Cambridge international ASA level business revision guide, 2nd edition

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Cambridge international ASA level business revision guide, 2nd edition

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If you found this guide helpful you can get the same quality revision support for your other exams • Plan and pace your own revision • Improve your exam technique • Get advice from experienced examiners Visit www.hoddereducation.com/revision to discover our complete range of revision material 1847707 CambIntBusStud_RG_cvr_12mm.indd 16/10/2015 10:31 Cambridge International AS and A Level Business Second Edition Sandie Harrison and David Milner 847707_CIE_Bus_2_A_FM_001-006.indd 28/10/15 7:28 PM Hodder Education, an Hachette UK company, Carmelite House, 50 Victoria Embankment, London EC4Y 0DZ Orders Bookpoint Ltd, 130 Park Drive, Milton Park, Abingdon, Oxfordshire OX14 4SE tel: 01235 827827 fax: 01235 400401 e-mail: education@bookpoint.co.uk Lines are open 9.00 a.m.–5.00 p.m., Monday to Saturday, with a 24-hour message answering service You can also order through the Hodder Education website: www.hoddereducation.co.uk © Sandie Harrison and David Milner 2015 ISBN 978-1-4718-4770-7 First printed 2015 Impression number Year 2019 2018 2017 2016 2015 All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of Hodder Education or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS Cover photo reproduced by permission of Kalafoto/Fotolia Typeset by Aptara, Inc Printed in Spain This text has not been through the Cambridge endorsement process Hachette UK’s policy is to use papers that are natural, renewable and recyclable products and made from wood grown in sustainable forests The logging and manufacturing processes are expected to conform to the environmental regulations of the country of origin 847707_CIE_Bus_2_A_FM_001-006.indd 28/10/15 7:28 PM Get the most from this book Everyone has to decide his or her own revision strategy, but it is essential to review your work, learn it and test your understanding This Revision Guide will help you to that in a planned way, topic by topic Use this book as the cornerstone of your revision and don’t hesitate to write in it — personalise your notes and check your progress by ticking off each section as you revise My revision planner AS topics Business and its environment 11 15 Enterprise Business structure Size of business Business objectives Stakeholders in a business ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ Business and its environment People in organisations 19 Management and leadership 23 Motivation 28 Human resource management Enterprise Tick to track your progress Marketing Enterprise is the qualities and skills needed to start up and create a new business venture It involves understanding 35 What is marketing? the nature of business activity and the conditions required for business success 43 Market research Use the revision planner on pages (iv) and (v) to plan your revision, topic by topic Tick each box when you have: l revised and understood a topic l tested yourself l practised the exam-style questions 48 The marketing mix Operations and project management The nature of business activity ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 60 The nature of operations Purpose of business activity 64 Operations planning Business activity can be looked at in two ways: 69 Inventory management Factors of production: these are the The transformation of inputs into outputs The inputs are resources: following resources used to produce 5theFinance and accounting factors of production (land, labour, capital and enterprise) These goods and services: financial rent, wages,finance interest on 73incur The needcosts, for business loans and payments to business ● Land including buildings, minerals, The outputs are physical products or services represented by sales 75owners Sources of finance oil and forests revenue or profits 80 Costs ● Labour — work either done The use of resources to supply goods and services to meet the needs manually or mentally in managing 84andAccounting fundamentals wants of consumers and society These may be private needs of and decision making 90individuals Forecasting cash flows and needs managing working capital and households, or social like medical services, transport ● Capital — machinery and education 96andAS questions and answers equipment, including intellectual You can also keep track of your revision by ticking off each topic heading in the book You may find it helpful to add your own notes as you work through each topic In doing these activities, jobs and incomes are created, goods and services are produced and the lives of individuals and society are improved Enterprise involves the process of taking decisions about the best way for a new business to transform inputs and meet the needs of individuals and society Taking these A level topics decisions always includes elements of risk, and enterprise deals with assessing these in relation to possible rewards capital such as education and qualifications ● Business and its environment The concept of creating value 103 Business structure When transformation of inputs to outputs takes place to produce goods and 105 Size of business of stages .Each stage is more valuable than the services, it occurs in a number one as workinfluences will have been on theactivity inputs (economic 107before External on done business added value) This value will also be the added value that consumers place on a finished People inadded organisations product (marketing value) 120 Human resource management 127 Organisation structure Car production Example 134 Business communication Each stage of production adds value by transforming inputs into an output Enterprise — the qualities and skills needed to start up and create a new business venture Iron ore, coal, minerals, energy ■ ■ ■ ■ ■ ■ ■ ■ ■ Steel Steel is rolled into a sheet ■ ■ ■ Sheet cut into pieces ■ ■ ■ ■ ■ ■ Pieces formed into car doors The nature of economic activity, the problem of choice and opportunity cost Cambridge International AS and A Level Business Revision Guide Features to help you succeed iv Economic activity means taking decisions about the transformation of inputs to outputs and always involves choices This is because resources are always limited in relation to needs and wants Individuals, businesses and society generally always want more than they can afford, so