UNit 1 recap lesson
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Overview Learning Aim C - P4/P5/M3/D2
> External environment > Internal environment > Competitive environment > Situational analysis |
Overview Learning Aim D - P6/M4/D3
> Market structures > Demand, supply and price > Pricing and output decisions |
C1 Legislation
Legislation simply means a group of laws, i.e. a group of laws governing a specific area. For example Health & Safety legislation refers to number of laws, not all will be relevant to every organisation.
Legislation simply means a group of laws, i.e. a group of laws governing a specific area. For example Health & Safety legislation refers to number of laws, not all will be relevant to every organisation.
Assignment research
> Consider which laws have the biggest impact upon the industry
> Have any laws changed recently or are due to change in the near future?
Assignment write-up
> Describe the laws that you have identified as being important to the organisation
> Discuss what changes, or adaptions the business has or will have to make to accommodate these laws
> Evaluate the extent of the impact on the business, e.g. time and financial costs or change of business practice
> Consider which laws have the biggest impact upon the industry
> Have any laws changed recently or are due to change in the near future?
Assignment write-up
> Describe the laws that you have identified as being important to the organisation
> Discuss what changes, or adaptions the business has or will have to make to accommodate these laws
> Evaluate the extent of the impact on the business, e.g. time and financial costs or change of business practice
C2 Internal environment
This considers what it is like to work for the organisation including a look at internal practices. Of course, how a business wishes to be portrayed to the outside world may not be an accurate reflection of what it is really like inside.
This considers what it is like to work for the organisation including a look at internal practices. Of course, how a business wishes to be portrayed to the outside world may not be an accurate reflection of what it is really like inside.
Assignment research
> Can you find any documents written by staff who have/currently work for the organisation? You may find negative information easier to come by, e.g. whistle blowers
> Most large organisations will publish information on their CSR and Ethical practices. You may also find useful information via job vacancies.
> Can you find any documents written by staff who have/currently work for the organisation? You may find negative information easier to come by, e.g. whistle blowers
> Most large organisations will publish information on their CSR and Ethical practices. You may also find useful information via job vacancies.
Assignment write-up
> Describe what the business say about themselves, referring to the evidence you have collected that should be included in your appendix
> How will this effect the business, i.e. their workers, customers, finances, brand image
> Make a judgement as to how accurate you believe the image the organisation is portraying about its internal environment
> Describe what the business say about themselves, referring to the evidence you have collected that should be included in your appendix
> How will this effect the business, i.e. their workers, customers, finances, brand image
> Make a judgement as to how accurate you believe the image the organisation is portraying about its internal environment
C3 Competitive environment
It is unusual for an organisation to stand alone in a market, instead the majority of business operate in an environment filled with other businesses. Some of these are in direct or indirect competition, while other are complimentary. Navigating this environment can contribute to the success or failure of a business.
It is unusual for an organisation to stand alone in a market, instead the majority of business operate in an environment filled with other businesses. Some of these are in direct or indirect competition, while other are complimentary. Navigating this environment can contribute to the success or failure of a business.
Assignment research
> Who are the businesses direct and indirect competition?
> Who are the organisations than compliment or support the business?
> What key information can you identify about the other businesses operating in this environment?
> Who are the businesses direct and indirect competition?
> Who are the organisations than compliment or support the business?
> What key information can you identify about the other businesses operating in this environment?
Assignment write-up
> Describe the business environment in which your business operates, giving reference to your research which should be included as an appendix
> Explain the impact on your businesses competitive advantage - USP, differentiation, pricing, market position/share, cost control, technology, and relationship with stakeholders.
> Make a supported judgement about how effectively your business is navigating the environment in which it operates and the extent to which it contributes to the success of the business.
> Describe the business environment in which your business operates, giving reference to your research which should be included as an appendix
> Explain the impact on your businesses competitive advantage - USP, differentiation, pricing, market position/share, cost control, technology, and relationship with stakeholders.
> Make a supported judgement about how effectively your business is navigating the environment in which it operates and the extent to which it contributes to the success of the business.
