Business Studies BTEC Level 3 at Ysgol Gyfun Gymraeg Plasmawr
The Business Environment
Know the range of different businesses and their ownership; local; national; international; global; public; private; not-for-profit / voluntary; sectors of business activity (primary, secondary and tertiary) Ownership: public, private and voluntary sectors; types of ownership (sole trader, partnerships, private and public limited companies, government departments, government agencies, worker cooperatives. Key stakeholders: customers; employees; suppliers; owners; trade unions; employer associations; local and national communities; governments; influence of stakeholders on organisations
Understand how businesses are organised to achieve their purposes
Organisational structures: purpose (division of work, lines of control and communication); types of structure (functional, geographic, product, type of customer); diagrammatic representation of structure (organisation charts); span of control Functional areas: finance; marketing; production; customer service; sales; human resources. Different aims: private sector aims (breakeven, survival, profit maximisation, growth); public sector aims (service provision, cost limitation, value for money, meeting government standards, growth of range of provision)
Know the impact of the economic environment on businesses
Impact on business of changes in the economic environment (growth, recession, ripple effect); levels of inflation; government policy (legal, fiscal, monetary) Demand: influenced by affordability; competition; availability of substitutes; level of Gross Domestic Changes in supply and demand: supply and demand curves; elasticity of demand; price sensitivity; influence of branding on price sensitivity
Know how political, legal and social factors impact on businesses
Political: political stability; government support for different types of organisations eg private, voluntary, public; fiscal eg levels and types of taxation; direct support eg grants, loans; providing infrastructure
Legal: providing framework for business eg company law; protecting consumers and employees eg contract law, employment law, consumer protection; ensuring fair and honest trading eg competition law.
Social: demographic issues eg population growth or decline; changes in structure eg ageing; households and families; education; attitude to work; religions; attitudes to male and female roles; ethics
Human resources: staffing to meet changing business demands; establishment of a professional culture, coordination of team resources to meet targets; monitoring of team performance, recruitment and retention; suitably skilled staff; contracts of employment; job descriptions
Know the purpose of managing physical and technological resources
Physical resources: buildings and facilities; materials and waste; plant and machinery; equipment including
Know how to access sources of finance
Internal sources: owner’s savings; capital from profits External sources: banks eg overdraft, business loan, commercial mortgage, venture capital, hire purchase, leasing, factoring, share issues
Be able to interpret financial statements
Costs and budgets: breakeven; liquidity/working capital; Financial statements: profit and loss (purpose and use, measure of trading performance) and balance sheet (purpose and use, establishing net worth, business valuation)
Basic ratios: to determine solvency eg current ratio, acid test ratio; to determine profitability eg gross profit percentage; net profit percentage; return of capital employed; to determine performance eg stock turnover, debtors’ collection period, asset turnover
Introduction to Marketing
Marketing definitions; marketing objectives, eg market leadership, brand awareness, perceptions of customers or users; Techniques: growth strategies (diversification, product development, market penetration or market development, Ansoff’s Matrix); survival strategies; branding (importance in influencing buyer behaviour, brand building, positioning, brand extension); Limitations and constraints: legal (Sale of Goods Act 1979, The Consumer Protection from Unfair Trading Regulations 2008, Consumer Credit Acts 1974 and 2006, Consumer Protection (voluntary, eg Code of Advertising Practice and Advertising
Be able to use marketing research and marketing planning
Marketing research: qualitative; quantitative; primary internal/external research; secondary internal/ Marketing planning: marketing planning process model (audit with PESTLE SWOT set SMART (specific, measurable, achievable, resourced, time-bound) objectives; determine strategy and tactics, implement changes; evaluate)
Understand how and why customer groups are targeted
Identifying customers in consumer markets: difference between customers, consumers and buyers; Market segmentation: importance; bases for segmentation of consumer markets (geographic, demographic, psychographic, lifestyle); uses of geo-demographic systems to identify and reach target groups Identifying customers in business to business markets: decision making unit (DMU)
Be able to develop a coherent marketing mix
Marketing mix: 4 P’s – product; price; place; promotion; objectives of developing mix importance of need for cohesion of different elements of the marketing mix Product: product range; benefits versus features of product or service for targeted customers; concept of product life cycle Price: pricing strategies (premium pricing, penetration pricing, economy pricing, price skimming, psychological pricing, captive product pricing, product line pricing) Place: distribution; online and/or physical presence Promotion: promotional mix (advertising (different media, online techniques), personal selling, public relations, sales promotion)
A practical unit based on the effective use of different communication methods and channels. Students are expected to participate in different activities requiring different communication skills. The units also allows research into HR policies and processes within different organizations.
Managing a Business Event
Another practical unit requiring the students to work as a group to plan, organise and run a business event. This event will need to be on a relatively large scale offering challenges and sub-problems, and will require coordinated planning and strategic thinking.
Business and the Economic Environment
A study of the external factors in the economic environment which affect businesses. Factors such as unemployment, recession, inflation, interest rates, fiscal policy, government spending, the effect of the European Union are all studied, and the students are required to undertake a study of these effects on an organisation of their own choosing.
How to apply
If you want to apply for this course, you will need to contact Ysgol Gyfun Gymraeg Plasmawr directly.