Edexcel Business (9BSO) Overview

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Questions and Answers

A business experiences a surge in demand that its current resources cannot handle. Which resource management strategy would best address this?

  • Reducing buffer stocks to minimise storage costs.
  • Adopting Total Quality Management (TQM) to ensure product excellence.
  • Increasing capacity utilisation by outsourcing some production processes. (correct)
  • Implementing Just-in-Time (JIT) stock management to reduce waste.

Which of the following best describes the role of 'systems thinking' within the context of cognitive skills for business?

  • Making decisions and reasoning based on a holistic understanding of interconnected elements. (correct)
  • Generating creative ideas for marketing campaigns.
  • Applying specific software tools to manage data.
  • Analyzing financial statements to determine profitability.

What is the primary aim of assessing competitiveness using a Statement of Comprehensive Income?

  • To determine the company's eligibility for loans.
  • To prepare for an upcoming audit.
  • To evaluate the long-term solvency of the business.
  • To analyze key information and stakeholder interest. (correct)

What is the relevance of PESTLE analysis in strategic decision-making?

<p>It helps understand the macroeconomic factors that affect the business, making it possible to build strategic plans responsive to the business environment. (D)</p> Signup and view all the answers

A company aims to expand into a foreign market but is concerned about cultural differences affecting product appeal. What marketing strategy is most suitable?

<p>Polycentric approach (A)</p> Signup and view all the answers

In what situation would a business most likely consider Horizontal integration as a growth strategy?

<p>To increase economies of scale, market share and reduce competition. (D)</p> Signup and view all the answers

What is the primary difference between 'job enlargement' and 'job enrichment' as motivation techniques?

<p>Job enlargement involves increasing the variety of tasks, while job enrichment involves increasing autonomy and responsibility. (D)</p> Signup and view all the answers

What is the main role of quality assurance in managing business operations effectively?

<p>To ensure products meet required standards, building customer confidence. (A)</p> Signup and view all the answers

What role do financial motives play in the context of entrepreneurial motivations behind setting up a business?

<p>They include profit maximisation or profit satisficing as primary drivers. (C)</p> Signup and view all the answers

Given a scenario where a company is facing high employee absenteeism, which of the following strategies is most likely to have a long-term positive impact on its productivity?

<p>Offering empowerment strategies to increase job satisfaction and reduce workload. (A)</p> Signup and view all the answers

A company with a strong, established brand is considering raising its prices. What concept would most support its decision?

<p>Reduced price elasticity of demand (B)</p> Signup and view all the answers

What is the primary purpose of calculating current and acid test ratios?

<p>To measure short-term liquidity. (B)</p> Signup and view all the answers

What is the primary goal of Total Quality Management (TQM)?

<p>To ensure consistent product quality and continuous improvement (D)</p> Signup and view all the answers

A company is deciding whether to launch a new product line. Which tool would be most useful in evaluating potential scenarios and their outcomes?

<p>Decision trees (C)</p> Signup and view all the answers

Which of the following best describes the implications of increased FDI flows on countries?

<p>It can improve economic growth and transfer of technology, but also create dependency. (C)</p> Signup and view all the answers

A business wants to assess how efficiently it is using its capital. Which accounting ratio would provide the most insight?

<p>Return on Capital Employed (ROCE) (D)</p> Signup and view all the answers

In what scenario would a business most likely implement zero-based budgeting?

<p>During a period of financial distress and need for cost control. (C)</p> Signup and view all the answers

When a business enters a new international market, what are the key cultural/social factors it must consider to avoid inappropriate branding?

<p>Unintended meanings and inaccurate translations (A)</p> Signup and view all the answers

How does the Ansoff Matrix support global market expansion decisions?

<p>By outlining and assessing risk associated with different growth strategies, such as market penetration, market development, product development, and diversification. (A)</p> Signup and view all the answers

A company is experiencing significant diseconomies of scale. Which strategy could best help mitigate this issue?

<p>Investing in strategies that allow for clearer communication, such as using better technology. (C)</p> Signup and view all the answers

Which of the following best clarifies the distinction between management and leadership?

