Edexcel GCSE Business Studies

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1.1 Enterprise and entrepreneurship
1.2 Spotting a business opportunity
1.3 Putting a business idea into practice
1.4 Making the business effective
1.5 Understanding external influences on business
2.1 Growing the business
2.2 Making marketing decisions
2.3 Making operational decisions
2.4 Making financial decisions
2.5 Making human resource decisions

1.1 Enterprise and entrepreneurship

Let's start with a brief overview of the history of business and enterprise, from bartering to the banking system. This interactive video covers ancient trade, the industrial revolution, how businesses were organised, branding and marketing. It provides a foundation for understanding how businesses have evolved over time.
It's now time to get a grasp of the basic concepts of business, such as its purpose to meet customer needs and generate income, and its role in society. It compares customer needs and wants and emphasises the importance of a competitive advantage. This interactive video introduces the purpose of business and enterprise, to meet customer needs, generate income, and influence society. 
This next interactive video discusses the dynamic nature of business and the need to adapt to external influences. Four external factors - legislation, environment, economy, and technology - are explained using Lucy Yates' milkshake shop as an example.
So why are new business ideas continually emerging to meet the needs of customers? Three main reasons are identified: changes in consumer wants, obsolete products, and technological advancements. An example of an innovative business, VirtualInsanity, is presented, which has used social media marketing and an app to meet the changing needs of customers seeking more from their entertainment.
Unlock the secrets of human progress and imagination as we delve into the fascinating realm of inventions and innovations This interactive video distinguishes between invention and innovation and provides examples of inventor E.A. Johnson and innovator Steve Jobs. It explains that inventions are entirely new products, while innovations improve upon existing ones, often using new technology. 
It's time to look at the benefits of starting a business, including financial gain, independence, and self-satisfaction. Natalia's Kitchen, an Italian restaurant in London, is used as an example to illustrate the rewards of entrepreneurship. The video discusses why Natalia took the risk of starting her own business and the potential benefits it can bring.
Let's now explore the potential risks of owning and operating your own venture. This interactive video explores the risks and rewards of entrepreneurship. Using Rob Moore's video game store as an example, financial loss, stress, and strained relationships are discussed as risks that entrepreneurs may face. 
Are you ready to explore the four main functions of any business: Marketing, Human Resources, Operations, and Finance? Each function plays a vital role in ensuring the smooth operation of a business, and we explore the purpose of each and how they work together.
You can't underestimate the importance of production sectors in business operations, which are divided into primary, secondary, and tertiary sectors. This interactive video uses the example of a gold wedding ring to illustrate the different businesses involved in the production and supply of a product.
Immerse yourself in the world of adding value and learn how it can differentiate businesses and drive their success. This interactive video explores the concept of adding value to a business by offering excellent service, convenience, features and benefits, and building a brand image. RJ Custom Motors is used as an example of a successful business that has built a trustworthy reputation by adding value in various ways.
Let's examine the characteristics of successful entrepreneurs by introducing four famous examples and their key personality traits. Creativity, calculated risk-taking, determination, and confidence are discussed with examples from Rob Law, James Dyson, and Oprah Winfrey.

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1.5 Understanding external influences on business

