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about to leave already packing come with me i'm not really asking we'll get away to a place where we don't know [Music] this is what we waited for [Music] the lights up [Music] free [Music] now looking back eyes on the freeway bonnie and clyde a classic cliche we're on the run this is what we waited for take my hand we'll [Music] with [Music] [Applause] so [Music] foreign [Music] good afternoon everyone jim here i'm back with mike today for our latest gcse business live stream i think it's our fifth of this term and we're taking a break for a couple of weeks after this one a well-deserved break for all the students who've been working so hard since the start of this new school year today's topic is all about sort of suppliers procurement logistics uh quite an interesting part of the gcse business specification we've got about 30 minutes to rattle through a series of activities that mike and i will guide you through and as we go we'll also pick out some what we call exam goals some things to really focus on as you complete your revision maybe for some assessments or mocks later this term and of course fingers crossed touchwood for the exams next summer are you well mike you're looking uh composed and all set there yeah i'm ready good afternoon jim good afternoon everyone i'm great to see you great to see everyone on the live chat lots of students joining us live so you get a chance to use a live chat to put your answers into the the chat box so we can see how you're getting on if you're watching on catch up and replay and we've had about an average about 500 students per session so far on catch up unfortunately we don't get to see your responses live i'm sure you'll do really well but uh of course you can you can pause the video to give yourself some more time and you may need some more time some of these activities are quite challenging uh it's quite a difficult topic area should we make a start mike whilst people are coming in yes let's get on with it jim oops i'll tell you what why not uh i'll just go to the right bit of the uh the sessions always helps isn't it i'll tell you what we'll do we will start we will start with a big reveal that just gives us a minute whilst some more of our student students are joining us live the idea of the big reveal is to find out who's the first person to guess the name of the well-known business that is revealed step by step clue by clue on the big screen so let's start with the first clue and uh let's see let's use first normally we get somebody what do you think might usually about the third clue sometimes the fourth yeah and sometimes it takes half an hour sometimes it takes a minute let's see how we get on this business was founded in 1985 as has has over 900 stores in the world with a hundred being in the uk what do we think any early guesses you can have as many goes as you want obviously that rules out all businesses that weren't founded in 1985 and that don't have 900 stores around the world which is quite a few nothing coming through so far on the live chat let's try again with clue number two 50 of its products have no packaging wow um graham has come through on the live chat is it apple graham seems to ask is it apple every week the answer is on this occasion like on every other occasion it's not apple but world of having a go no packaging that's interesting isn't it clue number three the products include a sticker that shows a cartoon image of the person who made the item the date it was made and the expiry date i'm thinking is it do domino's pizzas have stickers on mike i can't remember i i wouldn't know jim i've never ordered one okay i need a lot next time could be domino's couldn't it could it be dominoes surely not any more clues let's go to clue number four its most popular product is a bath bomb that rules out domino's pizzas and apple its most popular product is a bath bomb that's the answer is coming through in the live chat but so far i was about to say so far no one's got it right but we do have the first correct answer duncan went for body shop he was so close but incorrect on this occasion h.a was the first correct answer in the live chat its slogan is fresh handmade cosmetics therefore the answer is lush lush cosmetics weldon s-h-h-a and lucky duncan well done for having a go lush yeah the bath bomb uh i often wonder mike what would happen if i put the world's biggest bath bomb in one of those big swimming pools that you train in and what would happen i think you'd probably get in trouble jim possibly but i guess eventually it would just sort of fizzle out wouldn't it and we'd all move on but it'd be fun wouldn't it um anyway moving on so today's topic is logistics procurement suppliers we're going to have a mixture of activities i'm going to start here with the first of two bubble quizzes we're going to split the bubble quiz into two the idea of the bubble quiz is there's a question and four answers displayed a b c and d you need to type into the chat box or write down if you're watching on replay the letters you think are correct the thing about the bubble quiz it could be one two three four or none of the answers which are correct so have a go for let's watch we give you 15 seconds on this one there's the question which of the following are types of stock that are business holds a products of businesses sold onto a consumer b raw materials c finished goods d work in progress we've had quite a few answers already you are quick on this thursday before half term maybe you're already on half term and you've been spending all afternoon waiting for the session to