<p>Management relies on formal authority while leadership influences through inspiration and trust. (D)</p> Signup and view all the answers

If a business wants to ensure it operates ethically when making strategic decisions, what action would be most effective?

<p>Conducting a review to balance profits with the wider impact on stakeholders. (C)</p> Signup and view all the answers

What is the difference between 'trade liberalisation' and 'protectionism'?

<p>Trade liberalisation involves reducing trade barriers, while protectionism involves increasing them (B)</p> Signup and view all the answers

A business is considering a joint venture in a foreign country. What factor related to supply chain issues is most important?

<p>Securing resources/supplies (D)</p> Signup and view all the answers

A firm uses time-series analysis for sales forecasting. What assumption underlies this technique?

<p>Future sales trends will follow similar patterns as those in the past. (C)</p> Signup and view all the answers

What does the term 'corporate timescale: short-termism' refer to in the context of corporate influences?

<p>Emphasis on immediate profits over long-term growth. (A)</p> Signup and view all the answers

How should a business react to a significant and persistent rise in inflation?

<p>Factor potential cost increases into pricing and manage operational costs. (C)</p> Signup and view all the answers

In assessing a country as a production location, what key factors should be considered?

<p>Costs of productions and political stability. (B)</p> Signup and view all the answers

In assessing a country as a market, what key factors are to be considered?

<p>Levels and growth of disposable income, ease of doing business and the infrastructure. (C)</p> Signup and view all the answers

Under what circumstances should a business consider internal versus external recruitment?

<p>When there are employees that the business believes could be promoted to a selection process. (D)</p> Signup and view all the answers

Which of the following are types of objectives of a business? (Select the best answer)

<p>To achieve economies of scale (internal and external), increased market share and profitability. (B)</p> Signup and view all the answers

Which of the following is true of scientific management?

<p>It is a way to improve employee performance. (C)</p> Signup and view all the answers

Which of the following gives a business a completive advantage?

<p>An effective product with competitive price and good customer service (A)</p> Signup and view all the answers

Which of the following are characteristics of a well completed SWOT Analysis?

<p>Internal and external considerations: strengths, weaknesses, opportunities and threats being assessed. (B)</p> Signup and view all the answers

What is the definition of critical thinking?

<p>Definitions of critical thinking are broad and usually involve general cognitive skills such as analysing, synthesising and reasoning skills. (A)</p> Signup and view all the answers

What is the formula for contribution?

<p>Selling price - variable cost per unit (A)</p> Signup and view all the answers

Which of the following describes what happens to a business facing supply?

<p>Changes in the costs of production, new technology and indirect taxes. (C)</p> Signup and view all the answers

Which of the following are factors that contribute to increased globalisation?

<p>Reduction of international trade barriers/trade liberalisation, political change, reduced cost of transport and communication. (A)</p> Signup and view all the answers

What is one purpose of the supply chain?

<p>The product to be created and transported to the consumer (C)</p> Signup and view all the answers

Flashcards

Pearson Edexcel Level 3 Advanced GCE

The Pearson Edexcel Level 3 Advanced GCE in Business is structured into four themes and consists of three externally examined papers.

Theme 1: Marketing and People

Refers to meeting customer needs, understanding markets, crafting a marketing mix, and effectively managing people within a business.

Theme 2: Managing Business Activities

Deals with raising and managing finance, production methods, resource management and external influences.

Theme 3: Business Decisions and Strategy

Involves business objectives, growth, decision-making techniques, and assessing competitiveness.

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Theme 4: Global Business

Deals with globalisation, global markets, business expansion, and multinational corporations.

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Paper 1: Marketing, people and global businesses

Externally assessed, available in May/June, first assessment in 2017, 35% of total

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Paper 2: Business activities, decisions and strategy

Externally assessed, available in May/June, first assessment in 2017, 35% of total

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Paper 3: Investigating business in a competitive environment

Externally assessed, available in May/June, first assessment in 2017, 30% of total

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Assessment Objective A01

Demonstrate knowledge of terms, concepts, theories, methods and models to show an understanding of how individuals and organisations are affected by and respond to business issues.

