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FOLLOWING THE CCEA
GCSE SPECIFICATION
Business Studies
Sample Pack PRODUCT SAMPLE
Benefits of purchasing product packs from GO2VirtualAssistant:
Affordable, classroom ready and user-friendly starter packs
Saving teachers’ endless hours of preparation
Resources are editable so teachers can add their own content and images to meet the needs of children
Resources can easily be updated over the course of the specification
Resources can be used electronically within the school network by teachers and pupils in your school
Booklets can be printed and distributed to pupils in sections or as one complete resource
Pupil notes are kept in order for quick reference and revision
Units 1 & 3 Release date: October 2017, Unit 2 Release date AND/OR complete pack December 2017
THE SAMPLE CONTAINS:
- A snapshot of the layout and content in the student booklet, teacher booklet and PPoints
- Lesson activities (available in the student booklet/s)
- Outline lesson plans and web links for a topic (full version available in the teacher booklet)
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THE FINAL PRODUCT WILL INCLUDE:
√ Scheme of work for Units 1 to 3
- Scheme Overview
- Time Plan
- Key Topics and Learning Intentions
- Starter & Plenaries
- Core Teaching & Learning Activities
- Resources List
- Assessment and Key Skills
√ Complete Student Booklets for Units 1 to 3
- Key facts and definitions
- Theory lesson activities, including real life and realistic case study scenarios
- Local and International business case material
- Practical interactive projects
√ Complete Teacher Booklets for Units 1 to 3
- Suggested lesson structure for each key topic
- Useful website hyperlinks - Starters and Plenaries
√ Teacher PowerPoints for Units 1 to 3
- Learning intentions - Key facts and definitions - Starter activities
- Teacher answers to classroom activities (exception open ended and research tasks)
Teaching and Learning material is designed to be flexible and ready for use in the classroom. However, it
should be noted that resources are created to be adaptable for a number of reasons. It is expected that
different schools have different timetable allocations for student groups, courses evolve over time and
teachers teach a wide range of abilities with specific needs. Therefore the teaching and learning material
should be considered as a basic starter pack designed to follow the content of the specification.
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FOLLOWING THE CCEA GCSE
SPECIFICATION
BUSINESS STUDIES
(Sample Pack)
STUDENT WORKBOOK
SEPTEMBER 2017
Student Name: _________________
Registration Class: ______________
Teacher: ______________________
SITE LICENCE
Name of School:
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TOPIC TRACKER
Content Learning Outcomes Tick/Date as topics are completed
Creating a Business Students should be able to:
Entrepreneurs Describe what it means to be enterprising
Identify and explain the key entrepreneurial characteristics displayed by successful business people (risk taking, innovation, decision making, determination, leadership, planning, persuasiveness)
Analyse why the government encourages enterprise
Analyse the nature and rewards of risk taking
Business Resources Explain the resources a business needs: Land, Labour, Capital, Enterprise AND
Analyse how businesses use resources differently
Business Ownership Demonstrate knowledge and understanding of why and how a business starts
Identify and describe different sizes of businesses, including micro, small and medium-sized enterprises
Identify and describe different types of business ownership
Evaluate each of the following types of ownership: Sole-trader, Partnership, Franchise, Private Limited Company and Public Limited Company
Compare and contrast different types of private sector companies considering ownership, control and decision making, finance and liability
Public Sector Explain the meaning of the term public sector
Compare and contrast public and private sector organisations in terms of ownership, purposes and aims, control and finance
The Role of Social Enterprise
Explain the meaning of the term social enterprise
Analyse how a social enterprise aims to deliver across a range of economic, social, competitive, sustainable and environmental outputs
Business Location Explain the factors that influence the location of business locally, nationally and internationally: proximity to raw materials; proximity to market; availability and price of land; government influences; communication; and transport infrastructure and parking
AND SO ON...
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Why and how a business starts?
Deborah draws a distinction between being in business and being an entrepreneur. What is the difference?
What key attributes and skills does Deborah suggest entrepreneurs should have?
What reasons do individuals become entrepreneurs? *Add your own ideas
STUDENT ACTIVITY
Watch the You Tube clip https://www.youtube.com/watch?v=UT8m_uPT7wI
Deborah is providing advice to aspiring and new entrepreneurs. Deborah is a
very wealthy entrepreneur, most famous for her position as one of the
dragons in ‘Dragons Den’. Using the key titles provided below, write down
the key points that she makes during her speech.