start unlikely i know a few more seconds i can see in the window a correct answer amongst the other if i can i can now see two correct answers amongst the many answers and they are flooding in well done it is indeed b c and d products of businesses sold on to a customer that's not stock is it that's a sale that's it the products has gone but the other three there raw materials finished goods work in progress are the three classic types of stock sometimes also known as inventory but most people call it stock well done superb stuff right we're off to a flyer uh mike do you want to give us a bit of a an overview on some key terms before we get on to the next categorize activity absolutely thanks jim so just a couple of uh key definitions really to to be aware of production is the process of turning inputs such as raw materials into outputs so when we talk about production we're talking about turning something the inputs into something else the outputs so usually products that can be sold on to the customer when we talk about stock we're talking about raw materials and or we're talking about work in progress and or talking about finished goods so as we just saw in the bubble quiz stock can refer to raw materials we can refer to products that are in production their work in progress and or finished goods so stock different to production let's have a little look at a couple of approaches to stock we've got a categorize activity here and you've got 60 seconds to separate the phrases on the right the eight phrases on the right under two headings so they're either just in time stock control or they are just in case just in time stock control or just in case just in case involves holding stock just in time is different so try to work them out eight phrases we're going to give you 60 seconds have a whole minute instead here we go [Music] so [Music] well that was a whole minute it felt just like 60 seconds to me so have a few more seconds if you're still typing um thanks to jim for giving the advice there in the chat window if you just type in jit and then then the numbers will be able to work out by default uh what uh what the other ones will be thanks to h a and sh and all the others who have contributed um and to graham as well well done graham um a few more seconds if you're still typing and then we'll work out which ones go under which headings let's have a look at the answers please jim they don't split equally so we've got five there that belong to just in time stock control and three for just in case we'll look in a moment and see remind ourselves what just in time is um and what just in cases but for just in time here we've got numbers three four um eight six and one so for just in time stock arrives just when it's needed in the production process that way stock won't become obsolete or out of date and cash is available to use elsewhere it's not tied up in stock there'll be an increased number of deliveries though which can have a negative impact on the environment there'll be smaller quantities but more frequent deliveries and also here we must bear in mind that late deliveries can disrupt the production line if deliveries are late and that just in time stock control means no holding stock it it can delay the production line that leaves five seven and two for just in case just in case of course is where stock is stored by the business which allows last minute orders to be successfully met discounts can also be achieved from suppliers for purchasing stock in bulk rather than in smaller quantities less frequent bigger orders from suppliers can can result in discounts but the business needs to consider the increased costs of storing insuring and managing the stock and if we're talking about bulky items and or perishable items that can be considerable let's go on to the the the next key term slide so just in time is a method of stock control which minimizes the amount of stock a business holds effectively it doesn't hold any stock at all or certainly no raw materials but with just in time stock will arrive just when it's needed in the production process the finished goods aren't stored by the business but are directly to customers so just in time no raw materials and no finished goods stored it'll only be the work in progress that would count as stock on the other hand just in case is a method of stock control where businesses do hold buffer stocks of raw materials and finished goods so with just in case stock is available to use within the business when it's needed so they can meet additional orders very easily but they also run the risk of the storage costs and possible risks of raw materials perishing remember you need to to understand the advantages and disadvantages of both systems and thanks to graham for reminding us that there are advantages and disadvantages of each as well so just in time can be abbreviated to jit and if you use that in an exam the examiner will understand what you mean when you're using jit so you can save yourself some time save yourself a little bit of extra writing it's a topic that students tend to have strong knowledge and understanding of but it's important if you're answering an extended question on this so if it required an extent to give an extended response don't list too many pros and cons if you want to be successful the key is to be selective so pick the key points in your argument and then you can produce a detailed chain of argument and link that argument to the specific context featured in the case study when it's appropriate to do so of course so be selective don't list long oh don't make long lists of pros and cons of jit be selective pick