Bond’s Crib Notes

Unit 2 – ‘Twas the night before the exam.

This is a list of the things you should know and be perfectly comfortable writing about by the time you sit down in the examination hall.

Use this as a check list of the syllabus. If there is anything you are uncertain about it is vital that you follow the procedure below –

1. Look at your own notes, if this doesn’t work –
   

2. Find the subject in your text book, if this doesn’t work –
   

3. Talk to your teacher!
   

Finance

Budgets

Benefits and drawbacks of budgets

Calculation of variances (Adverse and Favourable)

How does variance analysis inform decision making.

Improving Cash Flow

Causes of cash flow problems

Methods of improving cash flow

(Overdrafts, short term loans, factoring, sale, sale and leaseback)

Measuring and increasing Profit

The calculation and understanding of Net profit margins

The calculation and understanding of return on capital

Methods of improving profits/profitability

The distinction between cash flow and profit (cost reduction, price rises, etc)

People in Business

Improving organisational structures

Elements of organisational structure (levels of hierarchy / spans of control, work loads / job allocation, delegation, communication flows)

Workforce roles

How does organisational structure affect performance.

Measuring the effectiveness of the workforce

Methods of measuring workforce performance (Labour productivity and labour turnover calculations)

Recruitment, Selection, Training

The recruitment process

Internal and external recruitment

Selecting the best (Interview, assessment, tests. Job specification and person specifications)

Methods of training (On the job, off the job, induction)

Motivating employees

Using financial methods to motivate (Piece rate, bonuses, etc)

Improving job design (Enrichment, enlargement)

Working in teams (tie in with operations, below)

Theories of motivation (Maslow, Herzberg, Mayo, Taylor, McGregor)

Operations Management

Making operational decisions

Operational targets (Unit costs, quality, capacity utilisation)

Calculating and managing capacity utilisation

Non standard orders

Quality

Meaning of quality

Quality control vs Quality assurance

Systems of quality assurance (TQM etc)

Quality standards

.

Effective operations

Customer service

Working with suppliers

Choosing effective suppliers

The role that suppliers play in improving operational performance

(prices, payment terms, quality, capacity, reliability, flexibility)

Using technology in Operations

Types of technology in operations management

Issues in introducing and updating technology

Marketing

Effective marketing

Purpose of marketing

Niche vs Mass (Pros and cons)

Marketing Mix

Influences

Importance of it being fully integrated

Product

Development of new goods and services

USP

Product life cycle

Boston Matrix (Portfolio analysis)

Price

(Skimming, penetration, price leading, price taking, loss leaders, psychological, etc)

Price elasticity of demand

Place

Choosing appropriate distributers

Types of distribution channels

Promotion

(PR, branding, merchandising, sales promotions, direct marketing, advertising, etc)

Competition

Influences and impacts on the market

Bond’s Crib Notes

Unit 2 – ‘Twas the night before the exam.

This is a list of the things you should know and be perfectly comfortable writing about by the time you sit down in the examination hall.

Use this as a check list of the syllabus. If there is anything you are uncertain about it is vital that you follow the procedure below –

1. Look at your own notes, if this doesn’t work –
   

2. Find the subject in your text book, if this doesn’t work –
   

3. Talk to your teacher!
   

Finance

Budgets

Benefits and drawbacks of budgets

Calculation of variances (Adverse and Favourable)

How does variance analysis inform decision making.

Improving Cash Flow

Causes of cash flow problems

Methods of improving cash flow

(Overdrafts, short term loans, factoring, sale, sale and leaseback)

Measuring and increasing Profit

The calculation and understanding of Net profit margins

The calculation and understanding of return on capital

Methods of improving profits/profitability

The distinction between cash flow and profit (cost reduction, price rises, etc)

People in Business

Improving organisational structures

Elements of organisational structure (levels of hierarchy / spans of control, work loads / job allocation, delegation, communication flows)

Workforce roles

How does organisational structure affect performance.

Measuring the effectiveness of the workforce

Methods of measuring workforce performance (Labour productivity and labour turnover calculations)

Recruitment, Selection, Training

The recruitment process

Internal and external recruitment

Selecting the best (Interview, assessment, tests. Job specification and person specifications)

Methods of training (On the job, off the job, induction)

Motivating employees

Using financial methods to motivate (Piece rate, bonuses, etc)

Improving job design (Enrichment, enlargement)

Working in teams (tie in with operations, below)

Theories of motivation (Maslow, Herzberg, Mayo, Taylor, McGregor)

Operations Management

Making operational decisions

Operational targets (Unit costs, quality, capacity utilisation)

Calculating and managing capacity utilisation

Non standard orders

Quality

Meaning of quality

Quality control vs Quality assurance

Systems of quality assurance (TQM etc)

Quality standards

.

Effective operations

Customer service

Working with suppliers

Choosing effective suppliers

The role that suppliers play in improving operational performance

(prices, payment terms, quality, capacity, reliability, flexibility)

Using technology in Operations

Types of technology in operations management

Issues in introducing and updating technology

Marketing

Effective marketing

Purpose of marketing

Niche vs Mass (Pros and cons)

Marketing Mix

Influences

Importance of it being fully integrated

Product

Development of new goods and services

USP

Product life cycle

Boston Matrix (Portfolio analysis)

Price

(Skimming, penetration, price leading, price taking, loss leaders, psychological, etc)

Price elasticity of demand

Place

Choosing appropriate distributers

Types of distribution channels

Promotion

(PR, branding, merchandising, sales promotions, direct marketing, advertising, etc)

Competition

Influences and impacts on the market

Bond’s Crib Notes

Unit 1 – ‘Twas the night before the exam.

This is a list of the things you should know and be perfectly comfortable writing about by the time you sit down in the examination hall.

Use this as a check list of the syllabus. If there is anything you are uncertain about it is vital that you follow the procedure below –

1. Look at your own notes, if this doesn’t work –
   

2. Find the subject in your text book, if this doesn’t work –
   

3. Talk to your teacher!
   

Research

Primary and secondary – be able to define both and give the pros and cons of each method.

Quantitative and qualitative data – be able to define both, explain where each type comes from and give the pros and cons of each.

Legal structure of Business

Be able to explain and give the pros and cons of the following –

Sole Trader

Partnerships

Private Limited companies

Public Limited companies

Franchises

Fully understand the following terms

Deed of partnership

Articles of association

Memorandum of association

Certificate of incorporation

Incorporation

Limited liability

Shareholding

Enterprise

Understand –

Risk

Motivation

Government support

Opportunity cost

Identification of a niche

Market size and share

Business Ideas

Understand –

Copyright

Patents

Trademark

Sectors of Industry

Primary, secondary, tertiary sectors

Adding value

Business Planning

Be able to list and explain –

Contents of a business plan

Location of buisness

Raising finance

Be able to identify all ways in which finance is raised for the start up and expansion of a business. Pros and cons of each method is important.

Break Even Analysis

FULL understanding of –

Costs (variable, fixed and total)

Revenue

Price

Break even chart

Margins of safety

Contribution (and how it can be used to calculate the break even point)

The usefulness and limitations of using break even analysis

Cash Flow Analysis

FULL understanding of

Process

Structure

Purpose

Difference between cash flow and profit

The usefulness and limitations of using cash flow analysis

You will also need to be able to complete a partially finished cash flow table.

Budgets

Definitions of –

Budgets

Cost centres

Profit centres

Understanding of –

Purpose

Process

Pros and cons