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Business Fundamentals: Planning & Growth

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18 views18 pages

Business Fundamentals: Planning & Growth

Uploaded by

Zbjebson
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

RETRIEVAL

QUESTIONS
Business activity, marketing and people
THE ROLE OF BUSINESS
ENTERPRISE AND
ENTREPRENEURSHIP
 Define an entrepreneur
 Identify the characteristics of an entrepreneur
 Identify 3 business risks
 Identify 3 ways a business could reduce its risk
 Identify 1 reward for Archie

 Identify 1 risk for Archie


BUSINESS PLANNING
 What is a business plan and what does it include?
 Create a mind map on why a business creates a business plan
 Who may wish to see a business plan?
 Why is a business plan especially important for a new business?
 What potential problems could a business face if they do not have a business plan?
 What are the potential risks of becoming an entrepreneur?
 State 3 characteristics of an entrepreneur.
BUSINESS OWNERSHIP
 What is limited liability?
 What is unlimited liability?
 State 2 advantages and disadvantages of a sole trader
 State 2 advantages and disadvantages of a partnership
 State 2 characteristics of a private limited company (LTD)
 State 2 advantages and disadvantages of a public limited company (PLC)
 What is a dividend?
 State the contents of a business plan
BUSINESS AIMS AND
OBJECTIVES
 What are aims?
 What are objectives?
 What are the benefits of setting aims and objectives?
 Why do business objectives change as businesses evolve?
 Why might a business want to grow?
 Give one example of a financial objective.
 Give one example of a non- financial objective.
 What does unlimited liability mean?
 Give 1 example of a private limited company
STAKEHOLDERS IN BUSINESS
 Give a definition of a stakeholder
 State 2 internal and 2 external stakeholder groups.
 For each stakeholder, state 1 objective
-Employee
-Local community
-Business owner
 Explain two reasons why there might be conflict between stakeholder groups
 Why might business objectives change over time?
 Who may wish to see a business plan?
BUSINESS GROWTH
 What is organic and external growth? Give an example for each.
 State 1 advantage and disadvantage of organic growth.
 State 1 advantage and disadvantage of external growth.
 How might a business gain new customers?
 What does diversification mean?
 Give an example of backwards vertical growth.
 Give an example of forwards vertical growth.
 Give 1 example of an internal and external stakeholder.
THE ROLE OF MARKETING
 What are the customer needs that a business needs to meet?
 How can a business understand the needs of its customers?
 How can a business increase sales?
 What are the consequences of not meeting customer needs?
 State 1 advantage of organic growth.
 State 1 disadvantage of external growth.
 What does unlimited liability mean?
MARKET RESEARCH
 What is primary market research? Give 3 examples.
 What is secondary market research? Give 3 examples.
 Why would a business conduct market research?

 State 1 advantage and 1 disadvantage of primary research.


 State 1 advantage and 1 disadvantage of secondary research.
 What is the difference between qualitative and quantitative data?
 For each of the group below, describe the method and state 1 advantage and 1 disadvantage.
- Focus groups
- Questionnaires
- Observations
- Census data
- Internal data
- Product trials
MARKET SEGMENTATION
 What is the definition of market segmentation?
 What are the 5 ways a market can be segmented?
 What are the advantages of a business using market segmentation?
 A business sells watches, how can the business segment their market?

[Link]
 How does Gymshark segment their market demographically?
 How does Gymshark segment their market in terms of lifestyle?
 How has Gymsharks marketing campaign supported the business growth?
THE MARKETING MIX
 What 4 factors make up the marketing mix?
 State the 5 different pricing methods most commonly used.
 What factors affect the price of products and services?
 What pricing method would you recommend for Apple introducing the latest iPhone?
 What are the 4 stages of the product life cycle?
 How would you extend the life of a product that is in the decline stage?
 What is the difference between physical and digital distribution?
 What impact does technology have on the marketing mix?
 State 2 main aims of promotion.
 Promotion is divided into two main areas, point of sale promotion and advertising. Give 2 examples of each
stating what it is and give an example.
 How would a business change its marketing mix due to competitors?
THE ROLE OF HUMAN
RESOURCES
 State the main responsibility of the human resources department.
 Identify 2 reasons why a business might need to recruit new employees.
 What is the purpose of a human resource plan?
 Identify 2 jobs that could be carried out by the HR department.
 State 1 problem for a business from HR planning.
 State 1 benefit choosing to recruit externally.
 State 1 benefit choosing to recruit internally.
 What is the difference between the job description and person specification?
 Suggest 3 forms a media used to advertise jobs.
 What is a zero hour contract?
ORGANISATIONAL
STRUCTURES AND DIFFERENT
WAYS OF WORKING
 State 3 benefits of organisation charts.
 What is the difference between a tall and flat structure?
 State 1 advantage of a tall and flat structure.
 What does chain of command mean?
 What does span of control mean?
 Who would be responsible if the sales of the business did not reach the target set by the
managing director?
 Choose a business of your choice and create an organisational chart for that business.
 What does flexible working mean? Give an example.
 What is the difference between job description and person specification?
[Link]
COMMUNICATION IN
BUSINESS
 What are the benefits of having effective communication?
 Give an example of each of the following:
-Internal communication
-Vertical communication
-Horizontal communication
-External communication
-State 2 advantages and disadvantages of verbal communication and written communication.
-State 1 advantage and disadvantage of using social media and websites as a form of communication.
-How does digital communication influence business activity?
-What does span of control mean?
RECRUITMENT AND
SELECTION
 What is the main responsibility of the HR department?
 Identify 2 reasons why a business might need to recruit more employees.
 What is the purpose of the HR plan?
 What 2 jobs could be carried out by the HR department?
 Give 1 problem for a business from HR planning.
 State 1 advantage to a business from choosing to recruit internally and externally.
 What is the difference between a job description and person specification.
 Why is a person specification apart of the recruitment and selection process?
 Suggest 3 forms of media used to advertise a jobs.
 Recommend whether application forms or CV’s are a better way to recruit warehouse packers.
[Link]
MOTIVATION AND RETENTION
 Define retention and motivation.
 List the financial methods of motivation, give a benefit and drawback for each method.
 List the non- financial methods of motivation, give a benefit and drawback for each method.
 State how improved employee motivation retention benefits a business.