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ASPIRING ENTREPRENEURS
Read about the experiences and feelings of aspiring entrepreneurs.
What is the key reason why they want to start their own business?
Match up the Comments with the potential key reasons.
Karen works in a busy office. She is totally fed up!
Her boss expects her to work extra hours at short
notice for no extra cash. She has decided to pack it
in to start her own business and provide office
services to businesses from home.
John loves creative artwork and spends all of his
spare time designing cards and posters for friends,
family and the local community association. He
has decided to try his hand at doing it for a full
time job.
To pursue a passion
For income
For a new challenge
Community Interests
Pursue a passion
Donna is a Primary School teacher and has just had
her second child. Donna has decided that she
would like to be able to care for her children full
time, but will need an alternative income. Donna
has decided to offer tutoring services.
To be their own boss
Terry lives in a village with around 5000 people.
There are local shops, but Terry has always
wondered why there is no cafe. He is bored in his
current job and has always wanted a business.
Terry decides to apply for a loan to open a cafe.
Flexibility
Spotted a gap in the market
Can you think of any
other reasons not listed
above?
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ENTREPRENEUR CHARACTERISTICS
STUDENT ACTIVITY
Look at the following images. Identify one word that identifies the
characteristic and fits the illustration. Can you think of one more?
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ENTREPRENEURSHIP: Key Terms and Characteristics
An entrepreneur is someone who sets up a business and takes financial risks and
encounters challenges to develop and sell new ideas or products with the aim of making a
profit. Enterprising means seek out new ideas and show initiative to follow them through.
KEY ENTREPRENEURIAL CHARACTERISTICS
Risk taking is part and parcel of setting up a business. Many entrepreneurs give up a
monthly salary and put their entire career at risk to pursue a business venture. Starting a
business can be costly and in many cases entrepreneurs will have to use personal savings,
rely on a loan or seek a grant to set a new business up and get it going. This can be a
stressful experience and will require much dedication, time and effort to make it a success.
Entrepreneurs are innovators because they must constantly come up with new ideas and
products, foresee problems and create solutions as issues arise.
Entrepreneurs are decision makers as they will have to make decisions on a daily basis.
Being in charge of one’s own destiny means an entrepreneur have to choose the direction
they want to go in, decide how they are going to get there and take actions to achieve a
goal.
A great deal of determination is required by entrepreneurs to make the business a success.
Success generally doesn’t come overnight and they are likely to experience many failures
along the way. Sometimes original ideas don’t work and entrepreneurs will have to listen
to feedback from their customers to adapt and change the product or service.
Entrepreneurs may change their path, but they never give up!
Leadership skills are necessary for an entrepreneur to get employees on board as the
business is reliant on their contributions to achieve success. Leadership involves having a
vision, communicating that vision, involving staff in decision making, motivating employees,
leading by example and delegating tasks to get things done.
Effective planning is required prior to the launch of a new business and to get things done
when the business launches. Entrepreneurs will have a strategic vision (a long term plan of
where they want to be 1, 3 and 5 year’s time), a weekly and daily plan of tasks that need to
be carried out to meet goals. Planning involves researching and evaluating all the options,
so that if one idea doesn’t work there is another one in place ready to go.
Entrepreneurs are generally very persuasive people. They have to be able to persuade
customers to buy their product and/or service and to get staff on board. Entrepreneurs
need to be able to communicate and connect with other people to make the business a
success.
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Types of Business Ownership
Type of Business: Category: Reason for Choice:
Type of Business: Category: Reason for Choice:
Type of Business: Category: Reason for Choice:
Type of Business: Category: Reason for Choice:
Type of Business: Category: Reason for Choice:
Type of Business: Category: Reason for Choice:
STUDENT TEAM ACTIVITY
Your teacher will provide you with the images shown below
representing different types of businesses. In allocated teams, you are
to decide the type of business the image represents and group the
pictures into categories and display on an A3 Page. Your team decide
on the categories, but must explain why each image is a best fit!
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Types of Business Ownership
KEY TERMS
Sole Trader
As a sole trader owns and runs their own business as self-employed. A sole trade must
register for self assessment and have certain responsibilities to meet legal
requirements, such as recording income and expenses, paying National Insurance and
paying tax on profits. Sole traders are responsible for all profits and losses in the
business, therefore have unlimited liability. Most businesses usually start out as a sole
trader and are relatively small businesses. For example: hairdressers, corner shop,
beauty salon, Freelance Designer.