It's time to introduce stakeholders and the significant impact they can have on a business. This interactive video discusses different stakeholder groups using the example of Ace Foods LTD, a company that delivers pre-packaged ready-meals products. Stakeholders include the government, suppliers, customers, and the local community, each with an interest in the company and the potential to impact its success.
You can't keep every stakeholder happy, all of the time. In this interactive video, students will learn about stakeholder conflicts and how they can impact businesses. Using the example of Miflin Stationery LTD, which sells stationery to schools, businesses, and supermarkets in the UK, different stakeholder groups and their conflicting interests will be explored. 
Step into the digital realm and witness the groundbreaking influence of technology as we delve into the captivating world of e-commerce. This interactive video explores the transformative impact of e-commerce on modern business models, using Bearded Giant, a UK-based beard oil company, as an example. It explains how e-commerce has changed the way people buy and sell goods and services and how businesses can leverage it to gain a competitive advantage.
Immerse yourself in the world of mobile commerce, where transactions unfold at the touch of a screen. This interactive video explains M-Commerce, which is the buying and selling of products or services using mobile devices. The video showcases real-life examples of M-Commerce and focuses on Eager Eats, a food delivery company that uses M-Commerce to gain a competitive edge.
Technology has also influenced the way businesses process payments. In this interactive video focuses on payment systems, which are electronic ways of taking payments from customers for goods and services. The video looks at the most common types of payment systems and features Jennifer Ashton, Finance Director at Magic Pay PLC, a new online payments service that is a direct competitor to PayPal.
The influence of laws on businesses extends far and wide, impacting every aspect of their operations and shaping their strategies. This interactive video discusses employment law, exploring recruitment legislation, pay legislation, and discrimination legislation. It uses the example of a high-profile case against a fast-food chain named Rocky Roosters that allegedly broke every category of employment law.
In the next interactive video we discuss consumer law and its importance, using the example of Shady Motors. The video explains the Consumer Rights Act (2015) and the Consumer Protection Act (1987) and how they safeguard consumers from being exploited by businesses when purchasing goods, services, or digital products.
The state of the economy will have a significant influence on businesses, both big and small. This interactive video discusses how changes in the economy impact businesses, using the example of Lucas Leroy, a skiing instructor in the French Alps. The video explores how broader economic factors such as GDP, recessions, and globalisation can affect businesses and their ability to succeed.
The level of unemployment can influence businesses in both positive and negative ways. This interactive video explores the impact of unemployment on businesses, using Nadia Jones as an example. The video examines both the positive and negative aspects of high unemployment, including cost savings and reduced disposable income.
To understand the impact of the economic climate on businesses, it's essential to explore how changes in consumer income and interest rates can affect them. In this interactive video, we examine the example of Nordic Hot Tubs Limited, to illustrate how these changes can influence different aspects of a business, including production, finance, and marketing.
Few things in life are guaranteed, but paying taxes is one of them. This interactive video explores government taxation and how it affects businesses, using The Codfather as an example. The video focuses on personal taxes, business taxes, and spending taxes, and how they impact Don's business.
Businesses are like players in a giant game, where they're influenced by numerous factors such as changing customer preferences, market trends, technological advancements, and government regulations. This interactive video acts as an introduction to this unit and discusses external influences on businesses, such as stakeholder influence, technology, and the economy. 

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2.3 Making operational decisions

