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PRELIMINARY BUSINESS STUDIES

By Joyce Washington,2014-05-16 22:07
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Identify the elements of a SWOT analysis. Explain how a situationalClearly communicates the relationship between a situational analysis and SWOT

Assessment task

    Topic 1: Nature of business

    A business does not operate in isolation but is part of a business environment.

    The environment is made up of many elements that can be grouped into two

    main categories: internal and external.

    The following table provides examples of elements of the business environment.

Factor Element

    Economic and social factors Economic cycle

     Consumer tastes

     Multiculturalism and product diversity

Competitive situation Number of competitors and ease of entry

     Marketing strategies and substitutes

     Local and foreign competitors

    Government Regulatory bodies

     Three levels of government

    Other institutional influences Associations and tribunals

     Australian Stock Exchange

GROUP RESEARCH AND ORAL TASK (16 MARKS)

     In groups of two or three, choose one of the elements shown in column 2 of the

    table above and research the following:

    a the main features of the element

    b how these impact on a business and its operations.

     Your group will be giving a 45-minute oral presentation to the class. In your

    presentation you should include the main points of your research using business

    terminology and concepts and providing current case studies accessed from

    newspaper and journal articles, the Internet and CD-ROMs.

     Your presentation should be creative, utilising many media, such as an overhead

    projector, posters, class questioning, case studies, group work and role-play.

     A 600-word typed summary is required for distribution to other students. All

    summaries are due on the first day of talks.

    Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 1: Nature of business

    ? Hickey, Nader, Williams 2005 Page 1

Topic 1 Assessment task Marking guidelines

    ASSESSMENT CRITERIA: PART ONE

    Criteria Marks Uses appropriate visuals to support and illustrate presentation 13 Presentation is within the appropriate time limit. It is well presented and 13 clearly spoken. The presenters relate well to the audience. Group work in

    the preparation and presentation of the assessment is evident.

ASSESSMENT CRITERIA: PART TWO

    Criteria Marks Provides a clear and concise definition of the chosen element and clearly 810 explains the main features of this element using appropriate case studies

    and relevant business terminology

    Demonstrates a detailed and thorough understanding of how the chosen

    element impacts on a business and its operations using appropriate case

    studies and relevant business terminology

    Provides a satisfactory definition of the chosen element and explains the 57 main features of this element using appropriate case studies and relevant

    business terminology

    Demonstrates a good understanding of how the chosen element impacts

    on a business and its operations using appropriate case studies and

    relevant business terminology

    Provides a basic definition of the chosen element and a limited 14 explanation of the main features of this element using simple case studies

    and basic business terminology

    Demonstrates a limited understanding of how the chosen element impacts

    on a business and its operations using simple case studies and basic

    business terminology

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 2: Key business functions

    ? Hickey, Nader, Williams 2005 Page 2

Assessment task

    Topic 2: Key business functions

    1 Study the information and table below and then complete the following tasks.

     Brett Smith invested $15 000 in the business.

     The net profit ratio for the year ended 30 June 2005 was 25 per cent.

Financial statement for Brett Smith’s Hair Salon

    for the year ended 30 June 2006

     $

    Sales 18 000

    Less Cost of goods sold 7 000

Wages 1 900

    Rent 2 000

    Advertising 200

    Telephone 700

    a What is the name given to the financial statement presented above? (1 mark)

    b Calculate the gross profit. (1 mark)

    c Calculate the net profit. (1 mark)

    d Identify one administrative expense. (1 mark)

    e Calculate and comment on the return on owners’ equity. (2 marks)

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 2: Key business functions

    ? Hickey, Nader, Williams 2005 Page 3

    f Comment on the profitability of the salon. Propose and justify two strategies

    Brett could use to improve profitability. (4 marks)

2 Study the information below and then complete the following tasks.

    Wong’s Printing Pty Ltd is having trouble maintaining staff. Employees only

    stay for a few months before moving to other printing businesses. Wong

    makes all the decisions in the business and only expects his staff to complete

    only those tasks for which they are paid. The new staff in the business come

    from other occupations and have very little knowledge about the printing

    business.

    a List two stakeholders in Wong’s Printing Pty Ltd. (1 mark)

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 2: Key business functions

    ? Hickey, Nader, Williams 2005 Page 4

    b Describe two responsibilities that the owner of the printing business has to the

    employees. (2 marks)

    c Explain one training and development strategy that the owner could use to

    improve his employees’ performance. (2 marks)

