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AQA Business Studies Unit 2 (BUSS2) Revision thread.

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    (Original post by dime_piece)
    Hey, could someone bullet point their answer to the questions bellow:

    Evaluating the extent to which a business has control over its marketing mix
    Factors that will determine the success or otherwise of a new product

    They are the only marketing questions which i cannot answer!
    well a business has to take certain consideration espacially external factors which put a constraint on how much control they have over their marketing mix some of these factors include:
    Legal factors-such as bans on certain forms of advertising or certain products etc

    Economic factors- Eg peoples disposable income varies all the time depending when the economy is in a boom or a recession this can have massive impacts upon their marketing mix

    Political-taxes will be set on certain goods meaning there will be a limitation on the extent they can alter their price.

    You can then apply each point to the case study and say how they may have to change their marketing mix and what limits what they can do etc etc and the impacts that will have short term and long term which are evaluative statements.

    For your second question, Success of a product could come down to the level of R&D market research to see if customers want the product, promotion strategies to extend the product life cycle. How much competition is out there if its imitative innovative or just the new version of an old product( cant remember what thats called). Quality control could be a factor poor quality can lead to poor products and therefore poor customer satisfaction and hencethe success of the product. ermmm dont know what else i can put for this one

    I know its not great dont even know if its right or not but hope it helps anyway
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    (Original post by Ramin Gorji)
    I know its not great dont even know if its right or not but hope it helps anyway
    That's what I would say, so I think it is right
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    Does anyone have any past papers for buss2? I know there are a few on the AQA website, but does anyone have January's?
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    Here is the specification because someone was asking for it (taken from tutor2u)

    Finance

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    This section introduces candidates to the importance of the management of finance. Candidates should understand that financial measures can be used to indicate how well a business is managed and should understand actions that can be taken to improve financial performance. Candidates will be expected to carry out calculations and to be able to interpret their results. This section builds upon ‘Financial Planning’ in Unit One.

    Using Budgets:
    - the benefits and drawbacks of using budgets
    - the calculation and interpretation of favourable and adverse variances
    - using variance analysis to inform decision making.

    Candidates should be familiar with income, expenditure and profit budgets. They will not be required to analyse budgets by price and volume, nor to use flexible budgets.

    Improving Cash Flow:
    - causes of cash flow problems
    - methods of improving cash flow

    Candidates should be familiar with a range of techniques to improve cash flow including: overdrafts and short-term loans, factoring and sale or sale and leaseback of assets.

    Measuring and Increasing Profit:

    - the calculation and understanding of net profit margins
    - the calculation and understanding of return on capital
    - methods of improving profits/profitability
    - the distinction between cash and profit.

    Candidates do not need any understanding of the balance sheet or income statements. Candidates do not need any knowledge of capital employed. Return on capital relates to the percentage return on a capital investment. Methods of improving profits should include cost reduction and price rises but also an understanding of the possible implications of these decisions.


    People in Business

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    This section considers the issues that managers face in relation to managing the human element to make a business more effective. Candidates should appreciate the value of these techniques in tactical decision- making.

    Improving Organisational Structures:
    - key elements of organisational structure
    - workforce roles
    - how organisational structure affects business performance.

    Key elements should include: levels of hierarchy/spans of control workloads/job allocation delegation communication flows.

    The workforce roles include: supervisor, team leader, manager and director.

    Measuring the Effectiveness of the Workforce:
    - methods of measuring workforce performance.

    Candidates should be able to calculate and interpret measures such as labour productivity and labour turnover.

    Developing an Effective Workforce -
    Recruitment, Selection, Training:

    - the recruitment process
    - internal and external recruitment
    - selecting the best employees
    - how recruitment and selection can improve a workforce
    - methods of training.

    Types of recruitment and the recruitment process should include the stages from identifying a vacancy to receipt of applications.

    Candidates should understand benefits and drawbacks of internal recruitment and external recruitment and training.

    Methods of selection include: interviews, assessment centres, and tests.

    Candidates should also be familiar with person specifications and job descriptions.

    Methods of training should include: on-the-job, off- the-job and induction.

    Developing and Retaining an Effective Workforce:
    - Motivating Employees
    - using financial methods to motivate employees
    - improving job design
    - empowering employees
    - working in teams
    - theories of motivation.

    Specific theories of motivation will not be examined. Candidates should use any relevant theories to support their arguments to consider influences on motivation.

    Methods of improving job design should include: enrichment and enlargement.

    Candidates should understand the links between the organisational structure and the motivational techniques available to managers.


