Cambridge Nationals Enterprise and Marketing Digital Teacher's Resource

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CAMBRIDGE NATIONAL LEVEL 1 / LEVEL 2

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Enterprise and Marketing

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Digital Teacher’s Resource

Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

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We are working with OCR towards endorsement of this resource.

Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

We are working with OCR towards endorsement of this resource.

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First published 2022 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

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This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

A catalogue record for this publication is available from the British Library ISBN 978-1-009-10282-7 Digital Site License

Additional resources for this publication at www.cambridge.org/9781009102827

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NOTICE TO TEACHERS IN THE UK It is illegal to reproduce any part of this work in material form (including photocopying and electronic storage) except under the following circumstances: (i) where you are abiding by a licence granted to your school or institution by the Copyright Licensing Agency; (ii) where no such licence exists, or where you wish to exceed the terms of a licence, and you have gained the written permission of Cambridge University Press; (iii) where you are allowed to reproduce without permission under the provisions of Chapter 3 of the Copyright, Designs and Patents Act 1988, which covers, for example, the reproduction of short passages within certain types of educational anthology and reproduction for the purposes of setting examination questions.

The teaching content of this resource is endorsed by OCR for use with specification Level 1/Level 2 Cambridge National in Enterprise and Marketing (120 GLH) All references to assessment, including assessment preparation and practice questions of any format/style are the publisher’s interpretation of the specification and are not endorsed by OCR. This resource was designed for use with the version of the specification available at the time of publication. However, as specifications are updated over time, there may be contradictions between the resource and the specification, therefore please use the information on the latest specification and Sample Assessment Materials at all times when ensuring students are fully prepared for their assessments.

Endorsement indicates that a resource is suitable to support delivery of an OCR specification, but it does not mean that the endorsed resource is the only suitable resource to support delivery, or that it is required or necessary to achieve the qualification.

OCR recommends that teachers consider using a range of teaching and learning resources based on their own professional judgement for their students’ needs. OCR has not paid for the production of this resource, nor does OCR receive any royalties from its sale. For more information about the endorsement process, please visit the OCR website.

Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

CAMBRIDGE NATIONALS

We are working with OCR towards endorsement of this resource.

INTRODUCTION Enterprise and Marketing: Teacher’s Resource

Introduction About the authors Laura Chambers (Revision Guide)

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Laura graduated from Newcastle University with a BA (Hons) in Business Management and has been teaching for 15 years. She is a Faculty Lead for computing, business and health and social care with extensive experience of teaching a wide range of courses from Key Stage 3 to Key Stage 5. During her teaching career she has worked in a number of schools supporting students of all ages and has recently taken on the role of Careers Leader. Laura has a long history of examining and moderating vocational and academic qualifications at a senior level for a number of exam boards, so she has a clear understanding of how to support students in achieving the best results possible. She has worked on the development of a number of qualifications since 2012 and has produced resources for exam boards to support both student learning and teacher development. Laura has also provided training to teachers to support their development and understanding of specifications. She is passionate about the value of education and the value of vocational education.

Mark Tippins (Student Book and Teacher’s Resource)

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Mark is an experienced secondary school teacher who currently teaches business and computing. He has taught other similar subjects across the spectrum of level 2 and level 3 qualifications. Mark has also worked as an assessor for multiple exam boards and uses his exam board experience to support his teaching and learning in the classroom.

Mark has a Masters in Education from Newcastle University and has written delivery guides and support documents for vocational business qualifications for OCR.

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He is passionate about vocational qualifications in education for the skills they develop in students and the way in which they offer students an alternative to demonstrate their understanding of a subject.

Karen Tullett (Student Book and Teacher’s Resource)

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Karen practised as a teacher for 20 years in a range of educational establishments, teaching business, enterprise, finance and economics-related subjects. She still works within the field of education, and she is involved in the development of new qualifications and the authoring of teaching-related resources and textbooks.

She is passionate about the value to both students and employers of vocational qualifications such as the Cambridge Nationals.

Julie Whatford (Student Book, Teacher’s Resource and Revision Guide) Julie is an outstanding practising teacher with extensive experience of delivering a range of business, enterprise and marketing courses over the past 14 years. During her teaching career to date she has worked in schools and colleges supporting students of all ages.

Julie has an MSc in Services Marketing (distinction) and a first-class BA (Hons) in International Business Administration, both from Bournemouth University. She is passionate about supporting young people to achieve their entrepreneurial ambitions.

Prior to becoming a teacher, Julie enjoyed a successful career as a PR and Marketing Manager specialising in the education sector.

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CAMBRIDGE NATIONALS

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INTRODUCTION Enterprise and Marketing: Teacher’s Resource

About the series The Cambridge University Press resources for the Cambridge National Level 1/Level 2 qualification comprise this Teacher's Resource, a Student Book and a combined Revision Guide and Workbook.

Whilst all three can be used separately, they have been designed to work together to provide comprehensive support for the qualification.

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The Student Book covers all of the units in the specification and is where students will find the core information they need. This will help them with their knowledge and understanding of the subject. Information is arranged by unit and then by topic area, so they can easily find what they are looking for.

Questions and activities will help to apply knowledge and understanding and to develop practical skills. Test Your Knowledge questions can be used to assess progress. Answers for these questions are in the digital version of the Student Book. The Student Book has been endorsed by OCR.

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The Revision Guide and Workbook supports unit R067 Enterprise and marketing concepts, which is the externally assessed unit. The exam preparation section offers advice to help students prepare for this assessment. The revision guide section provides concise outlines of the core knowledge covered in the specification. Each page focuses on a small piece of learning to help break revision up into manageable chunks. The practice questions in the workbook section bring revision and learning together.

Digital quizzes help students to understand the language used in the examined unit assessment and to check knowledge and understanding of key concepts. The Revision Guide and Workbook has not been through the OCR endorsement process.

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This Teacher’s Resource covers all of the mandatory units and is a rich bank of ideas to help you create engaging lessons to meet the needs of your class.

It contains presentations, worksheets, audio-visual material and activity and delivery ideas, which can be personalised for your lessons. Digital quizzes help test understanding and unlock the language used in assessment.

Although we would recommend using the accompanying student book, it is not essential. We also encourage you to download and customise the presentations, worksheets and teaching ideas. The Teacher’s Resource has been endorsed by OCR.

