Key Stage 5
Year 12
Intent
Students will learn about business opportunities, focusing on start-ups and small and medium enterprises and the process of starting a new business. As their skills in business increase, they will begin to broaden the context of their understanding through examining other types of organisations, developing understanding about how businesses need to succeed in a competitive market.
Learning Journey
Core Knowledge and Skills
- Enterprise (meaning of enterprise and SMEs, role, motives, characteristics and impact of entrepreneurs)
- Business plans (purpose, components and source of information)
- Markets (different types, segmentation, competition, demand and supply diagrams, price and income elasticity of demand, inferior, normal and luxury goods)
Enriched Knowledge
- Impact on the economy of SMEs and job creation
Key Vocabulary
- Entrepreneurs
- Monopoly
- Segmentation
- Elasticity
Core Knowledge and Skills
- Market research (primary and secondary market research, data, methods, sampling, bias, usefulness for a business and its stakeholders)
- Business Structure (private and public sector, aims, legal structures, not-for-profit organisations)
- Business location (Factors and evaluation of choice)
- Business finance (sources of finance, advantages and disadvantages of each source)
- Revenue and costs (identify costs, calculate revenue, costs and profits, contribution, break-even, changes in costs and revenues and impact of this)
Enriched Knowledge
- Ethical considerations of carrying out market research, data confidentiality
Key Vocabulary
- Social enterprises
- Co-operatives
- Break-even
- Overhead costs
Core Knowledge and Skills
- Marketing mix
- Product (product portfolio, brand, USP, differentiation, product life cycle stages, extension strategies, Boston matrix)
- Price (different strategies eg cost-plus, skimming etc, impact of pricing decisions on a business and its stakeholders)
- Promotion (above and below the line methods, impact of choosing the right strategy)
- Place (distribution channels, importance and evaluation of these for businesses)
- Decisions about marketing mix (global markets and brands)
- New technology (social media, e-tailing and m-commerce)
Enriched Knowledge
- Ethics around the use of new technology to promote products and services
Key Vocabulary
- Portfolio
- Lifecycle
- Stakeholders
- Niche market
Core Knowledge and Skills
- Budgeting
- Business finance (sources of finance, internal and external sources, advantages and disadvantages of different sources, impact of sources of finance to a business and its stakeholders)
- Cash flow forecasting (construct calculate and interpret cash flow forecast, impact on business, strategies to improve cash flow)
- The income statement (trading, profit and loss account, calculating profit and net profit, interpreting gross and net profit margin)
- Ratio analysis (Calculate and interpret gross and net profit margins)
Enriched Knowledge
- Real life events, how to budget personal income
Key Vocabulary
- Venture capital
- Trade credit
- Forecast
- Budget
Core Knowledge and Skills
- Changes in working practices
- Workforce planning (impact and importance)
- Recruitment (process, internal and external)
- Training (Role of training in developing skills)
- Appraisal (different methods, benefits to emloyer and employee)
- Workforce performance (labour productivity and turnover, calculation and interpreting)
- Organisational design (Different structures, impact on these on businesses and stakeholders)
- Motivation (Taylor, Mayo, Malow, Herzberg, Vroom, Porter and Lawler theories)
- Management and leadership (McGregors theory X and theory Y and other leadership theories)
- Employer/employee relationships
Enriched Knowledge
- Mental health and how it is managed in the workplace, impact of working patterns
Key Vocabulary
- Person specification
- Induction
- Appraisal
- Performance-related
Core Knowledge and Skills
- Added value (explain and calculate)
- Production (Job, batch and flow)
- Productivity (Capacity utilization)
- Technology (IT, CAD, Cam and robotics)
- Lean production (kaizaen, just-in-time, cell production and time-based management)
- Quality (Control and assurance, TQM)
- Purchasing (stock control, methods and diagrams)
- Research and development (R&D and innovation)
- Economies of scale (types of internal economies of scale, problems)
Enriched Knowledge
- Issues around planning and finance, moving production to other countries and effects on the economy
Key Vocabulary
- Capacity utilization
- Lead time
- Diseconomies of scale
- Benchmarking
Year 13
Intent
To introduce students to analytical techniques and how to develop appropriate business strategies. Learners will deepen their analytical skills and evaluation of data, to investigate business opportunities and problems in a number of different contexts. Students will learn how businesses adapt to succeed in a dynamic global, external environment.
Learning Journey
Core Knowledge and Skills
- Market analysis
- Sales forecasting
- Analysing financial performance
- Analysing non-financial performance
- Aims and objectives
Enriched Knowledge
- Window dressing ethics
- Ethical aims and objectives
Key Vocabulary
- PED and YED
- Three-point moving averages
- Budget variances
- Balance sheet
- Income statement
- Financial ratios (current, acid-test, gearing)
- Mission and vision statements
- SMART objectives
Core Knowledge and Skills
- Corporate plans
- Strategy analysis models
- Growth strategies
- Decision-making models
- Investment appraisal
Enriched Knowledge
- Is growth ethical?
- Are social costs truly taken into account (CBA)?
Key Vocabulary
- SWOT analysis
- Porter’s Five Forces
- Ansoff Matrix
- Integration
- Organic and external growth
- Rationalisation
- Outsourcing
- Decision trees
- CPA
- CBA
- ARR, DCF and NPV
- Special orders
Core Knowledge and Skills
- Internal and external change
- Models to support change
- Risk assessments
- Contingency planning and crisis management
- PEST
Enriched Knowledge
- Ethical and legal changes
- Social costs of political, economic and technological changes
Key Vocabulary
- J. Storey’s four different approaches
- Lewin’s three step approach
- Insurable and uninsurable risks
- Contingency planning
- Crisis management
- Fiscal and monetary policy
- Business cycle
- Inflation
- Interest rates
- Exchange rates
Core Knowledge and Skills
- Ethics and CSR
- Laws affecting a business
- Environmental costs and control
- Free trade and protectionism
- Globalisation
- MCCs
- EU impact
Enriched Knowledge
- Ethical and legal considerations of activity
- Ethics of global trade
- Brexit
Key Vocabulary
- CSR
- Legislation
- Social costs
- Trading blocs and single markets
- Globalisation
- glocalisation
- Tariffs and quotas
- Multinational company
- EU
- Eurozone
- The euro