    Operations Management

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    This section should promote understanding of the importance of operational decisions in managing a business in tertiary, secondary and primary sectors. Candidates should understand how operations management can help a business to be more effective, and the role that can be played in this by technology.

    Making Operational Decisions:
    • operational targets
    • calculating and managing capacity utilisation
    • operational issues dealing with non-standard orders and matching production and demand.

    Operational targets relate to unit costs, quality and capacity utilisation. Candidates should be able to calculate and interpret unit costs.

    Managing output to match orders should include:
    use of overtime, hiring temporary and part-time staff, rationalisation and sub-contracting and the importance of managing stocks efficiently.

    Developing Effective Operations:
    Quality:

    • the meaning of quality
    • the distinction between quality control and quality assurance
    • systems of quality assurance
    • quality standards.

    Systems of quality should include Total Quality Management (TQM).

    Candidates should be aware of the issues involved and the possible benefits of introducing and managing quality systems and/or achieving quality standards.

    Issues in introducing and managing quality include costs and other implications of training and the possibility of disruption to production.
    The importance of quality might be judged through its impact on sales, its possible use as a Unique Selling Point (USP), the flexibility it can give in pricing decisions and costs.

    Developing Effective Operations:
    Customer Service:

    • methods of meeting customer expectations
    • monitoring and improving customer service
    • the benefits of high levels of customer service.

    Methods of meeting customer expectations should include: market research, training, use of quality assurance and control, quality standards.

    Candidates should understand the ways in which a range of different businesses use customer service to improve their performance.

    Working with Suppliers:

    • choosing effective suppliers
    • the role that suppliers play in improving operational performance.

    Factors affecting choice of and relationship with suppliers should include: prices, payment terms, quality, capacity, reliability and flexibility.

    Using Technology in Operations:
    • types of technology in operations management
    • issues in introducing and updating technology.

    Types of technology should include: robotics, automation such as stock control, communications and design technology.

    Candidates should be aware of the benefits of technology such as: reducing costs, improving quality, reducing waste and increasing productivity.


    Marketing and the Competitive Environment
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    In this section candidates should understand the importance of marketing to businesses and issues affecting their competitiveness. The study of marketing at AS Level should focus on using the results of market research and developing an appropriate and integrated marketing mix. Consideration should be given to how information technology might be used to assist marketing.

    Effective Marketing:
    • the purpose of marketing
    • niche and mass marketing.

    Candidates should be aware of the benefits and drawbacks of niche and mass marketing. Candidates should be aware of consumer marketing and business to business marketing.

    Designing an Effective Marketing Mix:
    • influences on the marketing mix
    • the importance of an integrated marketing mix.

    The influences on the marketing mix may be wide ranging encompassing, finance, technology and market research.

    Using the Marketing Mix:
    Product:

    • influences on the development of new goods and services
    • unique selling points (or propositions)
    • product portfolio analysis
    • product life cycle.

    Influences on the development of new goods and services include: technology, competitors’ actions and the entrepreneurial skills of managers and owners.

    Product portfolio analysis should include the Boston Matrix.

    Using the Marketing Mix:
    Promotion:

    • elements of the promotional mix
    • influences on the choice of promotional mix.

    The promotional mix includes factors such as: PR, branding, merchandising, sales promotions, direct selling and advertising.

    Using the Marketing Mix:
    Pricing:

    • pricing strategies
    • pricing tactics
    • influences on pricing decisions.

    Pricing strategies should include: price skimming and penetration, price leaders and price takers.

    Pricing tactics should include: loss leaders and psychological pricing.
    Influences on pricing decisions should include the price elasticity of demand.

    Candidates must understand the significance, determinants and the problems of measurement of price elasticity. Candidates should be able to use the price elasticity coefficient to show the effects of price changes on total revenue. However, candidates will not be required to calculate the coefficient of price elasticity.

    Using the Marketing Mix:
    Place:

    • choosing appropriate outlets/distributors
    • types of distribution channels.

    Marketing and Competitiveness:
    • the possible impacts of market conditions and degree of competition
    • determinants of competitiveness
    • methods of improving competitiveness.

    Candidates should be aware of a range of markets with differing numbers of businesses and degrees of competition such as one dominant business or many smaller businesses. They should consider how this impacts on the design of the marketing mix.

