OSL Resources

Bluffer's Guide to Business Studies

This guide will show you how to:

  1. Succeed in the examination
  2. Impress in class

You may also learn a fair amount Business Studies - without really trying! The fact that you're reading this online suggests that you are familiar with the Internet. Good! Keep online as this guide only has a limited use if just printed out. You may want to find out about yourself before you start in a variety of ways including your own political compass

Most schools publish a schedule of work. If your school doesn't, ask your teacher for a list of topics that you'll be covering over the next x weeks. (Already you're impressing with your keenness!)

Now access the AQA site or OCR site or whichever board you are following and download the full specification. You are now able to see exactly what you will be examined on.

Read through the specifications and match them to the work schedule. Make sure you understand every single word in the specifications - and make sure you know the definitions BEFORE the lesson covering that topic is delivered. Thus if your friendly teacher starts off with 'Today we are going to be talking about the product life Cycle' then you already know:

  1. What is it
  2. How to draw it
  3. How to adapt it
  4. Advantages and disadvantages

Thus whilst the topic is being explained you can ask pointed/enlightened/difficult/interesting questions such as:

  1. Surely this only reflects past data and has a limited use for predicting sales?
  2. With the increase in Internet usage and the exchange of ideas and technologies, in the global market aren't all products in a constant state of revision?
  3. How do we know extension strategies will work?

You don't have to know the answers to the questions, remember - and they will certainly give the teacher interesting areas to expand on.

It is also important to know the vocabulary. Looking at the AQA syllabus (just as an example) it would be very useful if you were able to define the following words:

AS Module 1 Marketing and Finance

Marketing
Segmentation analysis
Quantitative analysis
Qualitative analysis
Market growth
Market research
Primary research
Secondary research
Standard deviation
Marketing strategy
Marketing mix
Niche marketing
Cash flow
Capacity utilisation
Boston matrix
Adding value
Skimming pricing strategy
Penetration pricing strategy
Elasticity
Price elasticity of demand
Income elasticity of demand
Break-even
Variable costs
Fixed costs
Factoring
Trading profit
Working capital
Assets
Asset sales
Ordinary share capital
Loan capital
Debentures
Venture capital
Budgets
Variances
Zero budgeting
Cost centres
Profit centres

Alternatively - or perhaps as well, you could make a series of cards and briefly explain the following concepts (same module AS1 AQA):

Adding value
Boston Matrix
Design mix
Channel of distribution
Extension strategies
Elasticity of demand
Market research
Marketing research
Marketing mix
Marketing objectives
Marketing strategy
Mass marketing
Niche marketing
Pricing strategies
Product differentiation
Product portfolio
Sampling
Statistical significance
Unique Selling Point

The above is JUST for AQA AS module 1. The same procedure can be applied to any syllabus. The important thing is to plan ahead.

So far you have:

  1. Found out the work schedule at school
  2. Obtained a copy of the relevant specification
  3. Defined the key terms well ahead of the lessons that cover them
  4. Defined the key concepts well ahead of time

You're now read to fully show your knowledge in class!

How can you impress the teacher? How can you impress the examiner?

Both of them are looking for evidence of 'reading around'. They're looking for evidence of research.

Well, you could go to various sites and look through the archives for articles that mention the key terms. Then when the topic is being discussed in class you say 'Wouldn't an example of that be the recent case where…..' The bluffer looks for articles that can be applied to a wide range of topics.

The Guardian Archives

The BBC archives- see search box

But the true bluffer wants to impress with WORLDWIDE examples and so will visit:

Newspapers worldwide

5975 newspapers

Also, for more examples magazines such as The Economist can be visited.

Let us look at an example.

You're in an A2 class for Business Studies, following the OCR syllabus. You're about to start Business Strategy.

You have already looked up and written very brief notes on:

Deflation
Ethics
International competitiveness
Labour market
Laissez-faire
Market failure
Market mechanism
Liberalisation/ Nationalisation/Privatisation
Social responsibility
Sustainability
Unemployment

What!! You haven't? Then - quickly - go to tutor2u or s-cool and copy and paste some notes. (They cannot be reproduced here owing to copyright!) To find notes on all the above topics should take you about 15 minutes. Paste into Word (or similar) allowing yourself space for extra notes, explanations etc.