Uncover the inner workings of business operations in this interactive video. From defining its role to exploring its primary objectives, we delve into the various stages that drive operations, including procurement, logistics, stock control, manufacturing, quality control, distribution, and sales and customer service.
Let's dive into the essential process of production, where raw inputs are transformed into the beloved products we know today. This interactive video discusses Job Production, the first of three production processes, and how it involves creating a one-off product tailored to the specific requirements of a single customer. It uses the example of Elegant Tiers Wedding Cakes, a successful wedding cake business run by Millie Hargreevs, to illustrate the concept.
Discover the power of batch production, where efficiency and quality converge to bring a multitude of products to life. This interactive video focuses on the next important production process and uses EggXtreme Eggs LTD as an example. The video explains how batch production works and why EggXtreme Eggs LTD chose this production process.
It's time to enter the world of flow production, where products come to life through a harmonious process of continuous manufacturing. This interactive video discusses flow production and how it is used to produce large amounts of identical products. The video features Tough Steel Motorcycles as an example and explains how the company transitioned from handcrafting to mass-producing motorcycles using flow production.
Innovation and automation revolutionise the way goods are manufactured, This interactive video explores the impact of technology on production processes and how it has influenced businesses. The video uses Fresh Kicks as an example to explain how technology, such as 3D printing, has improved production efficiency and quality.
The ability to enhance the efficiency of a business is a vital ingredient for its ultimate success. This interactive video discusses the importance of improving business efficiency, using the example of Funky Foodies restaurant's delivery service. The video explains how increasing efficiency can lead to cost savings, increased demand, and higher profits.
This next interactive video explores two methods of managing stock in a business - Just in Case and Just in Time. The video features two Procurement Managers from rival supermarkets, Simon and Jasmin, who represent each method and discusses the advantages and disadvantages of each approach.
In the dynamic world of business, the art of choosing the right suppliers stands as a vital decision that can make or break an enterprise. This interactive video explores the factors that should be considered when choosing an appropriate supplier using the example of two businesses from Iceland, Finest Fisheries Limited and Cheepacod, that are trying to win a contract to supply fish to Captain's Crunchies, a new fish finger manufacturer based in the UK.
Explore the world of procurement and logistics, where the art of sourcing and the science of efficient delivery intertwine to drive business operations forward. This interactive video explains procurement and logistics in the operations function of a business using the example of Goldblums, a family farm in Somerset that specialises in growing organic apples and supplying them to The Super Scrumpy Company.
Quality is the secret ingredient that sets businesses apart, shaping their reputation and ensuring customer satisfaction. From delivering exceptional products to building trust, the pursuit of high standards is the key to success in the competitive business landscape. The interactive video discusses the importance of quality control in a business, using the example of a snowboard manufacturing business. 
Welcome to the world of quality assurance, where meticulous attention to detail and rigorous standards ensure that products and services consistently meet customer expectations This interactive video introduces the concept of quality assurance in the context of a clothing manufacturer called Baldwins. It explains how QA works by putting processes and documentation in place to prevent defects in the production process. 
At the heart of every truly successful business lies the fundamental skill of effective selling. This interactive video explores the crucial steps involved in turning potential sales leads into loyal customers. The video discusses the sales process, comprising five stages that contribute to customer satisfaction and customer loyalty, and uses PokaBell, a successful YouTube personality, and her business as an example.
Embark on a journey into the world of service excellence, where customer satisfaction takes centre stage. This interactive video emphasises the importance of exceptional customer service in business and showcases the expertise of Albert Aleman, Head of Hospitality for Platinum Cruises. It demonstrates how Aleman and his team create an unforgettable experience for every customer.
Customer service holds the key to success, shaping the relationship between a business and its valued customers This interactive video discusses the impact of customer service on businesses and uses the example of two children's entertainers to illustrate how word-of-mouth advertising can significantly affect a business's reputation. It explores how to critically examine the advantages and disadvantages of providing different levels of service.

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2.5 Making human resource decisions

Discover the fundamental importance of human resources in the business world. This interactive video explains the role of Human Resources (HR) in managing the people who work for a business and ensuring the smooth operation of the business. Using Tilly Tompson, the HR Manager for Dynamo Games LTD, as an example, the video discusses the different tasks performed by HR managers, such as recruitment, training, payroll, and handling performance  issues. 
Discover the importance of organising employees and how it enhances productivity in the workplace. In this interactive video, the importance of organisational structures in businesses is highlighted. Organisational structures define job roles, responsibilities, and the chain of command. They vary in complexity depending on the size of the business
Let's take a closer look at the building blocks of organisational structures and their significance in shaping business performance. In this interactive video, we'll learn about different types of organisational structures used in workplaces worldwide, including tall and flat structures. We'll examine the advantages and disadvantages of each and analyse an organisational chart of Getaways, a UK-based luxury holiday retailer.
Good communication is vital for successful businesses, and having clear organisational structures is an essential factor. This interactive video explores business communication, the different types used, and how technology has revolutionised communication. Amber James, an owner of Comic Nation, is used as an example of effective communication for business growth.
Communication is the heartbeat of every successful business. In this interactive video we focus on the importance of effective communication in a business, using Miles Mayfield, the Operations Manager of Blue Vibes Festival, as an example. It highlights how insufficient or excessive communication can affect the success of the business.
Let's explore employment contracts and their importance in the working world. In this interactive video, the topic of employment contracts is discussed, exploring the different types of contracts that businesses offer to their employees, including full-time, part-time, temporary, and zero-hour contracts. The video will use Denise and Medimend as examples to analyze the advantages and disadvantages of different employment contracts.
The rise of remote working has reshaped the traditional office environment, creating new possibilities for businesses and employees alike. This interactive video discusses the advantages and disadvantages of remote working and how it may impact a business, using the example of Grace Greenman, the Operations Manager for Xpien, a software development company.
Unravel the mysteries of why businesses invest time and resources in recruiting. This interactive video explains the importance of recruitment in business and why it is essential to get the process right. Harry Grumble, the owner of Mindful Hiking Tours, is used as an example of effective recruitment for business growth.
Discover the tug-of-war between internal and external recruitment as businesses seek the perfect candidates. In this interactive video, we explore the difference between hiring internal and external candidates in the recruitment process. The video discusses the advantages and disadvantages of both methods and follows the story of an internal candidate at a major demolition company.
Unlocking the potential of a talented workforce starts with a well-executed recruitment process, where each step plays a vital role in finding the right candidates for the job. This interactive video discusses the recruitment process and its importance in finding the right person for the right job, using the example of Insectnon Ltd, a company dealing with bug extermination.
In the competitive world of recruitment, creating attention-grabbing job adverts is the key to catching the interest of potential candidates. In this interactive video, we learn what makes a good job advert and how to attract the right candidates. We follow the story of Peter Minor, Chief of Southampton Fire Brigade, who needs to recruit more firefighters.
Selecting the right candidate is a thoughtful process of finding the best match for the job. In this interactive video, we focus on the selection process and the steps a business takes to pick the best candidate once they have identified the vacancy, created the job description, and placed a job advert. We meet Mario Moletti, the owner and head chef at Ristorante Moletti, who is looking for a new assistant chef.
Training comes in various shapes and sizes, providing different options for individuals to learn and develop their skills. This interactive video analyses the different types of employee training, including on and off-the-job training and induction training, covering the advantages and disadvantages of each.
Curious about apprenticeships and their impact on businesses? This interactive video explores the impact of apprenticeships on businesses and trainees, including practical on-the-job and off-the-job training with study at college. It covers both the advantages and disadvantages of taking on apprentices and how this might impact operations.
After successfully recruiting the best candidates, the next challenge is to maintain their motivation. In this interactive video, we learn about the importance of employee motivation and its impact on business success. We focus on the start-up DoomBoard LTD and its founder, Jonas Clarke, who has recently launched a board game and hired his friends to help him. 
While money certainly plays a role in motivation, it's important to remember that there are many other factors that drive individuals to work hard. In this interactive video, we discuss the different methods of financial and non-financial motivation that businesses can use to improve staff performance. We meet Melody Walker, who has been given a budget to improve staff motivation and ensure the release of a delayed video game. 