There is more information on getting the best from these resources in the pages that follow.

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CAMBRIDGE NATIONALS

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INTRODUCTION Enterprise and Marketing: Teacher’s Resource

Getting the most from your Cambridge National Level 1/Level 2 Enterprise and Marketing Teacher’s Resource

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OCR has endorsed this Teacher’s Resource for the Cambridge National Level 1/Level 2 Enterprise and Marketing qualification for first teaching from September 2022, so you can be confident that it meets the needs of the specification. It has been written to support teachers of all levels of expertise and follows the tried-and-tested pedagogical cycle of Engage–Teach–Apply–Review, breaking the content down into manageable chunks.

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We recognise the diversity in vocational classrooms and that how you deliver your Cambridge National course will vary from the way other schools deliver it. Therefore, whilst we have provided an exemplar delivery plan for each unit, the teaching notes and accompanying resources can be organised and amended to meet your particular needs. Indeed, we encourage you to download and adapt the banks of ideas, worksheets and presentations – all of which are provided in editable files.

In this resource you will find:

Delivery plans (editable Microsoft Word) Teaching notes (non-editable PDFs & editable Microsoft Word) Presentations (editable PowerPoint™ slides) Worksheets and worksheet answers (editable Microsoft Word) Audio-visual material (online only, not editable) Digital quizzes (online only, not editable).

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     

Using the delivery plans

A sample outline delivery plan is included for each of the units. It gives one suggestion of how you can cover the specification content within the guided learning hours, setting aside time for the exam (examined unit) or the assessment (non-examined units (NEAs)). Lessons are assumed to be 60-minutes long unless otherwise stated.

The delivery plans can be edited – rather than a ‘scheme of work’, they are meant for you to use as a set of ideas for delivery.

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CAMBRIDGE NATIONALS

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INTRODUCTION Enterprise and Marketing: Teacher’s Resource

Using the teaching notes The teaching notes are full of activity and teaching ideas to help you follow the Engage–Teach–Apply– Review cycle. There are teaching notes to help you introduce the unit, and then notes for each of the specification’s topic areas. The teaching notes will guide you to appropriate resources such as worksheets, slideshow presentations and audio-visual material. At the end of the notes for each unit, there are suggested review activities.

Each of the Engage–Teach–Apply–Review stages have a different focus.

Engage  Starter activities to engage students, activate prior knowledge and to get them thinking about what they are going to learn in that unit and/or topic.  Student-friendly introductions to the unit and/or topic.

Teach

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 Engaging and stimulating guidance and activities that activate/build on prior learning and introduce new information in varied ways.  Teacher-mediated activities that develop knowledge and understanding.

Apply

 Student-led activities for applying knowledge and understanding to relevant contexts or to practise skills and knowledge retrieval.

Review

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 Assessment-style practice tasks.

 Mid-point and end-of-unit checks on students’ progress and understanding.

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 Recap of the topic and/or unit. These are often discussions or quiz-style activities.

Approximate timings are given for each of these activities so that you can mix and match them to incorporate into your own lesson plans and timetables.

Presentations (PowerPoint™ slides)

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For each unit, we have provided a presentation that can be used at the start of the unit in order to introduce the topics, key concepts and key terms. These presentations can be revisited towards the end of the unit to review and check students’ understanding and progress.

There are also separate presentations for each of the topic areas within the unit, covering the learning content in more depth.

All of the presentations can be used front of class or shared directly with students and provide excellent opportunities and activities for discussion, exploring new concepts and reviewing topics. Brief notes on how to use them are included within the PowerPoint™ Notes view.

Please note that some slides contain animations or transitions that you will need to click through in Slideshow mode. Where this occurs, instructions are included in the Notes view.

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INTRODUCTION Enterprise and Marketing: Teacher’s Resource

Worksheets and answers There are a number of editable worksheets for each of the topic areas within a unit. These provide a variety of activities such as knowledge recall, understanding of key terminology, research, case studies and mini projects. Answers for questions with definite answers or guidance on what to include for more open questions are included (on separate files).

Worksheets are often used in the ‘Apply’ stage and are suitable for independent, paired or group work.

Using the digital quizzes Straightforward digital quizzes for front-of-class use help students to check knowledge and understanding and crucially to understand the exam language for the mandatory examined unit. Use the quizzes at any point during the unit – for example, at the start of the unit or a topic area to highlight prior knowledge or at mid- or end-of-unit review points.

The quizzes have a different focus depending on the unit.

Mandatory examined unit:

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 Quiz 1: A 10-question quiz that focuses on the meaning of the command words used in the exam. (This is also available for independent use within the Cambridge National Level 1/Level 2 Enterprise and Marketing Revision Guide & Workbook.)  Quiz 2: A 10-question quiz that again focuses on the command words, but this time in the context of Enterprise and Marketing. (This is also available for independent use within the Cambridge National Level 1/Level 2 Enterprise and Marketing Revision Guide & Workbook.)  Quiz 3: A 10-question quiz that focuses on key terminology and concepts covered in the mandatory examined unit for Enterprise and Marketing.

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Mandatory non-examined assessed units:

 For each NEA unit, there is a 20-question quiz that focuses on key terminology and concepts.

Using the audio-visual material

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The video resources included with this Teacher’s Resource are great for engaging students with the key concepts that benefit from visual examples in each of the units, and they come with thought-provoking questions for discussion and reflection. You will find opportunities for using them outlined in the relevant unit/topic area notes.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA1 Characteristics, risk and reward for enterprise Learning intention Setting up a new business is hard work and the entrepreneur’s personal characteristics can increase or reduce the chances of success. Students should understand the reasons why certain characteristics support the establishment of a successful enterprise.

There are massive risks in setting up a new business. These risks can generate substantial rewards but there are also potential drawbacks. The entrepreneur needs to be aware of the drawbacks so that they can make an informed decision.

By the end of this topic, students will know about characteristics shared by successful entrepreneurs and they will be able to explain the potential rewards and drawbacks for risk-taking when setting up a new business.