3 Study the information below and then complete the following tasks.

    The ABC Timber yard is an old, well-established business. Over the last few

    years, the sales figures have shown a decrease in revenue. There is also an

    increase in the number of customer complaints as orders are being filled with

    incorrect or poor-quality timber. Several long-standing customers are now

    buying from other timber yards. Alf, the owner, is nearly 70 years old and is

    spending less time at the yard, leaving his foreman to run the business.

    a With reference to this business, describe what is meant by the

    value chain. (1 mark)

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

    Cambridge Preliminary Business Studies Topic 2: Key business functions ? Hickey, Nader, Williams 2005 Page 5

    b Outline how a supply chain management strategy could result in improved

    customer satisfaction. (1 mark)

    c Identify one management problem that could be affecting ABC Timber and

    suggest a solution to overcome this problem. (2 marks)

    d Explain one quality management strategy that could improve the output at

    ABC Timber. (2 marks)

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 2: Key business functions

    ? Hickey, Nader, Williams 2005 Page 6

    e Suggest a marketing mix strategy that could improve the future for ABC

    Timber. (4 marks)

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 2: Key business functions

    ? Hickey, Nader, Williams 2005 Page 7

Topic 2 Assessment task Marking guidelines

    Question 1a (1 mark)

    Criteria Marks Recognises the financial statement as a profit and loss statement, revenue 1 statement or income statement

Question 1b (1 mark)

    Criteria Marks Students should be encouraged to show the formula and working for the 1 question.

    Gross profit = sales revenue cost of goods sold

     = $18 000 $7000

     = $11 000

Question 1c (1 mark)

    Criteria Marks Students should be encouraged to show the formula and working for the 1 question.

    Net profit = gross profit total expenses

     = $11 000 (1900 + 2000 + 200 + 700)

     = $11 000 $4800

     = $6200

    May also calculate net profit = (sales COGS) total expenses

Question 1d (1 mark)

    Criteria Marks May select wages, rent or telephone 1

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 4: Developing a business plan

    ? Hickey, Nader, Williams 2005 Page 8

Question 1e (2 marks)

    Criteria Marks Students should be encouraged to show the formula and working for the 1 question.

    Return on owners’ equity = net profit x 100

     Brett’s investment 1

     in the business

     = 6200 x 100

     15 000 1

     = 41.33%

     = rounded to 41%

    Comment: Recognises Brett’s investment in the business as owners’ 1 equity and relates the percentage return on this initial investment as

    significant

Question 1f (4 marks)

    Criteria Marks Calculates the net profit ratio 1 Net profit ratio = net profit x 100

     sales revenue 1

     = 6200 x 100

     18 000 1

     = 34.44%

     = rounded to 34%

    Compares this figure with the net profit ratio given for 30 June 2005 and 1 makes an appropriate comment on the difference

    Proposes and justifies two strategies, such as: 2 Cut down on expenses based on value added.

     Increase advertising to increase sales.

     Shop around for new suppliers to decrease COGS.

Question 2a (1 mark)

    Criteria Marks Recognises and names two different groups of stakeholders affected by 1 this business’s decisions

Question 2b (2 marks)

    Criteria Marks Provides characteristics and/or features of two different responsibilities 2 of the owner to his employees

    Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 4: Developing a business plan

    ? Hickey, Nader, Williams 2005 Page 9

Question 2c (2 marks)

    Criteria Marks Provides a specific training and development strategy and relates it to 2 staff performance

    Makes a broad reference to a strategy or a specific strategy but the 1 relationship to performance is not shown

Question 3a (1 mark)

    Criteria Marks Shows the relationship between inputs, processes and outputs for ABC 1 Timber

    or

    States that ABC Timber adds value at each stage of the process to

    achieve its finished product

Question 3b (1 mark)

    Criteria Marks Sketches, in general terms, a strategy related to the supply of 1 inputs/resources for ABC Timberpossibly referring to quality,

    consistency or reliability

Question 3c (2 marks)

    Criteria Marks Clearly states one management problem affecting ABC Timber at the 2 present time

    and

    Suggests a strategy to overcome the stated problem

Question 3d (2 marks)

    Criteria Marks Shows a specific management strategy to improve the quality control of a 2 product

    and

    Relates this strategy specifically to the quality control of ABC Timber

Question 3e (4 marks)

    Criteria Marks Provides a strategy that is aimed at improving ABC Timber’s 4 performance and includes the elements of price, product, promotion and

    place and shows interdependence and consistency throughout the mix Suggests a partial strategy that is specifically for ABC Timber products 2 and is aimed at achieving improvement in the firm’s performance and

    future success

Cambridge University Press is not responsible for the accuracy of the material where changes are made to the text.

Cambridge Preliminary Business Studies Topic 4: Developing a business plan

    ? Hickey, Nader, Williams 2005 Page 10

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