Students will commence Component 1 - Exploring Enterprise, which is broken into three distinct assignments. Here they will be able to identify a different business types, such as sole traders, partnerships and corporations and will develop skills that will enable them to explain how they work and their associated benefits and drawbacks. They will also learn about other business characteristics including how business size is measured, location as well as the difference between products and services. The students will choose two local enterprises and for their first assignment will analyse these types of business characteristics.
Assignment 2 is based around the concept of market research and the different types, these being primary and secondary along with quantitative and qualitative data. Students will consider how market research is used in order to improve business profitability and efficiency and will apply their learning to their two chosen businesses.
Assignment 3 will follow the same two chosen businesses but will consider how both internal and external factors, whether these be political, economic etc. will impact on the success of these businesses. This will also include conducting two types of situational analysis on one of their chosen businesses, these being a SWOT analysis and a PEST analysis.
Students will commence the exam unit, this being Component 3 - Promotion and Finance for Enterprise.
Here the students will consider the different aspects of the promotional mix, such as sales promotions and public relations, will consider the different types of each, including their associated advantages and disadvantages of each. This theme will continue with looking at different types of market, such as B2B and B2C as well as Market Segmentation, including Demographic, Geographic, Psychographic and behavioural segmentation methods. This theory will be taught through case study and learning will be applied to different enterprise contexts.
Moving on from promotion, the students will develop skills in finance. This will include learning about the different sources of finance, methods of payment as well as being introduced to the concept of accounting, such as through Statements of Financial position and Statements of Comprehensive Income as well as Cash Flow Forecasting. In addition the students will be introduced to the concept of Break Even, how to calculate this and how to construct and analyse Break Even charts. Finally the students will consider how businesses can improve their financial position and the different types of action that can be taken. Again this learning will be applied through case study and practice exam questions.