Key terms

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These words and phrases are used often during this topic area.

an organisation that provides goods and services to satisfy customer needs

characteristic

qualities or features that determine an individual’s personality.

entrepreneur

an individual who sets up a new business providing a good or service that people are willing to buy to satisfy their needs. The entrepreneur bears the risk and receives the rewards of the business

negotiation

a discussion aimed at reaching an agreement. Each person (known as a ‘party’) in the discussion may need to change what they want in order to reach an overall agreement

reward

the benefits that the entrepreneur gets from taking the risk to start the business

risk

the chance that an action will have an adverse (negative) outcome. Starting a new business is a risk as it is not guaranteed to be a success

well-being

the state of being healthy, happy and comfortable. Well-being can be physical or mental

work–life balance

the balance between the amount of time spent working and on non-work activities

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business

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Worksheets 1 and 2 and slide 3 will help students to understand these words and phrases, and contextualised definitions are included in the Enterprise and Marketing Student Book glossary.

Common misconceptions

How to elicit

How to overcome

It is often assumed that you have to be wealthy to set up a business.

The importance of personal characteristics is often a secondary consideration.

Ask students to research famous entrepreneurs who started out at a young age or as teenagers, e.g. Richard Branson, Mark Zuckerberg.

What does their business do? What are their main qualities for success? Ask students if they were successful due to their personal wealth or personal characteristics (e.g. innovation and determination).

Discuss options to overcome potential financial barriers for a business idea that has huge potential, e.g. borrowing the money, crowdfunding.

The potential rewards and drawbacks are only financial.

Ask students to think about the range of different rewards and drawbacks. Then ask them to divide those into financial and non-financial. Consider which ones may be the most important to an entrepreneur and why – many non-financial options may be viewed as more important in the long term.

Categorising the rewards and drawbacks as financial and nonfinancial will highlight that many are non-financial, and often they are the most important in the long term, e.g. self-satisfaction from achieving the goal of setting up a new business.

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Misconception

Discuss how it is often harder to develop or change personal characteristics than raise the money required to start a business.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA1.1 Characteristics of successful entrepreneurs Engage  Quick-fire entrepreneurs Draw up a quick-fire list of famous entrepreneurs that students can think of in five minutes. Gather all suggestions and examine each one in turn. Show the photos on slide 2 to help students if they are struggling. Can they explain what each entrepreneur is famous for? What qualities does the entrepreneur have that may have led to their success, e.g. an innovative idea, hard work, determination, etc.

PPT TA1 slide 2 15 mins

 What is an entrepreneur? Ask the question and collate students’ ideas to create a definition including key terms, e.g. ideas, skill, commitment, risk-taking, passion and success. Do they know someone that they consider is an entrepreneur? If so, why?

10 mins

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5 mins  Enterprising skills and characteristics Ask students individually to write down three skills and three characteristics that they think entrepreneurs have and which are important when setting up a new business. Then ask each student to share their list with another student. Are there any repeats or new ones to add to their list? Encourage them to share one characteristic and one skill with the rest of the class and to explain why they feel they are important.

Teach

PPT TA1 slide 1 5 mins

 Critical characteristics Introduce the seven characteristics of an effective entrepreneur (slide 3). Use examples to demonstrate each one within the context of setting up a new business. For example, an entrepreneur must be prepared to take risks as success is not guaranteed, and this could lead to a financial loss and wasted time and effort. Using slide 3, ask students to rate their personal competence for each characteristic using a five-point scale (1 is weak, 5 is very proficient). Students should share their ratings with a peer and ask for feedback – do they agree with the ratings? Students could add up their scores and see who has the highest total. To support their score, encourage them to give examples of how they have demonstrated each of the characteristics. Relating the characteristics to their own experiences will help their understanding.

PPT TA1 slide 3 20 mins

Apply

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 Learning objectives Introduce the learning objectives for TA1.1.

PPT TA1 slide 2 10 mins

 Characteristics for enterprise Thinking about each of the scenarios on Worksheet 1, ask students to suggest which of the entrepreneurial characteristics will help the entrepreneur to successfully manage the situation and why. Students must justify their chosen characteristics.

They could also complete Video Montage 1.

Worksheet 1 Video Montage 1 25 mins

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 Enterprise audit Ask students to choose a famous entrepreneur (slide 2), or someone they know who runs a small business, and assess them against the seven characteristics.

Does the entrepreneur have all of the characteristics? If any are missing, does this matter?

 Shalia’s homemade delights In pairs, students read the case study and answer the questions Student Book identifying the entrepreneur’s characteristics. Encourage them to write full answers to justify the Case study: Shalia’s points made. Discuss the answers as a class. homemade delights 20 mins

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

Mid-point review  Recap Divide the class into seven groups/pairs and give each group/pair one of the characteristics. Each group explains why the characteristic is important when setting up a new business.  Challenge: Students think of a famous entrepreneur and how they use this characteristic.

10 mins

 Three key learning points Ask students to write down on a sticky note three things that they have learnt so far and stick them on the board as they leave the room. Review the contents and summarise in TA1.2.

10 mins

TA1.2 Potential rewards for risk-taking Engage 5 mins

 Benefits of starting an enterprise or new business In pairs ask students to think about the reasons why people set up new businesses. What are the benefits? How do they benefit personally? Ask each pair to write two benefits on a separate sticky note. Stick all of the suggestions on the wall or board and review the results by grouping common themes.

10 mins

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 Risk-taking Risk-taking is one of the characteristics covered in TA1.1. Ask students to recall what ‘risk-taking’ means and why entrepreneurs might have to take risks.

Teach

PPT TA1 slide 1 5 mins

 Rewarding enterprise Introduce the term ‘reward’ and explain the four types of rewards (slide 4) that an entrepreneur may enjoy as a result of taking a risk to set up their own business. Address the misconception that financial rewards and profit are the only type of reward. Ask students to think of examples of businesses that do not make a profit (e.g. charities, food banks). What rewards do these businesses/entrepreneurs get? Explain how they may benefit an entrepreneur.

PPT TA1 slide 4 10 mins

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 Learning objectives Introduce the learning objectives for TA1.2.

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 Making a difference/change Ask students if they can name any entrepreneurs who have made a difference or brought about change as a result of their business idea. Offer examples, e.g. James Dyson, who was frustrated by lack of powerful vacuum cleaners available and created a bagless vacuum cleaner that met his aim to make a difference to users’ lives, or Anita Roddick, who launched the Body Shop (the first cosmetic brand not tested on animals).

