1. Exam technique
Knowledge
Application
Analysis
Evaluation

2. Application USE THE INFORMATION YOU ARE GIVEN IN THE CASE STUDY!
Think first about the:
Products / services the business offers
What size of business – eg Ltd, PLC
Who are the competitors
What is the business image / USP? Convenience, speed of service, quality, premium price, Brand
NOT ENOUGH JUST TO MENTION THE COMPANY NAME!

3. Connectives Remember: Point Explain Expand Use connectives: However
Because
Depends on
The most significant is
Furthermore
On the other hand
But
This leads to
The probable result is
This will affect
Which will mean/ lead to
Remember:
Point
Explain
Expand

4. Product life cycle
Extension strategy
Research & Development

5. Sales revenue – Total costs = Profit
Selling Price x Quantity
Fixed costs + (Variable costs pu x quantity)
Increase revenue
Cut costs
AND/OR
Cheaper raw materials
Cut wages or make redundancies
Reduce marketing
Cut back on investment eg training, new equipment etc
Improve marketing eg more advertising
Increase selling price
Launch new or improved products

6. Boston matrix

7. BAR GATE STOCK CONTROL GRAPH
Buffer stock

8. Breakeven chart showing reduction in costs
Original breakeven is 80 units
Reduction in costs means the business needs to sell less products to breakeven
New breakeven is lower at
55 units

9. Breakeven chart showing increase in price
Increase in price means the business needs to sell less products to breakeven
New breakeven is lower at
40 units
Original breakeven is 80 units

10. Calculating breakeven quantity:
Fixed costs
Selling price pu – Variable costs pu
Calculating revenue at breakeven:
Breakeven quantity x selling price
Margin of safety:
Actual output – breakeven output

11. Organisation chart Shows roles and responsibilities
Line managers oversee work of subordinates

12. Chain of command – how instructions are passed down the hierarchy
Organisation chart
Chain of command – how instructions are passed down the hierarchy

13. Span of control – number of people reporting directly to a manager - eg Managing Director has 4
Organisation chart

14. Organisation chart
Centralisation – most decisions made by senior managers
Delayering – reducing costs by removing a layer of management
Decentralisation – authority to take decisions is passed down the chain of command

15. Maslow’s Hierarchy of Needs
Refer to Maslow’s theory when making any reference to motivation of staff
Realise potential
Promotion
Team working
Job security
Fair pay

16. The 4ps of the marketing mix:

17. Do the right thing....
Paying workers a fair wage and good working conditions
Paying fair prices to suppliers eg fair trade
Supporting the local community and charities
Paying suppliers promptly and giving them long-term contracts
Protecting the environment by using renewable sources and minimising pollution

18. International trade – the buying and selling of products between countries
Import protection – UK government measure to reduce quantity of foreign goods sold in UK
Exports and imports
Exchange rate: SPICED
Strong
Pound
Imports
Cheaper
Exports
Dearer
Quotas – limits on the quantity of a product allowed into a country
Tariffs – tax on imported products, that increases their price

19. From inside the business
Where do businesses get their money from?
Internal sources
Sale of asset
Retained profit
Internal sources
Outside the business
From inside the business
External sources
Interest
Share capital
Overdraft
Trade credit

20. Quality control
Quality culture
Kaizen
Total quality Management
Quality assurance

21. Quality control
It is someone's job to inspect the products at various points in the production

22. Quality assurance
The processes that ensure production quality meets the requirements of customers -
Aims to achieve quality by organising every process to get the product ‘right first time’and prevent mistakes ever happening.

23. Quality control Quality assurance The job of an inspector
The process where everyone one checks the products to ensure they are the correct standard

24. Staff training
Meeting the needs of customers
On time service
Quality
Dealing with complaints
Innovation
Spotting problems
Going beyond expectations

25. Trade descriptions act
Protects against:
GIVING FALSE INFORMATION
FAILING TO GIVE IMPORTANT INFORMATION
ACTING AGGRESSIVELY
Sale of Goods Act
MATCH THE DESCRIPTION
BE OF SUITABLE QUALITY
FIT FOR PURPOSE

26. The Design Mix – 3 Elements
FUNCTION
How well a product works
COST OF PRODUCTION
The cheaper the better! A design that costs less to produce than rivals will give a business a competitive advantage, however a business may choose more expensive production if they are looking for quality
APPEARANCE
Stylist products are likely to sell more than plan products so appearance is very important in design

27. The communication process
Anything that stops the message getting to the receiver is a barrier

28. Barriers to communication
Physical
Emotional
Technical
Knowledge

29. Remuneration – methods of pay
Salary
Share ownership
FRINGE BENEFITS
Remuneration – methods of pay
Time rate
Piece rate
Profit sharing