business revision

GCSE Business Studies

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Business Revision

Before you start revising

What is market research?

Primary and secondary research? - What is the difference?

Quantative and Qualitative Data

Market Segmentation

Identifying what reward is in business terms

Identifying what risk is in business terms

Products and Services

Customer Needs

The competitive enviroment

Business Aims and Objectives

Organize the plan around a topic or concept that you want to teach in a specific timeframe (usually short). It needs to make sense on its own and have the aim of helping students acquire the knowledge.

Set learning objectives or outcomes. What new skills or abilities will students have when they finish this unit?

Plan and select the content and think about the strategies, processes, and skills you want to put into practice with your students to achieve the objectives you've set.

Divide your plan into stages or steps. We're suggesting the most common ones but you can expand on them and/or change their names.

Move from the simple to the more complicated. Learning should be gradual and progressive. Start from where students are and what they already know. Link the activities with a meaningful common thread. Each activity should be a rung on the ladder, allowing them to progress in their learning.

Keep in mind from the beginning how you're going to evaluate this unit and what criteria you'll apply. And of course, remember to establish expectations and deliverables; what assignments do you want to set, and in what format do you want them? The activities that make up the unit plan should form a path towards a passing grade, which is why it's important to share from the get-go what you'll be expecting from students.

Contextualize learning materials and use real-world content. The unit plan should be able to answer the question "How will I use this knowledge in real life?".

Encourage your students to resolve, investigate, reflect, and create. Allow them to improvise. Open the floor up to debate and let them express their opinions freely.

Avoid fireworks in class. Be practical. Everything you do should aim to facilitate learning. Make it motivating and awesome but always meaningful.

Avoid fireworks in class. Be practical. Everything you do should aim to facilitate learning. Make it motivating and awesome but always meaningful.

Market Research

Primary Research

• Primary research is original data gathered by the researcher. The information does not yet exist. Brand new information which the researcher will find out about the business.
• An advantage of a business wanting to use primary research is knowing what the customers want and using facts. Another one is that you're limiting risks because of primary research.

• A disadvantage of primary research is that its time consuming and very expensive because we have to do it ourselves. It can also be biased.

Primary Research Methods

Market Research

Primary Research

• Primary research is original data gathered by the researcher. The information does not yet exist. Brand new information which the researcher will find out about the business.
• An advantage of a business wanting to use primary research is knowing what the customers want and using facts. Another one is that you're limiting risks because of primary research.

• A disadvantage of primary research is that its time consuming and very expensive because we have to do it ourselves. It can also be biased.

Primary Research Methods

Market Research

Secondary Research

• Secondary research is information that already exists in some format, someone has already collected the data. It is desk research. Desk research is where you don't have to pay anyone for it.
• An advantage of secondary research is that its quick to access. Another advantage is that its cheaper than primary research.

• A disadvantage of secondary research is that there could be false information or its not accurate. Another disadvantage is that it does not ask for customers' opinions.

Secondary Research Methods

The Competitive Enviroment

What do businesses compete about?

LocationHaving the most convenient location for customers, e.g close to a housing estate.

Price - competitionLower prices may mean lower profits. A business will have to lower costs. It can start a price war with other competitors

QualityIf a business decides to improve the quality of its products, this will cost more.

Market Segmentation

Market segmentation is the process of splitting a business’ target market into different groups. Businesses use these groups to make it easier for them to develop products aimed at certain people and to help them target their marketing. Small businesses generally split up their target market based on location, demographics, behaviour, lifestyle, income and age.

Cash Flow

Surplus

Deficit

Cash flow - the movement of money into and out of a business bank account

The importance of cash flow - to pay suppliers. If a supplier is not paid on time they may refuse todeal with the company in the future

So close!Try again.

So close!Try again.