Aqa buss1 2013 jan 9th

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What is added value ? It is the difference between the price of the finished product/service and the cost of the inputs involved in making it

In more simple terms added value is the increase in value that a business creates by undertaking the production process.

Consider the examples of new cars rolling down the production line being assembled by robots. The final, completed and shiny new car that comes off the production line has a value (price) that is more than the cost of the sum of the parts. Value has been added. Exactly how much added value is determined by the price that a customer pays.

Or another example is at a top end restaurant, the raw ingredients and the making of the food once complete is a small price but is sold for a higher price than what it costs them. This is called Adding value to the product.

here are other examples which add value:
Building a brand – a reputation for quality, value etc that customers are prepared to pay for. Nike trainers sell for much more than Hi-tec, even though the production costs per pair are probably pretty similar!

Delivering excellent service – high quality, attentive personal service can make the difference between achieving a high price or a medium one

Product features and benefits – for example, additional functionality in different versions of software can enable a software seller to charge higher prices; different models of motor vehicles are designed to achieve the same effect.

Offering convenience – customers will often pay a little more for a product that they can have straightaway, or which saves them time.

A business that successfully adds value should find that it is able to operate profitably. Why? Remember the definition of adding value: where the selling price is greater than the costs of making the product.

key benefits to a business of adding value include:

- Charging a higher price
- Creating a point of difference from the competition
- Protecting from competitors trying to steal customers by charging

These are the notes i have from several resources ..Hope this helps you :smile:

Reply 61

MehvishM

Original post by jack0213123

Yeah that would be great if your not rushed for time, do you know if there are anything else the book leaves out? It is a good book, have you done much revision on it? I got a few more chapter left.

:smile:

just posted it on for you and tbh even though its a good book i don't fully rely on it i prefer past papers as practice makes perfect :wink:

and my own notes but i did use it allot when starting the course now i just read through it to refer back if i have to...so i don't know if anything has been left out sorry but im not revising anymore just pure past papers :smile:

Reply 62

jack0213123

Original post by MehvishM

just posted it on for you and tbh even though its a good book i don't fully rely on it i prefer past papers as practice makes perfect :wink:

Where can I find it? I suppose I better start past papers

Reply 63

MehvishM

Original post by jack0213123

Where can I find it? I suppose I better start past papers

its on this forum, on this page just two posts above this ^^^ haha
yeah it would be a good idea, plus there is a question on adding value somewhere on one of the past papers .. :smile:

Reply 64

jack0213123

Original post by MehvishM

its on this forum, on this page just two posts above this ^^^ haha
yeah it would be a good idea, plus there is a question on adding value somewhere on one of the past papers .. :smile:

THanks a lot, they are really good notes so you must be organised. That book has let me down haha it is my only source of knowledge as it was an extra to school with minimum support.

Reply 65

MehvishM

Original post by jack0213123

THanks a lot, they are really good notes so you must be organised. That book has let me down haha it is my only source of knowledge as it was an extra to school with minimum support.

hahah thanks and anytime :smile:

but as another source i would recommend for you to use past papers it will help allot trust me and if you need anything else let me know am happy to help, it helps me to remember and go over things as-well

Reply 66

Leelad

Hey guys, guess I'm a little late but better late than never :smile:

Hope everyone is doing ok with revision/past papers. This is my first AS exam so very nervous but thankfully it's my only one in January :smile:

I always panic on question 2 and nearly always forget to put a definition in and go straight to application/analysis :facepalm:

Going to revise key terms and formulas tomorrow for those pesky question 1's.

Reply 67

Revision-

Sup, as long as you all understand the content, you should be alright. BUSS1 is pretty much GCSE but in a bit more depth, ppl who did GCSE Business will understand. Also, you need to understand exam technique and always start a definition for the higher mark questions!

Reply 68

QwertyG

Can we talk about the last question and what the best technique can be used to tackle it?

Reply 69

Sim.Gill6

do transsexuals get maternity leave or paternity? :confused:

Reply 70

Revision-

Depends what their original gender was, I see your referring to employing people, right?

Reply 71

Sim.Gill6

Yeah mate

(edited 11 years ago)

Reply 72

Sim.Gill6

Original post by QwertyG

Can we talk about the last question and what the best technique can be used to tackle it?

What I'd say is start with a definition (ao1)
then a02 which is knowledge, i believe..
then analysis i.e weighing out advantages n disadvantages
Evaluation, your decision!
hope this helps..

