Business Studies O Level Notes by Shahraiz Chishti

500.00

Book Code : 121
Number of Pages : 114
Author : Shahraiz Chishti
Language : English
Publishers : Read and Write Publications

 

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TABLE OF CONTENTS
ACKNOWLEDGEMENTS ………………………………………………………………………………….. 6
Syllabus …………………………………………………………………………………………………………. 6
Paper Pattern………………………………………………………………………………………………….. 7
Ch: 1 & 2 Business Activity and Types of Businesses ……………………………………….. 9
Needs ………………………………………………………………………………………………………………. 9
Wants ………………………………………………………………………………………………………………. 9
Factors of productions: ………………………………………………………………………………………… 9
The economic problem: ……………………………………………………………………………………….. 9
Opportunity cost: ………………………………………………………………………………………………… 9
Specialization …………………………………………………………………………………………………….. 9
Goods vs. Services …………………………………………………………………………………………… 10
Private sector activities ……………………………………………………………………………………… 10
Public ownership ………………………………………………………………………………………………. 10
Privatization: ……………………………………………………………………………………………………. 10
Ch: 3 Enterprise, Business Growth and Sales …………………………………………………. 12
Enterprise and Entrepreneurship Entrepreneur ……………………………………………………… 12
Characteristic of successful entrepreneurs ……………………………………………………………. 12
Why should governments support business startups ……………………………………………… 12
Value of sales ………………………………………………………………………………………………….. 13
Which method should you choose? ……………………………………………………………………… 13
Ch: 4 Types of Business Organizations ………………………………………………………….. 16
Private Sector ………………………………………………………………………………………………….. 16
Partnership ……………………………………………………………………………………………………… 16
Private Limited Companies ………………………………………………………………………………… 17
Public Limited Companies ………………………………………………………………………………….. 17
Co-operatives ………………………………………………………………………………………………….. 18
Close Corporations: ………………………………………………………………………………………….. 18
Joint ventures ………………………………………………………………………………………………….. 19
Franchising ……………………………………………………………………………………………………… 19
Public Sector ……………………………………………………………………………………………………. 19
Municipal enterprises ………………………………………………………………………………………… 20
Ch: 5 Business Objectives and Stakeholders Objectives …………………………………. 22
Business objectives ………………………………………………………………………………………….. 22
Stakeholder Groups ………………………………………………………………………………………….. 23
Ch: 6 Motivation Theories ……………………………………………………………………………… 25
Motivation ……………………………………………………………………………………………………….. 25
Motivation Theories …………………………………………………………………………………………… 25
F.W. Taylor ……………………………………………………………………………………………………… 25
Maslow …………………………………………………………………………………………………………… 25
Herzberg …………………………………………………………………………………………………………. 26
McGregor ………………………………………………………………………………………………………… 26
Why do people work?………………………………………………………………………………………… 26
Wages ……………………………………………………………………………………………………………. 27
Motivating factors – non-financial motivators …………………………………………………………. 28
Job satisfaction: ……………………………………………………………………………………………….. 28
Job rotation: …………………………………………………………………………………………………….. 28
Job enlargement: ……………………………………………………………………………………………… 28
Job enrichment: ……………………………………………………………………………………………….. 29
Autonomous work groups or team-working: ………………………………………………………….. 29
Leadership ………………………………………………………………………………………………………. 29
Formal and informal groups ……………………………………………………………………………….. 30
Formal groups in business …………………………………………………………………………………. 30
Informal groups in business ……………………………………………………………………………….. 30
Ch: 7 Organizational Structure ………………………………………………………………………. 32
Delegation ……………………………………………………………………………………………………….. 32
Functional departments ……………………………………………………………………………………… 34
Decentralisation ……………………………………………………………………………………………….. 35
Role of Managers ……………………………………………………………………………………………… 35
Trade Unions …………………………………………………………………………………………………… 35
Ch: 8 Recruitment, Training and Human Resources ………………………………………… 38
Recruitment and selection ………………………………………………………………………………….. 38
Job Analysis and Description: …………………………………………………………………………….. 38
Job specification ………………………………………………………………………………………………. 39
Advertising the vacancy …………………………………………………………………………………….. 39
Internal recruitment …………………………………………………………………………………………… 39
External recruitment ………………………………………………………………………………………….. 39
Job advertisement …………………………………………………………………………………………….. 40
Applications forms and CVs/résumés …………………………………………………………………… 40
Interviews ………………………………………………………………………………………………………… 40
Rejecting unsuccessful applicants……………………………………………………………………….. 41
Workforce planning …………………………………………………………………………………………… 42
Dismissal and Redundancy ………………………………………………………………………………… 42
Ch: 9 Communication in Business …………………………………………………………………. 44
Formal Communication ……………………………………………………………………………………… 44
Informal Communication ……………………………………………………………………………………. 44
Methods ………………………………………………………………………………………………………….. 44
Motivation and Communication …………………………………………………………………………… 45
Effective communication ……………………………………………………………………………………. 45
Barriers to Successful Communication …………………………………………………………………. 45
How to Improve Communication …………………………………………………………………………. 45
Grapevine ……………………………………………………………………………………………………….. 46
Direction of communication ………………………………………………………………………………… 46
