BOOK
BTEC Tech Award Level 1/ 2 student book Enterprise
Cathy Richards | Helen Coupland-Smith | Andrew Redfern
(2018)
Additional Information
Book Details
Abstract
BTEC Tech Award Level 1/ 2 student book Enterprise
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Front Cover | Front Cover | ||
| Contents | iii | ||
| About this book | v | ||
| How to use this book | vi | ||
| Component 1: Exploring Enterprises | 2 | ||
| Examining the characteristics of enterprises | 4 | ||
| What is an enterprise? | 4 | ||
| Customer service | 6 | ||
| Service and loyalty | 6 | ||
| Creativity and innovation | 7 | ||
| Why enterprises fail | 7 | ||
| Types of small and medium enterprises | 8 | ||
| Micro enterprises | 8 | ||
| Small enterprises | 9 | ||
| Medium enterprises | 9 | ||
| Characteristics of small and medium enterprises | 10 | ||
| Running SMEs | 10 | ||
| Employees | 10 | ||
| Type of ownership | 11 | ||
| Location or operation | 11 | ||
| The purpose of enterprise | 12 | ||
| Aims | 12 | ||
| Objectives | 13 | ||
| Social and political pressures influencing enterprises | 14 | ||
| Social pressure | 14 | ||
| Political pressure | 15 | ||
| Broader ethical responsibilities | 15 | ||
| Range of goods and services | 16 | ||
| Enterprises selling services | 16 | ||
| Enterprises selling goods | 17 | ||
| Entrepreneurs | 18 | ||
| Reasons for starting your own enterprise | 18 | ||
| Mind-set of an entrepreneur | 20 | ||
| Being focused | 20 | ||
| Having passion | 20 | ||
| Showing motivation and dedication | 20 | ||
| Being innovative or inventive | 21 | ||
| Being proactive | 21 | ||
| Having confidence | 21 | ||
| Being flexible, adaptable and resilient | 21 | ||
| Being visionary and inspirational | 21 | ||
| Skills for success | 22 | ||
| Interpersonal communication skills | 22 | ||
| Planning | 22 | ||
| Time management | 22 | ||
| Negotiation | 23 | ||
| Prioritising tasks | 23 | ||
| Problem solving | 23 | ||
| Managing risks | 23 | ||
| Learning aim A: assessment practice | 24 | ||
| Market research: anticipating and identifying what customers want | 26 | ||
| Anticipating customer needs | 26 | ||
| Identifying customer needs | 26 | ||
| Identifying customer expectations | 27 | ||
| Offering value | 27 | ||
| Responding rapidly to enquiries | 27 | ||
| Providing clear and honest information | 27 | ||
| Market research and ongoing customer needs | 28 | ||
| After-sales service | 28 | ||
| Linking products to customers | 29 | ||
| Using market research to understand customers | 30 | ||
| Qualitative research | 30 | ||
| Quantitative research | 31 | ||
| Primary research: questionnaires, visits and observations | 32 | ||
| Why primary research is important | 32 | ||
| Your assessment | 33 | ||
| Primary research: interviews, focus groups and surveys | 34 | ||
| Interviews and focus groups | 34 | ||
| Surveys | 35 | ||
| Secondary research: online research and company materials | 36 | ||
| Advantages of secondary research | 36 | ||
| Disadvantages of secondary research | 36 | ||
| Online research | 37 | ||
| Company materials | 37 | ||
| Secondary research: market reports, government reports and the media | 38 | ||
| Market reports | 38 | ||
| Reports in trade journals and magazines | 39 | ||
| Government reports | 39 | ||
| Understanding competitors: price and quality | 40 | ||
| Main features that make products competitive | 40 | ||
| Understanding competitors: availability and unique features | 42 | ||
| Availability | 42 | ||
| Identifying competitors | 44 | ||
| Researching competitors | 44 | ||
| Making products stand out | 45 | ||
| Learning aim B: assessment practice | 46 | ||
| The impact of internal factors on costs: markets and customer satisfaction | 48 | ||
| Understanding internal factors | 48 | ||
| Understanding the market | 48 | ||
| Keeping customers satisfied | 49 | ||
| The impact of internal factors on costs: planning, financing and marketing | 50 | ||
| Effective planning and financing | 50 | ||
| Marketing and promoting the enterprise | 50 | ||
