Year 10 topic 1.1 ICHS.docx - freewebs.com 10 topic 1.1.docxWeb view17. Department of Economics and Business (Year 10) Ilford County

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Ilford County High School Economics & Business Department

Year 10Introduction to small businesses

Homework BookUnit 1.1

Spotting a business opportunity Name and class My benchmark My achievement

The following pack contains the homework questions which you will be expected to complete as part of this Topic within Unit 1.1. Each section will have a deadline date which you must meet. Your teacher will collect all booklets on this date, mark the work and give you with feedback on your progress and identify those areas which you need to improve in and strategies to help raise achievement.

Complete your homework on time. Do your best. If you have difficulties, come and get support at ‘Homework

Lunch Time Club’ If you score less than 50% or if your work is unsatisfactory, you

will be expected it to improve to acceptable level of standard.After completing your work BE PROUD OF YOURSELF

Homework Due on --------------. Marks out of:__20

Department of Economics and Business (Year 10)

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Chapter 1 Businesses

1. What is the main purpose of the business?-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. (1)

2. The main resources of business are,------------------------------, ----------------------------, ------------------------------, ------------------------------------------- and ---------------------------------------. (4)

3. Define:Suppliers, Customers, Consumers, Markets, Goods, Services (6)Write definitions in your exercise books.

4: Read the following context and answer the questions:Claire Watt Smith worked for several years as a buyer choosing products for Monsoon, the fashion company. Then she decided to leave Monsoon, use up her savings and set up her own business selling fair trade jewellery, accessories and baby clothes online. She has created a name and logo for her business, ‘Bo Belle’. To get the business started she is often working 10 hours a day, 7 days a week, but she says she has a real sense of achievement. Her business is only just covering its costs at the moment but interest is growing. She has recently been approached by Topshop who have given her the opportunity of selling in one of their stores in return for a percentage of the profits. If she did this, a lot of her time would be spent in the Topshop store on her stall.

1. State two possible problems that Claire might have had in setting up her business

--------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------

(2)

2. Explain the reasons why Claire might have wanted to set up her own business.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- (3)

5. Write 4 things one needs to think about before setting up the business.1. ---------------------------------------------------------------------------------------.2. ---------------------------------------------------------------------------------------.3. ---------------------------------------------------------------------------------------.4. ---------------------------------------------------------------------------------------.

(4)

My Performance :

What Went Well (WWW): Tidy and well organised work. Submitted on time. Good effort. Good/excellent detail, if applicable Any other ---

Even If Better (EBI): If read well. If work was more organised Any other--

Student comments: Techer’s comments: _________________ has / has not submitted his work on time and it is _______________________________ piece of work.

Marks: My Targets:

Standard of work Acceptable Unacceptable

Action taken: More time offered Department detention Any other action --


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Homework due on : ----------------------. Marks out of:__30

Chapter 2 Understanding customer needs:

1. What is market research? What are the two types of market research?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. (3)

2. Fill in the gaps:

Types of primary research. Types of secondary research.1. 1.2. 2.3. 3.4. 4.5. 5.

(10)

3. Write down the 3 examples of each qualitative and quantitative data for the corner shop.

Qualitative data. Quantitative data.

(6)

4. Define following Key terms:

Customer needs, Market research, Primary research, Survey, Questionnaire, Focus group, secondary research, Quantitative data, Qualitative data.WRITE in your exercise book.

(9)


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5. Explain the importance of market research.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------.

--------------------------------------------------------------------------------------------------------------------------------------------------------------------. (2)

My Performance :




Marks: My Targets:




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Homework due on: --------------------------- Marks out of:__27

Chapter 3 Market Mapping:

1. Fill in the gaps:

A ------------------ ------------------------- is a part of a market that contains a group of buyers with similar characteristics. They may be based on ----------------, -----------------------, -----------------------------, -----------------------------, -----------------------------, --------------------------------- and ----------------------------------.Market map is also called ----------------------------------------- or -------------------------------------------------. This is a -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. The main purpose of market map is --------------------------------------------------------------------------------------------------------------------------------------------------------.A gap in the market is when ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. (12)

2. Define the terms:Market mapping, market segment, price sensitive, socio-economic group, Market gaps.WRITE in your exercise book.

(5)

3. Project on Market Mapping. Select the business of your choice. Write some details on the business; price,

product, quality, branding. Now research 4 to 5 similar businesses and their details. Produce a mind map using price on y axis and quality on x axis. What does the mind map show? How will business use this information?

EXPLAIN. All Must Follow The Structure:

1. Introduction2. Brief Details on each business.3. Market Mapping.4. Explanation

Do this project on A4 sheet. (Hand written or word document) (10)


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Teacher’s Feedback on the Project: ‘Market Mapping’

Name: ________________.

Scoring : 1= low and 5= high

Content Score Comments

Introduction: Detailed?

Appropriate?

Definition/s?

Details on each business

Appropriate?

Detailed?

QWC?

Business vocabulary used?

Market Mapping Well applied?

Clear?

Organised?

Explanation of the diagram

Clear?

Well analysed?

