Think about moving your arms in a circle. You know that if you push harder on your arms, one of three things will happen:
1, increase the speed of rotation
2, decrease the radius of the circle
3, a combination of the above
Also, changing the speed seems to be so much harder than decreasing the radius of the circle. This is because the force mv^2/r, directed radially inward, is a necessary prerequisite for the object to move in a circular path of radius r and velocity v (uniform circular motion just means no acceleration in the direction of the object's movement; that's not needed for this year). If you ever slack off with your arms, either you have to increase the radius or the speed drops. The force mv^2/r is not a force you get; it's what you need.
A circular orbit is an example. If a satellite does not quite have the force to move in that orbit, it will move out further until the gravitational force it receives matches the centripetal acceleration. If you could magically slow the satellite down, that would work too. Don't worry about the possibility of elliptical orbits in VCE. However, if the satellite receives a net force which is directed radially inward, of magnitude mv^2/r and is perpendicular to its motion, it will move in that circle. Hence why I can equate GMm/r^2, the gravitational force, with mv^2/r, for the requirement of uniform circular motion.