AQA GCSE BUSINESS STUDIES EXAM PREPARATION

THE BIG EXAM SECRET! There is a trick to passing exams! It is called exam technique It is not just about what you know or don’t know It is about following some simple rules.

EXAM TECHNIQUE RULES Read any case study / information you are given and underline or highlight important bits. Read the question and underline key terms. When you answer the question – make sure that you mention something from the case study. Make one point for each mark available. PEE to get the higher marks – Point; Evidence; Explain

Little Shoots Ltd – Location Question Explain the possible benefits to LS Ltd of the location of its garden centre. (5 marks) It says in the case study that….. it is located on the edge of a large town. This is an advantage because …… it means that there are a lot of potential customers nearby. Another advantage is that…… it has a large free car park. This is an advantage because….. it will encourage people to drive there without worrying about parking costs. The impact of these location factors should be to attract more customers and increase profits.

The Profit Rule PROFIT impacts on most business decisions. In MOST Business Studies questions you will be able to get marks for using PROFIT as your JUSTIFICATION e.g. Level 2 Students should put in steps between the issue e.g. poor customer service and the effect on profit: L1 Answer: The result of poor customer service will be less customers, leading to less profit. L2 Answer: Poor customer service will lead to a poor reputation, will lead to fewer customers, will lead to lower profit, will lead to business closing down. Try These: Poor quality will lead to ……. Good quality will lead to ………. Good customer service will lead to ………..

The costs rule Most Business Decisions will have financial COSTS. You will get marks in the exam for identifying any of these: A disadvantage of (e.g.) primary research is the cost. A disadvantage of (e.g.) building a new office is the cost. A disadvantage of advertising is the cost. A disadvantage of ……………… is the cost

Ownership Type of Ownership Sole Trader Partnership Limited Company (Ltd) Franchise Need to: Define Advantages Disadvantages You must understand Limited Liability & Unlimited Liability

Business Objectives All businesses have the following objectives: Survival Profit Grow Good Customer Service Good Reputation Ethical (Social) Aims: Recycle No Pollution Pay good wages Why do businesses have aim & objectives? Something to aim towards. Give workers a focus Attracts customers Social Costs & Benefits: Good & Bad effects of business on society E.g. M&S Plan A

Business Planning Why do you need a business plan? Identify your targets & goals Identify what staff you need Identify what equipment you need Identify financial needs Helps you to get a loan Contents of a business plan: Business Name Business Ownership Business Activities Aims & Objectives Product Details Location Staff Marketing Competition Finance

Business Location Location Factors include the following: Cost of land / building Closeness to customers Closeness to competitors Transport links & parking Supply of workers

Stakeholders – Any group connected with a business. Internal Stakeholders: Owners / Shareholders Workers Managers External Stakeholders: Customers Community Competitors Suppliers Government Families For each stakeholder: Why are they stakeholders? How are they affected by the firm? How can they influence the firm?

Business Finance Sources of Finance: Bank Loan Overdraft Mortgage Friends & Family Own Savings Government Grant Sell Shares Need to: - Definition Advantages Disadvantages Cash-Flow Forecast: Purpose Read & Interpret How can you improve cash flow? Financial Terms: Price Sales Revenue Costs Profit/Loss

Marketing Market Research Methods: Primary Research Secondary Research Target Market Niche Market / Gap in Market Give definitions Give advantages & disadvantages 4Ps – Marketing Mix Product Price Place Promotion Give definitions & examples of each

People in Business Recruitment Methods: Internal External Recruitment Process Legal issues: Equality Laws Minimum Wage Health & Safety Laws Motivating Staff: Monetary benefits Non-Monetary benefits Intrinsic rewards Job Enrichment Job Rotation

Customer Service Benefits of Customer Service Effects of Customer Service Laws How ICT has affected customer service

Production Methods Need to know: Job Production Batch Production Flow Production Definitions Advantages & Disadvantages Quality Control: Why is quality important? How can a business carry out quality control? Consumer Protection Laws

9 Mark Question Tips You will always get a choice of 2 or more options. You need to give: Advantage(s) & Disadvantage(s) of Option 1 Advantage(s) & Disadvantages of Option 2 / 3 / 4 Conclusion – Choose one of the options as the one to recommend. Link your answer to the case study info!!! Do NOT make a conclusion at the beginning!! Level 1 Answer – LIST advs & disadvs & STATE a conclusion – max = 5/9 Level 2 Answer – EXPLAIN WHY they are advs & disadvs & JUSTIFY your conclusion- max 9/9 