The impact of competition on business decision making Enhancement activity for Topic 2. Mini investigation into a local business for one content area, for Term 2 - example: market research or market mapping. 1-3 Market research: What is the most important way that the business you have chosen could improve its collection of market research data? Market mapping: How useful is market mapping in helping the business you have chosen to identify the key features of its market? What business aims and business objectives are 4 10 Topic 1.3 Putting a business idea into practice Business aims and objectives when starting up: 1.3.1 Business aims and objectives Financial aims and objectives: survival, profit, sales, market share, financial security Non-financial aims and objectives: social objectives, personal satisfaction, challenge, independence and control Why business aims and objectives differ between businesses 1.3.2 Business revenues, costs and profits The concept and calculation of: 5-6 11-12 Revenue Fixed and variable costs Total costs Profit and loss Interest Break even level of output Margin of safety Interpretation of break even diagrams: The impact of changes in revenue and costs Break even level of output Margin of safety Profit and loss 1.3.3 Cash and cash-flow The importance of cash to a business: 7 13 To pay suppliers, overheads and employees To prevent business failure (insolvency) The difference between cash and profit
The impact of competition on business decision making Term 2 1-3 - Enhancement activity for Topic 2. Mini investigation into a local business for one content area, for example: market research or market mapping. Market research: What is the most important way that the business you have chosen could improve its collection of market research data? Market mapping: How useful is market mapping in helping the business you have chosen to identify the key features of its market? 4 10 Topic 1.3 Putting a business idea into practice 1.3.1 Business aims and objectives What business aims and business objectives are Business aims and objectives when starting up: Financial aims and objectives: survival, profit, sales, market share, financial security Non-financial aims and objectives: social objectives, personal satisfaction, challenge, independence and control Why business aims and objectives differ between businesses 5-6 11-12 1.3.2 Business revenues, costs and profits The concept and calculation of: Revenue Fixed and variable costs Total costs Profit and loss Interest Break even level of output Margin of safety Interpretation of break even diagrams: The impact of changes in revenue and costs Break even level of output Margin of safety Profit and loss 7 13 1.3.3 Cash and cash-flow The importance of cash to a business: To pay suppliers, overheads and employees To prevent business failure (insolvency) The difference between cash and profit
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