leaving debts of
£500,000 how much would the owners haveto
pay as a result?
5
...
Explain why the business affairs of a private
limited company are not as privateas those of a
sole trader
...
What do the letters PLC represent?
8
...
What advantages does a PLC have overa
private limited company?
10
...
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AQA GCSE Business Studies
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11
...
How much would the shareholders of aPLC
lose if the company was to go bust?
Type of Business
Ownership
Sole Trader
Control/Decision
Making
Ownership
Only 1 owner can
have any number of
employees
Sole Trader has
complete control and isin
charge of all the
decision making
Finance
Liability
Money is raised by the
sole trader, typically
from own funds,
borrowing from
family/friends
Unlimited Liability –
sole trader is
personally liable for all
debts of the business
...
Partnership
Private Limited
Company
Public Limited
Company
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Franchise
Exam practice
June 2012
Fish ’n’ Chips 4 U
Marco has been running successfully the local fish and chip shop, Fish ’n’ Chips 4 U, for over 20
years
...
He thinks that the cause of this may
be a new pizza takeaway that has opened nearby which also offers a delivery service
...
He is
wondering whether he should now change his business objectives
...
He is also considering whether he should offer a delivery service and, if so, whether this would increase demand for his
traditional range of meals
...
In order to see whether this would increase demand for
his traditional range of meals, Marco knows that he must undertake some reliable market research
...
Advise Marco
on what he should do
...
Answer the questions below
...
What happens during the
development stage of a productslife
cycle?
2
...
3
...
4
...
Explain the difference between
rebranding and repackaging
...
The company saw a fall in sales
after TV chef Jamie Oliver had
a fall in sales after TV chef Jamie Oliver had singled out the company’s Turkey Twizzlers for criticism in a series about healthier
eating for children, and an outbreak of bird flu was discovered on its farm in Holton in January
...
“They really needed to go almost back to basics
and review what Bernard
Matthews stood for, because that essentially is what a brand is about - and it looks, on the surface, as if they’ve done that
...
It is also changing the company logo
...
In the last two years
Guinness sales have declined by 13% in the UK and things are
even worse in Ireland, where sales are down nearly 30% since 2001
...
(Source: BBC News 23rd Nov 2007)
1
...
2
...
3
...
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Advertising gives Diageo a boost Successful marketing campaigns and afocus on
premium spirits helped drinks giant Diageo to report a small profits
rise for the last six months of 2007
...
The latest in the series of “Good things come to those who wait” Guinness adverts helped to revive the
fortunes of the stout in the UK and the Republic of Ireland, lifting sales there by 4% after sales fell last year
...
The boost helped the Irish Republic reclaim its position as the stout’s second biggest market, after
its popularity in Nigeria saw the African nation temporarily take its place last year
...
(Adapted from BBC News Feb 2008)
1
...
Online advertising on the rise Money spent on UK television adverts fell last year for the first
time since 2001, according to new research
...
7% from 2005 levels to £4
...
7%
...
“I believe online spend could overtake TV
within the next three to four years,” said
Guy Phillipson, chief executive of the Internet Advertising Bureau, the trade association for the internet marketing industry
...
Spend on Outdoor advertising also increased 4% to £1bn,
overtaking radio which dropped 7
...
(Adapted from BBC News May 2007)
1
...
The article suggests that radio
advertising has fallen by 7
...
Explain
2 factors which might account for this
fall
3
...
Answer the questions below
...
What is meant by competitive
pricing?
2
...
3
...
Why might predatory or destroyer
pricing be seen as a risky strategy for a
firm such as O2?
5
...
Radiohead English rock band Radiohead have caused a massive stir in the
music industry by turning their backs on the long
established music business model
...
Lead singer Thom Yorke explained the band’s motivation in a recent interview with TIME magazine: “I like the people at our
record company, but the time is at hand when you have to ask why anyone needs a record company
...
The new album “In rainbows” will only be available from the bands website and will not be available through any of the
traditional channels
...
1
...
What are the advantages to
Radiohead of distributing their
music in this way?
3
...
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Exam practice
January 2012
Meals for All - has recently been set up as a local social enterprise
...
The meals are collected from Meals for All by volunteers, who deliver them within the local area
...
To satisfy its customers’ needs, Meals for All offers a wide choice of meals,which
changes each day
...
This means that sometimes one choice runs out but
others go to waste and meals are often delivered late
...
The cook is considering many options
to reduce the costs of the meals including buying cheaper ingredients
...
