Edexcel Business Studies GCSE Revision

Advertising:

•• the meaning regarding the term ‘marketing’

Realise it’s about comprehending consumers, not merely attempting to sell.

Market research:

••how to collect and understand quantitative and qualitative research data to simply help choose issues including the appropriate marketing and advertising blend

Moving beyond Unit 1 (just how to …) to ‘How to interpret …’ marketing research data.

Item trial and perform purchase:

•• the concept of deteriorating ‘sales’ into product test and perform acquisition and exactly how to maximise repeat purchase through buyer loyalty

Simply because the marketing and advertising approach to attain loyalty differs from the others from the option to achieve trial (as well as may conflict, as an example over-selling).

Product life pattern:

•• the four phases for the life pattern, extension methods, cashflow in addition to life pattern, and product profile

evaluation through Boston Matrix

Levels regarding the life cycle is associated with product test and repeat purchase; good contexts for the Boston Matrix tend to be makeup and chocolate.

Branding and differentiation:

•• the necessity of brands as an aid to device trial and perform buy together with should separate a product/service from others, because of the amount of competition

Helpful to analyse brand name pictures using market chart (from product 1), for instance associated with the vehicle marketplace. Do the pupils share equivalent perceptions of typical brand images?

Building a successful marketing blend:

•• the importance of handling a brand name through the crucial variables that comprise the combine: item, cost, advertising and Place

Why do less than 1 in 5 brand new brands succeed? Effective marketing success is much more difficult than pupils may believe.

Design and analysis development:

••design as a vital way of device differentiation, manage to appreciate the design blend and show the need for medical study to give you the basis for development

Design blend looks at three factors: purpose, cost and appearance; it offers scope once and for all application.

Handling stock and quality:

•• to interpret club gate stock graphs to observe stock control should operate in theory and comprehend the need for the application of only eventually (JIT) stock control

•• advantages and downsides of various stock control practices

••quality control versus a tradition of high quality guarantee

Students will never need draw a stock graph.

Stock get a grip on techniques total buffer stock (‘just in case’) and JIT.

Cost-effective functions and competition:

•• maintaining productivity up-and costs down seriously to ensure reasonable costs and invite for competitive prices

Emphasising that supervisors should keep close track of costs.

Effective customer service:

••providing customers utilizing the solution level they want, when they want it, also to begin to see the website link with perform purchase amounts

•• the disadvantages of bad customer support

Concentrate on the want to find out what the customer desires from ‘service’; and caution of potential risks to getting it wrong.

Fulfilling customer defense guidelines:

•• a quick introduction towards reason for Trade Descriptions and Sale of products legislation and also the ramifications of this legislation on business

No dependence on exhaustive information, only a plan; the keys are ‘Why?’ and ‘With just what impact?’

Just how to enhance cashflow:

•• key components of economic management such as how exactly to establish more favourable credit terms with clients and manufacturers plus the training of de-stocking

••how to analyse the real difference

between increasing money inflows and reducing cash outflows

An easy framework to utilize usually of working a tiny store; ideally contrasting this with a little producer.

The significance is distinguishing understanding truly within the control over managers.

Simple tips to enhance revenue:

•• cutting prices and increasing revenues, therefore the impact of cost modifications on revenue

Necessary for pupils to believe beyond the instant impact, eg that staff slices may cut costs during the cost of reduced inspiration.

Break-even charts and break-even analysis:

••how to draw and interpret break-even maps; calculate the break-even point and margin of safety

••how changes to cost and expenses impact the break-even point

•• the worth to a small business of utilizing break-even analysis

Exam concerns would always give pupils the axes for any graph to be drawn. Pupils can label the axes and understand the data.