C4 Situational analysis
Undertake the situational analysis listed and include as appendix to the assignment.
Undertake the situational analysis listed and include as appendix to the assignment.
D1 Market structures
You are only required to consider two of the four main types of market structure, perfect and imperfect competition.
You are only required to consider two of the four main types of market structure, perfect and imperfect competition.
Assignment research
> Review notes or undertake further research into what perfect and imperfect competition look like.
> Look into the features of the market in which your business operates, e.g. number of firms, freedom of entry, and nature of the product.
> Review notes or undertake further research into what perfect and imperfect competition look like.
> Look into the features of the market in which your business operates, e.g. number of firms, freedom of entry, and nature of the product.
Assignment write-up
> Explain perfect and imperfect competition and which best first the market in which your business operates
> Describe the market in detail, referring to your research that should be included in the appendix
> Make a supported judgement about the situation your business is in relation to the market structure.
> Explain perfect and imperfect competition and which best first the market in which your business operates
> Describe the market in detail, referring to your research that should be included in the appendix
> Make a supported judgement about the situation your business is in relation to the market structure.
D2 Demand, supply and price
These three areas are intrinsically linked for businesses, i.e. what is the demand for your product and what impacts that demand, how easy is it to supply your product to those that want it and what impact that ability to supply, and finally what pricing strategies does the business use and what are the impact of price on demand for the product.
These three areas are intrinsically linked for businesses, i.e. what is the demand for your product and what impacts that demand, how easy is it to supply your product to those that want it and what impact that ability to supply, and finally what pricing strategies does the business use and what are the impact of price on demand for the product.
Assignment research
> Review notes or research price elasticity of demand
> Investigate the factors that change the demand for your product
> Investigate factors that effect the ability of the business to supply their product to the customers who want it
> Review notes or research price elasticity of demand
> Investigate the factors that change the demand for your product
> Investigate factors that effect the ability of the business to supply their product to the customers who want it
Assignment write-up
> Explain the theory of price elasticity of demand and the extent to which this impacts your business
> Explain which factors effect the demand for your businesses products
> Explain which factors effect the ability of your business to supply their products
> Make a supported judgement about how much demand, supply and price influence the business or limit its potential
> Explain the theory of price elasticity of demand and the extent to which this impacts your business
> Explain which factors effect the demand for your businesses products
> Explain which factors effect the ability of your business to supply their products
> Make a supported judgement about how much demand, supply and price influence the business or limit its potential
D3 Pricing and output decisions
Pricing decisions relate to the pricing strategies a business uses when determining what to charge customers for its products, this is likely to be influenced by the pricing decisions of competitors. Ultimately a business will need to consider how best to maximise profits, i.e. output decisions.
Pricing decisions relate to the pricing strategies a business uses when determining what to charge customers for its products, this is likely to be influenced by the pricing decisions of competitors. Ultimately a business will need to consider how best to maximise profits, i.e. output decisions.
Assignment research
> Review notes or research pricing decisions and output decisions
> Research the prices and pricing strategies of competitors (you should already know this for your business)
> Research cost of production for the industry in which your business operates, are their low or high profit margins?
> Research how costs and pricing have changed in the industry over time
> Review notes or research pricing decisions and output decisions
> Research the prices and pricing strategies of competitors (you should already know this for your business)
> Research cost of production for the industry in which your business operates, are their low or high profit margins?
> Research how costs and pricing have changed in the industry over time
Assignment write-up
> Explain the pricing decisions of other businesses in the market
> Explain how this has impacted the pricing and output decisions of your business, linking to profit levels if possible
> Make an informed judgement about how this has impacted the business and if alternative approaches would have been more or less successful. Consider past developments and potential future change to costs, pricing and profit levels.
> Explain the pricing decisions of other businesses in the market
> Explain how this has impacted the pricing and output decisions of your business, linking to profit levels if possible
> Make an informed judgement about how this has impacted the business and if alternative approaches would have been more or less successful. Consider past developments and potential future change to costs, pricing and profit levels.