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1.2 Spotting a business opportunity

Discover the art of identifying and fulfilling customer needs to create products and services that impress them. In this interactive video, we learn about the four main customer needs: price, quality, choice, and convenience. The importance of understanding and fulfilling customer needs for building a successful business is highlighted using the example of Riley Rhodes, a professional tennis coach.
Effective marketing relies on thorough research to drive success, making it an essential component of any business strategy. This interactive video introduces the importance of market research for businesses to succeed and the risks of not conducting it. An example of Enigma Electrical LTD is used to highlight the consequences of not conducting market research. 
Next up, we have the first method of gathering primary market research: questionnaires. Vibes FM, a commercial radio station, is experiencing a decline in daily listeners and is using questionnaires to understand why. Questionnaires are easy, inexpensive, and scalable, and offer respondent anonymity, making them a quick and efficient way to gather information. Jill and her team hope to identify the reasons for the decline and increase their number of daily listeners.
Is the inability to ask follow-up questions during a questionnaire making you search for other methods? In this interactive video, using interviews as a method of primary research is explored in detail. Adam Scoon, lead interviewer for Boiler Care LTD, must decide between conducting face-to-face interviews and telephone interviews to gain insights into how the company can further improve its services. 
Sometimes, the most effective research approach involves releasing the product in a limited way, for a restricted time. This interactive video focuses on product trials as a method of primary market research. Using the example of a new cosmetics company, Floresence, the lead chemist, Kane Jones, aims to launch a new shampoo and test the target market's response to it.
Step into the fascinating world of market research as we explore the power of focus groups. This interactive video explains everything you need to know about focus groups, a primary method of market research This is when small group of 6-20 people provides feedback on a product, service, or marketing campaign. A large confectionery company is used as an example as they try how to gain insights on a new chocolate bar flavour.
Prepare to uncover the untapped potential of secondary market research, where we harness the power of existing data to shape marketing strategies. This interactive video explains the concept of secondary market research, which is the use of existing data collected by others for a different purpose. It features Rebecca Barnes, a start-up business owner who wants to conduct market research before investing her savings in a new product. 
So, you might be wondering, what kind of market research should I gather? This interactive video explains the difference between quantitative and qualitative market research using the example of a horror-themed escape room in London. Quantitative research focuses on numbers and is gathered through surveys, while qualitative research involves understanding people's opinions and is gathered through face-to-face interviews and group discussions.
Prepare to explore the power of market segmentation and how it helps businesses understand the needs of their customers.This interactive video discusses the process of dividing the market into smaller categories based on factors such as location, demographics, and behaviour.  Outcry T-Shirts is used as an example of a business that successfully segmented its market. 
Imagine having a clear roadmap that guides your business to success in the competitive market. This interactive video explains how market mapping can be used to identify gaps in a market, providing opportunities for new businesses or those looking to expand. The process involves plotting businesses against two variables to better understand the competition. 
One of the most prominent influences on any business is undoubtedly the actions of its competitors. This interactive video discusses the impact of a competitive environment on businesses. We meet Brodie, founder of Smash Pizza, who faces competition from major pizza chains. Businesses analyse their competitors' strengths and weaknesses in various areas like price, quality, and convenience to differentiate themselves. 

