Level 2 Business BTEC

This subject is broken down into 282 topics in 32 modules:

  1. Enterprise in the Business World 11 topics
  2. Finance for Business 6 topics
  3. Promoting a Brand 6 topics
  4. Principles of Customer Service 13 topics
  5. Sales and Personal Selling 6 topics
  6. Introducing Retail Business 12 topics
  7. Providing Business Support 8 topics
  8. Recruitment, Selection and Employment 10 topics
  9. Principles of Marketing 8 topics
  10. Using Business Documentation 4 topics
  11. Building Successful Business Teams 6 topics
  12. Introducing Law and Consumer Rights 6 topics
  13. Financial Planning and Forecasting 7 topics
  14. Business Online 13 topics
  15. Public Sector Business 4 topics
  16. Enhancing the Customer Experience 4 topics
  17. Visual Merchandising in Retail Business 8 topics
  18. Small Business Planning 15 topics
  19. Introducing Project Management 9 topics
  20. Delivering and Improving Customer Service 17 topics
  21. Effective Business Communication 10 topics
  22. Working in Business Teams 10 topics
  23. Planning, Forecasting and Recording Business Finances 12 topics
  24. Work Experience in Business 13 topics
  25. Introducing International Business 10 topics
  26. Introducing the Economic Environment 10 topics
  27. Efficient Business Operations 9 topics
  28. Principles of Procurement and Supply 8 topics
  29. Implementing Procurement and Supply in Business 7 topics
  30. Corporate Social Responsibility 9 topics
  31. Managing Personal Finances 5 topics
  32. Sustainability in the Business Workplace 6 topics
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  • 32
    modules
  • 282
    topics
  • 103,793
    words of revision content
  • 13+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Business

Enterprise in the Business World

Finding Information

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Finding Information

The Importance of Finding Information

  • Finding information is a crucial aspect of learning about business.
  • Reliable information helps make informed business decisions.
  • It provides insights into competitors, market trends, and customer behaviour.
  • It enables businesses to identify their strengths, weaknesses, opportunities, and threats (also known as a SWOT analysis).

Sources of Information

  • Information can be gathered from a plethora of sources, both internal and external.
  • Internal sources include sales data, customer feedback, and staff surveys.
  • External sources include industry reports, market research data, and news articles.
  • Information can also be obtained through primary research (like surveys or interviews) or secondary research (like existing studies or databases).

How to Evaluate Information

  • Always evaluate the reliability, currency, authority, accuracy, and purpose (RCAAP) of your information.
  • Check the credibility of the source. Is it a reputable publisher or author?
  • Is the information up-to-date? Business environments change rapidly, outdated information might not be useful.
  • Cross-check any facts, figures, or data presented to ensure accuracy.
  • Determine the purpose of the information. Is it balanced and objective, or biased and persuasive?

Using Information for Business

  • Information gleaned should be applied to make strategic business decisions.
  • Market research information can help businesses understand their target audience better, enabling them to tailor their products or services to better serve customers.
  • Information could be used for conducting a comprehensive SWOT analysis- helping businesses strategically plan for their future.
  • Information about the latest market trends can give businesses a competitive edge.

Risks of Bad Information

  • Inaccurate or out-of-date information can lead to poor business decisions.
  • It can cause businesses to lose customers, sales, or even their reputation.
  • It's essential to verify information and use trusted sources to minimise these risks.

Course material for Business, module Enterprise in the Business World, topic Finding Information

Business

Small Business Planning

Evaluating Market Research

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Evaluating Market Research

Types of Market Research

  • Primary Research: This is first-hand research you collect yourself, and can include surveys, questionnaires, or interviews.

  • Secondary Research: Involves making use of existing information or data which has been collected by someone else. This may include online articles, market reports and studies by market research firms.

  • Quantitative Research: Focuses on numerical data or statistics that show trends and patterns.

  • Qualitative Research: Focuses on subjective data like opinions and feelings, which can be gathered through methods such as focus groups and interviews.

Approaches to Evaluating Market Research

  • Validity of Data: Check whether the data truly represents what it is supposed to represent.

  • Reliability of Data: Look at the degree to which the data is consistent and dependable.

  • Timeliness: Ensure the research is current and relevant. Old data may not reflect the current market trends.

  • Bias: Identify any potential bias in the research, such as if the data has been collected or presented in a way to support a particular argument.

  • Sample Size and Representativeness: Assess if the group of people studied in the research is large and diverse enough to represent the target audience of the business.

Making Use of Market Research

  • Identifying Opportunities: Use the research to highlight new areas where there may be potential for growth.

  • Understanding Customer Needs: Insights gained can help determine what customers want and adjust services or products accordingly.

  • Assessing Competition: Market research helps to understand what competitors are doing, which can guide strategic decision-making.

  • Reducing Risk: With solid market research, businesses can make more informed decisions and therefore reduce business risk.

Course material for Business, module Small Business Planning, topic Evaluating Market Research

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