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Assessment Objective A02

Apply knowledge and understanding to various business contexts to show how individuals and organisations are affected by and respond to issues

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Assessment Objective A03

Analyse issues within business, showing an understanding of the impact on individuals and organisations of external and internal influences

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Assessment Objective A04

Evaluate qualitative and quantitative evidence to make informed judgements and propose evidence-based solutions to business issues

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Mass Markets?

Markets where products or services are designed to appeal to the mass market.

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Niche Markets

Markets where products or services are designed to appeal to a specific group of consumers.

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The Marketing Mix

The collection of marketing choices for a business regarding its products/services 'design, branding, promotion, and pricing

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Market Research

Analyzing a market for its attractiveness, such as through the use of the PESTLE analysis.

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Competitive advantage

Positioning products so that they have unique advantages, compared to their competitors offerings.

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Resource Depletion

A state of limited resources to fulfill consumer wants.

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Demand

The amount of a good or service consumers are willing and able to purchase at various prices during a specific period.

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Supply

The amount of goods or service that suppliers will offer to the market at a given price.

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Market Equilibrium

Point where supply and demand curves interest, setting the price of goods and services.

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Price Elasticity of Demand

Responsiveness of the quantity demanded of a good to a change in its price

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Income elasticity of demand

Responsiveness to change in consumer income.

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Design Mix

When all elements of design are considered.

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Promotion

Techniques to draw attention to products or services.

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Branding

A name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers

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Pricing Strategies

Cost plus, price skimming, psychological and penetration.

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Distribution Channels

Business sells same product at different price per location.

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Product life cycle

Introduction, growth, maturity and decline.

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Marketing Strategies

Mass market, Niche Market or Business 2 Business Marketing

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Consumer Behavior

Motivate loyalty and repeat purchases.

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Approaches to Staffing

Flexible, Multi skill and Part-time workforce.

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Recruitment of Staff

Skills, traits of person doing Business

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Organisational design

Tall with multiple layers or Flat with no layers?

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Motivation in theory and practice

Commission, Piecework and Financial Incentives

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Leadership

Autocratic, democratic or laissez-faire?

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Role of an Entrepreneur

Creating or developing business.

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Entrepreneurial Motives

Reasons people set up business.

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Forms of business

Sole Trader, partnership and private limited company.

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Business choices

Alternatives people trade-off

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Study Notes

Pearson Edexcel Level 3 Advanced GCE in Business (9BSO)

  • First teaching started in September 2015
  • First certification was available from 2017

Edexcel, BTEC and LCCI Qualifications

  • Qualifications are awarded by Pearson
  • Pearson is the UK’s largest awarding body
  • These qualifications are globally recognised and benchmarked
  • Qualification websites include www.edexcel.com, www.btec.co.uk and www.lcci.org.uk

About Pearson

  • Pearson is a leading learning company that operates in over 70 countries
  • Pearson employs 40,000 people and aims to help people of all ages progress through learning.

Expert Panel for World Class Qualifications

  • Pearson assembled an Expert Panel to advise on the development of new qualifications
  • Panel members were chosen for their expertise in the UK education system
  • Panel members also chosen for expertise in reforming qualifications in systems around the globe
  • Pearson was guided by extensive international comparability of subject content
  • Assessments were benchmarked against UK and overseas providers
  • External Subject Advisory Groups were established
  • Final qualifications were subjected to scrutiny against DfE content and Ofqual accreditation criteria

Introduction to the Specification

  • The Pearson Edexcel Level 3 Advanced GCE in Business is designed for schools and colleges
  • Sets out the objectives of the qualification
  • Sets out other requirements for the qualification
  • Method of assessment and requirements for it
  • The criteria against which a student’s level of assessment will be measured

Rationale for the Specification

  • GCE qualifications are outlined in their GCE Qualification Level Conditions and Requirements document, published in April 2014 by Ofqual
  • Designed to define and assess knowledge, skills and understanding for students planning to progress to undergraduate study, especially in business-related fields (business management, business administration, etc.)
  • Sets out an internationally comparable post-16 academic course of study
  • Enables UK universities to accurately identify the level of attainment of students
  • Provides a basis for accountability measures and a benchmark of academic ability for employers