choices must be made 847707_CIE_Bus_2_A_FM_001-006.indd Car doors added to car body Engine, gearbox, windows, other components added Wheels added 25/09/15 4:01 PM Finished car Expert tips Throughout the book there are tips from the experts on how to maximise your chances Now test yourself Enterprise These short, knowledge-based questions provide the first step in testing your learning Answers are at the back of the book 847707_CIE_Bus_2_A_C01_001-018.indd 25/09/15 4:01 PM Definitions and key terms Clear and concise definitions of the essential key terms from the syllabus are given on the page where they appear The key terms are highlighted in bold and defined Revision activities The activities will help you to understand each topic in an interactive way Questions and answers Use the exam-style questions and answers to consolidate your revision and practise your exam skills Get the most from this book 847707_CIE_Bus_2_A_FM_001-006.indd iii 28/10/15 7:28 PM My revision planner AS topics Business and its environment 1 Enterprise Business structure Size of business 11 Business objectives 14 Stakeholders in a business People in organisations Management and leadership 22 Motivation 27 Human resource management Marketing What is marketing? 41 Market research 46 The marketing mix Operations and project management 57 The nature of operations 61 Operations planning 66 Inventory management Finance and accounting The need for business finance 71 Sources of finance 76 Costs 80 Accounting fundamentals 86 Forecasting cash flows and managing working capital 91 AS questions and answers ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ A level topics Business and its environment 98 Business structure 100 Size of business 102 External influences on business activity People in organisations 15 Human resource management 121 Organisation structure 128 Business communication iv ■ ■ ■ ■ ■ ■ Cambridge International AS and A Level Business Revision Guide 847707_CIE_Bus_2_A_FM_001-006.indd 28/10/15 7:28 PM 8 Marketing 35 Marketing planning 140 Globalisation and international marketing Operations and project management 45 Operations planning 146 Capacity utilisation 148 Lean production and quality management 152 Project management 10 Finance and accounting 57 Costs 160 Budgets 163 Contents of published accounts 166 Analysis of published accounts 171 Investment appraisal 11 Strategic management 76 What is strategic management? 178 Strategic analysis 184 Strategic choice 189 Strategic implementation 195 A level questions and answers ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 207 Now test yourself answers My Revision Planner 847707_CIE_Bus_2_A_FM_001-006.indd v 28/10/15 7:28 PM Countdown to my exams 6–8 weeks to go l l l l Start by looking at the syllabus — make sure you know exactly what material you need to revise and the style of the examination Use the revision planner on pages (iv) and (v) to familiarise yourself with the topics Organise your notes, making sure you have covered everything on the syllabus The revision planner will help you to group your notes into topics Work out a realistic revision plan that will allow you time for relaxation Set aside days and times for all the subjects that you need to study, and stick to your timetable Set yourself sensible targets Break your revision down into focused sessions of around 40 minutes, divided by breaks This Revision Guide organises the basic facts into short, memorable sections to make revising easier week to go l l l The day before the examination l l l l 2–5 weeks to go l l l l l l vi Read through the relevant sections of this book and refer to the expert tips and key terms Tick off the topics as you feel confident about them Highlight those topics you find difficult and look at them again in detail Test your understanding of each topic by working through the ‘Now test yourself’ questions in the book Look up the answers at the back of the book Make a note of any problem areas as you revise, and ask your teacher to go over these in class Look at past papers They are one of the best ways to revise and practise your exam skills Write or prepare planned answers to the exam-style questions provided in this book Check your answers with your teacher Use the revision activities to try different revision methods For example, you can make notes using mind maps, spider diagrams or flash cards Track your progress using the revision planner and give yourself a reward when you have achieved your target Try to fit in at least one more timed practice of an entire past paper and seek feedback from your teacher, comparing your work closely with the mark scheme Check the revision planner to make sure you haven’t missed out any topics Brush up on any areas of difficulty by talking them over with a friend or getting help from your teacher Attend any revision classes put on by your teacher Remember, he or she is an expert at preparing people for examinations Flick through this Revision Guide for useful reminders — for example, the expert tips and key terms Check the time and place of your examination Make sure you have everything you need — extra pens and pencils, tissues, a watch, bottled water, sweets Allow some time to relax and have an early night to ensure you are fresh and alert for the examination My exams Paper Date: Time: Location: Paper Date: Time: Location: Paper Date: Time: Location: Cambridge International AS and A Level Business Revision Guide 847707_CIE_Bus_2_A_FM_001-006.indd 29/10/15 9:38 AM Business and its environment Enterprise Enterprise is the qualities and skills needed to start up and create a new business venture It involves understanding the nature of business activity and the conditions required for business success The nature of business activity Purpose of business activity Business activity can be looked at in two ways: The transformation of inputs into outputs The inputs are resources: the factors of production (land, labour, capital and enterprise) These incur financial costs, rent, wages, interest on loans and payments to business owners The outputs are physical products or services represented by sales revenue or profits The use of resources to supply goods and services to meet the needs and wants of consumers and society These may be private needs of individuals and households, or social needs like medical services, transport and education In doing these activities, jobs and incomes are created, goods and services are produced