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
People in Business
- 17 subtopics
- 45 things to know
- AS Unit 2
What People in Business covers
People in Business is examined in Unit 2, Business Functions, and again in Unit 4, which assesses the whole A level content. It covers the flexible workforce, new technology and changing working practices, workforce planning, the recruitment process, job analysis and job descriptions, internal and external recruitment, methods of selection, training, appraisal, labour productivity, absenteeism and labour turnover, organisational design and structures, delegation, empowerment and delayering, motivation theories, financial and non-financial methods of motivation, management and management by objectives, leadership styles and theories, employment rights, duties and equal opportunities and trade unions, conflict and dispute resolution.
The 17 subtopics
Each one has its own page.
- The flexible workforceFlexible workforce, home working and part-time employment.Open →
- New technology and changing working practicesOne benefit to employees of new technology in the workplace, one drawback to employees of new technology and technological unemployment.Open →
- Workforce planningWorkforce planning, skills audit and skills gap.Open →
- The recruitment process, job analysis and job descriptionsRecruitment and selection, main stages of the recruitment process and job analysis.Open →
- Internal and external recruitmentInternal recruitment, external recruitment and recruitment agency.Open →
- Methods of selectionPurpose of an interview, panel interview and work trial.Open →
- TrainingTraining and development, induction training and on-the-job training.Open →
- AppraisalThree purposes of appraisal, superior's assessment and peer assessment.Open →
- Labour productivity, absenteeism and labour turnoverLabour productivity, formula for labour cost per unit and formula for the absenteeism rate.Open →
- Organisational design and structuresOrganisational design, organisational chart and authority in an organisation.Open →
- Delegation, empowerment and delayeringTrade-off between empowerment and control of the workforce and why delayering can lose a business valuable knowledge.Open →
- Motivation theoriesThe main motivation theories, including Taylor's scientific management, Maslow's hierarchy of needs and Herzberg's two-factor theory, and how managers apply them.Open →
- Financial and non-financial methods of motivationPiece rate, one problem with paying sales staff largely by commission and salary and a wage.Open →
- Management and management by objectivesFunctions of management identified by Fayol, planning function of management and organising function of management.Open →
- Leadership styles and theoriesAutocratic leadership style, democratic leadership style and paternalistic leadership style.Open →
- Employment rights, duties and equal opportunitiesEmployer/employee relationships, contract of employment and four things a written statement of employment particulars must cover.Open →
- Trade unions, conflict and dispute resolutionTrade union, collective bargaining and single-union agreement.Open →
What you need to know
Answer each one before you reveal it.
Your recallNot started
Key term
Explain why a rise in wage rates need not raise labour cost per unit.
Key term
Give two benefits of empowerment to a business.
Key term
In what situations is tight control preferable to empowerment?
Key term
What is the central claim of Maslow's hierarchy of needs?
Key term
What are the two factors in F. Herzberg's two factor theory?
Key term
Why is job enrichment considered more powerful than job enlargement?
Key term
Summarise F. Fiedler's contingency approach to leadership.
Key term
What is ACAS and what does it do?
Key term
What is meant by a flexible workforce?
Key term
Give three ways new technology has changed where and when people work.
Key term
What is meant by recruitment?
Key term
What is meant by internal recruitment?
Key term
What is selection?
Key term
What is meant by training?
Key term
What is meant by appraisal?
Key term
What is meant by organisational design?
Key term
What is management?
Key term
What is meant by employer/employee relationships?
Key term
What is meant by flexitime?
Key term
What is meant by teleworking?
Process
Name the main stages of workforce planning.
Key term
Distinguish between recruitment and selection.
Key term
What is meant by external recruitment?
Key term
What is the purpose of an interview?
Key term
What is induction training?
Key term
What is superior's assessment?
Key term
Define labour productivity.
Key term
What is an organisational chart?
Key term
What is piece rate?
Key term
Explain the planning function of management.
Key term
What is meant by leadership?
Key term
What is a contract of employment?
Key term
What is a trade union?
Key term
What is home working?
Key term
How does automation change the type of labour a business needs?
Key term
What external information affects workforce planning?
Process
List the main stages of the recruitment process.
Key term
Give three methods of internal recruitment.
Evaluation
Give two weaknesses of interviews as a selection method.
Key term
Give two benefits of good induction training.
Evaluation
Give one advantage and one drawback of appraisal by a superior.
Numbers
A factory produces 12,000 units in a month using 40 production employees. Calculate labour productivity.
Key term
Define authority in an organisation.
Key term
What is delegation?
Take People in Business further
The same content, four other ways.
Commonly confused
Pairs that lose marks when they are blurred together.
Recruitment vs Selection
Recruitment: the process of attracting a pool of suitable candidates to apply for a vacancy in a business. Selection: The process of assessing those applicants against the stated requirements and choosing the one best suited to the post.
Job description vs Person specification
Job description: a document setting out the title, duties, responsibilities, place of work and reporting lines of a particular post. Person specification: A document setting out the qualifications, skills, experience and qualities a candidate must have in order to do the work.
Delegation vs Empowerment
Delegation: passing authority to carry out a particular task from a manager to a subordinate, while the manager remains accountable for the result. Empowerment: Giving employees the authority to make decisions about their own work and to solve problems without referring them upwards.
Questions from this topic
Each one with the model answer underneath.
- 1
What is meant by a flexible workforce?
Model answer
A flexible workforce is one whose size, hours and skills can be varied to match changes in the amount and type of work the business has.
- 2
What is meant by flexitime?
Model answer
Flexitime allows employees to vary their start and finish times around a core period when everyone must be present, provided they work their contracted total of hours.
- 3
What is home working?
Model answer
Home working is an arrangement in which an employee carries out their job from home rather than travelling to the employer's premises.
- 4
What is part-time employment?
Model answer
Part-time employment is work for fewer hours than the business treats as a full working week.
- 5
What is temporary employment?
Model answer
Temporary employment is work offered for a fixed period or for the length of a particular task, after which the contract comes to an end.
- 6
What is job sharing?
Model answer
Job sharing splits one full-time post between two employees, who each work part of the week and divide the duties and the pay between them.
What is inside Levo
Six ways to work the same material.
People in Business revision questions
- What does People in Business cover in WJEC A-Level Business?
- 17 subtopics: the flexible workforce, new technology and changing working practices, workforce planning, the recruitment process, job analysis and job descriptions, internal and external recruitment, methods of selection, training, appraisal, labour productivity, absenteeism and labour turnover, organisational design and structures, delegation, empowerment and delayering, motivation theories, financial and non-financial methods of motivation, management and management by objectives, leadership styles and theories, employment rights, duties and equal opportunities and trade unions, conflict and dispute resolution. Each one has its own page with questions and model answers.
- How is People in Business organised?
- By the WJEC 601-5238-2 specification, subtopic by subtopic, so it matches the order you are taught it in.
Every question in People in Business, 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.