    Methods of improving competitiveness include marketing and non-marketing methods such as reducing costs, improving quality and staff training.
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    Hey MagicDust umm, are those all the formulas ? because i have learnt them all and are you sure the first two are before tax, i thought net profit was after everything has been taken
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    (Original post by GeniusLad)
    Hey MagicDust umm, are those all the formulas ? because i have learnt them all and are you sure the first two are before tax, i thought net profit was after everything has been taken
    Hello
    Yeah pretty sure, but I'll check my other text books
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    (Original post by GeniusLad)
    Hey MagicDust umm, are those all the formulas ? because i have learnt them all and are you sure the first two are before tax, i thought net profit was after everything has been taken
    The others seem not to mention it :p: I don't think it really matter to be honest, but at AS level I think the point is you don't have to worry about tax so it doesn't get overly complicated But I could be wrong!
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    Okay thankyou ever so much anyhow
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    Hey, is anyone using the AS-Level business Studies AQA CGP revision guide for thier exams??
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    How would you answer this ?

    Two Seasons Ltd was originally a single store in Northampton selling sports
    equipment and clothing. As the business grew, it focused more on winter sports
    equipment. By February 2008, the company had 13 stores in towns across the
    Midlands.
    Two Seasons Ltd ’s Managing Director, Stuart Roberts, has a simple business
    model. The company’s stores are located on, or just off, high streets in towns. It
    targets middle-market customers for sports clothing, rather than the high volume,
    low price segment of the market which is dominated by giant retailers such as JJB
    Sports. As well as sports equipment and clothing, Two Seasons Ltd sells a range of
    urban streetwear. The company claims to be the only retailer in the UK to sell this
    combination of products and uses it as a unique selling point (USP). Two Seasons
    Ltd offers outstanding customer service and its customers frequently recommend it to
    friends.
    The company has recently opened a new store in the Westfi eld shopping centre in
    Derby. This is a smart (and expensive) retail environment and up-market from the
    company’s usual locations. Stuart Roberts admits that the Derby shop is very different
    in that it is an expensive location. “In the fi rst few weeks, we were getting 7000
    people a week coming through the door, compared to our normal 2000 to 3000.”
    However, success has come at a price. The cost of opening the Derby store was
    £260 000, whereas a new store in a cheaper location in Birmingham was opened at a
    cost of only £30 000.
    The success of the new store in Derby has persuaded the company to develop further
    expansion plans. These plans will mean opening new stores in shopping centres such
    as Derby. This is expensive but should increase revenues. On the basis of the Derby
    store, opening four new stores would cost approximately £1 million and, despite the
    company being profi table over the past fi ve years, this could mean borrowing large
    amounts from the bank.

    1 (a) Calculate the net profit margin that Two Seasons Ltd would have forecast for
    2007–2008 (Figure 2).

    Figure 2: Two Seasons Ltd, forecasts for expansion plans

    Forecast turnover 2007–2008 financial year - £10.4 million
    Forecast net profits 2007–2008 financial year- £275 000
    Total number of new stores planned for 2008–2011- 10 –12
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    (Original post by Ramin Gorji)
    well a business has to take certain consideration espacially external factors which put a constraint on how much control they have over their marketing mix some of these factors include:
    Legal factors-such as bans on certain forms of advertising or certain products etc

    Economic factors- Eg peoples disposable income varies all the time depending when the economy is in a boom or a recession this can have massive impacts upon their marketing mix

    Political-taxes will be set on certain goods meaning there will be a limitation on the extent they can alter their price.

    You can then apply each point to the case study and say how they may have to change their marketing mix and what limits what they can do etc etc and the impacts that will have short term and long term which are evaluative statements.

    For your second question, Success of a product could come down to the level of R&D market research to see if customers want the product, promotion strategies to extend the product life cycle. How much competition is out there if its imitative innovative or just the new version of an old product( cant remember what thats called). Quality control could be a factor poor quality can lead to poor products and therefore poor customer satisfaction and hencethe success of the product. ermmm dont know what else i can put for this one

    I know its not great dont even know if its right or not but hope it helps anyway
    YAY! Thanks for the reply (I was very hopeful)!
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    (Original post by GeniusLad)
    How would you answer this ?