Ask them to think about whether making a difference or bringing about change is more important than financial rewards and why/why not.

Student Book Case study: The Dyson bagless vacuum cleaner 10 mins

Apply

 Researching rewards Ask students to research a famous entrepreneur (or someone they know who has set up their own business) and give examples of the rewards that the person enjoys as a result of running their own business. Remind them to think beyond financial rewards. Offer support as required and question students to assess their understanding.

Students should share their work with the rest of the class.

20 mins

 Visual summary of rewards Ask students to create a mind map or other visual representation of the potential rewards for risk-taking when setting up a small business. Students should peer assess each other’s work and comment on what they like and what could be developed further.

20 mins

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

Mid-point review  What have I learnt? Students state a new thing that they have learnt in this TA. Pick students 5 mins at random and encourage each student to state a different point to the previous one.  Ranking the rewards Ask students to think about the four rewards for risk-taking on slide 4 and to rank them in order of importance to them, so identify the reward that is the most important to them at the top and the one that is least important at the bottom of the list. Ask them to explain the reasons for their decisions.

PPT TA1 slide 4 5 mins

TA1.3 Potential drawbacks for risk-taking Engage  Recap Ask students to recap their learning so far. What have they learnt? Ask one student to write the class’s points on the board. Review whether all key points have been covered and address any misconceptions.

5 mins

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 Downsides of setting up your own business Ask students to think of a potential downside of 10 mins setting up a business compared to working as an employee. They could think about someone they know who runs their own business. What are the negative aspects of running a business?

Encourage students to share their thoughts with the class. It may be interesting to ask students to raise their hands if they think financial loss is the biggest negative aspect. You can then start to address the misconception that all drawbacks are financial. This could be presented as a scenario of someone who has recently given up a full-time job with a salary in order to set up their own business. It will prompt students and encourage them to think beyond financial rewards.

PPT TA1 slide 1 5 mins

 Drawbacks to risk-taking When starting a business, there is no guarantee of success.

An entrepreneur needs to be prepared to face potential drawbacks when setting up a new business. Introduce the four types of potential drawbacks and explain what each of them means. Question students to assess their understanding and address any misconceptions.

Display slide 5 and ask students to think about which drawbacks may be the most commonly encountered by new entrepreneurs and why.

PPT TA1 slide 5 15 mins

 Drawbacks – a knock-on effect Explain how a drawback or risk-taking may have knock-on effects, e.g. working long hours will result in a bad work–life balance with little free time. As a result, the entrepreneur may neglect family and friends, and that could lead to the breakdown of personal relationships, causing stress and disagreements. This may affect their health and require them to take time off due to illness. If they are unable to work, they (and the business) will suffer financially. Create a flow chart to show this interrelationship.

15 mins

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 Learning objectives Introduce the learning objectives for TA1.3.

Apply

 Impact of drawbacks All four types of drawback may affect an entrepreneur’s personal life.

Ask students to think about each of the four drawbacks shown on slide 5 and to explain how they may affect the entrepreneur’s personal life. What impact could these have on the rest of their family?

PPT TA1 slide 5 10 mins

 Categorising task Consolidate learning about risk and reward. Ask students to consider each of the nine scenarios on Worksheet 2. They should categorise them as a reward or a drawback for risk-taking and identify the type of reward or drawback. One of the types needs to be used more than once!  Challenge: Ask students to think about how the reward or drawback may impact the entrepreneur, e.g. self-satisfaction might improve self-esteem and sense of worth.

Worksheet 2 10 mins

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

Mid-point review 10 mins

 Tweet a friend Ask each student to write a tweet to summarise the key points that they learnt in TA1.3. Share the tweets as a class.

10 mins

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 TA1 review Students should reflect on their learning from TA1 by writing three points that they have learnt or feel confident about and three points that they feel less confident about.

Ask them to keep their notes to plan their revision.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

R067: Suggested delivery outline This unit has 48 Guided Learning Hours, with 2 hours set aside for the exam. This is a suggestion for delivery, covering 46 × 60-minute lessons.

Topic area

ALL

ALL

Topic section Suggested coverage reference ALL

 Introduction to the unit

Supporting resources No. of lessons

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TA reference

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PPT Overview

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Student Book TA1, sections 1.1 and 1.2 PPT TA1, slides 1, 2, 3 Worksheet 1 and answers Video Montage 1

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Student Book TA1, section 1.3 PPT TA1, slides 1, 4

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Student Book TA1, section 1.4 PPT TA1, slides 1, 5 Worksheet 2 and answers

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Student Book TA2, section 2.1 PPT TA2, slides 1, 2, 3, 4

 Outline the content of the five topic areas  Explain how the unit is assessed TA1

Characteristics, risk and reward for enterprise

1.1

 What is an entrepreneur? Do students personally know any entrepreneurs? What do students already know about entrepreneurs?

TA1

1.2

Characteristics, risk and reward for enterprise

1.3

Market research to target a specific customer

 What are the potential rewards for risk-taking?

How do they relate to entrepreneurs?  Real-life examples of entrepreneurs who have taken risks and their rewards  What are the potential risks that entrepreneurs might take?  What are the drawbacks for risk-taking?  Real-life examples of entrepreneurs who have faced risks

2.1

 What is market research? Why and when do entrepreneurs undertake market research? Outline the purpose of market research

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TA2

Characteristics, risk and reward for enterprise

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TA1

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 Identifying the characteristics of successful entrepreneurs and how these contribute to their success

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA reference

Topic area

TA2

Market research to target a specific customer

Topic section Suggested coverage reference 2.2; 2.3

 What are the two types of market research? What is primary market research? What is secondary market research? What is the difference between them?  The advantages and disadvantages of primary versus secondary market research

Supporting resources No. of lessons 3

FT

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Student Book TA2, section 2.2 PPT TA2, slides 1, 5, 6, 7 Worksheet 3 and answers Video Montage 2

 Examples of primary market research methods and contexts in which they are appropriate  The advantages and disadvantages of each method

 Examples of secondary market research sources and contexts in which they are appropriate  The advantages and disadvantages of each source Market research to target a specific customer

2.4

 What are the two main types of data? Explanation of quantitative and qualitative data

A

TA2

1

Student Book TA2, section 2.3 PPT TA2, slides 1, 8

1

Student Book TA2, section 2.4 PPT TA2, slides 1, 9 Worksheet 4 and answers

1

Student Book TA2, section 2.5 PPT TA2, slides 1, 9

 What are the benefits and limitations of each type of data?  Entrepreneurs can use internal and external sources of each type of data. (Internal/external sources and primary/secondary methods/sources can utilise quantitative and/or qualitative data.)

