All posts by Rev Ninja Free
1.1.1 Being an Entrepreneur
Entrepreneurs are the people who start their own business or enterprise. Entrepreneurship is a skill and entrepreneurs take calculated risks …
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1.1.2 Entrepreneurial Motivators
Entrepreneurs may be motivated to start their own business for the following factors: Financial (profit as a financial reward) financial …
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1.1.3 Entrepreneurial Skills and Attributes
Having certain skills or attributes increases an entrepreneur’s chances of making their business successful. Attribute – Attributes are something that …
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1.2.1 Reasons for Aims and Objectives
Aims are the main overall goal of a business or enterprise. Objectives are the little goals that help the business …
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1.2.2 Financial Aims and Objectives
Financial aims and objectives are those that are linked to revenue, costs, cash or profit. There are 5 types of …
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1.2.3 Non-Financial Aims and Objectives
In addition to monetary aims and objectives, a business may have other aims that are non-financial: Positive Reputation Reputation is …
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1.3.1 Legal Structures
There are 6 different types of business ownership: Sole Trader A sole trader is when a business is owned and …
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1.3.2 Structural Characteristics
There are two types of structures that businesses can be organised in: tall & flat. A hierarchy shows the layers …
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1.3.3 Restructuring
Delayering is when a business removes a layer of management from its organisational hierarchy — it becomes flatter. Redundancy is …
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1.4 Stakeholder Engagement
Stakeholders are anybody that has an interest in a business. Stakeholders are impacted by a business’s operations, but they can …
Read More2.1.1 Aspects of the Market
A market is an industry made up of customers and competitors that a business wishes to operate in and target …
Read More2.2.1-2 Primary & Secondary Research
Market research is the act of a business researching its customers or competitors in order to understand the marketplace better. …
Read More2.2.3-5 Data, Market and Orientation Types
2.2.3 Data types Quantitative (numerical) data — Information you can measure or reduce to a number. “How often do you …
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2.3.1 Price
Marketing MixThe marketing mix is a combination of the 4Ps that a company uses to influence customers to purchase its …
Read More2.3.2 Place
Place is one of the 4Ps of the marketing mix. Channels of Distribution Direct to Consumers/ E-commerce The manufacturer sells …
Read More2.3.3.a Promotion: Methods
Promotion is one of the 4Ps of the marketing mix. There are 3 methods that a business may use to …
Read More2.3.3.b Promotion: Influential Factors and Promotional Objectives
Promotion is one of the 4Ps of the marketing mix. Factors that influence the promotional mix Target market – depending …
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2.3.4 Product
Product is one of the 4Ps of the marketing mix. Products are either goods or services that customers buy to …
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2.3.5 Product Lifecycle & Extension Strategies
Product is one of the 4Ps of the marketing mix. The product lifecycle is the idea that products go through …
Read More2.3.6 Product Development and Innovation
Product is one of the 4Ps of the marketing mix. Innovation is the idea of creating something new. Creating an …
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2.3.7 Boston Matrix
Product is one of the 4Ps of the marketing mix. The Boston Matrix allows a business to measure its products …
Read More2.3.8 Branding
Branding is the identity of a business. It is reflected in everything the business does from the business logo, and …
Read More3.1.1 Methods of Recruitment
Human Resources (HR) is the department in the business that manages employees (the human resources the business uses to generate …
Read More3.1.2 Stages of Recruitment
First, the business will need to find out the type of role they are hiring for. This may be because …
Read More3.1.3 Type of Employment Contracts
There are many different types of contracts and a business will decide which one to use based on its needs …
Read More3.2.1 Methods of Staff Development and Monitoring
Staff development is the idea of helping staff to reach their full potential and to be the best they can …
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3.3.1 Financial methods of motivation
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Read More3.3.2 Non-financial methods of motivation
Job rotation is when employees move between different roles in the business. For example, retail workers may rotate between the …
Read More3.3.3 Motivation Theories
Staff and employees are the people (personnel) of a business. Staff motivation is a major business influence, motivated staff are likely …
Read More4.1.1 Outsourcing
Outsourcing is the process of a business delegating business tasks to another company. For example, Apple outsources production of the …
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