Edexcel A level Business - 4 Mark Questions

Summary

This video offers a guide for A-level business students, specifically those taking the Edexcel exam, on how to effectively answer 4-mark questions. It emphasizes the importance of applying case study information to responses, ensuring strong reasoning and analysis. The speaker walks through an example question, explaining how to incorporate knowledge, explanation, and application of business concepts into answers. By weaving in relevant data, such as the company's structure and revenue, students can maximize their marks by showing understanding in context.

Takeaways

• 😀 Focus on applying knowledge from the case study to score well in a 4-mark question.
• 📚 A strong point is essential for answering any question, especially for the 'explain one reason' type.
• 💡 Internal finance refers to funds raised from within the business, such as retained profits or capital invested by the owners.
• 🏦 Mumtaz uses internal finance to avoid losing control over decision-making, which could happen with external shareholders.
• 👨‍👩‍👧‍👦 External finance like shareholders could mean sacrificing a percentage of the business and control over key decisions.
• 🏠 Application to the case study is crucial, as half the marks are awarded for applying the knowledge to the business in question.
• 📈 Mumtaz Limited generates £25 million in sales revenue, which supports their use of retained profits for growth.
• 👩‍🏫 Application of business structure (family-owned, private limited) enhances the response's relevance.
• 🏭 Incorporating specific business facts, such as Mumtaz being a manufacturer, makes the answer more robust.
• 🎯 To score full marks, include both knowledge and case-specific details (like sales revenue and ownership) in the answer.

Q & A

What is the main focus of the video?

The video focuses on helping A-Level business students, specifically those following the Edexcel syllabus, to answer 4-mark questions effectively in their exams.

Why is applying context from the case study important when answering a 4-mark question?

Applying context from the case study is crucial because it helps demonstrate the understanding of the specific business situation, which is essential to achieve full marks on the question. Half of the marks are awarded for application to the business.

What is the first step in answering a 4-mark question?

The first step is to develop a strong point or reason that directly answers the question. This idea must be accurate and well-supported, as the rest of the answer will depend on it.

How should you demonstrate knowledge of business concepts in your answer?

You should demonstrate knowledge by clearly defining key terms, such as 'internal finance,' and showing that you understand how they apply to the business in question.

What are some benefits of using internal finance instead of external finance?

One benefit of using internal finance is that it allows the business to grow without losing control over decision-making, which can happen with external finance options like bringing in new shareholders.

How can you ensure your answer includes application to the business in the case study?

You can ensure application by including specific details from the case study, such as the company’s ownership structure, financial figures, or industry background. For example, mentioning that Mumtaz is a family-run business with £25 million in sales.

What marks are available for analysis in a 4-mark question?

One mark is available for analysis, which requires you to explain and develop a chain of reasoning that supports the point you are making.

What specific details from the case study should be woven into your answer for full marks?

You should include details like the business being an Asian food producer, its ownership by the Akbar family, its status as a private limited company, and its growing market in ready meals.

What happens if your answer lacks application to the case study?

If your answer lacks application to the case study, you may lose half of the available marks, as application is a key requirement for scoring full marks.

How does the video suggest improving an answer from two marks to four marks?

The video suggests improving an answer by incorporating specific facts and data from the case study into your response. This demonstrates both knowledge and application, turning a basic answer into one that fully meets the mark scheme requirements.