Business Studies - Preliminary Course_1

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Stage 6 - Business Studies - Preliminary course

Resource summary

Business Studies - Preliminary Course_1
  1. Topic 1-Nature of Business 24 hrs
    1. Role of Business
      1. the nature of a business

        Annotations:

        • -producing goods and services -profits, incomes, employment, choice, innovation, entrepreneurship and risk, wealth and quality of life
      2. types of Business
        1. classification of business

          Annotations:

          • -size - small to medium enterprises (SMEs), large -local, international, global -industry - primary, secondary, tertiary, quaternary, quinary -legal structure - sole trader, partnership, private company, public company, government enterprise
          1. factors influencing choice of legal structure

            Annotations:

            • -size, ownership, finance
          2. Influences in the business Environment
            1. external influences

              Annotations:

              • -economis, financial, geographic, social, legal, political, institutional, technological,  competitive situation, market -
              1. internal influences

                Annotations:

                • -products, location, resources, management and business culture
                1. stakeholders
                2. Business growth & decline
                  1. stages of the business life cycle

                    Annotations:

                    • -establishment -growth -maturity -post-maturity
                    1. responding to challenges at each stage of the business life cycle
                      1. factors that can contribute to business decline
                        1. voluntary and involuntary cessation

                          Annotations:

                          • -liquidation
                      2. Topic 2-Business Management 48 hrs
                        1. Nature of Management
                          1. features of effective management
                            1. skills of management

                              Annotations:

                              • -interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
                              1. achieving business goals

                                Annotations:

                                • -profits, market share, growth, share price, social, environmental -achieving  a mix of the above goals -staff involvement - innovation, motivation, mentoring, training
                              2. Management approaches
                                1. classical approach

                                  Annotations:

                                  • -management as planning, organising and controlling -hierarchical organisational structure -autocratic leadership style
                                  1. behavioural approach

                                    Annotations:

                                    • -management as leading, motivating, communicating -teams -participative/demoncratic leadership style
                                    1. contingency approach

                                      Annotations:

                                      • -adapting to changing circumstances
                                    2. Management process
                                      1. operations

                                        Annotations:

                                        • -goods and/or services -the production process -quality management
                                        1. coordinating key business functions and resources
                                          1. finance

                                            Annotations:

                                            • -cash flow statement -incime statement -balance sheet
                                            1. marketing

                                              Annotations:

                                              • -identification of the target market -marketing mix
                                              1. ethical business behaviour
                                                1. human resources

                                                  Annotations:

                                                  • -recruitment -training -employment contracts -separations - voluntary / involuntary
                                                2. Management and change
                                                  1. responding to internal and external influences
                                                    1. managing change effectively

                                                      Annotations:

                                                      • -indentify the need for change : business information systems -setting achievable goals -resistance to change -management consultants  
                                                  2. Topic 3 - Business Planning 48 hrs
                                                    1. Small to Medium Enterprises (SME)
                                                      1. definition
                                                        1. role
                                                          1. success and/or failure
                                                            1. economic contribution
                                                            2. influences in establishing a SME
                                                              1. sources of information
                                                                1. the business idea

                                                                  Annotations:

                                                                  • -competition
                                                                  1. establishment options

                                                                    Annotations:

                                                                    • -new, existing, franchise
                                                                    1. market

                                                                      Annotations:

                                                                      • -goods and / or services, price, location
                                                                      1. finance

                                                                        Annotations:

                                                                        • -sources of finance -costs
                                                                        1. legal

                                                                          Annotations:

                                                                          • -business name, zoning, health and other regulations
                                                                          1. human resources

                                                                            Annotations:

                                                                            • -skills -costs: wage and non-wage  
                                                                            1. taxation

                                                                              Annotations:

                                                                              • -federal and state taxes -local rates, charges
                                                                              1. personal qualities

                                                                                Annotations:

                                                                                • -qualifications, skills, motivation, entrepreneurship, cultural backgound, gender
                                                                              2. Business Planning Process
                                                                                1. Forecasting

                                                                                  Annotations:

                                                                                  • -Total revenue, total costs -Break-even analysis -Cash flow projection
                                                                                  1. Monitoring & valuation

                                                                                    Annotations:

                                                                                    • -Sales -Budget -Profit
                                                                                    1. Organising resources

                                                                                      Annotations:

                                                                                      • FOHM: -Finance -Operations -Human Resources -Marketing
                                                                                      1. Vision goals/objectives

                                                                                        Annotations:

                                                                                        • -Vision  -Business goals -long-term growth
                                                                                        1. Sources of planning ideas

                                                                                          Annotations:

                                                                                          • -Situation analysis
                                                                                          1. Taking corrective action
                                                                                          2. Critical Issues in business success and failure

                                                                                            Annotations:

                                                                                            • -Importance of a business plan
                                                                                            • Management: -staffing and teams
                                                                                            • trend analysis
                                                                                            • Identifying & sustaining competitive advantage
                                                                                            • Avoid over extension of finance and other resources
                                                                                            • Using technology
                                                                                            • Economic condition
                                                                                          3. Source Board of Studies NSW - Stage 6 Syllabus pp13-18 Prepared by Lydia Le 2013
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