This
would mean
that the exact amount of ingredients could be bought and there would be less wastage
...
Calculate the weekly profit or loss made by Meals for All if it receives 950 orders a week
...
January 2013
Trading Fair was set up five years ago as a local enterprise to raise money and to help provide
better prices and working conditions for farmers and workers in Africa
...
The enterprise imports products
such as jewellery, toys and shopping bags
...
The products are sold directly to the public at charity events and stalls at local
markets
...
One volunteer has suggested that Trading Fair should raise the price of its jewellery to enable it to make more money for the
African workers
...
There would be extra costs to start up this
service
...
It would turn their
local enterprise into a big business which they would not recognise or feel part of
...
Trading Fair currently sells 1000 products a week at an average price of £8 per product
...
Calculate the weekly profit
...
However, he noticed last year that his revenue was falling
...
Due to the competition, Marco has had to reduce the hours of the six part-time staff that he
employs
...
In order to
compete with the new pizza takeaway, Marco is considering reducing the price of his bestselling cod and chips
meal
...
Marco currently sells cod and chips meals for £5 and sells 100 a week
...
Calculate his weekly revenue if he does sell 150 meals at the new price
...
-Fill in the boxes at the top of this page
...
-You must answer the questions in the space provided
...
-Do all rough work in this book
...
Information
- The marks for questions are shown in brackets
...
-You are reminded of the need for good English and clear presentation in your answers
...
Quality of Written Communication will be assessed in question 1 (c), 2 (c) and 3 (d)
...
The company, which is based in an area of high unemployment, employs about 200
local people
...
Currently, many of Dotis Ltd’s employees are
over 50
...
Dotis Ltd has
noticed recently that the percentage of glassware items rejected for being below standard has
risen from 5% to 13%
...
The below-standard items are sold to wholesalers at about a third of
the normal price, or scrapped if they are very poorly made
...
The shop would sell both quality and below-standard glassware
...
The plan is to use older
employees as shop assistants
...
(2marks)
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(Extra space)
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AQA GCSE Business Studies
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(4 marks)
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(Extra space)
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(4 marks)
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AQA GCSE Business Studies
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1 (d)
Dotis Ltd needs to recruit a manager for the factory shop
...
Advise Dotis Ltd on which would be the better option for the business to take
...
(9 marks)
...
...
...
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...
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...
...
...
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...
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AQA GCSE Business Studies
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(Extra space)
...
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Total marks for this question 19 marks
...
Over the
years the business has been successful and now has 120 vehicles which operate in the
London area
...
A number of
smaller competitors have recently entered the parcel delivery market
...
Often these companies own very old and unreliable vans
...
Christine has been in talks with the owners of Birmingham-based Fast Track Ltd, a
similar sized business to Hey Presto
...
Christine is unsure if merging is the best way for Hey Presto to expand
...
Christine would also like to make the business more environmentally friendly
...
2 (a) List two stakeholders of Hey Presto
...
...
...
...
...
2 (b) Briefly explain one advantage and one disadvantage to Hey Presto of growing in size
...
...
...
...
...
...
...
...
2 (c) Explain a benefit to Hey Presto of choosing to replace diesel vans with more expensive electric
vehicles
...
...
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AQA GCSE Business Studies
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...
...
...
...
...
...
...
...
...
...
Advise Hey Presto on which of these two methods of expanding the business would be more suitable for
the business
...
(9marks)
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(Extra space)
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Total marks for this question 19 marks
...
Unlike many other
carpet retailers, Carpets2U carries a large amount of stock which reduces the time its customers have to wait
for their carpets to be delivered to them
...
Customers come to Carpets2U because of the personal service they receive at the stores
...
Falling sales have meant the assistants’ wages have gone down
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The company directors are also thinking about increasing the range of products that Carpets2U sells, such as
offering tiles and wooden flooring
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Figure 1: Extracts from Carpets2U’s 2013 and 2014 Statements of Financial Position (Balance
Sheets)
3 (a) What is a statement of financial position (balance sheet)? (2 marks)
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(Extra
42
space)
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(2 marks)
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43
AQA GCSE Business Studies
D Holland
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(Extra
space)
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(3marks)
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(Extra space)
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(6 marks)
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45
AQA GCSE Business Studies
D Holland
(Extra space)
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AdviseCarpets2U
whether you believe that this is a good idea
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(9 marks)
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46
AQA GCSE Business Studies
D Holland
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Total for this question 22 marks