Key term
WJEC A-Level Business 601-5238-2
Enterprise and Starting a Business
Markets and Market Research
Topic overviewTypes of marketMarket size, market share and market trendsMarket segmentationThe degree of competition in a marketPerfect competition and monopolistic competitionOligopoly and monopolyConsumer protectionDemand and the demand curveSupply and the supply curveMarket equilibrium and changes in price and quantityPrice and income elasticity of demandInferior, normal and luxury goodsThe value of market researchPrimary market researchSecondary market researchQualitative and quantitative dataSampling and avoiding bias
Marketing
Topic overviewMarket orientation, product orientation and asset-led marketingThe marketing mixProduct and the product portfolioBranding, USP and differentiationThe product life cycleExtension strategiesThe product life cycle and cash flowThe Boston matrixPricing strategiesChoosing the right pricing strategyPromotion: above the line and below the linePlace and distribution channelsThe marketing mix in different contexts and global marketingNew technology in marketing
People in Business
Topic overviewThe flexible workforceNew technology and changing working practicesWorkforce planningThe recruitment process, job analysis and job descriptionsInternal and external recruitmentMethods of selectionTrainingAppraisalLabour productivity, absenteeism and labour turnoverOrganisational design and structuresDelegation, empowerment and delayeringMotivation theoriesFinancial and non-financial methods of motivationManagement and management by objectivesLeadership styles and theoriesEmployment rights, duties and equal opportunitiesTrade unions, conflict and dispute resolution
Operations Management
Topic overviewAdded valueJob, batch and flow productionChoosing the right method of productionProductivityCapacity utilisationNew technology in operationsLean production and kaizenJust-in-time and cell productionQuality control and quality assuranceTotal quality managementStock control and stock control diagramsPurchasing and working with suppliersInnovation, research and developmentInternal economies of scaleExternal economies of scaleDiseconomies of scale and the survival of small firms
Business Finance and Accounts
Topic overviewInternal sources of financeLoans, overdrafts and trade creditShare capital and venture capitalLeasing and debt factoringChoosing an appropriate source of financeFinance for entrepreneurs and SMEs in WalesRevenue, costs and profitTypes of costContribution and break-evenBreak-even charts and the margin of safetyBudgets and budgetingCash flow forecastingImproving cash flowThe income statementGross and net profit margins
Business Analysis and Decision-Making
Topic overviewPrice and income elasticity of demandSales forecasting and its reliabilityMoving averages and time-series analysisCorrelation, scatter graphs and extrapolationPresenting and interpreting data: pie charts, histograms and index numbersQualitative forecasting techniquesBudgets and budget variancesThe balance sheetWorking capital, capital employed and depreciationLiquidity ratios: the current ratio and the acid testReturn on capital employed and gearingInterpreting and comparing company accountsNon-financial measures and vision statementsDecision treesCritical path analysisCost benefit analysis and scientific decision-makingPayback period and average rate of returnNet present value and discounted cash flowSpecial orders and contribution
Strategy and Implementation
Topic overviewAims and objectivesSMART objectivesMission and vision statementsCorporate, divisional and functional strategyStrategy, tactics and corporate plansSWOT analysisPorter's Five ForcesThe Ansoff matrixOrganic growthMergers and takeoversHorizontal and vertical integrationFranchising as a method of growthLocation and relocation decisionsRationalisation and outsourcing production
Managing Change and Risk
Topic overviewInternal and external causes of changePlanned and unplanned changeThe effects of change on a businessManaging change effectivelyStorey's four approaches to managing changeResistance to changeLewin's three step processOrganisational culture and leadership in changeEvaluating the management of changeThe risks a business facesRisk assessment and preventative actionInsurable and uninsurable risksContingency planning and crisis management
The External Environment
Markets and Market Research
Demand and the demand curve
- 3 things to know
- AS Unit 1
Overview
Shape and slope of a typical demand curve, why demand curves normally slope downwards and movement along the demand curve.
What you need to know
Answer each one before you reveal it.
Your recallNot started
Key term
Why does demand require ability as well as willingness to buy?
Key term
Describe the shape and slope of a typical demand curve.
Questions from this subtopic
Each one with the model answer underneath.
- 1
What is meant by demand?
Model answer
Demand is the quantity of a product that consumers are willing and able to buy at each possible price over a period of time.
- 2
Why does demand require ability as well as willingness to buy?
Model answer
Wanting a product has no effect on the market unless the consumer also has the money to purchase it, so unbacked wishes are not demand.
- 3
Describe the shape and slope of a typical demand curve.
Model answer
A demand curve slopes downward from left to right, showing that a lower price is associated with a greater quantity demanded.
- 4
Explain why demand curves normally slope downwards.
Model answer
As the price falls the product becomes cheaper relative to substitutes so consumers switch to it, and the consumer's real income goes further, so more can be bought.
- 5
What is meant by a movement along the demand curve?
Model answer
A movement along the demand curve is a change in the quantity demanded caused only by a change in the product's own price.
- 6
What is meant by a shift of the demand curve?
Model answer
A shift of the demand curve is a change in the quantity demanded at every price, caused by a factor other than the product's own price.
Other ways to work this
The same content, four other ways.
What is inside Levo
Six ways to work the same material.
Every question in Markets and Market Research, on a schedule.
Attempt a question from memory, write the correct version, then attempt it again. Levo records the jump between your first attempt and your last, and brings each question back on the day you are due to forget it.
Or £46 a year, about £3.83 a month. Cancel anytime.