Market research to target a specific customer

2.5

 What is market segmentation? Why is it important to segment a market and what issues could arise if the entrepreneur/business does not segment the market?

R

TA2

 How is a market segmented? Examples of different characteristics used by businesses to segment a market

Market research to target a specific customer

2.6

 How does a business benefit from market segmentation?

How does it help the business to create a more targeted approach to marketing?

D

TA2

Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022. Copying permitted for purchasing institution only. This material is not copyright free.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA reference

Topic area

TA3

What makes a product financially viable?

Topic section Suggested coverage reference 3.1

 What are the costs of producing the product? Definitions of fixed costs, variable costs, total costs

Supporting resources No. of lessons 2

Student Book TA3, section 3.1 PPT TA3, slide 2

 Explain and carry out calculations for total cost, total cost per unit, variable cost, variable cost per unit, fixed cost, fixed cost per unit

FT

 Explain and carry out cost calculations involving different time periods, such as per week, month or year  Common misconceptions (e.g. salaries are fixed costs versus wages are variable costs) TA3

What makes a product financially viable?

3.2

 What is revenue? Define revenue

1

Student Book TA3, section 3.2 PPT TA3, slide 3

2

Student Book TA3, section 3.3 PPT TA3, slide 4 Worksheet 5 and answers

 Explain and carry out calculations for revenue generated by sales of the product

A

 Explain and carry out revenue calculations for different time periods, such as per week, month or year  Explain how to rearrange the revenue formula to find an unknown component (e.g. number of items sold or selling price per unit) What makes a product financially viable?

3.3

 What is profit? What is loss? Define profit and loss  Explain the difference between revenue and profit  Explain the concept of loss when the total costs exceed the revenue

R

TA3

 Explain and carry out calculations for profit and loss (per unit and for a given level of output)

D

 Explain how to rearrange the profit and loss formula to find an unknown component (e.g. total costs per unit or revenue)

Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022. Copying permitted for purchasing institution only. This material is not copyright free.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA reference

Topic area

TA3

What makes a product financially viable?

Topic section Suggested coverage reference 3.4

 What is break-even? Define break-even and other key terms, i.e. break-even quantity, break-even point

Supporting resources No. of lessons 3

 Explain and demonstrate how to use the break-even formula to calculate the break-even quantity

Student Book TA3, section 3.4 PPT TA3, slide 5 Worksheets 6 and 7 and answers

FT

 Explain how to rearrange the break-even formula to find an unknown component (e.g. the selling price per unit)  Explain, demonstrate and practise how to interpret a break-even graph to identify the break-even point  Explain, demonstrate and practise how to complete a partially completed break-even graph

 How does an entrepreneur use break-even information as an aid to decision making?

What makes a product financially viable?

3.5

TA4

Creating a marketing mix to support a product

4.1

TA4

Creating a marketing mix to support a product

 Definition of cash. Recap definition of profit. What is the difference between cash and profit?

1

Student Book TA3, section 3.5 PPT TA3, slide 6

 Definition of the term marketing mix  What are the four elements (4Ps) of the marketing mix for a good/service?

1

Student Book TA4, section 4.1 PPT TA4, slide 2

 How do the elements of the marketing mix support each other?  How do changes to the marketing mix affect the different elements?

Explanation of how decisions about each element affect the appropriateness of decisions about other elements  Using examples, outline the whole marketing mix, and how the individual elements work together to create a specific brand image, such as premium or economy  Using examples, explain how to design a marketing mix to meet the target market segment’s needs

2

Student Book TA4, section 4.2 PPT TA4, slide 2 Worksheet 8 and answers

A

TA3

R

 What are the consequences for an entrepreneur/a business of a lack of cash?

D

4.2

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA reference

Topic area

Supporting resources No. of lessons

TA4

Creating a marketing mix to support a product

4.3

 Define key terms (e.g. advertising, non-digital, digital)  Explain the purpose of advertising mediums  Outline and give examples of different types of non-digital advertising mediums used to attract and retain customers  Outline the relative advantages and disadvantages of each non-digital medium  Recap the meaning of ‘non-digital’ and ‘digital’ advertising mediums  Outline and give examples of different types of digital advertising mediums to attract and retain customers  Outline the relative advantages and disadvantages of each digital medium  Explain the difference between third-party generated and business-generated content on social media and the challenges of third-party generated content

2

TA4

Creating a marketing mix to support a product

4.4

 What are sales promotion techniques and why do businesses use them? Explain what sales promotion techniques are and their purpose  Outline examples of different sales promotion techniques used to attract and retain customers and those suitable for small businesses on a limited budget  Explain the relative benefits and limitations of each technique

1

Student Book TA4, section 4.4 PPT TA4, slide 4 Video Montage 3

TA4

Creating a marketing mix to support a product

 What is public relations? Define public relations and how a business/entrepreneur can use this  Outline different types of public relations activities that a small business may use to attract and retain customers. Use examples  Explain the relative benefits and limitations of each activity

1

Student Book TA4, section 4.5 PPT TA4, slide 5

Student Book TA4, section 4.3 PPT TA4, slide 3

R

A

FT

Topic section Suggested coverage reference

D

4.5

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

Topic area

Topic section Suggested coverage reference

Supporting resources No. of lessons

TA4

Creating a marketing mix to support a product

4.6

 What do students already know about the different ways that a business sells its goods/services to consumers?  Outline the physical and digital ways to sell the good/service to the consumer. Use examples  What are the advantages and disadvantages of physical and digital channels?  Why has there been a growth of digital channels?

