1
Unit 1
Understanding Business
Ownership, objectives, stakeholders and growth
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Unit 1
Understanding Business
Ownership, objectives, stakeholders and growth
Foundations of Business
Purpose and role of businesses, key areas of economic activity, entrepreneurial thinking, and the process of launching a new business.
Forms of Business Ownership
Private and government-owned organisations, commercial business structures, profit-making social ventures, and non-profit or community-focused organisations.
Setting Business Goals
Business aims and targets, strategic and tactical decision-making, widely used organisational objectives, and corporate responsibility towards society.
People Affected by Business Decisions
Internal and external stakeholder groups, their different interests, and situations where stakeholder priorities may conflict.
Business Expansion and Development
Benefits and drawbacks of increasing business size, reasons for remaining small, internal and external expansion, and different approaches to business growth.
International Business Organisations
Characteristics of multinational businesses, reasons for operating internationally, and the opportunities and challenges associated with multinational operations.
2
Unit 2
Managing People in Organisations
Structure, leadership, motivation and communication
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Unit 2
Managing People in Organisations
Structure, leadership, motivation and communication
Workforce and Human Resource Planning
Planning workforce requirements, changing patterns of employment, developments in modern workplaces, employee resistance, and approaches to managing organisational change.
Designing an Organisation
Organisational design principles, different ways of presenting organisational structures, and flexible structures that respond to changing business needs.
Managing and Leading Employees
The role of managers and leaders, different approaches to leadership, and circumstances in which particular leadership styles may be effective.
Employee Motivation and Performance
Major theories of motivation, causes of poor motivation, monetary and non-monetary incentives, and different approaches to employee training and development.
Communication in Business
Official and unofficial communication channels, methods of workplace communication, and factors affecting the effectiveness of communication within organisations.
3
Unit 3
Business Finance and Financial Performance
Sources of finance, statements, ratios and cash flow
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Unit 3
Business Finance and Financial Performance
Sources of finance, statements, ratios and cash flow
The Role of Finance
Why businesses require finance, how financial resources support business activities, and the importance of financial decision-making.
Financing a Business
Finance generated from within the business, external funding options, and factors businesses consider when selecting the most suitable source of finance.
Understanding Business Costs and Income
Different categories of business costs, calculation and interpretation of costs, sales income, and the relationship between costs and revenue.
Understanding Financial Statements
Preparing and interpreting income statements, understanding business profit, and examining the statement of financial position to assess assets, liabilities and ownership.
Measuring Profitability and Liquidity
Using profitability indicators, applying liquidity measures, interpreting financial ratios, and assessing the financial health of a business.
Managing Business Cash
Cash inflows and outflows, working capital management, preparation of cash-flow forecasts, identifying cash shortages, and methods of strengthening cash flow.
Evaluating Investment Decisions
Assessing proposed investments using the payback method and average rate of return, and comparing investment alternatives using financial evidence.
4
Unit 4
Marketing and Customer Strategy
Markets, planning, research and the marketing mix
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Unit 4
Marketing and Customer Strategy
Markets, planning, research and the marketing mix
Understanding Markets and Marketing
The purpose of marketing, characteristics of different markets, customer needs, and the relationship between businesses and their target markets.
Developing a Marketing Strategy
The purpose of marketing planning, identifying target customers, building competitive advantage, creating distinctive selling propositions, and differentiating products from competitors.
Gathering Market Information
Primary and secondary research approaches, qualitative and quantitative information, different research techniques, and methods used to select representative samples.
Building the Marketing Mix
Product decisions and portfolio management, branding strategies, pricing approaches, promotional methods, distribution channels, people involved in service delivery, business processes, and the physical elements supporting the customer experience.
5
Unit 5
Managing Business Operations
Production, location and break-even analysis
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Unit 5
Managing Business Operations
Production, location and break-even analysis
The Role of Operations
Purpose of operations management, transformation of resources into goods and services, operational efficiency, and the contribution of operations to overall business performance.
Methods of Producing Goods and Services
Different production approaches, choosing an appropriate production method, and considering how production systems affect efficiency, flexibility and cost.
Choosing Where to Operate
Factors influencing business location decisions, selecting suitable production sites, relocating operations, and reorganising production activities.
Analysing the Break-even Point
Calculating and interpreting break-even output, understanding the relationship between costs and revenue, examining changes in break-even conditions, and recognising the limitations of break-even analysis.