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Revision Checklist

The document outlines a comprehensive revision checklist for business studies, covering key areas such as business activities, people in business, marketing, operations management, financial information, and external influences. Each section includes essential concepts like business objectives, employee motivation, the marketing mix, production methods, financial statements, and economic issues. It serves as a guide for students to prepare for examinations by summarizing critical topics and theories.

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33 views2 pages

Revision Checklist

The document outlines a comprehensive revision checklist for business studies, covering key areas such as business activities, people in business, marketing, operations management, financial information, and external influences. Each section includes essential concepts like business objectives, employee motivation, the marketing mix, production methods, financial statements, and economic issues. It serves as a guide for students to prepare for examinations by summarizing critical topics and theories.

Uploaded by

rshrachana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Unit Wise Revision Checklist

1. Business Activity and Influences on Business

 Business objectives: financial and non-financial goals.


 Types of business organizations: limited companies, public corporations, franchises,
multinationals.
 Classification of businesses: primary, secondary, and tertiary sectors.
 Business growth and size: economies of scale, diseconomies of scale.
 Influences on business decisions: legal, economic, technological, environmental, and
ethical factors (PESTLE)

2. People in Business

 Motivating employees: theories of motivation (e.g., Maslow, Herzberg), Methods of


Motivation (Financial & Non-financial Methods)
 Organisation and management: Chain of Command, Span of Control definitions,
Roles and responsibilities of managers.
 Recruitment, selection, and training of employees: Recruitment Documents such as
Job Description, Person Specification, Application Forms, CV/Resume.
 Internal and external communication: channels of communication, importance of
effective communication and communication barriers.

3. Marketing

 The marketing mix: Product (Importance of good design, aesthetic, durable and
informative packaging, product life cycle, boston matrix), Price (Pricing strategies
like Cost plus pricing, Competitive Pricing, Promotional Pricing, Price Skimming,
Penetration Pricing), Place (Online E-commerce Selling VS Offline selling in Shops
& Malls, Selling direct to customers Vs. Through Retailers or Wholesalers),
Promotion [Below the line (Buy one get one free offers, special discounts, loyalty
cards for loyal customers) VS. Above the line marketing (TV Commercials, Radio
Adverts, Billboards, Celebrity Endorsements, Sponsorship, Social Media Marketing)]
 Technology and the marketing mix: digital marketing, e-commerce.
 Marketing strategy: market segmentation (segment customers based on Age,
Gender, Income & Lifestyle, Hobbies & Interests, Local Culture etc.), market
targeting, product & brand positioning.

4. Operations Management

 Production of goods and services: methods (Job, batch, flow) and processes
(Kaizen, Just-in-time).
 Achieving quality production: quality control and assurance.
 Location decisions: factors influencing business location.

5. Financial Information and Financial Decisions

 Business finance: needs and sources: Why is Finance needed? To pay for expenses,
to start a business, to expand a business. Sources of finance – Internal Vs External.
 Cash flow forecasting and working capital: cash flow statements, liquidity & its
importance.
 Income statements: learn Format, Sales Revenue – Cost of Sales = Gross Profit or
Loss. Gross profit or Loss – other expenses = Net profit or Loss.
 Statement of financial position: assets, liabilities, equity.
 Analysis of accounts: profitability ratios, efficiency ratios. Learn from formula
Sheets

6. External Influences on Business Issues

 Economic issues: inflation, interest rates, exchange rates. (look into calculation
examples.
 Environmental and ethical issues: sustainability, corporate social responsibility.
 Business and the international economy: globalization, trade barriers, international
trade.

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