AQA A-level BUSINESS PACKAGE DEAL BUNDLE GRADED A+(ALL CHAPTERS INCLUDED)

What are mission statements and what are the influences on missions? - Answer A mission statement sets out the purpose of a business existing. The mission statement relates to all stakeholders and typically focuses on the following. Influences: -Value of the founders -Industry the business i...

Total costs - Answer Fixed costs + variable costs Profit - Answer Total revenue - total costs Variable costs - Answer Variable cost per unit x number of units sold Total revenue - Answer Selling price per unit x number of units sold Market capitalisation - Answer Share pr...

Synergy - Answer The idea that the value and performance of two businesses combined will be greater than the sum of the two parts. Economies of scale - Answer A reduction in costs as a result of an increase in size of an operating unit. Economies of scope - Answer The average total co...

Total Contribution - Answer Total Revenue - Total Variable Costs Contribution Per Unit - Answer Selling Price(per unit) - Variable Cost(per unit) Break Even Point - Answer Fixed Costs ∻ Contribution Per Unit Margin of Safety - Answer Actual level of Output - Breakeven level of...

Why businesses exist - Answer Can make you money and you can be your own boss Mission - Answer a business aim expressed to make it seem especially purposeful and motivating Objectives - Answer SMART Specific, Measurable, Achievable, Realistic, Time-bound Why businesses set objectiv...

Budget - Answer An agreed plan, establishing, in numerical and financial terms, the policy to be pursued and the anticipated outcomes of that policy SMART - Answer How budgets must be: Specific Measurable Agreed Realistic Timed Variance Analysis - Answer The process by which the ...

Mission statement - Answer The purpose of the organisation Business objectives - Answer The aims or targets that a business works towards. E.g. profit, growth, survival, cash flow Functional objectives - Answer Goals of each of the functional areas of a business Social/Ethical obje...

Strategy - Answer the specific long term plan to meet your aims Market - Answer where you are selling your goods or services Dynamic markets - Answer market with changing internal and external factors Ansoff's matrix - Answer analysis considering different strategic direction...

Hard Human Resource Management - Answer when managers treat the human resource in the same way they would treat and other resource. employee relations likely strained and staff may see the need to get trade union involved. Line Managers - Answer Staff responsible for achieving specific busi...

Price taker - Answer A business must accept the SPPU due to little ability to compete with the price maker Necessity Goods - Answer Demand increase proportionally less than income Product life cycle - Answer Theory that sales of all products follow a similar pattern over time - develo...