You now have the necessary notes - time to impress the teacher!

Imagine today's topic is 'deflation'.

Have a look at China Daily

This article came up after a search on 'deflation':

"Commentary: China's economy not overheated
( 2003-08-09 09:07) (China Daily)

China's economy is still on the right track despite worries about "overheated'' growth, said an article in China Economic Times. China's gross domestic product (GDP) increased 8.2 per cent year-on-year in the first half of this year, overcoming the shadow of SARS which plagued the economy in the spring. While it is generally believed the economy is entering a new boom period, some doubt the high growth rate is normal. The worries are mainly about the surging monetary supply and investment in real estate development, which could yield bubbles and inflation. Fixed-asset investment in the first half of this year soared 31.1 per cent year-on-year. The balance of bank loans increased 22.9 per cent, the highest growth rate since 1996. Growth in these areas is basically in line with the demand, and there are no signs showing the economy has been "overheated,'' said the article.

The article attributed the current boom to the government's sound macro-economic policies and restructuring efforts, which led to the maturity of some "propellant'' industries such as real estate, information technology and car manufacturing. Although SARS has curbed employment and farmers' income growth, its impact on the overall economy is limited.

It is unnecessary to be nervous about the hard-won triumph of the economy, said the article. China's economy has long been haunted by a deflation tendency since the 1997 Asian financial crisis. Thanks to the government's line of tapping domestic potential, featuring a pro-active fiscal policy and a stable monetary policy, the GDP growth was maintained at 7 to 8 per cent on average each year.

The economic restructuring has borne fruit and the economy is about to see a new phase of rapid growth, said the article. However, attention should be paid to over-investment in some places and industries, the article warned. After the re-election of local legislative and government organs earlier this year, many new officials have taken office, ambitious to leave their mark on local economies. In a bid to court outside investment, some local governments have planned land developments for so-called high-tech zones or industrial parks.

The zeal of local officials for new zones may result in overlapping projects, as many places are doing the same thing. Should these new zones fail to attract enough investors, the land and money used for preliminary development, including bank loans, will be wasted, the article said. The growth of the steel industry also needs to be closely watched, said the article.

Investment in the industry rocketed by 153.7 per cent year-on-year in the first quarter of this year. But the newly opened steel plants are mostly small-sized and produce medium- and low-end products. The fever in steel and other industries, as well as the construction of new high-tech zones, contributed to a 20.8 per cent surge of the monetary supply in the first half this year. However, the current boom is not likely to trigger inflation in the near term, the article said, on the grounds that consumption has yet to improve.

Private consumption dropped 0.6 per cent in the first half of this year, despite robust growth in fixed-asset investment. The consumer price index recovers slower than the price of industrial elements. Locked in worldwide deflation, there is not much room for the rise of domestic prices. The current economic situation cannot be rashly portrayed as "overheated'' and any adjustment of investment and monetary policies should be moderate and consistent, the article said.

Source: China Daily 9th August 2003

This article may be used during lessons covering:

The above is just an example. Now let us look at BBC Online. A search for 'deflation' gives you an Evan Davis article. Go look at the article now and you'll see it can be referred to for lessons on:

  1. Deflation
  2. Role of central banks
  3. Interest rates
  4. Deflation in Japan
  5. Inflation in Germany and USA
  6. Impact of savings on inflation
  7. Interest rates and inflation
  8. Mortgages, wages and prices
  9. Monetary policy
  10. Recession
  11. Global; economy
  12. Government intervention in the economy
  13. Bank of England and interest rates

So, you have the notes, definitions and examples. All very impressive. But what if you want to show originality?

You could create your own Marketing notes by going to the Marketing Teacher but to be truly original become familiar with Guerilla Tactics - maybe even your own ideas for teaching marketing! The way to introduce these is to say 'Surely one way to consider this is if……..' Perhaps become familiar with the work of a Professor or two. Learn to name-drop the world's greatest experts or at the very least become familiar with key gurus and Myths and Misconceptions.