Reply 73

QwertyG

Original post by Sim.Gill6

What I'd say is start with a definition (ao1)
then a02 which is knowledge, i believe..
then analysis i.e weighing out advantages n disadvantages
Evaluation, your decision!
hope this helps..

Is there any generic analysis/evaluation tips you can give which can be applied to any 13+ mark question

Reply 74

MehvishM

Original post by Revision-

True say and good tips but it comes down to the structure of the answers which i think puts many people off well it does to me anyways... :smile:

Reply 75

krishman

Hey I'm retaking this exam.I did the full AS in year 11 and got an E and guess what - I didn't revise that much.It really is one of the easiest exams and that's why universities don't regard it so much.Also think about this - people can still do the A level even if they didn't do business at GCSE unlike courses such as chemistry so it must be easy! Just revise definitions and formulas and revise the advantages and disadvantages of budgeting and all that - your marks come from your English sentence structure and application - content and core knowledge marks are sparse! :smile:

This was posted from The Student Room's iPhone/iPad App

Reply 76

iTOMTOMi

Original post by krishman

people can still do the A level even if they didn't do business at GCSE unlike courses such as chemistry so it must be easy!

....your marks come from your English sentence structure and application - content and core knowledge marks are sparse! :smile:

This was posted from The Student Room's iPhone/iPad App

You're right about not having to do GCSE, but it doesn't necessarily mean everyone will find it any easier than other subjects - because they have no past knowledge!

But that's a good point, you just need to get in application and analysis links and you'll be fine... 5 Analysis links and 3 Application links per paragraph should see you through...

Reply 77

TomKKK

Hi everyone. I've got the Buss 1 Exam on Wednesday. Confident I've dont enough revision (First as Exam

) I used the CGP Revision guide as well as exam papers.

Here's some tips for certain questions (My preference)
15 Markers

1.- Definition

Look at the Question, try to spot any keywords you've learned and then define them, make it brief (roughly 2 lines per definition )

Eg Define a patent

2. Point

State a Disadvantage/ Benefit / Factors leading to success or failure.

Eg Emily should use a patent as it'd prevent others using her product/Technique.

3. Application

Using that point, see how it is relevant to the business in the case study,

eg Market is increasing 10% per annum, so there's an increased chance competitors would want use her idea.

4. Analysis

State the long term benefit/Disadvantage of your first point ( basically expand on your original point ). Aim to also use examples in your analysis.

Eg By Protecting her Ideas, Emily can become efficient as (her patent increases efficiency), this could allow her to sell at a lower price which could help her generate a £500,000 in sales revenue (one of her objectives.

5. Evaluation - End of each para

AT the end of each paragraph, summarize in short why your point may not work in a ( for and against question ) Make it brief roughly 1 line so you can sum up all Evaluative points In a Final Evaluation at the end of your response.

Eg However a possible lower price could deter customers away from the product ( May think it is tacky )

6. Do this roughly 4 times, 2 For and 2 against.

7. Final Evaluation , roughly 4-6 lines

Sum up your points, provide a justification using the judgement from your points. You don't have to sum up every point from your P.E.A, just make sure it flows and is logically correct.

Eg I think Emily should patent her product because of it's long term benefits. Although a patent could take time and money to register, in the future it could give her a U.S.P, so she can differ from customers - which has it's benefits (low price etc ) - mention them - which could allow increase revenue/profit etc. Short and brief especially if you've already mentioned these points.

For the 9 markers.

Specify keywords with a definition.
Do the P.E.A three times, eg usually would be an analyse benefits or limitations Question so just do three P.E.A for either.
No evaluation is needed, just follow the same structure for P.E.A from 15 marker ( Above ). Usually if done correctly should take a three quarters of a page compared to 1 and possibly 3-5 lines for a 15 marker. ( For me)

BTW - I'm doing AQA, but should be relevant to some questions for those that are doing Edexcel

Hope this helps everyone.

Thanks and good luck.

Reply 78

TomKKK

If anyone is struggling to find exam papers (They haven't done ) ,

Here is the specimen paper for 2009/10

http://intranet.wellingtoncollege.org.uk/resource.aspx?id=249426

Mark Scheme (No peeping :rolleyes:

)

http://store.aqa.org.uk/qual/gce/pdf/AQA-BUSS1-W-SMS-07.PDF

(edited 11 years ago)

Reply 79

TalMaguire

I also have the AQA AS CGP book, I have no idea where BUSS1 ends and BUSS2 begins, or if they're all mixed up. I've missed bits and pieces of content here and there and it's all getting very stressful. Does anyone who has this book know? Or if anyone has a checklist of the basic topics they could paste?

Thanks in advance!
Tal.