Outline and explain reasons with examples

1

TA4

Creating a marketing mix to support a product

4.7

 What is the product lifecycle? What are the five stages?  Explain the five stages using the product lifecycle diagram  Explain how to use product sales data to identify the likely product lifecycle stage and give examples of products in each stage

1

Student Book TA4, section 4.7 PPT TA4, slide 7 Worksheet 9 and answers

TA4

Creating a marketing mix to support a product

4.8

 What happens to a product when it reaches the decline stage of the product lifecycle? Explain why a business might decide to extend the lifecycle of a product  What are the different extension strategies to prolong the life of a product?  Explain the relative advantages and disadvantages of each extension strategy

1

Student Book TA4, section 4.8 PPT TA4, slide 7

TA4

Creating a marketing mix to support a product

 How do businesses decide on the price to charge for a product?

What factors do they need to consider when pricing a product to attract and retain customers?  Which factors are the most important for a start-up business?  Introduce and explain pricing strategies  Explain the different types of pricing strategy used by businesses.

Provide real-life examples of business who employ the strategy  Outline the advantages and disadvantages of each pricing strategy

1

Student Book TA4, section 4.9

TA4

Creating a marketing mix to support a product

 Introduce and explain pricing strategies

1

Student Book TA4, section 4.10 PPT TA4, slide 8

R

A

FT

TA reference

D

4.9

4.10

 Explain the different types of pricing strategy used by businesses.

Provide real-life examples of businesses who employ the strategy

Student Book TA4, section 4.6 PPT TA4, slide 6

 Outline the advantages and disadvantages of each pricing strategy Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022. Copying permitted for purchasing institution only. This material is not copyright free.

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R067 ENTERPRISE AND MARKETING CONCEPTS Enterprise and Marketing: Teacher’s Resource

TA reference

Topic area

TA5

Factors to consider when starting up and running an enterprise

Topic section Suggested coverage reference 5.1

 Why is it important for start-ups to choose the correct form of business ownership?

Supporting resources No. of lessons 3

 Define the key terms ‘limited liability’ and ‘unlimited liability’ and explain the implications for businesses/entrepreneurs

Student Book TA5, section 5.1 PPT TA5, slides 2, 3, 4 Worksheet 10 and answers Video Montage 4

FT

 What are the appropriate forms of ownership for business start-ups?

Outline the main types of ownership using examples  Outline relative advantages and disadvantages of each form of ownership

 Outline the key features of each form of ownership (ownership, type of liability, responsibility for decision making, share of profit) Factors to consider when starting up and running an enterprise

5.2

 Define capital. Why might a business need capital (e.g. for start-up/expansion)?

2

Student Book TA5, section 5.2 PPT TA5, slide 5 Worksheet 11 and answers

1

Student Book TA5, section 5.3 PPT TA5, slide 6

8

All

 What are the main sources of capital for business start-ups and expansion? Explain the different sources of capital and define any key terms, e.g. ‘crowdfunding’, ‘grants’, ‘business angel’, etc.

A

TA5

 Outline relative advantages and disadvantages of each source of capital

TA5

Factors to consider when starting up and running an enterprise

R

 Using specific scenarios, make recommendations as to the most appropriate source of capital

5.3

 Why might an entrepreneur need support? What type of support might they need?  Outline the different sources of support for an entrepreneur and the types of support available from each source

ALL

D

 Outline relative advantages and limitations of different sources of support

Revision

ALL

 Recap key topics and general misconceptions  General revision  Students should attempt past papers and the sample assessment materials for R067

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R067 ENTERPRISE AND MARKETING CONCEPTS

Worksheet 1: Characteristics for enterprise Complete the table with the most relevant characteristic for each situation. Explain your choice.  Creativity

 Negotiation

 Innovation

 Confidence

 Risk-taking

 Determination

 Communication

Situation

Characteristic

Explain your choice

FT

An entrepreneur invents a new product to help owners exercise their pet dog without leaving home.

An entrepreneur would like to sell their new product in a local shop. The manager of the shop has some questions about the product.

A

An entrepreneur needs to design a logo for a new product.

R

An entrepreneur is working full time. They have to work on plans for their new business idea at weekends when they are not doing their other job.

D

An entrepreneur is planning to use their redundancy money to set up a new business.

A lender is not sure whether customers will buy the entrepreneur’s new product.

The lender asks the entrepreneur lots of questions about the likely demand for the product.

An employee is unhappy with the entrepreneur’s offer of a 1% pay rise.

They are hoping for a 3% pay rise.

Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022.

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UNIT: R067 TA 1.1

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R067 ENTERPRISE AND MARKETING CONCEPTS

Worksheet 2: Rewards and drawbacks for risk-taking 1. Identify whether each of the following situations would be a reward or drawback and identify the type of reward/drawback.

2. What do you think the impact of this reward/drawback may be for the entrepreneur and/or their business?

Reward or drawback

An entrepreneur misjudges the demand for a type of chocolate bar and does not sell as many as expected.

He makes a loss.

An entrepreneur has to work every Sunday to complete all of the paperwork as there is no time for this during the week.

Running a small business can be very stressful.

Impact of the reward/drawback for the entrepreneur and/or their business

A

The profits that the entrepreneur has made from their business are greater than the wages they earned when they worked for an employer.

Type of reward or drawback

FT

Situation

R

An entrepreneur finds they have little time to spend with their children.

D

An entrepreneur feels very proud to have achieved their ambition of running a successful small business.

The entrepreneur does not have to ask anyone before making a decision.

The new product created by the entrepreneur will make life easier for users.

An entrepreneur no longer has time to go on long walks in the countryside at weekends.

Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022.

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Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

UNIT: R067 TA 1.2

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CAMBRIDGE NATIONALS

R067 ENTERPRISE AND MARKETING CONCEPTS R064 Enterprise & marketing concepts

Worksheet 1 answers: Characteristics for enterprise Complete the table with the most relevant characteristic for each situation . Explain your choice.  Creativity

 Negotiation

 Innovation

 Confidence

 Risk-taking

 Determination

 Communication Characteristic

Explain your choice

An entrepreneur invents a new product to help owners exercise their pet dog without leaving home.

Innovation

The entrepreneur came up with an innovative idea for a brand new product.

An entrepreneur would like to sell their new product in a local shop. The manager of the shop has some questions about the product.

Communication

The entrepreneur needs to communicate clearly so that the manager understands all the features of the new product.

An entrepreneur needs to design a logo for a new product.

Creativity

The entrepreneur needs to design an eye-catching logo.

An entrepreneur is working full time. They have to work on plans for their new business idea at weekends when they are not doing their other job.

