GCSE Business

Quality is essential to a business’ success. Customers must be happy with the products and services they receive. If they are not, a business is unlikely to gain a good reputation or repeat customers.

Businesses must manage their materials effectively. They have a choice between keeping additional stock or using just-in-time stock control. They are affected by the relationship with their suppliers.

Customers are less likely to buy products that are difficult to find or frequently unavailable. Therefore, getting products to the right place is an important part of the marketing mix.

Promotion is a key part of marketing, helping to inform and persuade consumers about products. Promotional activity can be expensive, so it is important that choices are made wisely.

Analysing financial performance in business is key to achieving success. Businesses use key financial statements to help them achieve this.

Business are often split into different departments that depend on each other to achieve success. The more closely the departments work together, the higher the chance of success.

Businesses use organisational structures to illustrate job roles and responsibilities. Organisational structures show who each employee reports to in their job.

Financial terms and calculations includes revenue, costs, profits and loss, average rate of return, and break-even. These financial elements inform key decisions in every business.

Businesses are increasingly judged on the contribution they make to society. Behaving ethically, without harming the environment, is an important part of this corporate social responsibility.

Motivation determines how hard employees are willing to work for a business and how productive a business is. A business can motivate its employees through financial and non-financial methods.