Component 1 Content Amplification Explain the meaning of enterprise and SMEs Explain how satisfying needs and wants can give opportunities to entrepreneurs Identify business opportunities Explain the role of the entrepreneur in creating, setting up, running and developing a business Enterprise Explain the financial and non-financial motives of entrepreneurs Explain the characteristics and skills of entrepreneurs Explain the importance of entrepreneurs and SMEs to the primary, secondary and tertiary sectors of the UK economy Evaluate the impact of entrepreneurs and SMEs on businesses and the economy Identify the various stakeholders who are affected by a business Explain the purpose and main components of a business plan Business Evaluate the importance of a business plan plans Identify the main sources of information and guidance available to entrepreneurs Explain what is meant by a market and competition Identify different types of market, including local/global, mass/niche, trade/consumer, product/service and seasonal Analyse and interpret market data, including market size, market share and market trends Explain what is meant by market segmentation Explain how markets are segmented Evaluate the importance and impact of segmentation to a business and its customers Understand that different markets have differing degrees of competition, ranging from perfect competition to monopoly Explain the features of perfect competition, monopolistic competition, oligopoly and monopoly and their impact on business behaviour Markets Understand the reasons why consumers sometimes need protection from exploitation from businesses Explain what is meant by demand, supply and equilibrium Understand the importance of demand and supply in the market Explain the factors that lead to a change in demand and supply Explain how a change in demand and supply can impact on price and quantity Construct and interpret demand and supply diagrams Understand the factors that cause the demand and supply curves to shift and the effect this has on equilibrium price and quantity Analyse and evaluate factors which affect demand and supply and equilibrium Understand the concept of price and income elasticity of demand (learners are not required to do calculations) Explain the nature of inferior, normal and luxury goods Explain what is meant by market research Explain the value of carrying out market research Distinguish between primary and secondary market research Distinguish between qualitative and quantitative data Explain the different methods of primary and secondary research available to businesses Market Explain the issues involved in selecting the most appropriate method of market research research Evaluate the use of the different methods of primary and secondary research Interpret and evaluate quantitative and qualitative research Explain what is meant by sampling Explain the difference between random and quota sampling methods Understand the need to avoid bias in market research Evaluate the usefulness of sampling for a business and its stakeholders
Component 1 Content Amplification Enterprise Explain the meaning of enterprise and SMEs Explain how satisfying needs and wants can give opportunities to entrepreneurs Identify business opportunities Explain the role of the entrepreneur in creating, setting up, running and developing a business Explain the financial and non-financial motives of entrepreneurs Explain the characteristics and skills of entrepreneurs Explain the importance of entrepreneurs and SMEs to the primary, secondary and tertiary sectors of the UK economy Evaluate the impact of entrepreneurs and SMEs on businesses and the economy Identify the various stakeholders who are affected by a business Business plans Explain the purpose and main components of a business plan Evaluate the importance of a business plan Identify the main sources of information and guidance available to entrepreneurs Markets Explain what is meant by a market and competition Identify different types of market, including local/global, mass/niche, trade/consumer, product/service and seasonal Analyse and interpret market data, including market size, market share and market trends Explain what is meant by market segmentation Explain how markets are segmented Evaluate the importance and impact of segmentation to a business and its customers Understand that different markets have differing degrees of competition, ranging from perfect competition to monopoly Explain the features of perfect competition, monopolistic competition, oligopoly and monopoly and their impact on business behaviour Understand the reasons why consumers sometimes need protection from exploitation from businesses Explain what is meant by demand, supply and equilibrium Understand the importance of demand and supply in the market Explain the factors that lead to a change in demand and supply Explain how a change in demand and supply can impact on price and quantity Construct and interpret demand and supply diagrams Understand the factors that cause the demand and supply curves to shift and the effect this has on equilibrium price and quantity Analyse and evaluate factors which affect demand and supply and equilibrium Understand the concept of price and income elasticity of demand (learners are not required to do calculations) Explain the nature of inferior, normal and luxury goods Market research Explain what is meant by market research Explain the value of carrying out market research Distinguish between primary and secondary market research Distinguish between qualitative and quantitative data Explain the different methods of primary and secondary research available to businesses Explain the issues involved in selecting the most appropriate method of market research Evaluate the use of the different methods of primary and secondary research Interpret and evaluate quantitative and qualitative research Explain what is meant by sampling Explain the difference between random and quota sampling methods Understand the need to avoid bias in market research Evaluate the usefulness of sampling for a business and its stakeholders