Scheme of Work Units 1 and 2: Setting up a Business and Growing as a Business an Integrated Approach

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1 GCSE Business Studies Scheme of Work Units 1 and 2: Setting up a Business and Growing as a Business an Integrated Approach Copyright 2012 AQA and its licensors. All rights reserved. The Assessment and Qualifications Alliance (AQA) is a company limited by guarantee registered in England and Wales (company number ) and a registered charity (registered charity number ). Registered address: AQA, Devas Street, Manchester M15 6E

2 GCSE Business Studies Scheme of Work This scheme of work is written for teaching Unit 1 along side Unit 2 over a two year period with students taking both the Unit 1 and Unit 2 examinations, along with submitting the controlled assessment at the end of the second year. It is not meant to be a prescriptive programme and centres may redesign this scheme to suit their own needs. The scheme of work allows time for the controlled assessment to be introduced at any time during the course when considered appropriate. Allocation of Teaching Hours This scheme of work is based on an average of 2 ½ hours contact time each week, and a 32 week teaching year. This time has been subdivided as follows: Teaching: 14 weeks in Autumn term (35 hours) 12 weeks in Spring term (30 hours) 6 weeks in Summer term (15 hours) This provides the option for the controlled assessment to be taken in the summer term of the first academic year. Alternatively this time may be used for formal assessment of the themes already covered during an internal assessment period. It also provides the flexibility of using the second year to revise topics towards the end of the course, as well as the option of building the controlled assessment into the second year if preferred. Copyright 2012 AQA and its licensors. All rights reserved. 1

3 GCSE Business Studies Year 1 WEEK CONTENTS RESOURCES AND OTHER GUIDANCE Starting a Business Enterprise Students should be aware of what a business is within the service and manufacturing sectors. Including Social Enterprises. Enterprise and entrepreneurs, risk and rewards, motives for becoming an entrepreneur. Sources of ideas Looking for a gap in the market, identifying a product/market niche Simple market research to support an idea Reasons for starting a business. Strengths and weaknesses of business ideas What a venture capitalist may look for in an investment opportunity Business Planning Content Purpose Uncertainty and risk As an introduction to the course students may be involved in some discussion about the nature of business linking to types of business and the roles that an enterprise has in producing goods and services. The course may be introduced by inviting in outside business people, local businesses / entrepreneurs. An activity to encourage students to work in teams / individually to devise own business idea may be an appropriate place to start the course. Simple market research may involve students understanding how a small business may find out about a potential opportunity through a short questionnaire and / or observation, but this must be in the context of small budget based research. Students may be involved in planning their business idea to introduce them to the idea of a business plan. Students can be made aware of the type of information that is required in a business plan, and its function in terms of determining the feasibility of the business and the plan s use in attracting finance. Whereas time needs to be spent on understanding the main sections of a business plan, the emphasis should be placed it being a tool to aid an entrepreneur. Students may draw up a business plan, but as an aid to understanding the need for planning rather than as an exercise in itself. APPROX. HOURS Unit 7 1 Copyright 2012 AQA and its licensors. All rights reserved. 2

4 6-8 Choosing the Appropriate Legal Structure for the Business Sole traders Partnerships Private Limited Companies. Students should understand the benefits and drawbacks of the different legal structures. The appropriateness of gaining limited liability status. They should also understand the advantages and disadvantages of a private limited company becoming a public limited company. 7 1 & 2 Public Limited Companies Expanding a Business Methods of expansion Students should investigate the benefits and risks to a business of expanding and the methods of expansion used by large businesses, for example: mergers and takeovers, organic growth and franchising Franchising The relative merits and drawbacks of a franchise to start up a business as well as its use in expansion should be studied. NB this topic is likely to be re-visited, in the context of an expanding business. & 2 Conflict between stakeholders In expanding a business students should be aware that the growth of a business can impact on its stakeholders. They should know how those stakeholders might react to protect their own interests Setting Business Aims and Objectives Types Purpose Measures of success Influence of the stakeholder Changing Business Aims and Objectives Reasons for changing aims and objectives as businesses grow. Students can make themselves familiar with the role of objectives in running a business and how success is judged by how well objectives are realised, by applying chosen objectives to their own business Students should consider how the objectives of larger businesses might differ from smaller businesses, including the wider social costs and benefits facing business operation, such as ethical and environmental considerations & 2 Ethical and environmental considerations. Copyright 2012 AQA and its licensors. All rights reserved. 3