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1.3 Putting a business idea into practice

What's the difference between an aim and an objective? This interactive video discusses business aims and objectives and uses the example of a tattoo studio owner who hasn't set any for his business. It explains that aims are the main targets a business wants to achieve while objectives are specific tasks to achieve these aims. The importance of setting aims and objectives is highlighted, and different financial objectives are explored
Curious about the language of finance? Let's explore the meaning and significance of important financial terms. This interactive video explains key financial terms such as revenue, costs, profit, assets, and liabilities and how they impact a business's profitability, using the example of Hidden Depths Diving, a new scuba diving business started by Josh in Cornwall
Have you ever wondered at what point a business starts making a profit? This interactive video discusses the concept of break-even analysis, which helps entrepreneurs forecast potential profits and the number of units that must be sold for sales revenue to equal total costs. To develop a deeper understanding, we are introduce to Hollie and her popular hair salon.
Unlocking the secrets hidden within a break-even analysis can provide valuable insights into the financial health of a business.  This interactive video looks at a worked example of break-even analysis and how it can be used to help entrepreneurs set targets and adjust them accordingly.
Cash is the essential fuel that keeps businesses alive, ensuring their continued operation and growth. This interactive video explores the importance of cash flow forecasting for entrepreneurs, including understanding cash inflows and outflows, to avoid cash shortages and borrowing.
Prepare to delve further into the art of financial fortune-telling with cash flow forecasting, an indispensable business tool. This interactive video emphasises the importance of cash flow forecasting for entrepreneurs. By creating regular cash flow forecasts, entrepreneurs can identify potential cash flow issues in advance and take action to prevent failure.
Navigate the treacherous waters of cash flow challenges as we shed light on the causes and consequences of cash flow problems. Using the example of Santa and his Christmas grotto, the video highlights the importance of cash flow and possible solutions to cash flow problems, such as increasing sales, reducing outgoings and rescheduling payments. 
When it comes to raising finance, sometimes the best solution lies within your own resources. This interactive video provides an overview of the history of business and enterprise, from bartering to the banking system. It covers ancient trade, the industrial revolution and how businesses were organised, branding and marketing. It provides a foundation for understanding how businesses have evolved over time.
If you find yourself lacking the necessary finance, don't despair, there are still options available. This interactive video focuses on external sources of finance, such as taking out loans or overdrafts from banks, trade credit arrangements with suppliers, bringing in new business partners, issuing new equity shares, crowdfunding, and government grants. 
When it comes to choosing between internal and external sources of finance, there is no one-size-fits-all answer. This interactive video discusses the factors entrepreneurs need to consider when choosing the best source of finance for their business, using the example of Ruby, who is starting a sandwich shop called Grubbed Up in Lincoln.

