Business Studies

Business

A business is an activity carried out by one or more people, with the intention of producing goods or service which can be sold onto others.

Genesis are a local example of a production business who manufacture (make) bread products such as cupcakes. They sell these products to other businesses. For example, JC Stewart and customers through their Meadowlane shop

Marketing

Getting the right goods (or services) to the right place for the right customers at the right time and at the right price.

Sportique will ensure that they advertise the availability of Irish soccer jerseys prior to (before) the European Championships. These will be placed in a prominent position in the shop at a competitive price.

Marketing

GCSE Business Studies

Business Ownership

The process of how a business is set-up and owned. This can take the form of an individual person or a group of people joining together to own the business.

A business owned by one person is called a Sole Trader (eg Sports World).

When 2 – 20 people own it together it is called a Partnership ( eg McCoy and McMeel Estate Agents).

Production The process of taking raw materials

(ingredients) and carrying out a process to turn them into finished goods that are then sold onto other businesses or customers directly.

Genesis use raw materials in the form of flour, eggs etc and produce (bake) a wide range of bread products to sell to the general public. They are now as a Production company.

Occupational Studies (Business and Services)

Administration

Administration

The process of collecting relevant (necessary) information and putting it in order to complete a given task.

Pupils filling in a data capture sheet. For example, name, address etc to be put into the school database.

Diary

A written record of key events, meetings etc kept by a manager in the business world.

Many managers in today’s world keep their diaries through electronic devices such as mobile phones and computers.

E-commerce

Stands for ‘electronic commerce’ which is buying and selling via the internet.

Amazon, E-bay and Tesco are popular ecommerce websites which people buy and sell from.

Business Growth

Any form of expansion of a business. Examples include – increase in workforce, opening of another branch, or increase in the product range (goods sold).

Sportsworld recently expanded their shop floor space to allow for a wider range of Gaelic products.

Mission Statement

A statement of a business’s main aims and objectives outlining the activities and purpose of the business.

The school’s mission statement is to promote partnership, develop talents and encourage participation.

Price Elasticity

Measure the responsiveness of a change in demand due to a change in price.

If the price of an i-phone was dropped there would be a large increase in the number of people buying it.

Sales Revenue

Formula – Quantity sold x Selling Price. The amount of money flowing into a business from its sales.

If a business were to sell 100 products at £10 each the sales revenue would be £1,000.

Profit

Formula - Sales Revenue – Total Costs. The amount of money left over after all expenses have been paid by the business.

If a business has a sales revenue of £1,000 and total costs of £300, their profit will be £700.