Partnerships
A partnership has a minimum of 2 and a maximum of 50 partners. In a partnership, the
partners share responsibility for the business; including expenses, profits and losses.
Therefore, partners also have unlimited liability. Partnerships must also be registered
with HM Revenue and Customs and usually have a legally binding agreement called a
‘Deed of Partnership’. This agreement sets out the terms of the partnership. For
example, financial contributions, individual roles and responsibilities, share percentage
of profit and losses. Common examples include: Dentists, Accountants and Solicitors
When any business reaches £85,000 annual sales they must register to pay VAT on top
of tax, which is currently 20%.
Master Fix Anything John has worked in the general handyman for a building company for many years. He was
recently laid off and has decided to set up his own business. John has a knack and is well
known by family and friends for his ability to fix almost anything. From computers to
bicycles, toys and games, John just loves fixing items for other people to see their smile
return. John has been approached by a co-worker that he has known for the last 2 years to
set up a partnership. His co-worker owns a large shed at his home, which would be ideal for
the business premises. Although John has less space at his home, he is not sure whether he
wants to avail of this opportunity. John has approached you as his business adviser to
research further whether he should proceed as a Sole trader or a Partnership before he
makes any final decisions.
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Types of Business Ownership
Sole Trader
Advantages Disadvantages
Partnership
Advantages Disadvantages
Recommendations for John (give reasons for your decision):
Your teacher will provide you with cards summarising information from
experts on business ownership. Using your own ideas and statements in
the cards summarise the key advantages and disadvantages of each.
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Stakeholders
Owners/Shareholders are the owners of the business or company. Their key interest in the
business is profitability or share value and dividend return. Other interests may include
personal satisfaction, growth and reputation of a successful business. Directors are
accountable for reporting to Shareholders and for the success/failure of the business.
Managers/Employees are employed in specific roles with certain responsibilities. Their key
interests may include salary, job security, job satisfaction, opportunities for promotion and
fringe benefits e.g. health care, bonus.
Consumers/Customers will be interested in value for money, product range, product
availability and the customer service provided.
Producers e.g. suppliers will have an interest in businesses they currently or can potentially
sell parts or services to. Suppliers will be interested in their growth, ability to pay on time,
potential and ongoing supplier contracts.
Lenders such as banks will be particularly interested where they have loaned money to a
business and if they have a business account. They will want to know that the business is
capable of paying debts and meeting interest payments.
Pressure Groups such as Trade Unions are groups of employees who represent their members
e.g. NASUWT teachers union, who seek fair employment conditions and pay for its members.
The Local Community will be interested in the impact of businesses opening or closing in the
local area, for example, job opportunities, wealth and impact on families in the area,
environmental impact e.g. noise, pollution
CONFLICT can occur between stakeholders because their key interests might be very different.
Proposal for Mall in Polly Town Polly town has a population of 20,000 people. The proposal put forward by Mr Prom is to knock down a row of
shops and replace with a new Mall. In order to build a new mall in the town, four shops will need to be knocked
down. This includes: a newsagents, a greengrocer, a bakery and a hairdressers. The owner is making a very
healthy cash offer to the owners to be able to knock down their premises. According to the owner, the new
Mall will have a lot more to offer including: a supermarket, a cafe, a beauty parlour and a bookshop. He
maintains that it will offer new job opportunities to the local community and can provide a wider range of
goods and services.
COMMUNITY GROUP REPRESENTATIVES: MALL OWNER, CURRENT SHOP OWNERS, LOCAL COMMUNITY,
ENVIRONMENTAL GROUP, LOCAL SUPPLIERS e.g. Farmers, LOCAL GOVERNMENT
You will be allocated to a stakeholder group. Each group must consider their
position and prepare to take their key points forward to the town hall meeting
for a debate on the matter. As part of preparing, each group should also have at
least 1 question prepared to ask other groups. Appoint a leader to contribute to
the debate. Your teacher will act as the Chairperson.
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The Role of Social Enterprise
Student Activity: Read over the interview responses and answer the following questions:
Interview with Jennifer McWilliams, Antrim Enterprise Agency Ltd
Why was Antrim Enterprise Agency set up?
