Year 10 Business and Marketing Fundamentals Revision

Year 10 Business and Marketing Fundamentals – Holiday Homework Revision Tool Name: [Insert Your Name] 📅 Due: End of Week 2, Term 2 🧩 Topic 1 – Business Foundations 1. Introduction to Business  Define what a business is.  Explain the role of businesses in society (e.g., providing...

Year 10 Business and Marketing Fundamentals – Holiday Homework Revision Tool Name: [Insert Your Name] 📅 Due: End of Week 2, Term 2 🧩 Topic 1 – Business Foundations 1. Introduction to Business  Define what a business is.  Explain the role of businesses in society (e.g., providing goods/services, employment, innovation). 2. Entrepreneurship  Define entrepreneurship.  Identify key skills of successful entrepreneurs (e.g., risk-taking, creativity, resilience, leadership).  Provide 2 examples of successful entrepreneurs (e.g., Elon Musk, Janine Allis). 3. Innovation  Explain what innovation means in a business context.  Discuss why innovation is important (e.g., competitiveness, solving problems, growth). 4. Motivation for Starting a Business / Business Objectives  Explain the 7 business objectives: 1. Make a profit 2. Fulfil a market need 3. Fulfil a social need 4. Expand the business 5. Increase market share 6. Improve customer satisfaction 7. Provide employment 5. Advantages and Disadvantages of Owning a Business   List and explain benefits (e.g., independence, potential profit, flexibility).  List and explain challenges (e.g., risk, time commitment, financial pressure). 🎯 Topic 2 – Goal Setting, Management Styles & Skills 1. Goal Setting  Understand and define SMART goals: o Specific o Measurable o Achievable o Relevant o Time-bound 2. Financial, Social and Personal Goals  Define each: o Financial (e.g., increase revenue by 10%) o Social (e.g., support the community) o Personal (e.g., work-life balance)  Provide one example for each. 3. Management Styles  Identify and explain the 5 styles: 1. Autocratic 2. Persuasive 3. Consultative 4. Participative 5. Laissez-faire  Discuss what types of situations each style is best suited to. 4. Management Skills  Describe the 6 key skills:  1. Communication 2. Delegation 3. Planning 4. Leading 5. Decision-making 6. Interpersonal  Explain when each skill is useful or necessary. 🌍 Topic 3 – Business Contributions, Environments, Structures & Influencing Factors 1. Contributions of Businesses to the Nation  Explain how businesses contribute to the economy (e.g., GDP, employment) and society (e.g., goods/services, social change). 2. Societal Attitudes  Define societal attitudes.  Analyse how changing social values (e.g., sustainability, diversity) affect businesses. 3. Economic Conditions  Explain how factors like inflation, interest rates, and employment impact businesses. 4. Corporate Social Responsibility (CSR)  Define CSR.  Provide examples of businesses demonstrating CSR (e.g., sustainable practices, community support).  Discuss why CSR is important. 5. Business Environments  Define the three types: o Internal (e.g., employees, managers, culture) o Operating (e.g., suppliers, customers, competitors) o Macro (e.g., legal, social, economic, political)   Identify factors in each and explain the differences. 6. Types of Business Structures  Define and explain: o Sole traders o Partnerships o Private and public companies o Social enterprises o Government business enterprises 7. Business Models  Identify and explain: o Online Business o Bricks and Mortar o Social Enterprise o Direct to Consumer o Franchise o Import and Export 8. Purchasing an Existing Business vs. Starting a New One  Explain the pros and cons of each.  Define goodwill (value of the brand, customer base, reputation, etc.). 9. Business Resources  Define and provide 2 examples of: o Human resources (e.g., staff, managers) o Capital resources (e.g., machinery, buildings) o Natural resources (e.g., land, raw materials) 10. Business Locations  Understand different types: o Shopping centres  o Shopping strips o Online presence o Home-based businesses  Analyse factors influencing location choice: o Visibility o Cost o Proximity to customers/suppliers/competitors o Complementary businesses 11. Sources of Finance  Identify funding options (e.g., loans, investors, personal savings).  Choose one and explain its advantages and disadvantages. 📝 Key Terms  Discuss = Give advantages and disadvantages  Compare = Explain similarities and differences