A Level Business Livestream - AQA

Introduction

• Third A Level Business Livestream.
• Date: Wednesday, 16th April.
• Focus: New topics in the AQA specification.

New Topics in AQA Specification

• AQA has amended the specification, adding and removing topics.
• Session covers newly added topics that may appear in exams.
• Not guaranteed to appear but likely due to being new.

Upcoming AQA Grade Booster Sessions

• Two days in London for AQA Grade Booster sessions:
  • 29th April at Stratford City.
  • 1st May at Westfield White City.
• Subjects include Biology, Economics, Geography, Psychology, Sociology.

MCQ Activities

• New topics have been added to the specification.

• Leadership Styles:

  • Question on autocratic leadership style.
  • Leadership styles can be fluid depending on the situation.

• Viral Marketing:

  • Emotional response is crucial for viral marketing success.
  • Other factors include promotion, but they aren't viral.

• Just In Case Production:

  • Involves keeping buffer stocks.
  • Modern factories use robotics but still need humans.

• Social Enterprises:

  • Reinvest most profits back into social missions.
  • Do not need to be registered as charities.

• Quality Control vs Quality Assurance:

  • Quality control involves inspection at any production stage.
  • Quality assurance focuses on processes ensuring quality.

• Functional Objectives: Zero Defects:

  • Target typically relates to quality objectives.

• Crisis Management:

  • Importance of immediate communication in a crisis.
  • Most important decisions are made early in a crisis.

Calculation Activity

• Inventory turnover calculation using just in time and just in case.
• Focused on calculating average inventory levels for target turnover.

Sampling Methods in Marketing

• Quota Sampling: Filling set targets without randomization.
• Random Sampling: Equal chance of selection, avoids bias.
• Stratified Sampling: Divide into groups, then random sampling.

Application Spinner

• Applied concepts to companies like Netflix and Premier Inn.
• Focused on how they could use sampling methods in marketing.

Crisis Management Case Study: Whirlpool

• Faced crisis due to product faults causing fires.
• Delayed recalls led to significant financial loss and market share drop.
• Importance of quality assurance and immediate response in crisis.

Nine Mark Question on Crowdfunding

• Benefits new businesses, especially with innovative products.
• Helps build a base of product enthusiasts and promotes awareness.

Summary

• Covered all new topics added to the AQA specification.
• Emphasized the importance of understanding and applying knowledge in exam situations.

Next Steps

• Upcoming sessions on investment decisions and tricky topics.
• Keep revising and applying concepts to different business scenarios.