Antrim Enterprise was formed in 1991 because of the Enkalon Plant closing which led to high unemployment rates
in the borough. The idea was to provide starter units to stimulate self employment, thus aiming to reduce
unemployment levels in the area. The funding was provided by LEDU (Now Invest N.I.) to build it. Antrim
Enterprise is one of thirty-two models across N.Ireland. Antrim Enterprise legal status is as a Limited Company
with a voluntary Board of Directors and is also has Charitable Status.
What are the key objectives of Antrim Enterprise?
- to reduce unemployment
- stimulate self employment
- provide work space accommodation that is more favourable than in the private sector
- opportunities for businesses to network e.g. Healthy Entrepreneur Day, Open Coffee Day, Networking Evenings
- conference facilities and a hub where business groups can meet, network and socialise
- operational education and training on the fundamentals for running a business
- mentoring and voluntary advice for small enterprise
- contribute to educational enterprise schemes such as volunteering with Young Enterprise
- enticing visitors into the local area e.g. Contributions to Antrim Summer Festival
- providing small grant opportunities e.g. Business Idea Competition is on its 2nd Year
- positive contributions to the environment e.g. British Standards – recycling, solar panels on
buildings, food compost.
How do you measure the success of Antrim Enterprise?
- 98/99% of our business units are occupied at all times
- we receive 300 to 400 enquiries from individuals starting a business every year
- we either meet or exceed all our targets for any organised events e.g. attendance
Q1) Explain the meaning of the term ‘social enterprise’
Q2) How does the social enterprise contribute in delivering economic output in terms of employment?
Q3) How does the social enterprise contribute in delivering social outputs e.g. developing a sense of community?
Q4) How does social enterprise contribute in delivering environmental outputs e.g. sustainable business practice?
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Introduction to Training in the Workplace
STUDENT ACTIVITY
Look at the following scenarios and write your ideas in the textbox beside the
speech bubbles as to what kind of training each person might require.
2. Liaise with a nearby pupil to collect their e-mail address. Send an
email that includes the following:
To: email address
Subject: advantages and disadvantages of email
An attached word document – with your listed advantages and
disadvantages (saved as this)
Mark the email as URGENT!
Hi, I’m Kyra. I am just about
to start my new job tomorrow
as a Shop Assistant in Polly
Town Mall.
EXAMPLES OF POSSIBLE TRAINING REQUIRED
My name is Steve and I have been
working as a plumber for the last 20
years. My boss has put me on a
training course next week. Why on
earth do I need training at this stage?
EXAMPLES OF POSSIBLE TRAINING REQUIRED
I’m Mrs Morrison and have
been a Business Studies teacher
for the last 5 years. Ongoing
training is just part of the job.
Can you think why it never
ends?
EXAMPLES OF POSSIBLE TRAINING REQUIRED
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Training: Key Terms
PURPOSE OF STAFF TRAINING
Induction Training is important for new staff to understand the business, key aims and
objectives of the business, its customers and competitors. It is also important for new staff
to know their way around the workplace, procedures and protocol (acceptable standards)
and other employees’ roles. Most importantly new employees need to have a good
understanding of the expectations of the role they have been appointed to and how to
complete duties and tasks assigned to them. The more knowledgeable the employee is, the
more proficient they will be at their job and less supervision will be required.
Continuing Professional Development is required to review, update staff and implement
new working practices, changes in procedures and legislation. On-going training also helps
to keep employees motivated, encourages team work and provides training that may be
useful for internal promotion. If employees are confident and competent, the business will
benefit from increased productivity within the workforce. Training also helps the business
to remain competitive with other similar businesses.
Health & Safety training is essential in all workplaces to meet Health & Safety legislation.
Good employers will want to ensure employees are equipped with knowledge and
understanding of how to stay safe in the working environment. Employees must know and
understand health & safety work procedures and what to do in emergency situations.
The introduction of new technology will mean that employees will require upskilling, so that
they can operate new equipment, hardware and software safely and confidently.
MAIN METHODS OF TRAINING
On-the-job training takes place in the workplace. This might mean shadowing or working
alongside employees who are already familiar with the workplace and the appointees role or
a similar position. Essentially the person is learning by doing. The purpose is to address the
specific needs of the business by allowing employees to adjust gradually into a new position
or responsibility. On-the-job training is a cheaper option compared to off-the-job training,
however, will be a slow process as employees learn and does not provide the opportunity for
employees to learn new concepts outside the business.
