5 Tips For Your Gcse Business Exam
Mastering GCSE Business: 5 top tips
1. The basics
For your GCSE Business exam, you will be expected to have a good grasp of business basics.
A business is any organisation that provides services or makes goods. You’ll be expected to know this definition and to answer questions on the reasons why people start a business enterprise, as well as the characteristics of entrepreneurs.
You will also need to demonstrate your understanding of different forms of businesses: from sole traders to partnerships, limited companies to franchises.
Finally, be able to delve into the aims and objectives of businesses and the benefits of growing a business.
2. Master the marketing mix
Marketing is another of the core areas to study for GCSE Business. This is a specialized area that needs to be covered in detail by students. You need to understand the different types of market research in addition to the basics of the marketing mix.
You also need to cover the 4Ps of ‘product, pricing, place and promotion’ if you are serious about achieving a good result.
3. Focus on finance
Finance can be a tricky area for the less financially focused student but it is imperative that this area of the course gets a considerable amount of your attention.
Get to know the basics of revenue, cost and profit; and understand cash flow, how a business can break even and how various sources of finance are found.
Learn how companies are expected to keep financial records and you will be well on your way to answering exam questions effectively.
4. People and production
the world of business is all about people and production. GCSE examiners expect students to know about recruitment, motivation, organisation and protection of staff.
In addition, you need to study the various types of production methods, along with efficiency, economies of scale, quality and stock control.
5. The business world
It’s impossible to study business without considering the wider environment – locally, nationally and globally. When looking at the business environment, study business stakeholders, ethics, and the importance of location and the wider economy, and how supply and demand works and affects market prices.
The great thing about studying Business at GCSE level is that it will equip you with a good knowledge of the world around you.
Time is tight around exam time but glance at some of the business pages online or in the newspapers so that you can find a few recent points to quote in your answers.
Always make sure you are answering the question that has been set and use its wording regularly while setting out your answer.