Y10 Business Studies Revision Notes

Market Research

  • Reasons for conducting market research: Understanding why market research is essential for businesses.
  • Types of Market Research:
    • Primary Market Research: Gathering new data directly from sources.
    • Secondary Market Research: Analyzing existing data that has already been collected.
  • Demographics: Studying the characteristics of human populations and population segments.

Business Aims & Objectives

  • Financial Objectives: Targets related to the financial performance of a business.
  • Non-Financial Objectives: Goals not directly related to money, such as social or environmental aims.
  • Measuring Success: Determining how a business assesses whether it has achieved its objectives.

Sectors of Industry

  • Primary Sector: Involves the extraction of raw materials from the natural environment.
  • Secondary Sector: Involves the manufacturing and processing of raw materials into finished goods.
  • Tertiary Sector: Involves providing services to consumers and other businesses.

Business Ownership

  • Sole Traders: Businesses owned and controlled by one person.
  • Partnerships: Businesses owned and controlled by two or more people.

Training & People in Business

  • Induction Training: Training given to new employees to introduce them to the company.
  • Training Methods: Various approaches to employee training (e.g., on-the-job, off-the-job).
  • Communication Barriers: Factors that hinder effective communication in a business.
  • Tall Structures: Hierarchical organizational structures with many layers of management.
  • Flat Structures: Organizational structures with few layers of management.

Marketing Concepts

  • Public Relations: Maintaining a positive image and relationship with the public.
  • Promotional Pricing: Using pricing strategies to promote products.
  • Competition: Rivalry among businesses for customers.
  • Loyal Customers: Customers who repeatedly purchase from a specific business.
  • Product Life Cycle: The stages a product goes through from introduction to decline.

Business in the Global Context

  • Multinational Businesses: Companies that operate in multiple countries.