EXAM TECH Flashcards
Content
3.1 What is a business?
3.2 Managers, Leadership and Decision making
3.3 Decision making to improve marketing performance
3.4 Decision-making to improve operational performance
3.5 Decision-making to improve financial performance
3.6 Decision-making to improve human resource performance
3.7 Analysing strategic position
3.8 Choosing strategic direction
3.9 Strategic method how to pursue strategies
3.10 Managing strategic change 
Focus
3.1 to 3.6 : functional areas, core business concepts, the nature of purpose and roles in a business  
3.7 to 3.10 : more strategic view and build of study 
Paper 1 structure
Section A
- 15 multiple choice questions
- expect maths questions
- 15 marks
Section B
- Short answers
- 2 4 mark calculation questions
- 3 9 mark questions
- 35 marks
Section C
- 2 essay questions (choose one)
- Q21 or Q22
- 25 marks
Section D
- 2 essay questions (choose one)
- Q23 or Q24
- 25 marks
Paper 2 structure
- 3 compulsory data questions
- Each question consist of three or four part questions 
- they will have data, e.g data/tables/chart/graphs and/or a case study
- e.g Q1.1 , Q1.2 , Q1.3 , Q1.4
- Open questions : requires applying answer to all businesses, as well as the case study
Paper 2 structure
Case studyone
2+3+4+9+16 (EVAL)
Case study two
2+6+9+16 (EVAL)
Case study three
2+6+9+16 (EVAL)
34+33+33 = 100 marks
Paper 3 structure
- One case study
- 6 questions relating to the study
- Requires applying answer to all businesses as well as the case study
Paper 3 structure
Q1. 12 marks
Q2. 12 marks
Q3. 16 marks
Q4. 16 marks
Q5. 20 marks
Q6. 24 marks
Quantitative skils
- 10% of the marks come from maths skills
⬇️
1. Calculate, use and understand, ratio, averages and fractions.
2. Calculate, use and understand, percentages and percentage changes
3. Construct an interpret range of graphical forms
4. Interpret index numbers
5. Calculate cost, revenue, profit, and break even
6. Calculate investment appraisal outcomes and interpret the results
7. Interpret values of price, elasticities and income of demand
8. Use and interpret qualitative qualitative info to make decisions
9. Interpret, apply and analyse information in written, graphical and numerical forms
Quantitative skills
- Some questions ask to do a calculation and use result in the answer
- ⬆️It can be used to support arguments, for example calculation to strengthen appoint equals better application, analysis, and evaluation
AO1
Knowledge and understanding
- Demonstrate knowledge and understanding of key terms, concepts, theories, methods, and business models
⬆️ and how businesses and individuals are affected / impacted and respond to Business issues
Must be familiar with all key terms on the spec
A02
Applying knowledge
- Bring Business Is into open questions
- Range of business context to demonstrate how businesses and individuals are affected
- Use the context from the question to support your argument
- Tailor your answer to specific business/industry
- Manipulate and/or combine data, do not just describe
AO3
Analysis
- Issues in a business, an understanding impact of issues on individuals and organisations of internal/external influences
- Cause and affect/how and why
- Pick the best points and develop fully
- developed points> too many poorly developed points
- Pros and cons, develop causes, consequences, and effects, logical chains of reasoning
AO4
Evaluation
- Both qualitative and quantitated information to make a judgement and proposed solution to issues based on evidence
- Balance response ‘it’s depends on’ ‘not all’
- Examiner must be clear on your opinion
Analyse
AO1
AO2
AO3
To what extent?
AO1
AO2
AO3
AO4
Evaluate
AO1
AO2
AO3
AO4
Recommend
AO1
AO2
AO3
AO4
Draw
AO1
AO2
Explain
AO1
AO2
Do you believe?
AO1
AO2
AO3
AO4
Calculate
AO1
AO2
Application
- Should be present throughout
- Language specific to industry
- Use of calculations to support arguments and combining data
- Recognition of specific business aspects, for example, management or issues faced by business (recognising situation of the business)
- Use examples: products, like, customers like, competitors such as, variable costs like etc
‘Such as seasoning’
For example, as a consequence, Domino’s Pizza will be able to reduce the variable cost per unit, SUCH AS dough, pepperoni and mushrooms
- if you can change the business in the question and you answer still make sense, it’s not specific enough
PADLS
Patterns
Anomalies
Data manipulation
Links and limitations
Support
Patterns
- In chart/sales
- Forecasting/market share overtime
- Are there patterns or trends in data?
Anomalies
Any unusual or out of ordinary trends in data, for example, a pattern not repeated
Data manipulation
- Taking two pieces of data and manipulating e.g calculate and use it with other data to support argument.
E.g chart gives you gross profit and sales revenue, so you calculate gross profit margin and use it as part of your analysis.
Links and limitations
Pieces of information that can be linked together, or where one can explain argument
Which data might be more useful and limitations of relying on data
E.g sample, size of data
Support
How can data be used to support the argument and to support evaluation
Referencing back to the data, I didn’t weight to your answer
Analysis
- Analysing issues raised by question
- Using point/argument with logical chain of reasoning
- Clear start and end
- use theories that don’t force them in
- Chain of reasoning: lead to, which, therefore, consequently etc
- Arguments made specifically in context
- HOW AND WHY?
- ‘Could’ ‘should’ ‘might’ not will
- Be selective
- Analysis create foundation for evaluation (for and against)
Evaluation
- be clear on your judgement, you should know your judgement before you start writing
- What is in the question that drives the response?
- You could start with a valuation, so the examiner is clear on the direction of where response is going
- Don’t create new points in evaluation
- Should balance and support arguments
Evaluation : AJIM
Answer
Answer question using judgement/recommendation
Justify
Justify judgement or recommendation (why)
It depends on (what)
Most important
What’s the most important reason that led to your judgement/recommendation
Evaluation : the five W’s
What?
What is your judgement? Answering evaluation hook in the question
Why?
Why did you reach that judgement? You can draw out most important points that help support opinion.
What?
What was the most important reason for your judgement?
Why?
Why did you choose that one and reject the alternative?
What?
What might judgement/recommendation depend on? Are the factors influencing? Have you assumed?
PECAN
Point , Explain , Contextualised Anaslysis
Point, Explain:
- Short statement of point to be developed (2 lines max)
- So examiner knows what you’re going to argue
- Try to use words from the question
Contextualised analysis:
- Explain point in depth (analysis), using how and why - can use theories to back point up
chain of reasoning that gets you from the start to end of point
PECAN
Growing demand for budget gyms has affected James fitness as the demand for health and fitness clubs is price sensitive. To what extent should all businesses be concerned about increasing competition from low-cost operators in their markets (16 marks)
PE:
James fitness should I be concerned about increasing competition from low-cost operators…
(Including question in answer)
… BECAUSE!!
These competitors are more competitive on the price which may further threaten James fitness’ financial performance.
- Do but include application in PE
CAN:
PiE sentences
POINT INCLUDED EVALUATION
- Adds evaluation to end of PECAN point (16 mark + questions)
- Sentence at the end that sums up opening point and evaluation book in question
- Not conclusion
PiE sentences
PECAN from before
+ PiE :
‘should be of significant concern’ - evaluation hook
