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IGCSE Businesses Studies Revision Notes

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IGCSE businesses Studies Revision Glossary Page 1 - Glossary Page 2 - Basics; Business growth Page 3 - Comparing business size; Impact of technology Page 4-5 - Government influence Page 6 - Business structure; Multinationals Page 7 - Organisational structure; Communication Page 8 - Financing business activity Page 9 - Marketing Page 10 - Market research Page 11 - Product; Price Page 12 - Place; Promotion Page 13 - Production; Economies of scale; Quality control Page 14 - Business costs Page 15 - Budgeting; Cash flow; Profit and Loss accounts Page 16 - Balance sheet; Analysis of business accounts Page 17 - Location; Government influence on location Page 18 - Human resources; Recruitment; Job description; Job specification Page 19 - Internal & external recruitment Page 20 - Government legislation; Designing job advertisement; Application forms; CV Page 21 - Training Page 22 - Advantages & disadvantages of training; Workforce planning; Dismissal & Redundancy Page 23 - Trade Unions; Facts; Advantages to employees Page 24 - Advantages to employers of single-union agreement Page 25 - Page 26 - 1) The economic problem Businesses combine factors of production to make products (goods and services) which satisfy people's wants. Need - A good or service essential for living Want - A good or service which people desire, but isn't essential. Economic problem - Results from there being not enough resources to satisfy everybody's wants Scarcity - Results from the economic problem Factors of production - The resources needed to produce a good or service: Land: All natural resources needed; oil, gas, metals, water etc. Labour: The human workforce Capital: The financial investments Enterprise: The skill and risk-taking ability of the person who brings the factors of production together to produce a good or service Opportunity cost - The next best alternative given up by choosing another item. Division of labour - Specialisation; Splitting the production process up into different tasks where each worker performs only one specific task. ...read more.


Secondary research - Desk research; Information that has already been collected and is available for use by others. There are internal and external sources for this: Internal sources of information - Info from the firm's own records. External sources of information - Info obtained from outside the actual company, like government, research reports, newspapers, internet etc. Ways of presenting data: Table/Tally chart, pictogram, line graph, bar chart, pie chart The 4 P's detailed... Product - Design, brand, packaging, life cycle -->--> Development- Prototype tested, market research Introduction- Sales grow slowly at first, informative advertising used, price skimming used when there is no competition (iPhone). Profits cover R&D costs. Growth- Sales grow rapidly, persuasive advertising for brand loyalty, price reduced a little to decrease new competition, first profits made Maturity- Sales increase slowly, intense competition, promotional/competitive pricing & marketing strategies, profits are at their highest Saturation- Sales stabilise, no new competition, competitive pricing used, high and stable level of advertising is used, profits fall as sales are static Decline- Sales decline as newer products enter market or because the product has lost its appeal. Product will soon be removed due to sales being too low. Price - Price elasticity of demand, pricing methods and strategies Pricing strategies are adopted for several reasons, including: Breaking into new markets Increasing market share Increasing profits Making sure all costs are covered and a particular profit is earned Cost-plus pricing - The cost of manufacturing plus a profit mark-up. Penetration pricing - Setting the price lower than the competitor's prices to break into new markets Price skimming - Where a high price is set for a new product on the market. For high profits and covering R&D costs. Competitive pricing - When the product is priced in line with or just below competitor's prices. To maintain market share. Promotional pricing - Selling the product at a very low price for a short period of time. ...read more.


Seen by many locals. Only seen locally and by newspaper. Low-skilled jobs like secretary, production worker, driver etc. National newspaper Read by many different. people around the country. Expensive. Senior positions, like managers, accountants etc. Specialist magazines Seen by properly skilled people. Expensive. Only seen in the magazine. Well qualified people, like scientists, engineers etc. Recruitment agencies Does the recruitment job for you, saving you time. Expensive, as the agency wants money. Varies, but same as national newspaper and magazines Govt-run job centres Cheap to advertise is, usually totally free. Many people don't visit the centre. Unskilled jobs, like cleaners, production workers etc. Possible effects of government legislation on the recruitment process: In several countries, governments have passed laws that affect equal employment opportunities. The effect of these laws is that all people should be treated equally at the workplace, during the recruitment process and when paying the salaries. This is particularly focused on the fair treatment of women, the disabled, different races and religions. This means that businesses have to carefully word their advertisements, i.e. they can't say "we want a woman for this job", they must say "person". If a business fails to do this, they can be prosecuted and fined. These laws help motivation. Designing a job advertisement: After the business has decided to advertise externally, the next step is to draw up the advertisement. The business will need to decide: What should be included in the advert Where the advertisement should be placed How much the advertisement will cost and is it too expensive? (Can they afford it?) Application forms and CVs/R�sum�s A job application will require the applicant to reply in writing. This is done by filling in an application form and sending it to the employer along with your CV. A business will use these CVs to see which ones are the closest match, who will pass on to the selection stage. CV - Curriculum Vitae; R�sum�; A summary of a person's qualifications, experience and qualities and is written in standard format. A r�sum� must be laid out and clear. ...read more.

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