Key Verbs
Recognise and name
Identify
Name the four key components to the Human Resources cycle.
Acquisition (recruitment), development, maintenance, separation
Identify the difference between a good and a service.
Good- Tangible object- You can physically hold the item in your hand.
Service- Intangible- An activity performed for you by someone else.
Define asset and liability.
Assets are things the business owns.
Liabilities are the things a business owes.
Define market research and provide 1 example.
Market research is the action or activity of gathering information about consumers' needs and preferences.
Interviews
Questionnaires
Focus groups
Product samples
Provides characteristics and features
Describe
Describe two types of training.
On the job and off the job
Define inputs and give an example of two inputs to build a chair.
Inputs are resources used in the process of production.
Inputs for a chair include
-Wood
-Labour
-Time
-Equipment
-Skill
Identify the three types of financial statements used in Business Studies
Cash Flow
Income statement
Balance sheet
Define target market
A target market is a group of customers who share common characteristics.
Sketch in general terms; indicate the main features of
Outline
Define separation
Separation is concerned with ending the employment relationship on either a voluntary or involuntary basis.
Define quality management
Quality management is the strategy which a business uses to make sure that its products meet customer expectations.
What is the balance sheet equation?
A=L+OE
Identify the four categories of the marketing mix (4Ps)
Price, promotion, place and product
Make a judgment of value, quality, outcomes, results or size
Assess
Describe monetary rewards and identify 2
Monetary rewards involve money.
-Bonus
-Pay rise
-Stock options
-Paid time off
Describe the operations process for making a shirt.
*Remember to use business terminology
Inputs -
Sewing machine
Pattern
Overlocker
Thread
Fabric
Mrs Purton’s labour of love
Transformation
Cutting the fabric
Sewing the pieces together
Ironing the seams
Overlocking the edges
Define accounts receivable and accounts payable.
Accounts receivable is what the business expects to come in from businesses paying their invoices.
Accounts payable is what the business needs to pay to other businesses.
Describe one form of promotion, give an example of when you would use it
Personal selling: a sales assistant outlines the features of the good or service to the customer. The main advantage of this method is that the message can be modified to suit the individual customer’s needs. However, it is a time- consuming and expensive technique.
Sales promotion: activities and materials are used to attract interest and support for the good or service. Examples include free samples, coupons with cash refunds, and loyalty programs such as Fly Buys.
Publicity: the business sets up a free news story about its product. The main aim of publicity is to enhance the image of the product, highlight a business’s favourable features, and help reduce any negative image that may have been created.
Advertising: print or electronic mass media are used to communicate a message about the product. Advertising is used to attract potential customers, create a demand for the product and communicate essential information.
Identify components and the relationship among them; draw out and relate implications
Analyse
Which part of the human resource cycle uses rewards?
Describe non-monetary rewards and identify 2.
Maintenance.
Non-monetary rewards is compensation given to an employee that is not money based.
-Flexible working hours
-Company car
-Work/life balance
-Training opportunities
-Parking space
Define Total Quality Management (TQM) and give an example.
This is the highest level of quality management. TQM puts quality at the centre of the organisation, with each employee in the business being responsible for quality in some way. Quality is seen as the main competitive advantage of the business.
What does a cash flow statement tell you about a business?
Shows whether a business can pay its bills on time and gives information on a business' cash inflows and outflows
Explain the concept of branding with an example.
Branding includes elements such as logo, colour etc which aim to make the brand known to customers and recognisable. For example, the McDonalds M is recognisable to customers all over the world even without seeing the word McDonalds.