| Unforeseen human resource costs | 51 | ||
| The impact of external factors on costs | 52 | ||
| What happens when costs change | 52 | ||
| The impact of external factors: marketing, selling and regulations | 54 | ||
| Changes in marketing costs | 54 | ||
| Changes in selling costs | 54 | ||
| Changes in government regulations | 54 | ||
| The impact of external factors on revenue | 56 | ||
| Changes in revenue | 56 | ||
| Competitors | 56 | ||
| Consumer confidence | 56 | ||
| Consumer behaviour | 57 | ||
| Consumer legislation | 57 | ||
| Understanding situational analysis: SWOT | 58 | ||
| SWOT analysis | 58 | ||
| Understanding situational analysis: PEST | 60 | ||
| PEST analysis | 60 | ||
| Reasons an SME is successful | 62 | ||
| Top four aims | 62 | ||
| Reasons for the success of SMEs | 63 | ||
| Maintaining success | 63 | ||
| Measuring the success of an SME | 64 | ||
| Methods of measuring success | 64 | ||
| Learning aim C: assessment practice | 66 | ||
| Component 2: Planning for and Running an Enterprise | 68 | ||
| Generating ideas for a micro enterprise activity | 70 | ||
| Generating ideas | 70 | ||
| Selecting an idea | 72 | ||
| Choosing from a list of ideas | 72 | ||
| Doing a skills audit | 74 | ||
| Skills audit | 74 | ||
| Planning for a micro enterprise activity | 76 | ||
| Aims of micro enterprises | 76 | ||
| Goods and services | 78 | ||
| Goods or service to be sold | 78 | ||
| Planning features, benefi ts and USPs | 78 | ||
| Planning costings and pricing | 78 | ||
| Competitors | 79 | ||
| Identifying the target market | 80 | ||
| Market segmentation | 80 | ||
| Appealing to the target market | 80 | ||
| Reaching the target market | 80 | ||
| Target sales | 81 | ||
| Methods of communicating with customers | 82 | ||
| Selection of communication methods | 82 | ||
| How to design promotional material | 83 | ||
| Resources required | 84 | ||
| Types of resources | 84 | ||
| Risk assessment | 86 | ||
| Understanding risk assessment | 86 | ||
| Contingency plans | 87 | ||
| Pitching for a micro enterprise activity | 88 | ||
| Sharing your plan with an audience | 88 | ||
| What a pitch includes | 88 | ||
| Learning aim A: assessment practice | 90 | ||
| Putting your enterprise into action | 92 | ||
| Before you begin… | 92 | ||
| Operating your enterprise | 92 | ||
| Communicating about your product | 92 | ||
| Promotional activities | 92 | ||
| Production of promotional material | 92 | ||
| Distribution of promotional material | 93 | ||
| Setting up for trading | 94 | ||
| Obtaining components | 94 | ||
| Getting ready to sell | 94 | ||
| Preparing your location | 96 | ||
| Understanding your location | 96 | ||
| Managing your finances | 98 | ||
| What financial management involves | 98 | ||
| Forecasting costings | 98 | ||
| Handling money | 98 | ||
| Monitoring enterprise performance: financial records and sales | 100 | ||
| Using financial records | 100 | ||
| Customer sales | 101 | ||
| Monitoring enterprise performance: profit, cash flow and break-even | 102 | ||
| Monitoring profit | 102 | ||
| Monitoring cash flow | 102 | ||
| Monitoring break-even and margin of safety | 103 | ||
| Enterprise skills: working safely | 104 | ||
| Why working safely is important | 104 | ||
| Enterprise skills: managing your time | 106 | ||
| Learning to manage time | 106 | ||
| Using your initiative | 107 | ||
| Adjusting timings | 107 | ||
| Staying calm | 107 | ||
| Enterprise skills: problem solving | 108 | ||
| Types of problem | 108 | ||
| Sources of information | 109 | ||
| Identifying problems and solutions | 109 | ||
| Enterprise skills: communication | 110 | ||
| Communicating with customers | 111 | ||
| Monitoring your own performance | 112 | ||
| Creating a schedule and recording performance | 112 | ||
| Reviewing your micro enterprise | 114 | ||
| Meeting your aims and objectives | 114 | ||
| Areas to review | 114 | ||
| Reviewing your successes and failures | 116 | ||
| What went well | 116 | ||
| What went less well | 116 | ||
| Evidence to support your conclusions | 117 | ||
