Year 10 GCSE Business Studies
Mr Kelly’s class
We are year 10 GCSE Business studies students. So far this academic year, we have been learning about various topics in Business Studies. The topics included Marketing, The marketing Mix (4Ps – Price, Product, Place, Promotion), product trial and repeat purchase, the product life cycle, Boston Matrix, market research, how a business meets customer needs, the design mix, branding and differentiation.
At the start of the year, we did a project where we investigated the marketing performance of a small local business. We had to investigate and describe the effectiveness of the promotional element of their marketing strategy and make comments on how it could be improved. This was an interesting project that allowed us to learn and apply basic business skills to find what helps businesses grow and become successful.
We have looked at innovative ways of learning and showing how much we have learnt so we have made podcasts and some video presentations. We will be adding these to the blog soon so people can use them to help them revise and learn about Business Studies. We hope you find them useful.
We are currently learning about inventions and innovations and how these are important to businesses. We would like to tell you about them.
What is an invention?
An invention is having a totally original, new and useful idea, showing how it can work and the theory behind it all. An example of an invention would be Thomas Edison and the light bulb.
What is an innovation?
An innovation is a new idea of technology or something useful but copying an old one, such as Mike Lazaridis (the founder of blackberry) copied the idea of a phone from Alexander Bell.
To a business an invention would be very clever and possibly be very successful if they advertised it in the right way and had a USP(Unique Selling Point). Whereas an innovation could also be a good idea because that’s how a business works, always trying to upgrade and other brands of technology and useful products. To a small business an invention or an innovation would be helpful because an invention would attract potential customers only if it has a USP(Unique Selling Point) for example. Having an innovation could up your sales because brands are always trying to improve what other businesses do and try to make a better version.
A patent can only be given if the invention or innovation has not been shown publicly. A patent is used to make it so no one can copy that invention or innovation for 20 years. In business only an ideal invention & innovation can be patented. Some of the most common inventions have not been patented such as the light bulb and the internal combustion engine which was created by Nikolaus Otto but was exploited by Daimler. Also the World Wide Web created by Tim Berners-Lee was exploited by Yahoo, Google and many other people.
Copyright is when you can’t copy someone else’s invention and if they do copy it then that is breaking the law.
By Megan Cornish, Tia Ham, Ryan Jacks & Jamie Richardson