Determination

The entrepreneur needs to be determined to set up the business as setting it up whilst working full time in their job is hard work.

An entrepreneur is planning to use their redundancy money to set up a new business.

Risk-taking

The entrepreneur risks losing their redundancy money if the business is unsuccessful.

A

FT

Situation

The entrepreneur needs to answer the questions confidently and demonstrate the potential demand.

An employee is unhappy with the entrepreneur’s offer of a 1% pay rise. They are hoping for a 3% pay rise.

The entrepreneur needs to negotiate a pay rise that is agreeable to both parties, e.g. 2% – meeting the employee halfway.

R

A lender is not sure whether customers will buy the Confidence entrepreneur’s new product. The lender asks the entrepreneur lots of questions about the likely demand for the product.

D

Negotiation

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UNIT: R067 TA 1.1

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R067 ENTERPRISE AND MARKETING CONCEPTS

Worksheet 2 answers: Rewards and drawbacks for risk-taking 1. Identify whether each of the following situations would be a reward or drawback and identify the type of reward/drawback.

2. What do you think the impact of this reward/drawback may be for the entrepreneur and/or their business?

Reward or drawback Type of reward or drawback

Impact of the reward/drawback for the entrepreneur and/or their business

An entrepreneur misjudges the demand for a type of chocolate bar and does not sell as many as expected.

He makes a loss.

Drawback

Financial

Sales may be lower than expected leading to lower revenue. Too many units may be produced, leading to wastage as chocolate is perishable losing the business money, reducing profit/increasing loss.

An entrepreneur has to work every Sunday to complete all of the paperwork as there is no time for this during the week.

Drawback

Work–life balance

Entrepreneur may spend all of their time working.

They may have to give up hobbies, spend no time with family/friends and feel stressed.

The profits that the entrepreneur has made from their business are greater than the wages they earned when they worked for an employer.

Reward

Financial

Entrepreneur’s income has increased. They can enjoy a higher standard of living and buy more luxuries.

Running a small business can be very stressful.

Drawback

Health/well-being

Entrepreneur may become unwell due to the stress.

Drawback

Personal relationships

Entrepreneur will miss out on spending time with their children. Children may be upset.

A

FT

Situation

R

An entrepreneur finds they have little time to spend with their children.

Reward

Self-satisfaction

Entrepreneur may become more confident and feel self-fulfilled.

The entrepreneur does not have to ask anyone before making a decision.

Reward

Independence

Entrepreneur can make their own decisions.

Decision making is quicker.

The new product created by the entrepreneur will make life easier for users.

Reward

Making a difference/change

Increased sales leading to higher revenue and possibly profit. Entrepreneur may feel personally satisfied.

An entrepreneur no longer has time to go on long walks in the countryside at weekends.

Drawback

Work–life balance

Entrepreneur may feel stressed. Their personal fitness may be reduced.

D

An entrepreneur feels very proud to have achieved their ambition of running a successful small business.

Cambridge Nationals Enterprise and Marketing – Tippins, Tullett & Whatford © Cambridge University Press 2022.

Copying permitted for purchasing institution only. This material is not copyright free.

Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

UNIT: R067 TA 1.2

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CAMBRIDGE NATIONALS

A

Unit overview and review

FT

R067: Enterprise and marketing concepts

To introduce this unit, ask students what they think the words ‘enterprise’ and ‘marketing’ mean.

D

R

This unit will take students through the key enterprise and marketing concepts of: • what the characteristics of successful entrepreneurs are • what risks and rewards entrepreneurs might take when setting up a business • why and how businesses carry out and use market research to target customers • how to assess the financial viability of a product • how to create an effective marketing mix to support a product • considerations when starting up and running a business.

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R 0 6 7 En te r p r ise a n d Ma r k e tin g C o n c e p ts : U n it o ve r vie w

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Purpose and main concepts By the end of this unit, you will TA1 Characteristics, risk and reward for enterprise

Enterprise and marketing concepts

TA2 Market research to target a specific customer

TA3 W hat makes a product financially viable?

TA4 Creating a marketing mix to support a product

Know

how entrepreneurs use market research to get insights into the wants and needs of customers

Know

how to segment a market to efficiently target customers

Understand

how to calculate whether a product is likely to be financially viable

Understand

the different elements of the marketing mix and how they impact on business performance

Know

about different types of business ownership and the sources of capital

Key words

Key concepts

Review

A

What we will learn

the characteristics of successful entrepreneurs

FT

TA5 Factors to consider when starting up and running an enterprise

Know

D

R

Use this slide to introduce the unit. The diagram summarises each of the five topic areas and the table provides additional detail about what students should know once they have completed the unit.

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Key words and phrases Business

An individual who sets up a new business providing a good or service that people are willing to buy to satisfy their needs. The entrepreneur bears the risk and receives the rewards of the business.

An organisation that provides goods and services to satisfy customer needs.

Market segmentation

Marketing mix

Activities to gather information about the needs and preferences of the target customers.

The process of dividing up a market for a specific product into different groups, or segments, according to different characteristics, such as age, gender, occupation and lifestyle.

This allows a business to target relevant customers.

The marketing mix is the four elements that the entrepreneur must use to promote its business or product.

The four elements are: product, place, promotion and price.

Key words

Key concepts

Review

A

What we will learn

Market research

FT

Entrepreneur

R

This slide shows some of the key words and phrases that will be covered in R067.

Some students may already know or understand the words and phrases. Lead a class discussion to explore prior learning/knowledge and address any misconceptions as appropriate.

D

Click through the slide show to reveal each key word or phrase and the definitions for them.

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What do you know about starting a business?

How should you let customers know about the new product?

What characteristics and skills do you need to set up and run the business?

Who might be able to offer help and advice?

Key words

Key concepts

How do you raise the money needed to set up the business?

Review

A

What we will learn

How do you know customers will buy your product?

FT

How might you decide what product to offer?

R

Use this slide to explore what students already know about starting a business.

Although none of the students is likely to have set up a business, they will probably have some knowledge about how to do it. Each of the questions relates to a different section in the TAs.

D

It is best to deliver this activity as a pair or small group activity to support all students. After students have suggested some answers, lead a class discussion to explore the answers. You can question the responses and address any misconceptions as appropriate.