Also be aware of Business Myths, common mistakes and even Great Business Myths.

But equally know where to get good material, creativity, datasets, cool sites, socially responsible sites, unusual sites, virtual training sites and very specific sites.

It is also important to be able to show you have a grounding in practical business, original ideas and ability to run the country plus of course create your own mission statements and company names

To support the above you'll need relevant business quotations. And be aware of thoughts on various forums and ideas for new products especially those contained in the work of the Chindogu Society and featured on the half-baked ideas forum.

Let's see what has the bluffer got so far?

Just a few more things needed. Some current quirky ideas from recent news such as:

Cheers! Beer but no belly

By JACQUI THORNTON

DRINKERS are toasting a new beer that doesn't make you fat.

Michelob Ultra has just 2.8 grams of carbohydrate in a 275ml bottle, a third of rivals. And that means it is perfect for followers of the Atkins Diet, which relies on a low carb intake to work. The new brew compares to Stella Artois at 9.2 grams, Grolsch at 8.4 and Kronenbourg 1664 at 8.9 grams.

It is also much lower than favourite girls' tipples such as Reef, which has 29.5 grams and WKD which has 32.2. There is another bonus. It has fewer calories than other beers at just 88. But it still packs a punch, with five per cent alcohol.

The beer is being launched in UK bars and supermarkets after huge success in the US. Randall Blackford, marketing director of brewers Anheuser-Busch Europe, said: "We expect Michelob Ultra to be just as big a hit in the UK."

Source: The Sun August 13th 2003

(Useful for discussing socially responsible products, advertising, marketing strategy, long term effect on government finances - tax, NHS etc)

You also need a language to impress, baffle, confuse - and yet again show how you're streets ahead of everyone else. You could grab some terms from The Philosopher's Lexicon or maybe simply make them up!  Or have fun with existing ones. With your coursework you may have a tendency to generate 'bulls**t' in which case you'll need a bullfighter! But for class you actually want to generate your create job titles for discussion or simply generate your own bulls**t!

Wait until you drop into class discussions such choice terms as:

Of course the truly creative bluffer will want a philosophical stance so may concentrate on remodelling old sayings or simply put meaning to metaphors. Imagine coming out with metaphors such as:

That's crazier than a mob boss in high heels: foxing your competitors by behaving unpredictably
You're crazier than an Asian monk in a Ferrari: consumption restrained may lead to overheating when released.
He wants to offer steroids to a bleeding supermodel with a lobotomy: why offer training to employees who will not be able to appreciate it?
I'm scarier than a gravedigger with breast implants: behave unexpectedly and surprise competitors.
Don't offer peanuts to a hungry monk at a circus: target your customer segment carefully
With a handful of pornography, you can destroy any nation: any amount of dirt, providing it is high in quality, can stop competitors

(Invent your own interpretation - our own attempts are in italics)

You could also try making a whole series of buzzword bingo cards either using ones already on the net or creating your own out of the key words from the syllabus. You could, of course, chuck in a few of your invented words!

Lastly you may want to brighten up your lessons and even compliment others who participate!

Summary

The Bluffer's Guide to Business Studies has encouraged you to:

In short you're so far ahead of everyone (including the teacher!) simply by clicking a few sites! You're now able to play problem-solving games and create mind maps of your lessons in advance. With one mind map on your desk summarising the entire topic, plus original thoughts and your own vocabulary (as well as the key definitions and concepts) plus worldwide knowledge of current affairs …you cannot fail to impress!

Also be aware of sites (and books) beyond the syllabus! But nonetheless very useful.

©2005 Oxford School of Learning Ltd. 66 Sunderland Ave, Oxford OX2 8DU. Tel: 01865 512428
Company Registered in England No. 02031252
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©2005 Oxford School of Learning Ltd. 66 Sunderland Ave, Oxford OX2 8DU. Tel: 01865 512428
Company Registered in England No. 02031252
email us | Our Privacy Policy | Accessibility Policy |
Approved by the ATW
Web Design by Bat Design