5 13-15 Choosing the Location of the Business factors influencing start-up location decisions factors reflecting the importance of location to growing businesses in terms of minimising costs and increasing revenues. The issues relating to international or global expansion. These issues include physical presence in international markets and cost considerations Methods of expansion. Students may identify and analyse the most appropriate location for their own businesses or investigate the location of existing businesses in their own locality. This may link with Unit 3. Students need to be aware of the development of issues associated with international and global expansion, but these may be re-visited in greater detail during the second year when considering the challenges of growth for larger businesses as part of their operations management. Students should investigate the benefits and risks to a business of expanding and the methods of expansion used by large businesses, for example: mergers and takeovers, organic growth and franchising. 8 1 & Market Research. Market Research for Small Businesses; purpose & methods. Methods of primary, secondary research, factors influencing small business / start-up s using appropriate methods of market research likely to be used by a small business, including: telephone and other surveys, questionnaires & customer/supplier feedback. As businesses grow they may wish to identify market trends and plan how respond to changing market conditions. The Market Research Society s Introduction to MR: This may provide an opportunity for students to research their own idea / new ideas / existing businesses in local area. By targeting the size of the business, this could provide a link to Unit 3 research. Students should be aware that larger organisations may use market research to plan the marketing mix. 7 1 & The Marketing Mix Elements of the mix for a small business product price promotion place Students should consider what are suitable combinations of the 4P s and the impact of e- commerce. Looking at local examples and small businesses that are web based / serve local area. Lesson per element of the mix with a summary to bring the concept together. Copyright 2012 AQA and its licensors. All rights reserved. 4

6 The Marketing Mix Product Product portfolio/mix. Product life cycle. The Marketing Mix Price pricing decisions for growth, including; price skimming, price penetration, competitive pricing, loss leader and cost-plus. Students should understand that a larger business is likely to plan each component of the marketing mix in greater detail. In this section they should investigate how and why businesses might broaden and balance their product range / mix as they grow. How the demand for a product or service might change over time and the various stages of the product life cycle: introduction, growth, maturity and decline, and the methods that a company might adopt to extend the life of a product in its decline phase, and the impact these strategies might have on other aspects of the business. Students should understand the factors that affect pricing decisions; the nature of the market, the degree of competition The Marketing Mix Promotion promotional activities to enable growth, advertising, sales promotion, sponsorship and direct marketing. Students should also understand that selecting the promotional mix will depend upon a range of factors, eg, nature of the market, nature of the product, activities of competitors The Marketing Mix Place channels of distribution to enable growth, the different channels of distribution used by businesses to gain access to potential customers In considering the marketing of a larger business, students should be able to understand how businesses select the channels of distribution investigating the appropriateness of each distribution method in a given scenario, but with a view to the issues regarding location factors Customer Service. Small businesses and the role of customer service Larger businesses and the role of customer service Students should be aware of the importance to small businesses of providing a good service to customers. Students should have an understanding of the need for appropriate levels of quality. Examples of students own experience e.g. consider how McDonald s trains its staff to provide good customer service. (Franchise) compared to smaller local businesses. There may be an opportunity to role play customer service. & 2 Copyright 2012 AQA and its licensors. All rights reserved. 5

7 31-32 Consumer Protection Students should understand that the law does protect consumers, in terms of reliability of the product, the fitness for purpose of the product, product information and after sales service. Copyright 2012 AQA and its licensors. All rights reserved. 6

8 GCSE Business Studies Year Introduction to Finance and Financial Terminology Price Sales / Income Costs Profits Students should understand the terms: price, sales, revenue, costs and profit and the relationship between these. Students should be able to perform simple calculations based on these figures. 3-4 Finance and Support for a Small Business Sources of finance for smaller businesses. Types of advice available to small businesses. Visiting speaker from local bank / literature from bank & other organisations. Local chambers of commerce. Students to be familiar with the main sources of finance available to a small business, including: bank loans and mortgages, loans from friends and family, retained profits and grants from voluntary organisations 5-6 Using Cash Flow Statements. Interpreting cash flow The importance of cash flow Solutions to cash flow problems Students should be able to interpret a simple cash flow statement They need to be able to understand the problems that are associated with cash flow issues leading to possible receivership and closure. Students should also consider possible solutions to cash flow problems 7-8 Sources of Finance for Large Businesses Advantages and drawbacks of different sources. Students to be familiar with the main methods that a large business might use to raise funds - retained profits, a new share issue, obtaining a loan or mortgage and selling unwanted assets. Copyright 2012 AQA and its licensors. All rights reserved. 7

