On day 28 of the Year 12 Recap we focus on a specific area of the operations division of a business and look at the operational data a business may collect.
On day 27 of the year 12 recap we look at the main operational objectives which a business may have in mind when delivering a good or service to the market.
On day 26 of the year 12 recap we analyse cash flow forecasts and how a business can improve its own cash flow position.
On day 25 of the year 12 recap, we turn our attention to cash flow forecasts and the importance of cash flow for a business.
On day 24 of the Year 12 recap, our analysis of break-even points continues by looking at break-even charts.
On day 23 of the Year 12 Recap we look at break-even points for a business and why it is important for any business to reach this particular point.
On day 21 of the Year 12 Recap we turn our attention towards the finances of a business and specifically how a firm acquires the finances it needs to invest and grow.
On day 20 of the Year 12 Recap we look at some of the basic cash flow concepts of a business – revenue, costs and profits.
It is important that any business sets itself appropriate financial objectives to ensure a business model is sustainable, whilst also financially pleasing the different stakeholders of the business.
Watch the video below:
On Day 18 of our Year 12 Recap we take a look at the motivational theories put forward by the most influential pieces of literature available in the academic study of business.
On Day 17 of the Year 12 Recap we look at job design and why it is important for a business to adapt the requirements and responsibilities of a job to suit the types of workers that fill that position within a business.
On day 16 of the Year 12 Recap we are looking at the different organisational structures that a business can have.
On day 15 of the Year 12 Recap we look at the different types of data that can be collected relating to the human resources department of the business.
On day 13 of the Year 12 Recap we turn our attention to the Human Resources (HR) department of the business and discuss the objectives that a business should have in mind when managing the business’s workforce.
For most businesses, it is crucial to have some element of human input into the production process to combine with the level of sophistication that technology brings the company. However, unlike technology and machines, humans cannot be calibrated to a specific setting and left unmonitored. The management team of a business needs to organise, motivate and develop their staff to maximise performance and ensure the company can achieve its corporate objectives. This can be a challenging aspect of running a business; as every worker reacts to workplace policies in a different way.
Here Jack guides you through the HR objectives revision slide:
On day 12 of the Year 12 Recap we look at elasticity and the different forms of elasticity you need to be comfortable with at A-level Business.
Elasticity measures the responsiveness of a change in one variable to a change in another variable. The business application of elasticity is that a firm can use the price elasticity of demand (PED) and income elasticity of demand (YED) to their advantage when deciding upon their own strategy. If a firm knows the PED value of their product they have an insight behind the expected net impact on business revenue from a change in price. This forms the basis for a firm’s pricing strategy. The YED value helps a firm establish the expected change in demand from a change in household disposable income. This elasticity measure is important for a firm to be able to recognise how well placed it is in operating in different economic scenarios and events.
Here Jack guides you through the elasticity revision slide:
On day 11 of the Year 12 Recap, we look at the different pricing strategies that firms can charge.
If firms are to maximise the commercial success of a product, the right price for the product needs to be charged. However, this can often be more difficult for a firm than you might expect. The right price to set is not a static decision which can be taken – it depends on the competitive environment, the business’s current strategy and the external environment the business operates in. Therefore, firms have many different pricing strategies available to them that they can adopt.
Here Jacob guides you through the revision slide on pricing strategies:
On day 10 of the Year 12 Recap, we look at the product lifecycle.