Business Year 12 Summer work

1.) Research Key Terms for the first units that you will study - Unit 1 What is Business and Unit3 Marketing.

2.) Analysing the news – pick a recent business news story and complete the worksheet provided.

3.) Extension reading/watching – Read the two articles to get an idea of the level of understanding require for A-level Business Watch some business related programmes (e.g. Dragons Den, The Apprentice or any business related programme) https://www.youtube.com/watch?v=bYoWIKG6-lw https://www.youtube.com/watch?v=xOGUYaLUPAM&t=1165s

4.) If any family members own or run a business, take the opportunity to question them about their experiences in operating the business.

A Level Business

Year 1 key Terms – version I – May 2015

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AQA A Level Business Year 1 Key terms

NB: Where a key term occur in more than one unit, there will generally be noted in the table

below in the unit that they are first mentioned.

Unit Key Terms 1. What is Business A good

A service A product Mission statement Aims Objectives Profit Cash-flow Stakeholders Revenues

Profit Fixed costs Variable costs Total costs Average costs Sole trader Unlimited liability Incorporation Shareholder Limited liability

Privatisation Market conditions Demand Gross domestic product Real incomes Interest rates Fair trade Sustainable production Dividends Market capitalisation Takeover

2. Management, leadership and decision making

Leadership Management Authority Delegation Empowerment Decentralisation Programmed decisions Non- Programmed decisions Risk

Uncertainty Opportunity cost Scientific decision making Decision trees Probability Expected value Net gains Ethics

The external environment Social responsibility Communication Stakeholder engagement. Consultation

3. Decision making to improve marketing performance

Relationship marketing Business ethics Marketing objectives Market growth Primary market research Secondary market research Price elasticity of demand Income elasticity of demand Segmentation Market segment Targeting Niche marketing Mass marketing Sales value Sales volume

Market share Sales growth Internal influences External influences Competitiveness Target population Sample Brand Patent Trademark Globalisation Market research Market mapping Confidence level

Confidence interval Big data Positioning Marketing mix Consumer products Industrial products Product life cycle Product portfolio analysis. Social media Viral marketing Multichannel distribution. E-commerce

A Level Business

Year 1 key Terms – version I – May 2015

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Unit Key Terms 4. Decision making

to improve operational performance

Operational management Labour intensive Capital intensive Supply chain Operations objective Competitive advantage Total costs

Unit/average costs Capacity Capacity utilisation Labour productivity Efficiency Lean production Quality

Mass customisation Inventory Part time Temporary staff Vertical integration Corporate social responsibility. Outsourcing

5. Decision making to improve financial performance

Financial objectives Income statements Gross profit Direct costs Indirect costs Operating profit Profit for the year Investment Non-current assets Capital expenditure Capital structure

Budgets Variance analysis Cash flow forecasts Break-even output Contribution Trade credit Margin of safety Profitability Profit margin Internal & external sources of finance.

Short & long term finance. Bank loan Overdraft Venture capital Share capital Mortgages Debentures Crowdfunding

6. Decision making to improve human resource performance

Human resource objectives Employee engagement Employee involvement Training Talent development Diversity Unit labour costs Labour turnover Labour retention Human resource plan Job design Job enrichment Empowerment Organisational structure Organisational design

Employer brand Human resource flow Recruitment & selection Redundancy Dismissal Redeployment Division of labour Time and motion study Commission Piece rate Performance related pay Variable pay Employee welfare Appraisal Team-working

Trade union Collective bargaining Trade union wage premium. Works council Arbitration Industrial dispute Conciliation

X:\Joining Instructions\2017 - 2018\Transition Work for new Year 12\Business (5)_ANALYSING_THE_NEWS.doc

ANALYSING THE NEWS An important skill in Business is the ability to take a new piece of information and interpret it in order to understand how it is relevant to your work. Business deals with real-life situations and the world around us, one of the most important sources of information is the news. This sheet will help you to analyse news items by getting you to think logically about them, relate them to the materials you study and make judgments about them.

NEWS ARTICLE. Attach the article on the back of this sheet. The article must be about a specific business or an issue that will affect the behaviour of business.

ANALYSIS 1) What are the key issues in this article? (Quote extracts, particularly numbers!) a. b. c. d. 2) What effect will these issues have? Who will it have an impact on? (E.g. customers, workers, owners, government?)

EVALUATION

1) How might the business respond to this situation and why?