S4 BM - Command Word Revision

Land, labour, capital, enterprise

• Identify the four factors of production

• Outline the four factors of production

• Identify the sectors of industry

• Define the four factors of production

They could use a customer suggestion box.

• Identify a method of increasing customer satisfaction.

• Outline a method of increasing customer satisfaction.

• Describe a method of increasing customer satisfaction.

• Explain a method of increasing customer satisfaction.

This is business owned, controlled and financed by one person.

• Identify one feature of a sole trader.

• Define the term 'sole trader'.

• Justify why someone would become a sole trader.

• Compare the ownership and control of a sole trader.

You would use it because it shows the bank that you have evidence that you can pay back a loan.

• Explain the use of a business plan.

• Outline the use of a business plan.

• Describe the use of a business plan.

• Justify the use of a business plan.

Social - this means that the business may have to change its products to suit changes in consumer taste/fashion.

• Describe an external factor which can impact a business.

• State an external factor which can impact a business.

• Explain an external factor which can impact a business.

• Discuss an external factor which can impact a business.

To maximise profit.

• State an objective of a private sector business.

• State an objective of a public sector business.

• Define an objective of a private sector business.

• Discuss an objective of a private sector business.

An employee can go on strike. This means that they will not come in to work.

• Describe the influence of a stakeholder on a business.

• Discuss the influence of a stakeholder on a business.

• Explain the interest of a stakeholder on a business.

• Explain the influence of a stakeholder on a business.

An advantage is that information is easy to access eg, through websites. However, a disadvantage is that they information you find will not be specific for what you require.

• Discuss the advantages and disadvantages of desk research.

• Identify the advantages and disadvantages of desk research.

• Explain the advantages and disadvantages of desk research.

• Compare the advantages and disadvantages of desk research.

Premium pricing sets a high price to give an exclusive image whereas competitive pricing is setting a price that is similar to your competitors.

• Discuss premium pricing and competitive pricing.

• Compare premium pricing with competitive pricing.

• Explain premium pricing and competitive pricing.

• Describe premium pricing and competitive pricing.

One promotional strategy is loyalty cards. This is where the customers collects points when they buy products/services from that store which can be redeemed for rewards.

• Explain a promotional strategy a business could use.

• Describe a promotional strategy a business could use.

• Justify a promotional strategy a business could use.

• Outline a promotional strategy a business could use.