9 9-11 Profit and Loss Accounts / Income Statements and Balance Sheets Purpose of financial statements Components of financial statements The interpretation of data given on financial statements Students should understand the importance of a profit and loss account / income statements and a balance sheet to the various stakeholders when assessing the performance of a business. Students should be able to assess the performance of a business through the interpretation of the information contained in simplified versions of the profit and loss accounts / income statements and the balance sheet, and, by the application of gross and net profit margins and current and acid test ratios, also be able to judge the performance. Students will be given the appropriate ratio within the examination when necessary. NB The later descriptors for the components of the income statement and the balance sheet should be taught so that students are able to interpret data recognising both sets of financial terms financial terms such as income statement, inventories Recruitment and Retention of staff The need for recruitment How small businesses might recruit The process that larger businesses go through to recruit and select new employees. Induction training programmes and what might be included in them. On the job training, such as in house training. Off the job training such as external courses. An understanding that in small businesses an owner or owners may wish to specialise, bring in new skills or expand. Students should understand the suitable ways by which small businesses might recruit employees, in local newspapers, word of mouth, shop window. Students should also understand that larger firms have access to a wider range of media and may consider internal or external recruitment. A larger business will also be more likely to use a more complex recruitment process. Students should understand the benefits of an induction training programme and what might be included in it, as well as the advantages and disadvantages of on the job training, such as in house training, and off the job training such as external courses. They should also be aware how and why businesses use an appraisal or performance review system & 2 Copyright 2012 AQA and its licensors. All rights reserved. 8

10 16-17 People in Businesses internal organisation structures and organisation trees layers of management centralisation and decentralisation. Students should be familiar with an organisation chart and the different levels within them. They should understand spans of control and how they effect that the shape of the organisational structure has on how the organisation is managed. Students should understand the concepts of centralisation and decentralisation and the benefits and challenges that both can bring to a business Motivating Staff benefits of good motivation motivation methods used by small businesses motivation methods used by larger businesses management styles appraisal or performance review system. Students should understand the benefits of having wellmotivated staff and suitable methods by which small businesses might motivate their employees such as training, greater responsibility. They should also be aware of the factors that determine wages/salaries including skills, experience and the size of the business. Students to understand the use of other monetary benefits, including pensions and bonuses as well as non financial methods. Specific management styles are not required. 7 2 Protecting Staff through Understanding Legislation equal pay and minimum wage laws Students to have a working knowledge of the legal aspects of managing staff in business not the law in detail. 21 discrimination 2 1 & 2 employment rights health and safety Production Methods for Manufacturing and for a Service in a smaller business. job and batch production in a small business efficiency and technology. Students to understand the growing importance of the service sector within the UK. Students could be involved in making items in groups some operating a batch system, some a job production system. They should understand the importance of operating efficiently and the ways in which efficiency can impact costs of production. Copyright 2012 AQA and its licensors. All rights reserved. 9

11 25-26 Production Methods for Manufacturing and for a Service in a larger business. flow production specialisation and division of labour lean production techniques. Students should understand flow or mass production and the how this can create efficient use of resources. They should also investigate how production can be made more efficient by the use of Just In Time and the impact these techniques might have on employees in terms of training and motivation. 27 Maintaining Quality in Growing Businesses the possible quality issues that growing businesses face identifying problems of quality methods of maintaining consistent quality. Students should be aware of the possible quality issues that growing businesses may face eg consistency and the cost of maintaining quality (outsourcing, inspection costs). Students should also be aware of the methods of maintaining consistent quality, including concepts such as Total Quality Management (TQM) Developing Effective Operations through the use of Technology. types of technology and issues in its use. Students should be aware of the importance to business of operating efficiently and the ways in which costs savings might be made, especially with changes in technology, in the use of web sites, e-commerce and on-line marketing in a global / international marketplace. & 2 30 Recognising Challenges of Growth the ways, both internal and external, in which larger businesses experience advantages and disadvantages over smaller businesses. Students should understand that the size of the business may bring cost advantages, but can also create problems in terms of longer chains of communication, complexities within the production process as the business expands Modern Business Issues environmental and Ethical Issues globalisation. At this stage of the course it may be appropriate to introduce students to more detail in terms of the impact that businesses have on the environment, how some businesses see this as an opportunity. They may also find some of the ethical issues that surround globalisation interesting when the lower costs of outsourcing to China and India are put into a wider perspective. Copyright 2012 AQA and its licensors. All rights reserved. 10

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