Level 3 Business BTEC

This subject is broken down into 383 topics in 35 modules:

  1. Exploring Business 14 topics
  2. Developing a Marketing Campaign 9 topics
  3. Personal and Business Finance 20 topics
  4. Managing an Event 11 topics
  5. International Business 12 topics
  6. Principles of Management 16 topics
  7. Business Decision Making 25 topics
  8. Recruitment and Selection Process 7 topics
  9. Team Building in Business 8 topics
  10. Recording Financial Transactions 17 topics
  11. Final Accounts for Public Limited Companies 11 topics
  12. Financial Statements for Specific Businesses 14 topics
  13. Cost and Management Accounting 10 topics
  14. Investigating Customer Service 9 topics
  15. Investigating Retail Business 12 topics
  16. Visual Merchandising 9 topics
  17. Digital Marketing 9 topics
  18. Creative Promotion 9 topics
  19. Pitching for a New Business 10 topics
  20. Investigating Corporate Social Responsibility 13 topics
  21. Training and Development 8 topics
  22. Market Research 8 topics
  23. The English Legal System 10 topics
  24. Employment Law 6 topics
  25. Aspects of Civil Liability Affecting Business 8 topics
  26. Aspects of Criminal Law Impacting on Business and Individuals 8 topics
  27. Work Experience in Business 8 topics
  28. Branding 8 topics
  29. Relationship Marketing 9 topics
  30. Legal Principles and Professional Ethics in Financial Services 8 topics
  31. Effective Management of Personal Debt 10 topics
  32. Buying for Business 14 topics
  33. Supply Chain Operations 10 topics
  34. Investment Opportunities and Financial Planning 14 topics
  35. Insurance Principles and Policies 9 topics
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  • 35
    modules
  • 383
    topics
  • 137,333
    words of revision content
  • 17+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Business

Exploring Business

Features of Businesses

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Features of Businesses

Features of Businesses

Structure and type:

  • Sole traders are the simplest form of business, owned and run by one individual.
  • Partnerships involve two or more people sharing the profits and liabilities of a business.
  • Private limited companies (LTDs) are owned by shareholders who have limited liability.
  • Public limited companies (PLCs) are larger entities where shares can be bought and sold on the stock market.
  • Franchises operate under a franchisor’s established brand and business model.

Purpose and objectives:

  • Profit maximisation is one of the main goals for businesses, especially in the private sector.
  • Businesses may seek growth through increasing outputs, expanding to new markets, or acquiring other businesses.
  • The objective of survival can be paramount for new, small, or struggling businesses.
  • Many businesses put a high priority on providing quality customer service.
  • Social objectives, such as promoting environmental sustainability, might be the aim of social enterprises.

Size and measure of success:

  • Success can be measured through profitability, market share, growth rate, and other financial indicators.
  • The size of a business can be determined by the number of employees, the breadth of its operations, or its total revenue.
  • The market share indicates the business's competitiveness compared to others in the same industry.

Business environment:

  • The micro environment includes internal and specific external factors that directly affect the business (e.g., employees, suppliers, customers, competitors).
  • The macro environment comprises broader external factors that impact the whole industry or economy (e.g., political, economic, social, technological factors - also known as PEST factors).
  • The SWOT analysis is a tool used by businesses to evaluate their Strengths, Weaknesses, Opportunities, and Threats.

Legal and ethical responsibilities:

  • All businesses must comply with laws and regulations around trading, employment, health and safety, data protection, etc.
  • Ethical responsibilities may include promoting fair trade, reducing carbon footprint, or engaging in corporate social responsibility (CSR) activities.

Course material for Business, module Exploring Business, topic Features of Businesses

Business

Investigating Retail Business

Retail Supply Chains and Logistic Processes

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Retail Supply Chains and Logistic Processes

Retail Supply Chains

  • The retail supply chain describes the path a product takes from manufacturer to end consumer.
  • This typically includes suppliers/producers, wholesalers, retailers, and finally, consumers.
  • Suppliers or producers create the products. They might be manufacturers, farmers, or other types of businesses.
  • Wholesalers buy in bulk from suppliers and sell smaller quantities to retailers. They are often overlooked but are crucial in the supply chain.
  • Retailers, such as shops and online sellers, buy from wholesalers or directly from suppliers. They sell the products in smaller quantities to the end consumer.
  • The consumer is the end user of the product.

Logistic Processes

  • Logistics is the organisation, planning, and execution of complex procedures for transporting goods from one place to another.
  • Stock management is a key element of logistics. It involves maintaining appropriate quantities of products to meet consumer demand while minimising stock holding costs.
  • Warehouse management includes receiving goods, storing them, then dispatching them when needed. The aim is to maximise efficiency and productivity.
  • Transportation management is concerned with how products reach their destination. It includes selecting the right mode of transport, planning efficient routes, and tracking deliveries.

Importance of Retail Supply Chains and Logistics

  • Competition and ever-evolving customer expectations in the retail industry make effective supply chain and logistics strategies crucial.
  • Flawless logistics can provide a competitive edge by ensuring products are available when and where customers want them, offering better service than rivals.
  • Efficient supply chain management can lead to cost savings by reducing wasted time, effort and materials, allowing businesses to stay competitive in terms of price.

Technologies Impacting Supply Chains and Logistics

  • Modern technology has a significant impact on both supply chains and logistics, and it's continually evolving.
  • Barcoding and RFID (Radio Frequency Identification) allow for accurate and efficient stock tracking, reducing human error and enabling real-time inventory management.
  • E-commerce and m-commerce (mobile commerce) technologies have reshaped the retail industry by allowing customers to shop anytime, anywhere. This has added complexity to the supply chain and logistics processes as businesses must accommodate delivery to a wide range of locations.
  • The use of data analytics is allowing businesses to predict consumer behaviour and plan accordingly, leading to more efficient supply and logistics processes.
  • Emerging technologies like automation and artificial intelligence have the potential to further revolutionise logistics by increasing efficiency and reducing costs.

Course material for Business, module Investigating Retail Business, topic Retail Supply Chains and Logistic Processes

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