Print this slide so that each student can write on a copy.

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What do you know about starting a business?

Topic

What do I know already?

What do I need to find out?

TA1 Characteristics, risk and reward for enterprise

TA3 What makes a product financially viable?

TA4 Creating a marketing mix to support a product TA5 Factors to consider when starting up and running an enterprise

Key words

Key concepts

Review

A

What we will learn

FT

TA2 Market research to target a specific customer

D

R

Review what students know and what they need to find out. Ask students to reflect on their existing knowledge – hopefully they will be surprised at what they already know about the topics that will be covered. However, some aspects will be totally new to them. They should make a note of what they need to find out more about.

You should then review this at the end of each TA so that students can consider whether they have covered all of the topics that they needed to find out about.

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TA1: Characteristics, risk and reward for enterprise What you will learn: • the characteristics of successful entrepreneurs

A

• potential drawbacks for risk taking.

FT

• potential rewards for risk taking

D

R

Use the image as a stimulus to ask students what the unit might be about. What risks might the entrepreneur behind the counter have taken to set up his business? For example, he might have taken financial risks.

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R067, TA1

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Quick-fire entrepreneurs • Can you name any of these people?

• What are they famous for?

Characteristics of successful entrepreneurs

Rewarding enterprise

Drawbacks

A

Let’s get started

FT

• For two of the people, write down three words that describe them.

D

R

Display the slide and ask students to name any of the famous faces. Can they explain what they are famous for, or why they are considered to be an entrepreneur?

From left to right: • Levi Roots – famous for developing Reggae Reggae sauce, which he famously pitched on Dragons’ Den (you could download a clip of his pitch from YouTube to show students) • Deborah Meaden – one of the ‘dragons’ from Dragons’ Den • Mark Zuckerberg – founder of Facebook • Simon Cowell – music entrepreneur and creator of X Factor and Britain’s Got Talent.

After identifying them, students should write down three words that describe them, e.g. characteristics such as innovative and confident. Probe students’ answers and ask them to explain why these characteristics support their success.

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R067, TA1

CAMBRIDGE NATIONALS

Critical characteristics • Do you have the characteristics to become a successful entrepreneur?

Creativity

Innovation

Characteristics of successful entrepreneurs Confidence

• Rate yourself on each of the characteristics in the spider diagram!

FT

Determination

Risk taking

1 – very weak

Negotiation

2 – weak

Communication

Let’s get started

Characteristics of successful entrepreneurs

Rewarding enterprise

3– satisfactory

4 – good

5 – very strong

Drawbacks

A

Introduce the various characteristics shared by successful entrepreneurs. Some of the characteristics may have been identified by students during the discussion of the well-known entrepreneurs on the previous slide.

D

R

The characteristics are: • Creativity – using imagination to create or invent something or find new solutions to a problem • Innovation – creating a new or different product/service or making a business more productive/efficient • Risk-taking – being prepared to take risks in order to have a successful business • Communication – being able to share ideas clearly with others • Negotiation – being able to discuss ideas or objectives with others in order to reach an agreement • Confidence – believing in themselves and their business idea • Determination – sticking at it despite rejections or setbacks.

Explain what each characteristic means via a class discussion as some students may not be familiar with the terms.

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Ask students to consider each one in turn and rate themselves according to the characteristic on the scale of 1 to 5 with 1 being very weak and 5 being very strong.

They should initially reflect independently.

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A

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Then ask students to share their ratings with another student. Does the other student agree with the ratings? How might the results affect their potential success as an entrepreneur? Why is this?

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R067, TA1

CAMBRIDGE NATIONALS

Rewards for enterprise Financial

Independence

• Making a profit

• Working for themselves

• Having enough money to live off and to grow the business

• Ability to make their own decisions

Making a difference/change

• Having a sense of achievement

• Meeting a need that was not previously met

• Receiving positive customer feedback if products meet their needs

• Sustainability • Supporting young entrepreneurs

FT

• Becoming wealthy

• Responsibility for decisions

Self-satisfaction

• Flexibility (e.g. the schedule and nature of the business)

• Growing the business • Winning awards • Satisfied and loyal customers

• Gaining the credit if the business is successful

Characteristics of successful entrepreneurs

Rewarding enterprise

Drawbacks

A

Let’s get started

Explain the different potential ‘rewards’ for enterprise. Several students will automatically think of the financial rewards, but use this slide to reinforce the fact that many entrepreneurs establish a business for different rewards.

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Ask students to think about which potential reward appeals to them the most and why.

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CAMBRIDGE NATIONALS

Drawbacks to risk taking Think about each of the drawbacks and complete the table.

Drawbacks to risk taking

Description of the drawback

Do you think this drawback is very common for new entrepreneurs? Why/why not?

Financial

• If the business is not financially viable, an entrepreneur may lose the money used to set it up.

• Very common.

Health/well-being Work–life balance Personal relationships

They may have carried out limited or no market research.

Characteristics of successful entrepreneurs

Rewarding enterprise

Drawbacks

A

Let’s get started

Some new entrepreneurs have never run a business before and lack financial skills and experience.

FT

• • They may find themselves in debt. If they run out of money or do not make a profit they may end up owing money to lenders and suppliers.

•

Consolidate learning about the potential drawbacks to risk-taking using the table above.

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Recreate an editable version of this table for students and ask them to complete the answers for the final three drawbacks: • Health/well-being – some people may suffer from stress and anxiety as a result of taking risks, and this can result in poor mental and physical health and well-being.

As entrepreneurs work alone this is quite common as often they do not have the opportunity to talk through their problems • Work–life balance – setting up a business takes a lot of time and commitment and involves working long hours. Work may take up a lot of an entrepreneur’s time, which can reduce the amount of time they have for relaxation and hobbies • Personal relationships – long working hours and stress can negatively impact a person’s character. Long hours and commitment to work may impact time spent with families and friends, and so personal relationships may suffer.

Ensure that all students understand each drawback and how they might relate to an entrepreneur. You could do this via questioning when identifying the various drawbacks.

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D

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A

FT

When the students have completed the table, ask them to share their answers as a class. Students should add any answers suggested by peers so that they have a comprehensive set of notes for their revision.

Original material © Cambridge University Press 2022. This material is not final and is subject to further changes prior to publication.

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