For good students, exam success requires judgement, i.e. evaluation. This needs to be genuine, rather than simply saying ‘the advantages outweigh the disadvantages because…’ Genuine evaluation requires real understanding of business. At the heart of that understanding should be a deeply rooted insight into the importance of what appear to be small changes. In economics, marginal analysis is critical to exam success. Data at the margin is the equivalent issue for business studies.
Let’s start with a simple example. In 2012 Tesco made a profit of £4,200 million from its £64,500 million of sales revenue. A year later a revenue of £65,400 million generated £2,200 million of profit — a fall of 48%.
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