Welcome to the WikiEdit
This is the page for students who study business studies at Sir Christopher Academy. This page will go over topics related to business and other information that they should know.
Answer structure: Edit
There are four basic sections to writing an answer in this topic they are: Knowledge Application Analysis Evaluation
Knowledge includes demonstrating knowledge and understanding of the specified subject content. This may include you giving a definition of key terms that are included in the question. This will give off the impression that you k now what you are talking about from the begin.
Application includes applying your knowledge and understanding to problems and issues arising from both familiar and unfamiliar situations. This means that you should use your current knowledge and relate it to the new and understood topics that the question presents you with.
Analysis includes analyzing problems, issues and situations. This now means that you have to take your knowledge and bring up topics that the question suggests then explain it in order of the events it brings up.
Evaluation includes evaluating distinguishing between and assessing how appropriating how the facts and opinions judge the given information. This is an explanation of the information that you have analyses. This could include analyzing weather or not the information is reliable or why you feel you where correct throughout your analysis.
This goes into more detail on how to analyze.
What the examiner wants:
- You can explain an answer using logical and reasoned arguments e.g. A leads to B which may cause C.
- You are able to support points made by explaining with business theory and ideas.
- Appropriate use and understanding of numerical and non-numerical terms.
How to show the skill:
- First - do you need a detailed explanation?
- Identify the business techniques and ideas that can be used to support your answer.
- Build up an appropriate argument - only if asked - show both for and against the point raised
What evidence the examiner is looking for - You have read and understood the case study or scenario and how you can use it to support your answer
- You can use the case study or examples to illustrate the knowledge point you are making
- You can accurately extract relevant figures and complete any calculation required
- That you can answer the questions within the context of the case study or scenario
How to show the skill
- IF THERE IS A CASE STUDY - READ THE CASE STUDY BEFORE YOU ANSWER ANY QUESTIONS!
- Identify sections of the case study relevant to each question
- Use quotes and phrases from the passage in your answer
- Use the right figures from the case when calculating
- Consider HOW the question affects the case study so you show application
What evidence the examiner is looking for:
- A judgement has been made in the answer or the conclusion to the answer
- The arguments used have been weighed up and the most important one used
- A recommendation has been given if asked for, which is supported by the arguments used
How to show the skill
- CHECK QUESTION REQUIRES JUDGEMENT
- Decide what is most important and support your case
- Compare and contrast – arguments for and against
- End the answer with a clear conclusion and/or recommendation based on the arguments used
Analyze TWO consequences of a business operating with high capacity utilization.
One consequence of operating at high levels of capacity utilization is that it results in lower unit costs (How). This is because the fixed costs are spread out over more units of output. The business could therefore lower the prices in order to increase revenue (Why). This is because the businesses product is relatively elastic meaning that a reduction in price will lead to an increase of revenue.
Key terms: Edit
Aim: A long term goal that the business wants to achieve.
Objectives: Smaller goals to help you achieve your main aim.
Mission Statement: Your businesses aims and values summed up into one statement.
Primary research: Is original research carried out by the people who want to gain specific answers.
Qualitative research: Research that focuses on attitudes and how someone feels about a topic.
Quantitative research: Research that includes figures and stats.
Secondary sources/research: This is second hand research, someone else has made it and realized it to the public.
PESTLE: Political, economic, social, technology, (Legal and environment.) An analysis on how these factors can affect your business.
SWOT: Strengths, weaknesses, opportunities and technology. An analysis of the businesses current positive and negative factors and their potential future.
Product life cycle: Introduction, growth, maturity and decline. This cycle is the life of a product.
Product differentiation: The differences between your products and others.
USP: Unique selling point, what makes a product different form its competitors.
Pricing strategies: Giving something a price based on factors that affect the customer’s ability to afford a product.
Penetration pricing: Starting with a low price to attract an audience form your chosen market.
Skimming pricing: Starting off with a high price then lowering it.
Competitor based pricing: Giving a price based on what your competitor’s prices are. Cost plus pricing.
Promotions: Encouraging the target audience to buy a product and create awareness.
Advertising: The act of bringing awareness towards a product or service.
Public relations(PR): Creating a positive public image or bringing attention towards someone or something.
Sponsorship: Support from a business someone looking to promote themselves.
Guerrilla marketing: Bringing the attention of a large group of people in a public place to your promotion.
Digital marketing: Promoting products or services through digital media.
Marketing mix: The combination of actions a company uses when selling a product or service. These are often described as the four Ps (= product, price, place, and promotion).
Primary/field research: Research done by the researcher, collected by them self’s
Secondary/desk research: Research used that was done by someone else.
Quantitative data: Relating to numbers or amounts.
Qualitative data: Data that is opinions and facts.
Market research: The collection and examination of information about things that people buy or might buy and their feelings about things that they have bought.
Market segment: A group of possible customers who are similar in their needs, age, education, etc.
Demographic segments: A market segment based on differences in demographic factors of different groups of consumers.
Geographic segments: A market segment based on where the customer is located.
Income segments: A market segment based on how much the consumer earns.
Behavioral segments: A market segment based on what items consumer purchases.