Off-the-job training takes place outside the workplace. This may involve a one day course, a
week’s course, once a week or in the evenings for a certain period of time. Training may be
delivered by specialist personnel or a course provided, for example, by a Regional College or
University. The course might be online or require the employee to travel to a specific
location. This type of training may provide the employee with an opportunity to attain a
new qualification. Off-the-job training can be time consuming and expensive. If the course
is completed outside of working hours it may also rely on the employee’s willingness and
commitment. One of the key benefits is that new ideas can be brought into the business.
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Training: What is a competitive business?
A COMPETITIVE BUSINESS EXPLAINED
We have talked about how staff training can help a business to remain competitive. So what does being
competitive mean? In simple terms, this means that a business is able to compete with other similar
businesses in the local, national or global market.
There are a number of ways that businesses can remain competitive. For example:
The products and/or services to customers provide value for money (the best value for the price)
The business is sustainable i.e. continues to attract custom, makes a profit
The business has a competitive advantage, for example, a unique selling point that makes their product or
service slightly different from the others.
The business continues to be innovative and come up with new ideas
The business provides an excellent customer service
Young Enterprise Crafted Cards are not happy.
A rival team have copied their idea to produce
specialised cards to sell to students and
teachers. You are the groups mentor and
have been asked to provide a ten minute
training session to give the group ideas on
how they can remain competitive! Place your
ideas for the training session in the textbox to
the right summarising the advice you will give
the group.
HOW TO REMAIN COMPETITIVE!
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Marketing: Market Research
Marketing in business is the process of identifying what customers want, developing a product or
service that meets customer requirements, then promoting and selling that product or service.
Customer needs are identified by carrying out Market Research. The two key methods of market
research used to gather information about the market are called Primary (field) Research AND
Secondary (desk) Research.
Primary Research is new and original research carried out by the business itself. There are a number
of different types of primary research including: questionnaires/surveys, interviews, focus groups.
Secondary Research is finding information that is the processing of finding and collating research
already produced, for example, previous research already carried out by the business, government
statistics, competitor websites and reports.
GO2VirtualAssistant has 2 key
areas to her business:
(1) to develop and sell
educational resources
(2) Providing Virtual Assistant
Services to Schools & Businesses
Before launching the business, a
great deal of market research
had to be carried out. Here are
some examples of Secondary
Research GO2VirtualAssitant
found.
Source: Virtalent In a research report, it is predicted that by 2018,
online working including virtual assistant service will be worth $5 billion as the demand for online virtual working continues to grow. Small
businesses and startups are keen to focus on saving on costs and streamlining their business more than ever before. So it’s a clear indication
that virtual assistance outsourcing is highly needed in UK.
Source: http://startups.co.uk/
By 2018 online work will be a $5bn global market, according to research by Staffing
Industry Analysts. There are 1.7 million self-employed freelancers among the 4.2 million
business owners in the UK.
What type of research is this?
How is this information useful to GO2VirtualAssistant?
10 out of 15 secondary schools confirmed they
would purchase at least one GCSE resource
20 small to medium businesses were
approached to identify interest in virtual
assistant. 5 businesses confirmed they would
have an interest in using GO2 Virtual Services
on an ad-hoc basis
What type of research is this?
How is this information useful to GO2VirtualAssistant?
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Market Research: Primary Research
Primary Research is new and original research carried out by the business itself. There are a
number of different types of primary research including: questionnaires/surveys and interviews,
focus groups.
Questionnaires/Interview Surveys are usually put together as a list of questions to establish
opinions. Businesses often survey employees and customers about their views. This would be
particularly important if the business were to consider launching a new product. Questions may
require a direct answer such as yes/no, true/false (Quantitative Data), provide a range of
answers for the interviewee e.g. Top, Middle, Bottom (Quantitative Date) or allow the user to
enter their own response (Qualitative Data). Surveys can be carried out face-to-face, sent in the
post or sent/made available through an online platform e.g. Social Media, Business Website.
Sometimes businesses even text follow up questionnaires to a customer’s mobile phone after a
service has been provided or a product delivered.
Focus Groups are often used to facilitate more lengthy discussions and open questions.
Discussions and/or questions and answers may be recorded and analysed later. Focus Groups
are particularly common in the food industry, whereby individuals are invited to test products
before they are launched.
GO2VirtualAssistant
is considering developing an APP
for GCSE BCS that can be
accessed on any digital device.