the ones that are most relevant and develop chains of argument around those jim i'll hand over to you for the next activity fantastic thanks mike that exam goal is absolutely spot on there that need to be selective with your points we're going to do an activity now which moves on to the topic of suppliers and the factors that businesses need to consider when they choose who to have as a supplier it's not typically called give me three and what i want you to do into the chat window please is to type in three factors that affect the choice of suppliers whilst you're doing that i'm just gonna grab my guitar here there we go let's get it tuned in i'll play some music for 30 seconds and then we'll come back and see how you've got on here we go [Music] do [Music] there we go let's put my guitar down might bring that out again a bit later let's see how we got on just picking up actually once we look at some possible responses we'll pick up some of yours on the live chat as well uh minecraft asking a question in live chat our business is more likely to use just in case than just in time the vast majority of businesses large small medium-sized use just in case stock just in time is a really complex method of stock control so whilst the textbooks like to give it lots of attention it's very hard very complex very difficult to do well therefore i would say 99 maybe more of businesses used just in case they have some infantry they have some stock they have some raw materials and many businesses due to due to the recent supply chain issues are pleased that they're used just in case not just in time we'll look at it you can link this actually to the choice of suppliers because if you don't have suppliers who can give you a reliable delivery of exactly what you want when you need it the chances are they may not be suitable for a just-in-time stock control system but there are of course other factors and just picking up on the ones that you've put into the live chat there we've picked out three but there's some really good ones coming into the live chat as well we've picked out price and cost obviously you're going to want to work with suppliers who are supplying you at an acceptable price or cost that's their selling price your buy-in cost but also you'd be wanting to make sure that what they're giving you or supplying you is of the right quality it could be a product it could be a service it could be some raw materials and also you want them to be reliable and of course quality is reliability is a feature of quality isn't it delivering what they said they would when they said they would for the price they said they would but just picking out one or two others from the live chat somebody's mentioned ethics that's ethics not like not the county in in southern england as a great factor to consider are you dealing with suppliers who have acceptable ethics they do business in the right way and do they match with your ethic ethics of your business that's because as we know in business the only way is ethics superb answers in the live chat that's really good let's just pick out a couple of terms that we've mentioned there this this term supplier what is a supplier there are lots of key terms aren't there in this area and it's easy to get them confused a supplier is another business it could be a sole trader it could be a big business but it provides things for another business so raw materials perhaps parts finished goods but don't forget suppliers can also provide services uh to uh businesses in fact many do and of course they get paid and therefore it's absolutely vital for any business to make sure that they've got the right suppliers supporting their business so for example here at hcu we've got an absolutely fantastic local printer we've worked with this printer for 10 years they deliver stuff to us every day high quality good price absolutely fantastic service why would we go to anyone else and because we've worked hard to build the right relationship with the right suppliers so it is a crucial decision for businesses to make and of course the bigger the business the more decisions they need to make about suppliers so look out for that i think there isn't just one factor that influences who you choose it could be an issue around trade credit does the supplier allow you to pay a bit later how flexible are they in terms of what they deliver and how they meet your demands but as we've picked up in the live chat there i think more broadly could it be that there are some ethical or environmental issues that mean you might reject a supplier so as you read through the cases you get in the exams pick out those factors and then try to bring it into your responses if you're answering a question about the choice of a supplier hopefully that's useful might you'll have a go at this one mend the gap absolutely thanks jim yeah this is called mend the gap and your task here is to try to complete the text by adding in the missing words so we'll have a look at our mend the gap activity we've got five words missing from the uh the passage on screen and your task here is to try to work out what the missing words are you can put them in the chat window so put them in the chat window let us know what you think the missing words are you can do them one at a time if you'd like to or you can do all five at the same time have a few seconds though so we're looking for something is the process by which suppliers are chosen then something involves moving goods and services from one part of a supply chain to another a something chain includes all the businesses that are involved in producing a good or supplying a service