Overall Response

(Teacher)

EBI:

Student’s Comments Targets for improvement:


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My Performance :




Marks: My Targets:




9

Homework due on: ------------------------ Marks out of:____31_

Chapter 4 Competition

1. Write down the factors influencing competition.

P------------- ----------------, Q --------------, D------------------, Ex------------------, After ------------ ------------------, P------------------, Brand -------------------- and S--------------------. (7)

2. Define the following terms:

Competition, Product range, Brand, Brand Image.Write in your exercise book.

(4)3. Project of the week!

Select any two businesses from the following list1. Super markets.2. News agents.3. Fast food restaurants.4. Estate agents.

Task: Do some research, use your class notes and use your knowledge to identify

ways in which they compete. Also find their strengths and weaknesses.

Make power point presentation, 6 slides only, including; brief introduction, how do they compete and strengths as well as weaknesses.

Get ready for presentations. (20)


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Teacher’s Feedback on the Project: ‘How do small businesses compete?’

Name: ________________.

Scoring : 1= low and 5= high

Content Score Comments

Research Detailed?

Appropriate?

Independent?

Content of presentation

Appropriate?

Detailed?

Quality of PPT Well applied?

Clear?

Organised?

Presentation style Clear?

Overall Response

(Teacher)

EBI:

Student’s Comments Targets for improvement:


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My Performance :




Marks: My Targets:




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Homework due on: ---------------------------. Marks out of:__19

Chapter 5 Added Value

1. Define the key terms: Added Value, USP – Unique Selling Point, BrandingWRITE in your exercise book.

(3)

2. You are entering into the business producing and selling school bags. Consider and explain how will you add value to your product. Write some details on each point.

Source of added value

Your ideas on your product.

Quality

Design and formula

Convenience

Service

Branding

Unique Selling Point


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(12)3. Explain the importance of Added Value.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. (4)

My Performance :




Marks: My Targets:




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Homework Due on: -----------------------------. Marks out of:_15

Chapter 6 Franchising

1. Define the following terms: Franchisors, Franchisee, FranchiseWRITE in your exercise book.

(3)2. Read the following extract and answer the questions:

Merry Maids is a franchise that provides domestic cleaning services for households.Merry Maids are looking for mature couples or individuals to acquire ownership of a Merry Maids Franchise who have the skills to manage a fast growing business and the cleaning staff who work within it.Merry Maids specialised, two person cleaning concept and accompanying pay incentives attract people who seek part time weekday employment, convenient hours and above average salaries on the quality and quantity of the homes they service. These employees are among Merry Maid's greatest assets, hence the initial franchise fee charged by Merry Maid also includes an exclusive and unique service worker selection program to make sure you bring the right people into your business.Also included in the initial franchise fee is the equipment, supplies and exclusive Merry Maids' cleaning products to equip four two person cleaning teams. Each cleaning team, when properly trained and scheduled, can clean two to three homes a day.Merry Maids exclusive Business Management System is yet another important factor that has attributed to the company’s position of Market Leader.Franchise Fee: £9,950 (Plus VAT)Equipment Package: £5,700 (Plus VAT)Royalty fee: 7%

TruGreen TruGreen is a franchise opportunity that allows enterprising individuals to enter the profitable and growing lawn care market and provide specialist services on the highest of levels. The franchise benefits from the respected professional standing of its parent company, ServiceMaster limited. It operates with low overheads and attractive margins and is an enjoyable and potentially rewarding business.TruGreen offers a franchise that means:• You can work from home, with low overheads, plus great Monday to Friday daytime hours.• Your franchise will be in the service sector with exceptional growth predictions.• No cash flow problems and high profit margins.• 90% repeat customers, in your own territory.Franchise Fee: £15,000 (Plus VAT)Equipment Package: £10,500


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Royalty fee: 10%Source: adapted from www.franchise-uk.co.ukServiceMaster is a successful US franchisor which came to Britain in 1959. Today it has over 900 franchisees in the UK covering 6 different businesses. Two of these are Merry Maids and TruGreen.Jim and Dot Truepenny are looking to operate a franchise. Jim is 52 and has just been made redundant from his job as a maintenance supervisor, responsible amongst other things for health and safety. Dot works in a garden shop. They are both keen gardeners. Jim was given a redundancy package which included a payment of £22,500.

1. Identify the services being offered by Merry Maids and TruGreen.-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. (2)

2. How much would it cost, in total, for Jim and Dot to set up (a) a Merry Maids franchise (2) and (b) a TruGreen franchise? (2)

Merry Maids TruGreen

(4)

3. Explain one advantage and one disadvantage to Jim and Dot of setting up in business as a franchisee rather than setting up an independent business.

Advantage/Explain:


http://www.franchise-uk.co.uk/

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Disadvantage/Explain:

(6)My Performance :




Marks: My Targets:




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MY OVERALL PERFORMANCE OF THE UNIT:

Topic Homework marks Grade Boundaries

A* = 90% +

A = 80% - 89%

B = 70% - 79%

C = 60% - 69%

1.1 1.21.31.41.51.6Average Performance (%)

Assessment Marks:Grade:

Comments:


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Year 10 topic 1.1 ICHS.docx - freewebs.com 10 topic 1.1.docxWeb view17. Department of Economics and Business (Year 10) Ilford County