Qualification Aims and Objectives

  • Develop an enthusiasm for studying business
  • Gain a holistic understanding of business in a range of contexts
  • Develop a critical understanding of organizations and their ability to meet society's needs and wants
  • Understand that business behavior can be studied from a range of perspectives
  • Generate enterprising and creative approaches to business opportunities, problems and issues
  • Be aware of ethical dilemmas and responsibilities faced by organizations and individuals
  • Acquire relevant business and generic skills including decision making, problem solving, challenging assumptions and critical analysis
  • Apply numerical skills in business contexts

Context for Development

  • Qualifications are designed to meet World Class Qualification Principles
  • Qualification development includes:
    • Reviewing other curricula and qualifications
    • Consulting with stakeholders (subject associations, academics, teachers, employers) to ensure suitability for a UK context
    • Building on positive attributes of legacy qualifications
  • The qualification needs to meet criteria stipulated by Ofqual

Pearson’s World Class Qualification principles

  • Qualifications should be demanding through encouraging deep learning and measuring higher-order skills
  • Maintaining standards over time and generating confidence in end users
  • Learning is continuous
  • Qualifications empower through transferable skills

Qualification at a Glance

  • Pearson Edexcel Level 3 Advanced GCE in Business consists of four themes and three externally examined papers
    • Introduces core concepts and applying them to contexts
    • Broader knowledge and understanding with applications to more complex business information
    • Strategic view of business opportunities and issues
    • Critical and thoughtful approach to the study of business

Theme 1: Marketing and people

  • Students must develop an understanding of:
    • Meeting Customer Needs
    • The Market
    • Marketing Mix and Strategy
    • Managing People
    • Entrepreneurs and Leaders

Theme 2: Managing business activities

  • Students must develop an understanding of:
    • Raising Finance
    • Financial planning
    • Managing Finance
    • Resource management
    • External influences

Theme 3: Business decisions and strategy

  • This theme aims to develop the concepts
    • Business Objectives and Strategy
    • Business Growth
    • Decision-Making Techniques
    • Influences on Business Decisions
    • Assessing Competitiveness
    • Managing Change

Theme 4: Global business

  • This theme develops the concepts
    • Globalisation
    • Global Markets and Business Expansion
    • Global Marketing
    • Global Industries and Companies (Multinational Corporations)

Assessment Overview

  • Students must complete all assessment in May/June of any single year

Examination Papers

  • Paper 1: Marketing, People and Global Businesses
    • Assesses marketing, people and global businesses
    • Questions from Themes 1 and 4, and local, national and global contexts
    • Externally assessed, 35% of total qualification
    • Availability: May/June, First assessment: 2017 -Written examination, two sections, answer all questions -Data response questions with extended open-response, Duration: 2 hours -100 marks available
  • Paper 2: Business Activities, Decisions and Strategy
    • Assesses business finance and operations, business decisions and strategy
    • Questions from Themes 2 and 3, and from Local, national and global contexts
    • Externally assessed, 35% of total qualification
    • Availability: May/June, First assessment: 2017
    • Written examination, two sections, answer all questions
    • Data response questions with extended open-response, Duration: 2 hours
    • 100 marks available
  • Paper 3: Investigating Business in a Competitive Environment
    • Assesses content across all four themes and covers Local, national and global contexts
    • There will be a pre-released document containing content issued in November the previous year
    • That context will focus on an industry or market in which business operates
    • Two sections , the first section focuses on the broad context
    • Second section will focus on at least one strand within the provided context such as a particular business
    • Quantitative and qualitative stimulus material provided
    • Knowledge and understanding from Themes 1,2,3 and 4 may be applied
    • No data can be taken in from students own research into the examination
    • Assessment is a written examination, two sections, all questions answered
    • Each section includes one extended open response question
    • The duration is 2 hours and 100 marks are available

Assessment Objectives and Weightings

  • AO1: Demonstrate knowledge/understanding; 20-22% of GCE
  • AO2 Apply knowledge/understanding; 22-24% of GCE -AO3: Analyse issues within business, 28-30% of GCE
  • AO4: Evaluate qualitative/quantitative evidence, 26-28% of GCE

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