Business - AQA

Learn techniques for taking your GCSE Business exam with example questions, answers and case studies.

Entrepreneurs may choose to set up a business for a number of reasons and there are a number of business sectors that it can be in. To be successful, entrepreneurs need to have a number of characteristics.

There are a number of options for the ownership of a business. Each ownership type has its own advantages and disadvantages and a business should choose the one that best suits its needs.

Businesses often set themselves targets that they want to achieve. These aims and objectives can be used to motivate employees and help a business measure their performance.

Businesses need to be aware of their stakeholders. The activities of a business will affect many of their stakeholders. The stakeholders can also influence the decisions that a business makes.

Business owners have to consider a number of things when choosing a location for their business. These include what type of business and how close they need to be to their customers, labour, materials and competitors.

A business plan is an essential part of starting any business. Entrepreneurs create business plans to help them consider all of the elements they are going to need for their new business to be a success.

As a business experiences success, it may begin to expand. There are several ways for a business to grow.

The speed at which technology advances is getting faster. Businesses need to be aware of the technology that is available to them, and how it might influence their sales, costs and marketing.

Businesses are increasingly judged on the contribution they make to society. Behaving ethically, without harming the environment, is an important part of this corporate social responsibility.

The economic climate has a big impact on businesses. The level of consumer spending affects prices, investment decisions and the number of workers that businesses employ.

In business, globalisation means operating on an international scale to provide or produce goods and services. Almost all of the goods we use are made of parts sourced from around the world.

The government uses legislation to regulate businesses’ behaviour and prevent them from exploiting people. There are laws to protect consumers who buy from businesses and workers employed by businesses.

The competitive environment relates to how a business is affected by its competition and how it adapts its businesses practices to enable it to compete effectively.

A business must choose the right production method to suit its needs. They also have a choice between keeping surplus stock or using just-in-time stock control in order to meet customer demand.

Procurement are responsible for the purchase and management of stock and supplies. Procurement have to decide which suppliers to use and hold a vital role in the supply chain.

Quality is essential to a business’ success. Customers must be happy with the products and services they receive. If they are not, a business is unlikely to gain a good reputation or repeat customers.

Some businesses rely on good customer service to give them an advantage over their competitors. This can start before a customer has made a purchase and continue afterwards.

Businesses use organisational structures to illustrate job roles and responsibilities. Organisational structures show who each employee reports to in their job.

One of the most important aspects of a business is its employees. Businesses must have good recruitment and selection techniques in place so that they find the best employees when they need them.

Motivation determines how hard employees are willing to work for a business and how productive a business is. A business can motivate its employees through financial and non-financial methods.

Businesses train their employees through a variety of methods to improve knowledge and enhance skills. This has many benefits for both the business and the employees.

Combining the elements of the marketing mix will help to inform the decisions that a business makes about its target market and the image it wants to convey.

Price often influences purchasing decisions, so getting it right is important. Set the price too high and consumers will not purchase. Set it too low and there is a risk that the business will make losses.

Businesses need to consider how they will fund their activities when starting up as well as during their day-to-day operations. Various costs need to be covered, such as equipment, stock and paying bills.

Business growth is important as it enables businesses to increase the scale of their operation and competitiveness. This may be done either internally (organically) or externally (inorganically).

The management of cash and cash flow is important as it can prevent a business from failing. Cash flow is the way that money moves in and out of a business and its bank accounts.

Financial terms and calculations includes revenue, costs, profits and loss, average rate of return, and break-even. These financial elements inform key decisions in every business.

Analysing financial performance in business is key to achieving success. Businesses use key financial statements to help them achieve this.