and the lives of individuals and society are improved Enterprise involves the process of taking decisions about the best way for a new business to transform inputs and meet the needs of individuals and society Taking these decisions always includes elements of risk, and enterprise deals with assessing these in relation to possible rewards The concept of creating value When transformation of inputs to outputs takes place to produce goods and services, it occurs in a number of stages Each stage is more valuable than the one before as work will have been done on the inputs (economic added value) This value will also be the added value that consumers place on a finished product (marketing added value) Example Car production Factors of production: these are the following resources used to produce goods and services: l Land including buildings, minerals, oil and forests l Labour — work done either manually or mentally in managing and decision making l Capital — machinery and equipment, including intellectual capital such as education and qualifications l Enterprise — the qualities and skills needed to start up and create a new business venture Iron ore, coal, minerals, energy Steel Steel is rolled into a sheet Sheet cut into pieces Each stage of production adds value by transforming inputs into an output Pieces formed into car doors The nature of economic activity, the problem of choice and opportunity cost Economic activity means taking decisions about the transformation of inputs to outputs and always involves choices This is because resources are always limited in relation to needs and wants Individuals, businesses and society generally always want more than they can afford, so choices must be made Car doors added to car body Engine, gearbox, windows, other components added Wheels added Finished car Enterprise 847707_CIE_Bus_2_A_C01_001-017.indd 1 19/10/15 6:15 PM Business and its environment Opportunity cost is the real cost of making a decision about using resources The real cost of something is what is given up when you choose it Table Opportunity cost examples Individual examples Opportunity cost Studying A levels Not taking a job Taking a holiday by the sea Not visiting the mountains Buying a shirt Not buying some shoes Business examples Opportunity cost Buying a new computer network Not buying new lorries Spending on research and development Not increasing advertising Hiring some workers Not being able to lower price Society examples Opportunity cost More hospitals Fewer soldiers and weapons Powerful cars More road accidents Lower taxes Less government spending on education Businesses need to be aware of the opportunity cost of any action before they make final decisions Business environment is dynamic Businesses operate in an environment that includes: l the actions of other businesses l the labour market l government economic and social policies l consumer tastes and demand l the legal framework l political factors l social and demographic factors l changing technology All these change over time Some changes take place slowly, such as an ageing population, increasing incomes or consumers wanting increasingly better-quality products Some change quickly, such as a new competition law or a competitor decreasing price Businesses must monitor their environments and be ready, able and willing to change what they in order to adapt to changing markets Carrying on in the same way often leads to failure Opportunity cost: the next best alternative given up when a choice is made Now test yourself Define ‘added value’ Define ‘opportunity cost’ Answers on p 201 Revision activity Draw up a list of five different businesses Briefly explain how each business adds value Using the same businesses, draw up a list of decisions each business might have to make and show the possible opportunity cost of making each decision What a business needs to succeed The keys to business success are effectiveness in the following areas: l Enterprise — the ability to see possible opportunities in the market for transforming inputs to outputs and gaining a reward that takes into account the risks and choices involved l Organisation — the ability to choose the appropriate resources and combine them together profitably to produce products at a price the consumer is willing to pay l Financial monitoring — keeping track of money flows so that decisions on resources can be made knowing the real opportunity cost l Human resource management (HRM) — so that the right number of appropriately skilled and trained people are hired l Marketing — so that products meet the consumers’ needs in terms of design, price, availability, information and value l Objectives — appropriate organisation structure and strategy l Coordination — so that all the functional areas (finance, marketing, operations, HRM) work together to achieve corporate objectives Cambridge International AS and A Level Business Revision Guide 847707_CIE_Bus_2_A_C01_001-017.indd 19/10/15 6:15 PM ... corporate objectives Cambridge International AS and A Level Business Revision Guide 847707_CIE_Bus_2_A_C01_001-017.indd 19/10/15 6:15 PM Business and its environment Why many businesses fail early... because: l A business using a highly mechanised process will employ fewer workers than a business using labour-intensive methods Cambridge International AS and A Level Business Revision Guide... overall objective 12 Cambridge International AS and A Level Business Revision Guide 847707_CIE_Bus_2_A_C01_001-017.indd 12 19/10/15 6:15 PM Business and its environment Objectives and business decisions

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  • Cover

  • Book title

  • Contents

  • AS topics

    • 1 Business and its environment

      • Enterprise

      • Business structure

      • Size of business

      • Business objectives

      • Stakeholders in a business

      • 2 People in organisations

        • Management and leadership

        • Motivation

        • Human resource management

        • 3 Marketing

          • What is marketing?

          • Market research

          • The marketing mix

          • 4 Operations and project management

            • The nature of operations

            • Operations planning

            • Inventory management

            • 5 Finance and accounting

              • The need for business finance

              • Sources of finance

              • Costs

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