Cambridge · Form 3 · Syllabus 7115
Business Studies
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- Understanding business activity Businesses combine factors of production to produce goods and services that satisfy needs and wants; added value; specialisation; the economic problem and opportunity cost.
- People in business Why people work; motivation theories – Taylor (money), Maslow (hierarchy of needs), Herzberg (hygiene factors and motivators). Financial rewards (wages, salaries, bonuses, commission, profit sharing) and non-financial methods (job rotation, job enrichment, teamwork, training, opportunities for promotion).
- Marketing Role of marketing; market changes; niche versus mass marketing; market segmentation (age, gender, income, location, lifestyle).