1. Unit 1 – Topic 1 Spotting a business opportunity
22/09/2018
GCSE Business
Unit 1 – Topic 1
Spotting a business opportunity

2. Start of lesson drills Planner on the desk Pen/stationary available
22/09/2018
Start of lesson drills
Planner on the desk
Pen/stationary available
Exercise book open on the desk
Date copied from the board
New title copied from the board:
Revision
Ready to learn
Reminder

3. 22/09/2018
Expectations
Be in the right place, at the right time doing the right thing:
Be respectful of others and allow them to learn
Complete all homework tasks set and come to me if you have any problems completing it
Respect all school equipment
Bring the correct equipment (pens, books etc.) to our class
Act as respectable young adults like business individuals
Reminder

4. Homework Demand worksheet due today (Monday 21st September P2)
22/09/2018
Homework
Demand worksheet due today (Monday 21st September P2)
Hole punch your worksheet and file it in your homework folder
Swap your homework folder with someone

5. Unit 1 – Section 1 Spotting a Business Opportunity
22/09/2018
Unit 1 – Section 1 Spotting a Business Opportunity
An introduction to business enterprise
Financial objectives: the range of motives for wanting to start a business including profit or income, financial security and wealth
Non-financial objectives: personal satisfaction, challenge, to help others (eg starting a charity)
Enterprise involves taking risks, showing initiative and a willingness to undertake new ventures
Understanding customer needs
Customer needs are central to starting a business
How to collect and interpret primary and secondary research in the context of starting a new business; the difference between qualitative and quantitative data
The value of market knowledge through direct customer contact
Customer demand
Demand depends on price, price of rival brands, fashion, taste, how easy it is to find and buy, promotion and product trial

6. 1. An introduction to business enterprise What is a business?
22/09/2018
1. An introduction to business enterprise What is a business?
A business is a specific type of organisation which exists to sell products (goods or services) to customers.
Customers can be private individuals, like ourselves, or other businesses.
Businesses aim to supply customers with the products they want so that they can make a profit.
Goods are tangible things that are produced, bought or sold, then finally consumed.
Services are activities that other people or businesses do for you.

7. 1. An introduction to business enterprise What is a business?
- Why? (why do people start businesses?)
- Who? (what makes these people do it? What qualities do they have? E.g. Risk taking)
- How? (Trial? drop everything and do it?)
Straight into the session!

8. Why do people start businesses? Who?
22/09/2018
Why?
Why do people start businesses?
Who?
What makes these people do it? What qualities do they have?
How?
How do people start businesses?
E.g. To start something new
E.g. Risk taking
E.g. Drop everything and invest in the new business
To do something different
People with Skills
Can listen as well as speak
Can plan and organise
Can persuade others
Trial run
To be your own boss
People with Resources
Finance
Exceptional knowledge of a specific topic
Franchise
To make a profit
People with Personal qualities: determination, Resilience, Enthusiasm
Hard-working, Decisive
Willing to take risks
Partnership

9. 1. An introduction to business enterprise
22/09/2018
1. An introduction to business enterprise
The Startup Entrepreneur Guide To Starting A Business

10. 2. Understanding customer needs – customers wants and needs
22/09/2018
2. Understanding customer needs – customers wants and needs
Customer needs are the wants and desires of buyers of a product OR customers of a business.
E.g.
Clean and tidy atmosphere
Polite and helpful staff
Stock availability
Good prices
Speed
Reliability
Variety
After sales service
Quality

11. 2. Understanding customer needs – Market Research
22/09/2018
2. Understanding customer needs – Market Research
Market Research is the process of gaining information about customers, competitors and market trends through collecting primary and secondary data.
Primary research is first hand information carried out by your own business. No one else has done this for you! It is expensive to collect, analyse and evaluate the data.
E.g. Questionnaires, testing, observation and telephone interviews
Secondary research is also called Desk research. It is about looking at information that has already been collected about the market by other companies and which you can use to help to run your business successfully.
E.g. Company Accounts, Retail data - loyalty cards, till data, Magazines and Newspapers

12. 22/09/2018
2. Understanding customer needs – Quantitative and Qualitative Information
Quantitative – based on numbers – “49% of young people in England are likely to enter higher education, according to the latest official estimates” – doesn’t tell you why, when, how
Qualitative – more detail – tells you why, when and how!

13. 3. Customer demand Demand and Supply
22/09/2018
3. Customer demand Demand and Supply
Demand – The amount that an individual or individuals are willing to buy at any given price
Effective demand – Demand backed up by the ability to pay
Demand increases as price decreases
Supply - The amount of goods that producers are willing to supply / sell at a given price
Supply increases as price increases

14. 3. Customer demand The Equilibrium
22/09/2018
3. Customer demand The Equilibrium
Price equilibrium is found where supply and demand are equal. This is the point where both sellers and buyers are happy with the price and quantity.

15. 3. Customer demand Factors affecting demand
22/09/2018
3. Customer demand Factors affecting demand
Demand depends on:
The price
The price of rival brands
Fashion and taste
How easy it is to find and buy
How well promoted it is
Whether there was a chance to trial the product
3min 14secs
Make notes on the factors affecting demand during the video

16. Activity – Demand poster
22/09/2018
Activity – Demand poster
Create a poster to explain the factors which affect demand for your favourite product.
They might include:
The price
The price of rival brands
Fashion and taste
How easy it is to find and buy
How well promoted it is
Whether there was a chance to trial the product
There are more examples in your exercise book!
You have 20 minutes

17. Extension Next lesson we will be doing Market Mapping
22/09/2018
Extension
Next lesson we will be doing Market Mapping
A market map is a diagram that identifies all the products in the market using two key features
e.g. Chocolate being put on a scale of price and quality

18. 22/09/2018
Homework
None today 

19. Look forward Next lesson we will be doing Market Mapping
22/09/2018
Look forward
Next lesson we will be doing Market Mapping
A market map is a diagram that identifies all the products in the market using two key features
How to analyse customer buying habits and preferences
How businesses can identify market segments
How businesses can map their market to set out the key features of the market they are planning to operate in and identify a market gap