Ch: 10 Marketing …………………………………………………………………………………………… 48
What is marketing? …………………………………………………………………………………………… 48
Product-orientated and market-orientated businesses ……………………………………………. 48
What is marketing …………………………………………………………………………………………….. 48
The Marketing department …………………………………………………………………………………. 48
The objectives of marketing ……………………………………………………………………………….. 48
SWOT analysis ………………………………………………………………………………………………… 48
Market segments ……………………………………………………………………………………………… 49
The marketing mix ……………………………………………………………………………………………. 49
Four C’s: …………………………………………………………………………………………………………. 49
Ch: 11 Market Research ………………………………………………………………………………… 51
Why is market research needed? ………………………………………………………………………… 51
Primary research ………………………………………………………………………………………………. 51
Ch: 12 Marketing Mix Product ………………………………………………………………………… 56
Product …………………………………………………………………………………………………………… 56
Types and classification …………………………………………………………………………………….. 56
Development phase ………………………………………………………………………………………….. 56
Ch: 13 Pricing Strategies ……………………………………………………………………………….. 59
Price Elasticity of Demand …………………………………………………………………………………. 59
Cost-plus Pricing Strategy ………………………………………………………………………………….. 60
Ch: 14 Promotions ………………………………………………………………………………………… 62
Promotion ……………………………………………………………………………………………………….. 62
Legal and other constraints ……………………………………………………………………………… 62
Internet …………………………………………………………………………………………………………… 63
Ch: 15 Place …………………………………………………………………………………………………. 65
Channel of Distribution ………………………………………………………………………………………. 65
Agents ……………………………………………………………………………………………………………. 65
Retailer …………………………………………………………………………………………………………. 65
Ch: 16 Marketing Strategy ……………………………………………………………………………… 68
Legal constraints on marketing …………………………………………………………………………… 69
Ch: 17 Production …………………………………………………………………………………………. 71
Operations department: …………………………………………………………………………………….. 71
Stock control and inventory control ……………………………………………………………………… 72
Lean Production Techniques ………………………………………………………………………………. 72
Kaien ……………………………………………………………………………………………………………… 73
TECHNOLOGY IN BUSINESS …………………………………………………………………………… 73
Ch: 18 Break Even and Business Costs ………………………………………………………….. 76
Costs ……………………………………………………………………………………………………………… 76
Break Even Analysis …………………………………………………………………………………………. 76
Ch: 19 Quality ……………………………………………………………………………………………….. 80
What is quality………………………………………………………………………………………………….. 80
Quality Control …………………………………………………………………………………………………. 80
Quality Assurance …………………………………………………………………………………………….. 80
TQM (Total quality management) ………………………………………………………………………… 80
Ch: 20 Factors Affecting Location ………………………………………………………………….. 82
Factors affecting the location of a manufacturing business ……………………………………… 82
Factors affecting the location of a retailing business ………………………………………………. 82
Factors that influence a business to relocate either at home or abroad ……………………… 83
Factors affecting the location of a service sector business ………………………………………. 83
Roles of legal control…………………………………………………………………………………………. 84
Ch: 21 Financing Activities ……………………………………………………………………………. 86
Working Capital ………………………………………………………………………………………………… 86
External Sources of Finance ………………………………………………………………………………. 86
Other Sources of Finance ………………………………………………………………………………… 87
Factors Influencing Choices of Finance ……………………………………………………………….. 87
Ch: 22 Cash Flow ………………………………………………………………………………………….. 90
Cash Flow Statement ………………………………………………………………………………………… 90
Limitations of Cash Flow ……………………………………………………………………………………. 90
Causes of Cash-Flow Problems ………………………………………………………………………….. 90
Increase cash inflows ………………………………………………………………………………………. 91
Ch: 23 & 24 Income Statement and Balance Sheet …………………………………………… 93
Income Statement …………………………………………………………………………………………….. 93
Assets …………………………………………………………………………………………………………….. 93
Trade Receivables (Debtors) ……………………………………………………………………………… 93
Accounts/Trade Payable (Creditors) ……………………………………………………………………. 94
Goodwill ………………………………………………………………………………………………………….. 94
Ch: 25 Ratio Analysis ……………………………………………………………………………………. 96
Profitability ………………………………………………………………………………………………………. 96
Liquidity…………………………………………………………………………………………………………… 96
Ch: 26 Government and Economic Influences on Business …………………………….. 98
Government economic objectives: ………………………………………………………………………. 98
Low inflation: ……………………………………………………………………………………………………. 98
Low levels of unemployment: ……………………………………………………………………………… 98
Economic growth ……………………………………………………………………………………………… 99
Balance of payments…………………………………………………………………………………………. 99
Fiscal Policy …………………………………………………………………………………………………… 103
Monetary policy ………………………………………………………………………………………………. 104
Ch: 27 Environment and Ethics ……………………………………………………………………. 106
Externalities …………………………………………………………………………………………………… 106
Ch: 28 Business in the International Economy ………………………………………………. 109
Globalization ………………………………………………………………………………………………….. 109
Points for globalization …………………………………………………………………………………….. 109
Multinational company …………………………………………………………………………………….. 109
References …………………………………………………………………………………………………. 111

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