[Link]

[Link]
TRAINING AND
DEVELOPMENT
 What is the difference between training and development?
 List 5 reasons why businesses train their workers.
 State 2 advantages and disadvantages for on the job and off the job training.
 What are the advantages of induction training?
 What are the different types of staff development?
 Give 2 examples of financial and non- financial motivation methods.

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EMPLOYMENT LAW
 What are the main employment laws you need to know? There are 7.
 What can a worker do if they feel unfairly treated?
 How many days holiday is a worker entitled to?
 How many hours in an employee permitted to work a week?
 What is a contract of employment?
 How does employment law impact a business?
 What are the drawbacks of not meeting consumer laws?

Common questions

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A business plan is critical for a new business because it provides a structured outline of the business goals, strategies, and action plans, which are essential for management and attracting investors . Without a business plan, a business may face several potential problems such as lack of direction, inefficient resource allocation, and difficulties securing funding. It can also lead to a misunderstanding of market opportunities and competitive dynamics, ultimately reducing the chances of success .

Human resources plays a crucial role in fostering employee motivation and retention by implementing strategies such as career development programs, competitive compensation packages, and a positive work environment . These efforts help improve job satisfaction, reduce turnover rates, and enhance workforce productivity. By retaining skilled employees, a business can maintain a knowledgeable and experienced workforce, contributing to sustained competitive advantage and organizational stability .

On-the-job training occurs in the workplace and allows employees to learn while performing their tasks . This method is cost-effective and provides real-time experience but may disrupt normal operations. Off-the-job training occurs outside the workplace, providing a focused environment but may come with higher costs and lack immediate application of skills learned . Each method offers distinct benefits and can be chosen based on specific training objectives and operational context .

Quantitative data provides numerical insights that can be statistically analyzed, allowing businesses to predict trends and quantify customer behaviors . However, it may lack context and depth. Qualitative data offers detailed understanding of customer motivations and experiences through open-ended feedback . While rich in detail, qualitative data can be subjective and harder to generalize. Balancing both types of data can provide a comprehensive understanding of the market .

Gymshark segments its market demographically by targeting younger age groups, particularly millennials and Gen Z, who are more likely to engage in fitness activities. Lifestyle segmentation focuses on active individuals who value wellness and social media engagement. These strategies have helped Gymshark effectively tailor its marketing campaigns and product offerings to resonate with these audiences, driving brand loyalty and rapid business growth . By leveraging influencers and creating community engagement, Gymshark grows its visibility and market share effectively .

Market segmentation allows a business selling watches to target specific customer groups based on criteria such as age, gender, income, and lifestyle . Advantages include more effective marketing campaigns and better customer satisfaction due to tailored offerings. Disadvantages can include increased marketing costs and the complexity of managing multiple segments, which can lead to over-segmentation and diluted brand identity .

A business might change its objectives in response to external factors such as market dynamics, technological advancements, or shifts in consumer preferences. For example, during economic downturns, a business may shift from a growth-focused objective to maintaining profitability and liquidity. Similarly, if a new competitor enters the market, a business might prioritize innovation or customer retention over expansion . These adjustments help the business remain competitive and adapt to new challenges .

Entrepreneurship involves risks such as financial loss, market competition, and operational challenges. To mitigate these risks, businesses can implement strategies like conducting thorough market research, diversifying product offerings, maintaining a strong cash reserve, and developing a flexible business model that can adapt to changing market conditions . These strategies help entrepreneurs anticipate potential issues and respond proactively .

Technology significantly impacts both physical and digital distribution. For physical distribution, technology has optimized logistics and inventory management through automation and real-time tracking systems . In digital distribution, technology has expanded reach and reduced costs by enabling online platforms and direct-to-consumer digital sales channels. It also allows for more personalized marketing and immediate access to global markets . However, digital distribution may face issues like cybersecurity threats and higher initial tech investments compared to traditional methods .

Effective communication in business is clear, concise, and often tailored to the audience's needs. It involves active listening, appropriate use of technology, and feedback mechanisms. The benefits include improved team collaboration, enhanced decision-making, and higher employee satisfaction. It also fosters transparency and trust within the organization, which can lead to increased productivity and better stakeholder relationships .

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