    Two Seasons Ltd was originally a single store in Northampton selling sports
    equipment and clothing. As the business grew, it focused more on winter sports
    equipment. By February 2008, the company had 13 stores in towns across the
    Midlands.
    Two Seasons Ltd ’s Managing Director, Stuart Roberts, has a simple business
    model. The company’s stores are located on, or just off, high streets in towns. It
    targets middle-market customers for sports clothing, rather than the high volume,
    low price segment of the market which is dominated by giant retailers such as JJB
    Sports. As well as sports equipment and clothing, Two Seasons Ltd sells a range of
    urban streetwear. The company claims to be the only retailer in the UK to sell this
    combination of products and uses it as a unique selling point (USP). Two Seasons
    Ltd offers outstanding customer service and its customers frequently recommend it to
    friends.
    The company has recently opened a new store in the Westfi eld shopping centre in
    Derby. This is a smart (and expensive) retail environment and up-market from the
    company’s usual locations. Stuart Roberts admits that the Derby shop is very different
    in that it is an expensive location. “In the fi rst few weeks, we were getting 7000
    people a week coming through the door, compared to our normal 2000 to 3000.”
    However, success has come at a price. The cost of opening the Derby store was
    £260 000, whereas a new store in a cheaper location in Birmingham was opened at a
    cost of only £30 000.
    The success of the new store in Derby has persuaded the company to develop further
    expansion plans. These plans will mean opening new stores in shopping centres such
    as Derby. This is expensive but should increase revenues. On the basis of the Derby
    store, opening four new stores would cost approximately £1 million and, despite the
    company being profi table over the past fi ve years, this could mean borrowing large
    amounts from the bank.

    1 (a) Calculate the net profit margin that Two Seasons Ltd would have forecast for
    2007–2008 (Figure 2).

    Figure 2: Two Seasons Ltd, forecasts for expansion plans

    Forecast turnover 2007–2008 financial year - £10.4 million
    Forecast net profits 2007–2008 financial year- £275 000
    Total number of new stores planned for 2008–2011- 10 –12
    NPM% = NP/REV x 100
    = (275,000/10.4mil) x 100 = 2.644230769 = 2.64% to 3sf
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    Thankyou!! is sales revenue the same as revenue and is that the same as just sales?
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    Yes, they are all the same thing!
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    Is there any way we can set up anything better than this thread for revision? Im only on this site to discuss my exams and help people :P Particularly in business Im predicted an A but am aiming (and should get) for an A* so if anyone needs any further help, PM me!
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    (Original post by Davott)
    Is there any way we can set up anything better than this thread for revision? Im only on this site to discuss my exams and help people :P Particularly in business Im predicted an A but am aiming (and should get) for an A* so if anyone needs any further help, PM me!
    I would love to be in your position right now (im predicted a B but would love an A*). How are you currently revising for BUSS2? Do you have any word of wisdom:p:
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    (Original post by dime_piece)
    I would love to be in your position right now (im predicted a B but would love an A*). How are you currently revising for BUSS2? Do you have any word of wisdom:p:
    Everyone hates my answer to that question.

    Open the spoiler as long as you promise it wont annoy you :P

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    Show


    I don't revise. In mock exams we did, I never revised once yet get over 90% every time. What I do, is to subscribe to tutor2u and BBC business news feeds and regularly read the news on current businesses while also reading articles on websites such as smarta.com. This way, I have a business brain instead of an exam brain. This means that any key terms we use I can apply to businesses I know about and I believe this makes it so much easier for me to spout it in an exam. Although, yes, I believe I am luckily a natural at Business so I guess that plays its part.

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    (Original post by Davott)
    Everyone hates my answer to that question.

    Open the spoiler as long as you promise it wont annoy you :P

    Spoiler:
    Show


    I don't revise. In mock exams we did, I never revised once yet get over 90% every time. What I do, is to subscribe to tutor2u and BBC business news feeds and regularly read the news on current businesses while also reading articles on websites such as smarta.com. This way, I have a business brain instead of an exam brain. This means that any key terms we use I can apply to businesses I know about and I believe this makes it so much easier for me to spout it in an exam. Although, yes, I believe I am luckily a natural at Business so I guess that plays its part.

    This is the same as me... although I have also revised lots... Because I NEED an A. As in or I will cry :p: haha. I am 3 marks off an A for economics A level and I didn't revise last year... Hopefully I can pull that up in my retakes this summer :rolleyes:
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    (Original post by Davott)
    Everyone hates my answer to that question.

    Open the spoiler as long as you promise it wont annoy you :P

    Spoiler:
    Show


    I don't revise. In mock exams we did, I never revised once yet get over 90% every time. What I do, is to subscribe to tutor2u and BBC business news feeds and regularly read the news on current businesses while also reading articles on websites such as smarta.com. This way, I have a business brain instead of an exam brain. This means that any key terms we use I can apply to businesses I know about and I believe this makes it so much easier for me to spout it in an exam. Although, yes, I believe I am luckily a natural at Business so I guess that plays its part.

    Nice :yep: (and no it didnt annoy me), i think its too late to do it this year but i will definately try it for next year!
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    what does outsourcing mean?

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