from the start of the production process to selling the product to the final something and then supply chain management aims to ensure that the right something of goods and services are available at the right time and these are provided that the required quality for a cost that represents value for money answering the chat window please as i say you can do them one at a time some choose to do or all five in one a few more seconds if you're still working i'm gonna work out what the missing words are here thank you for the responses we've had so far let's have a look at the answers please jim so the first missing word here is procurement procurement is the process by which suppliers are chosen h.a was quick with that one procurement is the process by which suppliers are chosen this includes deciding the stock that is needed and how it is ordered as well as the process of receiving and managing the goods arrival for a price that is fair to both the business and the supplier logistics is the second missing word logistics involves moving goods and services from one part of a supply chain to another logistics can be incredibly complicated third missing word here is supply a supply chain includes all the businesses that are involved in producing a good or supplying a service from the start of the production process to selling the product to the final customer so customer is our fourth missing word wilder knows they've got that supply chain management aims to ensure that the right quantity so quantity is our fifth missing word quantity of goods and services are available at the right time and these are provided at the required quality for a cost that represents value for money so a couple of new key terms in there procurement and logistics in particular just be aware of the meaning of both of those terms let's have a look at the second part of our bubble quiz then jim please so as before the number of answers here could range from zero to four they could all be wrong they could all be right or anywhere in between so try to give uh the number or sorry try to give the letters of the answers that you believe are correct the question reads successful procurement involves a treating suppliers fairly b negotiating deals that benefit both the business and suppliers c building trust with suppliers d having strong relationships with suppliers so a b c d they could all be wrong they could all be right or indeed anywhere in between so successful procurement a b c d or none you can choose answer in the chat window please you can give a number you can give the letters thank you to those who've responded already just a little bit longer for those who are still typing good stuff let's reveal the answer please jim and as so many of you have already indicated they are all part of successful procurement suppliers need to be treated fairly we need to be able to the business needs to be able to negotiate deals that benefit both the business and suppliers so it needs to be mutually beneficial we need to build trust with suppliers and jim's talked about an example of that attitude to you and have strong relationships with suppliers so successful procurement involves all four of those things jim back to you thanks mike just picking up a comment in the live chat uh from one of our live studio student guests asking whether we can display explain logistics a little bit more and yeah quite very happy to because it is a confusing term uh and particularly in terms of where it sits in how businesses organize their operations and as luck would have it we've got an activity now which helps us do just that not just with logistics but also we can just come back to this other strange sounding word called procurement uh what we've done is we've asked a business teacher to uh to write a couple of a couple of short paragraphs about procurement and logistics and they've sent them through but unfortunately the person we chose uh perhaps failed the quality reliability test and they've made some mistakes uh anyway this on the screen there is what was sent through to us and i wonder whether you could help me please before i get back to my supplier could you help identify the errors in the words there on the screen i'm going to give you a minute or so to read through them we'll read through them together i'm just going to count how many errors i think are there i think there are five so i could do with at least identifying three of them or even better four or five of them and as we do so we will explain what logistics and procurement's all about let's look through then an effective procurement and logistics system will enable a business to run efficiently this will help to increase unit costs second paragraph if the correct quantity of stock arrives late and is of the right quality staff will be productive and the production line will run smoothly this is because products will be available to use in a production process when needed customer orders can then be successfully met on time resulting in happen in unhappy customers and lastly the last bit here terrific piece of writing successfully negotiating supplier contracts can reduce costs if unfavorable prices can be negotiated between the business and its suppliers it's important that the business establishes negative relationships with its suppliers what do we think we've got lots of responses coming in here uh to this activity uh you would all be good proofreaders of text as it comes in a few more seconds and then we'll spot see whether you had chance to spot all five i think there are five errors in here well done sh has picked up all of them minecraft let's pick them all up