New Specification — First assessed 2028
All 33 specification sections
3.1 — What is business? Managing marketing and finance
3.1.1
Business and Objectives
Entrepreneurs, business planning and objectives
3.1.2
Forms of Business
Sole traders, partnerships, limited companies and other structures
3.1.2
Forms of Stakeholders
Internal and external stakeholders and their objectives
3.1.3
Marketing Management: Objectives
Marketing objectives, planning and the marketing budget
3.1.3a
Marketing Management: Demand
Influences on demand, price and income elasticity
3.1.3b
Marketing Management: Product
Product lifecycle, Boston Matrix and new product development
3.1.3c
Marketing Management: Price
Pricing methods and influences on pricing decisions
3.1.3d
Marketing Management: Place and Promotion
Distribution channels and the promotional mix
3.1.3e
Marketing Management: Digital, International and Ethics
Digital technology, international marketing and ethical issues
3.1.4a
Financial Management: Sources of Finance
Internal and external sources of finance
3.1.4b
Financial Management: Break-even and Profit
Break-even analysis, contribution and profit
3.1.4c
Financial Management: Budgets and Cash Flow
Budgeting, variances and cash flow forecasting
3.1.4d
Financial Management: Financial Reporting
Income statements, balance sheets and ratio analysis
3.2 — Managing people and operations
3.2.1a
People Management: HR Objectives
HR objectives, planning and forms of employment
3.2.1b
People Management: Organisational Design
Span of control, hierarchy, centralisation and restructuring
3.2.1c
People Management: Leadership and Development
Leadership styles, motivation theories and developing people
3.2.1d
People Management: Employee Relations
Employee representation, trade unions and employer-employee relations
3.2.2a
Operations Management
Operations objectives, location and adding value
3.2.2b
Operations Management: Efficiency and Quality
Resource utilisation, lean production and quality methods
3.2.2c
Operations Management: Inventory
Inventory management, JIT vs JIC and supply chain
3.2.2d
Operations Management: Scale, Technology and Demand
Economies of scale, technology and matching output to demand
3.2.2e
Operations Management: Innovation and Project Management
Innovation, R&D, intellectual property and network analysis
3.2.2f
Operations Management: Environment and Ethics
Environmental impact, sustainable operations and ethics
3.2.3
Managing Business Culture
Business values, culture and its impact on competitiveness
3.3 — Business and society, external environment and strategy
3.3.1
Business and Society: Sustainability and CSR
Sustainability, CSR, Carroll's pyramid and ESG reporting
3.3.2a
Business and the External Environment
Porter's Five Forces, political, economic and social environment
3.3.2b
Technological and Demographic Change
Impact of technological change and demographic shifts on business
3.3.3a
Strategy and Planning
Purpose of strategy, SWOT analysis and stakeholder mapping
3.3.3b
Strategy for Growth
Business growth, mergers, acquisitions and franchising
3.3.3c
Strategy Selection
Ansoff Matrix, positioning and implementation of strategy
3.3.3d
Strategic Investment Decisions
Payback, average rate of return and net present value
3.3.3e
Global and Digital Strategy
International markets, glocalisation and digital strategy
3.3.4
Change
Managing change, Lewin's Force Field, risk and uncertainty