Business Studies - Preliminary Course

lydia le
Mind Map by lydia le, updated more than 1 year ago
lydia le
Created by lydia le about 7 years ago
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Description

Stage 6 - Business Studies - Preliminary course

Resource summary

Business Studies - Preliminary Course
1 Topic 1-Nature of Business 24 hrs
1.1 Role of Business
1.1.1 the nature of a business

Annotations:

  • -producing goods and services -profits, incomes, employment, choice, innovation, entrepreneurship and risk, wealth and quality of life
1.2 types of Business
1.2.1 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
1.2.2 factors influencing choice of legal structure

Annotations:

  • -size, ownership, finance
1.3 Influences in the business Environment
1.3.1 external influences

Annotations:

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

Annotations:

  • -products, location, resources, management and business culture
1.3.3 stakeholders
1.4 Business growth & decline
1.4.1 stages of the business life cycle

Annotations:

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

Annotations:

  • -liquidation
2 Topic 2-Business Management 48 hrs
2.1 Nature of Management
2.1.1 features of effective management
2.1.2 skills of management

Annotations:

  • -interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
2.1.3 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
2.2 Management approaches
2.2.1 classical approach

Annotations:

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

Annotations:

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

Annotations:

  • -adapting to changing circumstances
2.3 Management process
2.3.1 operations

Annotations:

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

Annotations:

  • -cash flow statement -incime statement -balance sheet
2.3.4 marketing

Annotations:

  • -identification of the target market -marketing mix
2.3.5 ethical business behaviour
2.3.6 human resources

Annotations:

  • -recruitment -training -employment contracts -separations - voluntary / involuntary
2.4 Management and change
2.4.1 responding to internal and external influences
2.4.2 managing change effectively

Annotations:

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

Annotations:

  • -competition
3.2.3 establishment options

Annotations:

  • -new, existing, franchise
3.2.4 market

Annotations:

  • -goods and / or services, price, location
3.2.5 finance

Annotations:

  • -sources of finance -costs
3.2.6 legal

Annotations:

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

Annotations:

  • -skills -costs: wage and non-wage  
3.2.8 taxation

Annotations:

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

Annotations:

  • -qualifications, skills, motivation, entrepreneurship, cultural backgound, gender
3.3 Business Planning Process
3.3.1 Forecasting

Annotations:

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

Annotations:

  • -Sales -Budget -Profit
3.3.3 Organising resources

Annotations:

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

Annotations:

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

Annotations:

  • -Situation analysis
3.3.6 Taking corrective action
3.4 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
4 Source Board of Studies NSW - Stage 6 Syllabus pp13-18 Prepared by Lydia Le 2013
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