the perfect extended answer

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The Perfect Extended Answer


The Perfect Extended Answer• Should you start with a plan?• Should you draw a spider diagram• Should you question spot?• What skills do you need to demonstrate?• Is it good to include diagrams?


The Perfect Extended Answer• Is it appropriate to use bullet points?

• Are there right and wrong answers?• Should you start with a plan?• Should you draw a spider diagram?


• It may help you to provide a structure for your • work. A good plan can help you to focus your• work and to manage your time more• effectively.

• A good plan is only of use if you stick to it!


Can you prepare an extended answer?• This can be a dangerous strategy. • Students may rely too much on a prepared answer and

may be unable to adapt if their question does not appear on the paper


• On a previous exam paper students were asked to consider the effect of the Business cycle on business decisions

• Many students chose to answer a different question.


• Read the question carefully

• Rush headlong into answering the question and you could misinterpret the question


Q. Evaluate the likely impact of the business cycle on computer manufacturers

What’s important?

Q. Evaluate the likely impact of the business cycle on computer manufacturers


Evaluate the likely impact of the business cycle on computer manufacturers – Questions to ask

• What is the business cycle?• How might it affect firms in general?• How might the business cycle affect computer

manufacturers?• What strategies might computer manufacturers employ

in order to reduce the impact changes in the business cycle have upon their business?


Evaluate: -

• Demonstrate an ability to examine the arguments critically

• Highlight different points of view

• Weigh up the strength of different factors or arguments


• Impact of the business cycle –

• What is the business cycle?

• How will it affect firms?

• Will the affects be positive or negative?


• Computer manufacturers –

• Arguments must be linked to the computer industry


Getting started – demonstrate your knowledge

Definition – The business cycle (trade cycle) is the pattern of growth and contraction within an economy. It is measured by the change in GDP from one quarter to the next.

BoomRecession

Slump

RecoveryRecession

Slump

Recovery


•Increase in profit margins?•Rise in profitability?•Economies of Scale as firms operate at or near full capacity?•Firms may seek to expand sales and distribution networks

Remember - answers are seldom black and white. They are usually differing shades of grey.


Candidates who fail to recognise the dangersof generalised assertions may lose marks.

Not all firms are the same.Some firms are better organised, better managed

Some firms have better products, better marketing and better distribution networks


Strategies


Slump

• Cut overtime• Seek to cut costs• Reduce staffing• Offer incentives to attract customers• Aggressive marketing• Emphasis on budget and value systems


Maximising your marks• Contextualise• What happened to Tiny when sales slowed • Down?• How will recession affect suppliers?• What strategies have suppliers adopted?• Could they be applied to computer • Manufacturers?


• Draw on concepts• Supply and demand• Economies of scale• Product lifecycle• AD/AS• Theory of the firm• Inventory cycle


• What questions might you ask yourself in order to help you answer this question?