Podcast
Questions and Answers
What is a primary benefit of branding for a company?
What is a primary benefit of branding for a company?
- Reduces production costs significantly.
- Automatically increases customer loyalty.
- Allows charging higher prices than competitors. (correct)
- Eliminates the need for advertising.
How does excellent service quality impact pricing for a business?
How does excellent service quality impact pricing for a business?
- It has no effect on pricing strategies.
- It can justify higher prices in some industries. (correct)
- It decreases customer satisfaction ratings.
- It typically mandates lower prices due to competition.
What is a challenge businesses face when trying to increase added value?
What is a challenge businesses face when trying to increase added value?
- Achieving value increases without raising costs. (correct)
- Building a recognizable brand name.
- Maintaining current customer relationships.
- Reducing overall operational costs.
What role does advertising play in building a brand?
What role does advertising play in building a brand?
What is a key objective of recruitment and training in businesses?
What is a key objective of recruitment and training in businesses?
What aspect of a company's service can create a competitive edge?
What aspect of a company's service can create a competitive edge?
Why is it important for businesses to engage with local and national newspapers?
Why is it important for businesses to engage with local and national newspapers?
What can businesses do to increase their perceived value without altering product quality?
What can businesses do to increase their perceived value without altering product quality?
What is a likely benefit of employing ten workers in Mitike's business?
What is a likely benefit of employing ten workers in Mitike's business?
How might Mitike's business impact job competition in their local area?
How might Mitike's business impact job competition in their local area?
Which of the following best represents a marketing strategy for Mitike's business?
Which of the following best represents a marketing strategy for Mitike's business?
What might be a disadvantage of Mitike and her sister hiring more employees?
What might be a disadvantage of Mitike and her sister hiring more employees?
What factor might influence the recruitment process for Mitike's business?
What factor might influence the recruitment process for Mitike's business?
How does Mitike's business benefit her employees in terms of their needs?
How does Mitike's business benefit her employees in terms of their needs?
What potential challenge might Mitike's business face from competitors?
What potential challenge might Mitike's business face from competitors?
What is one main effect of specialisation on production costs?
What is one main effect of specialisation on production costs?
Which aspect of business activity is exemplified by Mitike and her sister starting their business with a loan?
Which aspect of business activity is exemplified by Mitike and her sister starting their business with a loan?
What aspect of production does 'division of labour' primarily refer to?
What aspect of production does 'division of labour' primarily refer to?
Which of the following is an example of 'capital' as a factor of production in making footballs?
Which of the following is an example of 'capital' as a factor of production in making footballs?
How does specialisation benefit consumers?
How does specialisation benefit consumers?
Regarding Global Sports, what is a likely reason they benefit from specialisation?
Regarding Global Sports, what is a likely reason they benefit from specialisation?
In the context of employee efficiency, what is one impact of focusing on a single skill?
In the context of employee efficiency, what is one impact of focusing on a single skill?
What potential disadvantage could arise from having employees specialized in one task?
What potential disadvantage could arise from having employees specialized in one task?
What is the primary goal of specialisation in a business context?
What is the primary goal of specialisation in a business context?
Flashcards
Factors of Production
Factors of Production
The resources used to produce goods and services.
Business Activity
Business Activity
Using resources to create products/services to meet needs/wants.
Needs vs. Wants
Needs vs. Wants
Needs are essential for survival, wants are not.
Scarcity
Scarcity
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Economic Problem
Economic Problem
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Specialised Machinery
Specialised Machinery
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Opportunity Cost
Opportunity Cost
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Employee Needs
Employee Needs
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Specialization of Production
Specialization of Production
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Division of Labor
Division of Labor
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Capital (in business)
Capital (in business)
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Global Sports' Football Production
Global Sports' Football Production
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Benefit of Specialization (Businesses)
Benefit of Specialization (Businesses)
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Benefit of Specialization (Customers)
Benefit of Specialization (Customers)
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Labour Productivity
Labour Productivity
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Example of Specialization (Business)
Example of Specialization (Business)
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Increasing added value
Increasing added value
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Branding
Branding
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Brand loyalty
Brand loyalty
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Excellent service quality
Excellent service quality
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Added value
Added value
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Profit
Profit
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Cost
Cost
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Study Notes
Introduction
- This is a Cambridge IGCSE® and O Level Business Studies coursebook, revised third edition
- Authors: Mark Fisher, Medi Houghton and Veenu Jain
- Book covers syllabus for 2020 examinations.
- Designed for students of IGCSE and O Level in Business Studies
- Clear and accessible language for successful learning
- Includes numerous case studies to provide real-world context.
Section 1: Understanding business activity
- Covers the basic building blocks of business studies
- Introduces concepts like needs, wants, scarcity, opportunity cost, specialization, and adding value
- Explains how businesses classify activities (private vs. public sectors) and how this affects business objectives
- Details advantages and disadvantages of different business structures and the role of entrepreneurs
- Outlines the roles of stakeholders and how their objectives can influence business activity
Section 2: People in business
- Discusses motivating employees
- Explores organizational and management approaches
- Covers recruitment, selection, and training of employees
- Examines internal and external communication methods
Section 3: Marketing
- Focuses on market research techniques
- Explains marketing strategy
- Details competition and the customer
- Covers elements of the marketing mix (product, price, place, promotion)
Section 4: Operations management
- Covers production of goods and services
- Details costs, scale of production and break-even analysis
- Explains quality production principles
- Explores location decisions
Section 5: Financial information and decisions
- Discusses business finance needs and sources
- Covers cash flow forecasting and working capital
- Explains income statements
- Describes balance sheets or statements of financial position
- Includes analysis of financial accounts
Section 6: External influences on business activity
- Examines economic issues affecting businesses
- Addresses environmental and ethical concerns
- Explores the role of the international economy on businesses
Additional Resources
- Mind maps
- Revision questions
- Multiple choice questions
- Crossword puzzles
- Word searches
- Cambridge Elevate enhanced edition materials (if applicable)
Case Studies
- Real-world examples to illustrate concepts
- Found throughout the book
- Often feature specific businesses and their operations
Activities
- Designed to develop essential business skills: such as application, analysis, and evaluation
- Activities may include case studies and questions.
Additional Information
- Glossary of key terms at the end of the book.
- Exam-style case studies and practice questions are found throughout each section and chapter.
- Provides revision techniques and useful tips.
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