superb let's have a look here we go there are the errors we have quality controlled this piece of work now from our our supplier increased unit cost is wrong and you can work your way through them let's just go through what they should have been that's correct it would hopefully reduce unit costs logistics is the process that is used by a business to move stock from a to b in other words to get perhaps their finished product to the warehouse or to a customer that will be logistics drive along the m1 count the number of htv lorries moving stuff moving stuff from the factory to the amazon warehouse most of them or moving raw materials from one supplier to another that's what logistics is all about and so too is the warehousing so you put an order into amazon tonight and it will instantly start a logistics process that processes your order takes your payments of course and then has that robot and other parts of the system pick your products send it down to be packaged and scanned to be given to the logistics business that organizes delivery whether it be dpd or yodel or raw mail or whatever and they then send you an email that then tells you it's on its way and eventually it arrives at your front door result is one happy customer because of a very well well-organized logistics system logistics is how does one thing get from one place to another in that case an order on amazon through to you receiving it hopefully that's helpful uh yeah just picking up the other corrections there it's all about getting stock arriving on time not late and if you do so the result of the operational production process should result in satisfied or happy customers and just picking this last bit on procurement negotiating supply contracts can reduce costs if favorable prices are non-negotiated that doesn't necessarily mean the lowest price because don't forget with a supplier you want to agree a price with them that's acceptable for both the supplier as well as for you and as long as both parties are happy that would be a favorable arrangement and generally that leads to positive relationships with suppliers you should pay your suppliers fairly and they should also sell you a price that is fair to you there we go beat the teacher is done mike do you want to take us through to the end of the session with a couple more activities i'd love to thanks jim um this is called a two statement mcq and the reason for that is because it's a multiple choice question based on two statements the two statements read as follows statement one the cost price is always the most important factor businesses should consider when choosing a supplier and statement two if a supplier is reliable a business can reduce its stock holding costs read statements one and two if you think that they are both true put a in the chat window if you think that statement one is true but statement two is false but b if you think it's the other way around and statement one is false but statement two is true put c and if you think they are both false put d answers in the chat window please are they true or false or a mixture some good uh good chat going on in the in the chat window there's some some good questions being asked in suggestions being made thanks for the answer we've had already a b c or d what do we think general agreement here that uh c is the correct answer let's have a look please jim oh look at that c is indeed the correct answer statement one is false cost price is not always the most important factor businesses should consider we've looked at other factors before reliability ethics um so statement one is false it's not always the most important factor it might sometimes be the most important factor but not always and secondly statement two if a supplier is reliable a business can reduce its stockholding costs well that's true because if the supplier is reliable the business doesn't need to hold as much stock and therefore it can reduce its stock holding costs let's do one more of those here are two more statements for you supply chains can be very complex as supplies can be bought from all over the world that's statement one statement two managing supply chains is a simple process within businesses again if they're both trooper a if one is true but two is false but b if one is false but two is true put c and if they're both false put d have a go at this a b c or d the answer is on the screen and if you don't answer this question you will definitely get it wrong multiple choice questions always give them a go thank you for the answers we've had so far a mixture here we're not all in agreement so let's have a look at the answer this time it's b statement one is true statement two is false i think most of us were in agreement that statement two is false let's look at statement one supply chains can be very complex as supplies can be bought from all over the world absolutely true supply chains can be incredibly complex suppliers based all over the world um can uh can mean that it becomes incredibly complicated so statement one is true but statement 2 is false supply chains managing supply chains is not a simple process okay it can be incredibly complicated as we've said already so statement 1 is true but but 2 is false so b was the correct answer well done if you got that right a bit more exam gold for you supplier choice supply chain procurement and logistics are all new topic areas to gcse nine to one business courses so all new topic areas and there's a lot of tricky key terms in this section so it's important as always to ensure that you fully understand the meanings of all of those terms they may feature in a case study or an