| Recommendations for the future | 117 | ||
| Personal and group performance | 118 | ||
| Evaluating performance | 118 | ||
| What have you learned? | 120 | ||
| Your own performance | 120 | ||
| Identifying development needs | 120 | ||
| Recognising where you can improve | 120 | ||
| Learning aim B: assessment practice | 122 | ||
| Component 3: Promotion and Finance for Enterprise | 124 | ||
| The promotional mix: methods and message | 126 | ||
| Promotion | 126 | ||
| The message | 126 | ||
| Successful promotion | 127 | ||
| Advertising | 128 | ||
| What is advertising? | 128 | ||
| The purpose of advertising | 128 | ||
| Methods of advertising | 129 | ||
| Sales promotions | 130 | ||
| The purpose of sales promotions | 130 | ||
| Methods of sales promotion | 131 | ||
| Personal selling | 132 | ||
| The purpose of personal selling | 132 | ||
| Methods of personal selling | 133 | ||
| Public relations | 134 | ||
| The purpose of public relations | 134 | ||
| Methods of public relations | 134 | ||
| Direct marketing | 136 | ||
| The purpose of direct marketing | 136 | ||
| Methods of direct marketing | 136 | ||
| Types of market | 138 | ||
| Targeting the right market | 138 | ||
| Market segmentation: demographic and geographic | 140 | ||
| Why markets are divided | 140 | ||
| Demographic segmentation | 141 | ||
| Geographic segmentation | 141 | ||
| Market segmentation: psychographic and behavioural | 142 | ||
| Psychographic segmentation | 142 | ||
| Behavioural segmentation | 142 | ||
| Factors influencing the choice of promotion | 144 | ||
| Size of enterprise | 144 | ||
| Budgetary constraints | 144 | ||
| Appropriateness for product/service | 145 | ||
| Target market | 145 | ||
| Learning aim A: assessment practice | 146 | ||
| Financial records | 148 | ||
| Financial documents | 148 | ||
| The importance of accuracy | 149 | ||
| Methods of payment | 150 | ||
| Payment methods | 150 | ||
| Sources of revenue and costs | 152 | ||
| Revenue | 152 | ||
| Costs | 152 | ||
| Financial terminology: turnover and profit | 154 | ||
| Understanding financial performance | 154 | ||
| Understanding terminology | 154 | ||
| Financial terminology: assets and liabilities | 156 | ||
| Understanding terminology | 156 | ||
| Statement of comprehensive income | 158 | ||
| The purpose of a statement of comprehensive income | 158 | ||
| Statement of financial position | 160 | ||
| The purpose of a statement of financial position | 160 | ||
| Profitability and liquidity | 162 | ||
| Cash vs. profit | 162 | ||
| Profitability | 163 | ||
| Profitability ratios | 164 | ||
| Understanding ratios | 164 | ||
| Liquidity ratios | 166 | ||
| Current ratio | 166 | ||
| Liquid capital ratio | 166 | ||
| Learning aim B: assessment practice | 168 | ||
| Cash inflows and outflows | 170 | ||
| Cash | 170 | ||
| Cash flow statements and forecasts | 172 | ||
| Why forecast? | 172 | ||
| Calculation for a cash flow statement | 172 | ||
| The information in a cash flow forecast | 172 | ||
| Sales and purchases | 173 | ||
| The importance of cash flow forecasting | 174 | ||
| The purpose of a cash flow forecast | 174 | ||
| Benefits and risks of cash flow forecasts | 174 | ||
| Cash flow problems | 176 | ||
| Why do some enterprises have poor cash flow? | 176 | ||
| Cash flow in different enterprises | 177 | ||
| Solving cash flow problems | 178 | ||
| Improving cash flow | 178 | ||
| Analysing cash flow forecasts | 179 | ||
| Introduction to break-even | 180 | ||
| Defining break-even | 180 | ||
| Calculating break-even | 180 | ||
| The importance of break-even | 181 | ||
| Interpreting break-even charts | 182 | ||
| Break-even charts | 182 | ||
| Putting together break-even charts | 184 | ||
| Break-even step by step | 184 | ||
| Margin of safety | 185 | ||
| Using break-even analysis to plan | 186 | ||
| Why figures change | 186 | ||
| Benefits of break-even analysis | 187 | ||
| Glossary | 204 | ||
| Key formulae for enterprises | 208 | ||
| Index | 210 | ||
| Back Cover | Back Cover |