Getting the Grade Its Business Man!!! agement National 5 Guide

The Exam Paper 70% of your Grade Added onto your Coursework total. 1hr 30 minutes

The Questions

Technique is Everything Read and Answer the actual question Describe the advantages and disadvantages of a partnership. (4 Marks) The command word Must give both to get full marks Only partnership Write 4 full sentences

Command Words NameIdentifyGiveSuggest OutlineShort description of main features. Describe/ Define What something is/What something does/What its purpose is. Must be written in a sentence and not one word or bullet points. ExplainState the reason why then what the impact of it is. THIS MEANS. JustifyBack up a suggestions by giving improvements/advantages. CompareDescribe similarities and differences between factors. WHEREAS & BOTH DistinguishDescribe differences between factors. WHEREAS

The Business Cycle Consumers have wants and needs. Businesses carried out market research to identify those wants and needs. Business produces goods and services for consumers. Consumers buy the goods and services.

The Four Factors of Production LandLabourCapitalEnterprise

Don’t Mix Up Business Sectors Primary Extracting Raw Materials Secondary Manufacturing Goods Tertiary Providing a service Public The Government Private Private Individuals Third Non-profit By Activity By Ownership

Types of Business Organisation Sole Trader Partnership Private Limited Company Ltd Non-profit Making Social Enterprises Local Government OwnershipControlFinance

Objectives Make a clear distinction between businesses in different sectors of the economy.

Functional Departments MarketingOperationsFinance Human Resources Product Price Place Promotion Product Price Place Promotion Financial Records Paying Bills Paying Wages Financial Records Paying Bills Paying Wages Recruitment and Selection Training Appraisals Recruitment and Selection Training Appraisals Input Process Output Stock Control Quality Control Input Process Output Stock Control Quality Control

Human Resources Job Description and Person Specification On-the-job and Off-the-job Motivation Legislation

Breakeven Point

Cash Budgets

Profit and Loss Statements Gross Profit is made from buying and selling goods. =Sales – Cost of Sales Net Profit is made after all the expenses have been deducted. =Gross Profit – Expenses

Market Research Desk research can be INTERNAL and EXTERNAL Its what you do with it that counts. The internet!!!

The Marketing Mix – The 4 P’s ProductPricePlacePromotion

The Product Life Cycle Introduction Growth Maturity Decline SALES (£) TIME

Pricing Strategies  Low Pricing  Penetration Pricing  High Pricing  Price Skimming  Cost plus pricing  Destroyer Pricing

Ethical Marketing Not misleading consumers or making false promises. Adverts can’t be indecent or obscene. Not having promotions on products that can be harmful.

Choosing a Supplier Price Quality Delivery Time Delivery Cost Reliability and Reputation.

Stock Control

Methods of Production JobBatchFlow

Quality Control Quality Circles Quality Control Quality Assurance Quality Management

Ethical Operations Suppliers The Environment Recycling and Packaging

Technology Finance  Spreadsheets and Accounting Software Human Resources  Electronic Training Resources  Database of Employee Records  Psychometric Electronic Testing  Recruitment Websites  Electronic Application Forms Marketing  Electronic Surveys  Internet Advertising  E-commerce Operations  Computer Aided Design (CAD)  Computer Aided Manufacture (CAM)  Electronic Point of Sale (EPOS)

Revision Ideas Mind Mapping Website: Go through checklist Practice Past Papers Get friends and family to quiz you Make flash cards Voice record notes