The course will be aimed at
students studying Business
Communication Systems. GO2VA
believes you would be perfect to
carry out the Market Research for
this product!
TASK A
Design a Questionnaire to establish the following:
- Would students be interested in this type of
resource?
- What kind of content should be included? For
example: definitions, study guidance. I’m sure you
can think of others!
- What sort of design should GO2VA use?
- What features should be included? E.g.
animations, videos, quizzes etc.
- What is the best method to inform students when
the product is ready?
- What price would students/parents be willing to
pay?
*You can either do this task on MS Word and print it
5 times or design it online using Survey Monkey.
*You will need to sign up for a free account
TASK B
Ask 5 people to complete the questionnaire and
summarise responses in a table e.g. excel and
produce a graph to illustrate the findings!
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Market Research: Secondary Research
Use your own experiences, suggested web links and Internet Research to evaluate Primary and Secondary Research
http://www.ianswer4u.com/2012/02/primary-research-advantages-and.html#axzz4qcV7VVpX
https://www.boundless.com/business/concepts/primary-market-research-0-8219/
http://www.ianswer4u.com/2012/05/secondary-market-research-advantages.html#axzz4qcV7VVpX
http://www.managementstudyguide.com/secondary_data.htm
PRIMARY RESEARCH
ADVANTAGES DISADVANTAGES
SECONDARY RESEARCH
ADVANTAGES DISADVANTAGES
Secondary Research is finding information that is the processing of finding and collating research already
produced, for example, previous research already carried out by the business, government statistics,
competitor websites and reports.
GO2VirtualAssistant
is hopeful your results are
positive, but it is always good to
do some secondary research ...
especially to find out what is
currently available on the market!
TASK A
To do this you will have to find out about what
educational APPS are currently available on
the market (it can be for any subject). You
should review the type of content that is
included, design, features and cost.
If you find Business Studies related apps, you
should discuss the relevancy to the BSC course
when you are evaluating its usefulness.
You should also carry out some general
research on BEST SELLING APPS, HOW TO SELL
AN APP etc.
TASK B
Type/Write up a short report detailing your
findings and include web links you have used
at the bottom of the report. *Use screen
shots and images to illustrate. Market Research
Advantages & Disadvantages
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TYPES OF PRODUCTION: INTRODUCTION
Can you identify which sector the following businesses belong to?
Business: Sector: Reason for choice:
Business: Sector: Reason for choice:
Business: Sector: Reason for choice:
Business: Sector: Reason for choice:
Business: Sector: Reason for choice:
KEY TERMS
Production is the process of extracting, manufacturing and selling products or services. There are 4
main types of production: Primary, Secondary, Tertiary and Quaternary Sectors
The Primary Sector refers to industries which extract raw materials from the earth. These tend to
be industries that make use of natural resources. Examples include: farming, fishing, forestry and
mining.
The Secondary Sector refers to industries which process the raw materials into a tangible product.
Examples include: manufacturing and construction.
The Tertiary Sector refers to industries and organisations which provide services. Examples include:
transport, retail, tourism, health and education. There are, however, many more.
The Quaternary Sector is a relatively new definition describing industries based on knowledge and
skill. This includes knowledge-based services such as consultation, Information technology and
research and development.
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TYPES OF PRODUCTION: Trends in the UK Data from the first quarter of 2017 ONS Data as reported by the BBC News
http://www.bbc.co.uk/news/election-2017-39966615
Public Admin, Education &
Health30%
Retail, Hotels & Restaurants
19%
Finance & Business
17%
Transport & Communications
9%
Other Services 6%
Manufacturing9%
Construction7%
Agriculture & Energy
3%
Employment by sector UK
According to the graph, what % are employed in
(A) The Primary Sector?
(B) The Secondary Sector?
(C) The Tertiary Sector?
It is more difficult to quantify the % employed in the Quaternary Sector? From the data provided
above, why do you think is the case?
What countries are you more likely to find Primary and Secondary Sector Employment?
What are the key reasons for this?
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Unit 3: Planning a Business
What is a business plan?
A business plan is detailed description of goals and how a business hopes to achieve them over
a period of one to five years. It should act as a roadmap which guides a business to success,
and should be referred to on a regular basis to ensure that the business is on track.
Why did RockOn Designs decide to create a business plan?
List two things that the business plan tells him.
