My Revision Notes: NCFE Level 1/2 Technical Award in Business and Enterprise Boost eBook

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ISBN: 9781398376274

eISBN: 9781398376175

© Tess Bayley and Leanna Oliver 2023

First edition published in 2020
This edition published in 2023 by Hodder Education,
An Hachette UK Company
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Get the most from this book

Everyone has to decide their own revision strategy, but it is essential to review your work, learn it and test your understanding. These Revision Notes will help you to do 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.

Tick to track your progress

Use the revision planner on pages 4 and 5 to plan your revision, topic by topic. Tick each box when you have:

✚  revised and understood a topic

✚  tested yourself

✚  practised the exam questions and gone online to check your answers

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.

Features to help you succeed

Exam tips

Expert tips are given throughout the book to help you polish your exam technique in order to maximise your chances in the exam.

Typical mistakes

The authors identify the typical mistakes candidates make and explain how you can avoid them.

Now test yourself

These short, knowledge-based questions provide the first step in testing your learning.

Definitions and key terms

Clear, concise definitions of essential key terms are provided where they first appear and in the glossary.

Revision activities

These activities will help you to understand each topic in an interactive way.

Exam-style practice questions

Practice exam questions are provided for each topic. Use them to consolidate your revision and practise your exam skills.

Online

Go online to check your answers to the Now test yourself and Exam practice questions at www.hoddereducation.co.uk/myrevisionnotesdownloads

My revision planner

CA1  Entrepreneurship, business organisation and stakeholders

1.1 Entrepreneurship

1.1.1 Being an entrepreneur

1.1.2 Entrepreneurial motivators

1.1.3 Entrepreneurial skills and attributes

1.2 Business and enterprise aims and objectives

1.2.1 Reasons for aims and objectives

1.2.2 Financial aims and objectives

1.2.3 Non-financial aims and objectives

1.3 Structures

1.3.1 Legal structures

1.3.2 The impact on business and enterprise of different structural characteristics

1.3.3 The impact on business and enterprise of changes in structure

1.4 Stakeholders

1.4.1 Internal stakeholders

1.4.2 External stakeholders

1.4.3 Stakeholder engagement

1.4.4 Stakeholder conflict

CA2  Market research, market types and orientation and marketing mix

2.1 The market

2.1.1 Aspects of the market

2.2 Market research

2.2.1 Primary market research

2.2.2 Secondary market research

2.2.3 Data types

2.2.4 Market types

2.2.5 Business orientation types

2.3 Marketing mix

2.3.1 Price

2.3.2 Place

2.3.3 Promotion

2.3.4 Product

2.3.5 Product life cycle and product life cycle extension strategies

2.3.6 Product development and innovation

2.3.7 Boston Matrix

2.3.8 Branding

CA3  Human resource requirements for business and enterprise

3.1 Human resources

3.1.1 Methods of recruitment

3.1.2 Stages of recruitment

3.1.3 Types of employment contracts

3.2 Staff development and monitoring

3.2.1 Methods of staff development and monitoring

3.3 Motivation

3.3.1 Financial methods of motivation

3.3.2 Non-financial methods of motivation

3.3.3 Motivation theories

CA4  Operations management

4.1 Operations management

4.1.1 Outsourcing

4.1.2 Lean production

4.1.3 Maintaining and improving quality

4.1.4 Production methods

4.1.5 Customer service

CA5  Business growth

5.1 Business and enterprise growth

5.1.1 Internal growth

5.1.2 External growth

5.1.3 Efficiencies and costs of business and enterprise expansion

5.1.4 Challenges of growth

CA6  Sources of enterprise funding and business finance

6.1 Business and enterprise funding

6.1.1 Funding types

6.2 Financial terms, documents and tools

6.2.1 Financial terms and calculations

6.2.2 Costs, liabilities and assets

6.2.3 Financial documents

6.2.4 Ratio analysis

6.2.5 Cash flow management

CA7  The impact of the external environment on business and enterprise

7.1 The impact of the external environment

7.1.1 External influences

CA8  Business and enterprise planning

8.1 Business and enterprise planning

8.1.1 Purposes and benefits of planning

8.1.2 Sections of a business plan

Glossary

Index

Countdown to my exam

6–8 weeks to go

✚  Start by looking at the specification – make sure you know exactly what material you need to revise and the style of the examination. Use the revision planner on pages 4 and 5 to familiarise yourself with the topics.

✚  Organise your notes, making sure you have covered everything on the specification. 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. These Revision Notes organise the basic facts into short, memorable sections to make revising easier.

2–6 weeks to go

✚  Read through the relevant sections of this book and refer to the exam tips, typical mistakes 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 online.

✚  Make a note of any problem areas as you revise and ask your teacher to go over these in class.

✚  Write or prepare planned answers to the exam practice questions provided in this book. Check your answers online at www.hoddereducation.co.uk/myrevisionnotesdownloads

✚  Use the revision activities to try out 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.

One week to go

✚  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, your teacher is an expert at preparing people for examinations.

The day before the examination

✚  Flick through these Revision Notes for useful reminders, for example, the exam tips, typical mistakes and key terms.

✚  IMPORTANT: Check the time (is it morning or afternoon?) and place of your examination. Keep in touch with other students in your class.

✚  Make sure you have everything you need for the exam – pens, highlighters and water.

✚  Allow some time to relax and have an early night to ensure you are fresh and alert.

My exams

Date:.......................................................................................

Time: ......................................................................................

Location: ................................................................................