STANDARD GRADE BUSINESS MANAGEMENT
PRELIM REVISION HEADINGS
Goods and Services?
Differences between small, medium and large businesses
Public/Private/Voluntary Sectors (OF THE ECONOMY )
Primary/Secondary/Tertiary Sectors (OF INDUSTRY )
Consumption?
Production?
Creating Wealth?
Aims of different businesses?
Entrepreneur
Stakeholders
Interests of the different stakeholders
What happens when groups of stakeholders want different things?
Social and Economic Costs and Benefits
Organisation Charts – Features
Line Relationships
Tall and flat structures
Span of Control
Responsibility and Authority
4 Functional Areas
Functional Relationships
How do businesses start?
Finance and advice for new businesses
Risk – what risks do new businesses face?
Markets
Market Research – Desk/Field Research, Product Research and Development, Prototypes, etc
Marketing Mix
Pricing – Penetration/Destroyer/Skimming, etc
Advertising
Branding
Factors of Production
Business Plans
Growth – Internal Expansion
External Expansion – Horizontal and Forward/Backward Integration
Reasons for Growth
Diversification
Innovation
Economies of Scale – both Internal and External
Break Even Analysis
Cash Flow and Cash Budgets
Trading, Profit and Loss Account
o Gross Profit
o Net Profit
Balance Sheet
o Fixed Assets
o Current Assets
o Current Liabilities
o Working Capital
o Long Term Liabilities
o Capital
Ratio Analysis
o Gross Profit %
o Net Profit %
o Rate of Stock Turnover
o Return on Capital Employed
o Current Ratio (Working Capital)
o Acid Test Ratio
o Fixed Asset:Turnover
Why do businesses fail?
What makes a successful business?
Location – Factors to consider
Infrastructure
Funding for location?
Local/Central Government Assistance
Help from the EU?
Overdraft or Loan?
Shares or Debentures?
Globalisation – Definition, Advantages/Disdavantages
Why do people work?
Skills and Qualities
Training – Different Types
Types of Contract, eg, Full-time, Part-time, Permanent, Temporary
Job Description
Person Specification
Recruitment
Contract of Employment
Appraisal – Advantages/Disadvantages
What makes a good appraisal?
Legislation affecting the workplace
Industrial Action – eg, strike, go-slow, work-to-rule, etc
What has happened to the way people work in the last 50 years?
Input-Process-Output
Distribution Options
Job/Batch/Flow Production
People v Machines
Stock Control/Just-in-Time/EPOS
Quality Control/Quality Assurance/Quality Circles/TQM