Did everything go according to plan first time around? What did the
entrepreneur do to correct this?
Reasons for developing a business plan
- show to the bank, shareholders and other possible investors;
A business may wish to borrow money from the bank for a number of reasons; a new business may require start-up capital or an existing business may need funds for expansion. The bank must be sure that the business will be able to make repayments. A thorough business plan will allow to Bank Manager to understand what the money is being used for, how the business calculated the amount required and if the business idea is viable i.e. the loan is a safe investment from the bank’s perspective.
STUDENT ACTIVITY
Watch the YouTube clip https://www.youtube.com/watch?v=FHTZioT-cjo. A
young entrepreneur decides to set up a business called RockOn Designs
selling t-shirts to teenagers during the Summer months. Watch the video and
answer the questions below.
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A limited company can raise money by selling shares. If it is a new company, potential shareholders will want to see a business plan to assess if the business is a wise investment. If an existing business is updating their business plan, the shareholders will want to read through it to check if they agree with the goals and wish to remain as shareholders.
- to ensure proper planning; Creating a business plan forces owners and managers to carefully consider every aspect of the business. This ensures that no important details are overlooked and shows others that the business idea has been carefully thought through
- to monitor actual performance against the plan; The business plan helps to monitor actual performance against the plan. Managers and owners will constantly compare progress against the business plan. It will be used as a roadmap by owners and managers to assess where the business is, where they should be, and where they need to go.
- to keep a check on spending; The owners/managers will produce accounts as part of the business plan. This will help to predict cash flow, plan spending and identify any shortfalls before they happen.
- to ensure that aims are being met. The business plan forces owners and managers to monitor if the aims and objectives are being met, and put actions in place if they are not4
STUDENT ACTIVITY Read about the issues experienced by each of the entrepreneurs – match
them to the most appropriate reason for writing a business plan.
Melanie wants to set up a bicycle repair shop. She
wants to make sure that she meets her goals in the first
year.
To show to the bank, shareholders and
other possible investors
To monitor actual performance against the plan
To ensure proper planning
To keep a check on spending.
To ensure that aims are being met. Marty owns a small window cleaning business but his
cash flow is very poor.
Zoe would like to apply for a loan from the bank to
purchase a delivery van but she has no idea how to
convince the Bank Manager.
John runs a sandwich shop. He records his profit at the
end of every week but isn’t sure how it compares with
what he had hoped to achieve each month.
Suzanne wants to start up her own dance school. She
knows what she wants to achieve but hasn’t
considered every aspect of her business.
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FOLLOWING THE CCEA GCSE
SPECIFICATION
BUSINESS STUDIES
Sample Pack
TEACHER BOOKLET
SEPTEMBER 2017
Teacher’s Name:
_________________
SITE LICENCE
Name of School:
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EXAMPLE OF STRUCTURE AND CONTENT PROVIDED
FOR OUTLINE LESSON PLANS:
INTERNATIONAL BUSINESSES
Topic Starter Activity Lesson Activities Plenary Activity
Explain the advantages and disadvantages of international trade to a business Explain how the marketing mix of a business would be affected by international trade Describe and explain how promotion may need to change to suit language and/or cultural differences Describe and explain how transport methods and e-business can affect place Discuss the implications of the global market for businesses in the local economy
PowerPoint Introduction Slides 88 to 89 What is International Trade? What are the key advantages and disadvantages of exporting for business? Student Booklet Page 56 Examples of products imported to the UK/N.I. Class Feedback Internet check if required: are the pupils correct?
PowerPoint Slides 90 Invest Northern Ireland Student Booklet Pages 57 to 58 Advantages & Disadvantages of International Trade Factors influencing the growth of International Trade Class Feedback Teacher Answers Slides 91 to 93 / Teacher Booklet Student Booklet Scenario: Impact of the Marketing Mix on trading internationally
Evaluation Class Feedback Scenario: Impact of the Marketing Mix on trading internationally
INTERNATIONAL TRADE: ADVANTAGES POSSIBLE ANSWERS
INTERNATIONAL BUSINESS WEBLINKS
https://www.nibusinessinfo.co.uk
https://www.gov.uk/government/organisations/department-for-international-trade
https://www.investni.com/
https://europa.eu/european-union/about-eu/eu-in-brief_en
https://ec.europa.eu/growth/single-market_en
AND SO ON ...
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EXAMPLE OF POWERPOINT SLIDES