exam question depending on your specification so as always revise all topic areas carefully and thoroughly but be sure to revise the new topic areas particularly thoroughly as they may be assessed may be assessed more regularly in exams a bit more exam gold remember the quantitative skills questions in the exams relate to 10 of the total marks for gcse 911 business so quantitative skills relate to 10 and numerical questions can link to any area of the specification so be prepared to see calculation questions linked to operations and or other functional areas as always it's important you're able to calculate percentages percentage changes and averages confidently and accurately and that's a common area of difficulty for a lot of students so make sure you're able to calculate percentage changes percentages and averages confidently and the trick to that is practice which leads seamlessly on to our final afternoon activity or final activity of the afternoon a 30 second challenge okay so calculators at the ready using the information in the table calculate the percentage increase in the total cost of purchasing stock from supplier x between this year and last year 30 seconds to do this give it a go [Music] [Music] well done 30 seconds to it to answer that is quite ambitious so don't be at all alarmed if you haven't quite got the answer yet if you're still trying to work it out with uh calculation questions it's important that we show our workings really good practice to make sure that we show our workings so that if we don't get the correct answer we may still be able to get some credit some answers coming through now thank you for those who have already contributed let's have a look at the answer please jim i haven't seen a correct answer in the chat window yet but there may be one coming so the total cost of stock this year we multiply the cost of one unit by the number of units bought 10 000 multiplied by 15 is 150 000 pounds so the cost of stock this year is 150 000. the total cost of stock last year we multiply the cost of one unit 14 pounds by the number of units bought which was 9500 so the total cost of stock last year was 133 000 pounds percentage changes we look for the difference between the figures so new minus old 150 000 minus 133 000 is 17 000 divided by 133 000 the original figure times 100 comes to 12.78 so the correct answer here is point seven eight percent remember percentage change new minus old divided by old times one hundred one hundred and fifty thousand minus one hundred and thirty three thousand divided by the original figure of 133 thousand and then times by 100 comes to 12.78 if you didn't quite get to the right answer hopefully you can see how you could have done so and hopefully you were able to show some of the correct workings along the way as i said before 30 seconds to do that is really ambitious so don't be at all worried if you couldn't do that in that time what a way to finish jim fantastic that's a tough calculation wasn't it in 30 seconds um really even a line for the fact it took me five minutes five seconds to pick my guitar up and start playing it so 35 seconds but um wow we've packed so much into that session so huge thanks to mike and to susan and the team behind the scenes putting that that session together um really good on it i mean there's so much in there it's a there's lots of new topics there for gcse business so well worth going back over those key terms maybe look at the exam goal that mike guided us through to uh enjoy that session mike what do you think great students i'm sure i'm sure the replay students will be just as strong i hope so no great contributions thank you very much everyone for those so we are taking a break for uh i think it's a couple of weeks we've got all the rest of the sessions lined up for the rest of this term they're on that link that's on the the screen there tuesday.net four slash live if you go to upcoming sessions you'll be able to see all the gcse business and geography and sociology and history sessions come up if you're also doing those subjects but don't forget also you can go back and look at the replay section so we've not just done this half term but also for most of 2021 we've been doing sessions for gcse business loads there if you've got some maybe some tests or assessments or mocks or some course sort coming up in november december well worth taking a look through there to download the slides and work your way through those sessions you'll see mike and susan and graham and the team guiding you through some some top revision sessions there so please do make use of that if you found this useful um please give us a thumbs up i've just noticed someone in the live chat it's literally just joined so welcome please give us a thumbs up on youtube uh that makes the world of difference to us we never take that for granted but it also helps gcse business students find this session and others like it uh on youtube so that's much appreciated uh mike well done mate deserved half term coming up and thank you very much i'm looking forward to getting back back onto this we're we're flying now aren't we as we're moving towards the uh the crucial exam season definitely no absolutely i'm really looking forward to getting back to it looking forward to a little break as well but well done everyone this afternoon thanks for all your contributions and thank you jim pleasure andrea mate so well done we'll see you all in a couple of weeks time it'll be the same time here on a thursday at 4 30 for gcse business and well have a great break if you've got half term coming up and we'll see you soon so see you later bye