Business studies is offered as an option for students in Years 10 and 11. Over the two years of the course students prepare for the Edexcel GCSE in Business Studies (2BS01)
Business Studies develops students’ understanding of all of the core aspects of running a business. It has practical applications. Some students are able to put their knowledge to immediate use in local businesses. The subject also provides a good basis for further study in business and related fields.
Students complete a controlled assessment (unit 2), which requires them to carry out some first-hand research into a business of their choice and take two final examinations: Unit 1, Introduction to Small Business and Unit 3, Building a Business.
In Year 10, students learn:
Introduction to Business – Business Objectives; Need to add value; Options for start-up (franchise etc); Limited liability; Enterprise; Thinking creatively; Invention / Innovation; Calculated risk; Enterprise Skills; Entrepreneurs’ Qualities.
Customer Needs – Customer Focus; Effective delivery and customer satisfaction; Research and development; Stock control; Effective customer service; Consumer law.
Marketing – Understanding customer needs; Market mapping; Competitor strengths and weaknesses; Marketing Mix; Market research; Product trial and repeat purchase; Product lifecycle; Branding and differentiation; Building a successful marketing mix.
Human Resources – Recruiting, training and motivation; Motivational theory; Organisational structures; Communication; Remuneration.
In Year 11, students learn:
Finance – Estimating costs, revenues and profit; Forecasting cashflow; Obtaining finance; Improving cashflow; Improving profitability; Break-even; Financing growth.
External Business Environment – Market supply and demand; Impact of changes in interest rates on small businesses; Impact of changes in exchange rates; Business cycles; Stakeholders and their influence; Ethics in business; Environmental issues; Economic issues affecting international trade; The impact of government and the EU.