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1.4 Making the business effective

It's time to learn about the different types of business ownership structures, including sole traders, partnerships, and limited companies. This interactive video discusses the meanings of limited and unlimited liability and how the decision of business ownership impacts a business's tax payments, profit sharing, and personal responsibility. 
So what is a sole trader? This interactive video explains the advantages and disadvantages of this ownership structure and its impact on daily operations. The example of Ben Charles, who operates Snapped Wedding Photography as a sole trader, is used to illustrate the benefits of sole trader ownership, such as complete control over the business and personal service to customers.
Would you start a business with your best friend? This interactive video discusses the advantages and disadvantages of business partnerships using the example of Sarah Ellen and Jess Mae, who want to start a small vet practice together. The video highlights how they wrote a comprehensive business plan before deciding to form a partnership, which allowed them to be co-owners and make decisions together.
It's time to introduce Private Limited Companies (LTDs) and their key differences from sole traders and partnerships. The video uses Card Shark as an example of a business that recently became an LTD. Private limited companies are separate legal entities, are not publicly traded, and are limited to a maximum of 50 shareholders.
So let's quickly recap of the different business ownership structures, discussing sole trader, partnership, private and public limited companies. Then we will look at three scenarios and determine the most suitable ownership structure in each situation.
Wish you could clone your your business? This interactive video explains franchising as a form of business ownership, using the example of the MegaBeans coffee shop franchise. A franchisor sells the rights to operate under their brand to franchisees, who pay an initial setup fee and a percentage of profits. Franchising allows for quick expansion and consistency but comes with a lot of responsibility. 
So where you build your empire? This interactive video examines the vital importance of location for the success of a business and how proximity to customers, competitors, materials, labour, and infrastructure can impact sales, costs, and brand image. The video uses the example of Chip O'Hara and his hunt for a new lumber yard location, to develop a deeper understanding of the topic.
Discover the power of marketing as we embark on a journey to understand how businesses promote their products and services to the world. In this interactive video, the purpose of marketing is explored using the example of a dog-walking business. The different purposes of marketing, including identifying customers, understanding customers, informing customers, and increasing sales, are discussed,
Unlock the secrets of effective marketing with an introduction to the marketing mix, a powerful toolkit that helps businesses create compelling products, set competitive prices, reach the right customers, and promote their offerings. Lara Hapgood's Summerby Wines Ltd is used as an example of how the marketing mix can be used to achieve a successful launch. 
With meticulous planning, you'll be fully prepared to embark on a thrilling entrepreneurial adventure.This interactive video introduces students to business plans and their importance for a successful venture. The video follows the journey of Finley Thomas, an entrepreneur who wants to open a local shop, as he creates a business plan. Important sections of a business plan, such as the business idea, people, aims and objectives, market research, finances, and business location, are discussed.
Failing to plan = planning to fail. In this interactive video, the importance of a comprehensive business plan is highlighted using the example of a family business, Jenkin's Butchers. Three reasons to create a business plan are discussed - check for flaws, reduce risk of failure and secure finance.

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2.1 Growing the business

It's time to explore the topic of business expansion, using the example of Megan Johnson, the creator of PopHold. The video discusses the advantages and disadvantages of business expansion and examines different methods that can be used to achieve growth, including increasing the number of customers, developing new products, entering new markets, and franchising.
The final interactive video in this unit explains external expansion or inorganic growth, focusing on the four types of integration: horizontal, vertical backward, vertical forward, and conglomerate or diversification. The main example is DT Furniture, a partnership that has organically expanded and is now considering external expansion. 
Ever wondered what's involved in a company selling shares on the stock exchange? This interactive video explains public limited companies (PLCs) and their ownership structure, using Vantage Entertainment LTD as an example of a private limited company considering becoming a PLC. The advantages and disadvantages of becoming a PLC are discussed, including limited liability and easier finance raising opportunities. 
Now let's explore the fascinating concept of economies of scale using the example of Donut Stop Believing, a van-based donut company. Discover how their expansion journey led to reduced average unit costs and increased success. 
So what happens when we achieve these aims? This interactive video explores why business aims and objectives change over time, using Securico LTD as an example. Aims are big-picture targets while objectives are detailed stepping stones towards achieving those aims. External and internal factors, such as competition and technology, can cause a company's goals to evolve.
Discover the significant inluence of globalisation, as we delve into the captivating story of Silvio Molasantay and his Sil's Firey Pepper Sauce. Globalisation has helped to increase Sil's target market and allowed him to sell his products in many different countries, resulting in higher sales.
The demand for ethical decision-making has a significant influence on countless businesses. This interactive video explores the concept of business ethics and how it can impact operations. We'll also look at ethical dilemmas, where the line between right and wrong is blurred, using the hypothetical example of a pharmaceutical company that discovered the cure for cancer.
In the next interactive video, we delve into the relationship between businesses and the environment. Discover how the impact of their operations can shape business decisions. Gain insights into the significance of sustainability and responsible practices, highlighting the role businesses play in preserving our planet's well-being.
We couldn't discuss factors that influence business activity without delving into the realm of pressure groups. This interactive video explores the impact of pressure groups on businesses, using the example of Chimps for Chocolate, which is campaigning for chocolate manufacturers to stop using palm oil in their products.

