Paper 1 (1BS0/01); synoptic access from Paper 2

Topics

Choose a topic to revise

Sample objectives

What this unit covers

• Enterprise and entrepreneurship: Explain how technological change, changing customer wants and obsolescence can create original or adapted business ideas.
• Enterprise and entrepreneurship: Assess the risks and rewards faced when starting or running a business, including failure, financial loss, success, profit and independence.
• Enterprise and entrepreneurship: Explain how producing goods or services, meeting customer needs and adding value contribute to the purpose of business activity.
• Enterprise and entrepreneurship: Explain how entrepreneurs organise resources, make business decisions and accept risk when establishing an enterprise.
• Spotting a business opportunity: Explain how market research helps a business understand customers, identify market gaps, reduce risk and inform decisions.
• Spotting a business opportunity: Compare suitable primary and secondary market-research methods for a stated business purpose and context.
• Spotting a business opportunity: Identify customer needs such as price, quality, choice and convenience, and explain why meeting them supports sales and survival.
• Spotting a business opportunity: Distinguish qualitative from quantitative market-research data and assess the usefulness, reliability and social-media collection of that data.
• Spotting a business opportunity: Explain how businesses segment markets using location, demographics, lifestyle, income and age to target customers.
• Spotting a business opportunity: Interpret a market map to identify gaps, competitors and possible positioning opportunities for a business.
• Spotting a business opportunity: Analyse competitors' strengths and weaknesses and how price, quality, location, range and service affect business decisions.
• Putting a business idea into practice: Compare financial and non-financial business aims and explain why objectives differ between start-ups and other businesses.
• Putting a business idea into practice: Calculate and interpret revenue, fixed and variable costs, total cost, profit or loss, and loan interest in a business context.
• Putting a business idea into practice: Calculate break-even output and margin of safety, showing working and applying the result to a business decision.
• Putting a business idea into practice: Interpret break-even diagrams and analyse how changes in revenue or costs alter break-even, profit, loss and margin of safety.
• Putting a business idea into practice: Explain why cash is required to meet business payments, how insolvency can arise and why cash differs from profit.
• Putting a business idea into practice: Calculate cash inflows, outflows, net cash flow, and opening and closing balances, then interpret the forecast for a business.
• Putting a business idea into practice: Compare short- and long-term finance sources and justify a suitable source for a start-up or established small business.
• Making the business effective: Compare limited and unlimited liability and explain the implications for business owners.
• Making the business effective: Compare sole traders, partnerships and private limited companies and justify an ownership structure for a start-up.
• Making the business effective: Evaluate the advantages and disadvantages of starting and operating a franchise in a stated context.
• Making the business effective: Analyse proximity, activity type, competition and internet trading to justify a suitable location for a business.
• Making the business effective: Explain the roles of price, product, promotion and place within a business marketing mix.
• Making the business effective: Analyse how competition, customer needs, e-commerce and digital communication affect the balance between marketing-mix elements.
• Making the business effective: Explain the content of a business plan and evaluate how planning can reduce risk and support an application for finance.
• Understanding external influences on business: Identify stakeholder objectives and analyse how business activity affects stakeholders, how stakeholders influence a business and why conflicts arise.
• Understanding external influences on business: Analyse how e-commerce, social media, digital communication and payment systems influence sales, costs and the marketing mix.
• Understanding external influences on business: Explain the purpose of consumer and employment law principles and analyse the costs and consequences of compliance or non-compliance.
• Understanding external influences on business: Analyse how unemployment, consumer income, inflation, interest rates, taxation and exchange rates can affect business decisions.
• Understanding external influences on business: Evaluate possible business responses to changes in technology, legislation and the economic climate.