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2.2 Making marketing decisions

Dive into the world of product innovation as we explore the process of developing and launching new products, from idea to reality. In this interactive video, the focus is on the product element of the marketing mix, which is essential for success in today's business world. The video covers the stages of product development and differentiation from competitors, using Nicholas Sinel as an example. 
Just like living creatures, products have a limited lifespan, going through different life stages. In this interactive video, the concept of the Product Life Cycle is discussed, highlighting the four stages every product goes through: Introduction, Growth, Maturity, and Decline. The case study of Insomniac Audio and their mp3 player, GoPlay, is used as an example.
The next interactive video focuses on product life-cycle extension strategies and how they can prevent a product from going into the decline stage. It explains the five stages of a product's life-cycle and gives examples of products in each stage. Candy Flakes, a cereal brand, is used as the main example, with Prisha Kapoor tasked with finding an extension strategy to keep the product in the maturity stage. 
Let's embark on a journey into the realm of pricing strategies and their pivotal role in business success. In this interactive video, different pricing strategies that business owners can use to price their products or services are explained, using the example of Ben's barbershop to illustrate their practical application. Each pricing strategy will be examined and how it can be used to improve revenue and profitability will be discussed. 
First let's take a look at price skimming, a pricing strategy that involves setting a high price when launching a new product and gradually reducing it over time. The example of LX Technology and their use of price skimming when launching their 8K televisions is used to explain the advantages and disadvantages of this pricing method, highlighting its effectiveness for high-tech goods with limited competition. 
The next pricing strategy we will examine is cost-plus pricing. This strategy involves adding an additional amount to the cost of making a product to determine its price. The video will explain how to calculate cost-plus pricing, its advantages, and disadvantages. Paddy O'Connor, who wants to set up a fresh lemonade stall and make a 50% profit, will be used as an example.
So what strategy should you consider if you're new to the market? iIn this interactive video, the penetration pricing strategy is discussed, which involves initially setting low prices and then increasing them over time. Dynasty Media, a new broadband company, is used as an example.
When there are many rivals in your industry, you might consider the competitive pricing strategy. Competitive pricing involves setting selling prices based on rivals'' prices. The importance of monitoring competitors' prices, developing a competitive advantage, and regularly checking customers' response to pricing decisions are also discussed.
There's no denying that customers are always on the lookout for a great deal. In this interactive video, promotional pricing is explored through the example of Eddie the Elf, who manages a Christmas Shop. Eddie has excess stock to sell before his lease ends and uses promotional pricing strategies such as Buy One, Get One Free, 75% off, 3 for £10, 10 for £20, and mystery bags. 
Why would a business sell a product at or below its cost, potentially incurring a loss? In this interactive video we explore loss leader pricing, where businesses sell products below cost to attract customers. The video provides examples of supermarkets like Tesco and independent stores like Peaceful Foods that use this method to encourage customers to purchase more profitable items.
Let's take a trip through time and explore the history of advertising, from its origins 5,000 years ago to modern-day practices. The purpose of advertising is to inform and persuade potential customers to make a purchase. The video takes you on a journey through some of the pivotal moments in advertising history, including the first poster and newspaper advertisements, the development of persuasive language and the appeal to customer emotions.
Successful advertising is a crucial factor in achieving business success, as it helps to capture the attention of potential customers This interactive video focuses on the important element of advertising in the Marketing Mix. It explains what advertising is, its various methods, and how it has evolved over time. The video follows Jayden, who recently took over Danbury Wildlife Park in the UK, and needs to create a successful advertising campaign to keep the park open.