* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download 3 Establishing and Sustaining a Business
Survey
Document related concepts
Bayesian inference in marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Marketing research wikipedia , lookup
Multi-level marketing wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Street marketing wikipedia , lookup
Green marketing wikipedia , lookup
Product planning wikipedia , lookup
Marketing channel wikipedia , lookup
Multicultural marketing wikipedia , lookup
Advertising campaign wikipedia , lookup
Internal communications wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Global marketing wikipedia , lookup
Transcript
Current Course Proposed Changes COURSE CONTENT COURSE CONTENT The course should be studied in an applied manner using current and relevant business issues and case studies to complement the content below. There are four compulsory areas of study: The course should be studied in an applied manner using current and relevant business issues and case studies to complement the content below. There are four compulsory areas of study: the nature of business The nature of business 20% key business functions Key business functions 55% establishing and sustaining a business Establishing a business 15% inquiry into a current business issue. Inquiry into a current business issue. 10% (The percentage above refer to a suggested weighting of time allocation to each section) 1 THE NATURE OF BUSINESS Business – the big picture: 1 THE NATURE OF BUSINESS Business – the big picture: Functions Functions: Goals and objectives economic and social importance of business to the economy Stakeholders. Goals and objectives Current Course Types of business: Classification – private/public Legal structures Primary, secondary, tertiary and quaternary sectors. Proposed Changes Types of business: Classification of business by: o size o geographical spread - local, national, global o legal structure – unincorporated, incorporated and franchises. Factors influencing choice of legal structure Sources of capital to fund the legal structure – debt and equity The business environment The business environment: Internal and external environments Innovation in Australia The business cycle and economic activity Changing consumer demands Diversity and change Competition Regulatory bodies Trade and industry associations, trade unions Ethics, social responsibility and sustainability. External influences on business and how changes in these influences impact on business: o economic – (including the economic cycle - boom and recession), o political (including government policies and changes to policies) o legal, o social/cultural, o institutional/regulatory bodies – trade unions, ASIC, ACCC, o government departments, o technological (including scientific discoveries/ inventions) o competitive (– no. of competitors, ease of entry, local and foreign competition), Current Course Proposed Changes o o o changing consumer demands, environmental/ecological pressure/interest groups. Internal influences on business: product, location, management, resource management and business culture Stakeholders in the internal and external environments and their interests and issues: shareholders, managers, employees, consumers, community and society and the environment. Entrepreneurship Innovation and identification of opportunities and risk taking Leadership and management skills (brief treatment only) Communication skills (brief treatment only) Ethical behaviour 2. Ethics, social responsibility and environmental sustainability. MANAGEMENT OF KEY BUSINESS FUNCTIONS Current Course 2 KEY BUSINESS FUNCTIONS The mechanisms by which business achieves its prime functions The role of the entrepreneur: Innovation and identification of opportunities Leadership and management Negotiation Marketing and research Risk management Record-keeping Working independently and with others. The role of communication: Proposed Changes Overview of the four key business functions and their interrelationship with one another: o Operations management. o Human resources management. o Marketing. o Financial management. (i) OPERATIONS MANAGEMENT Operations Management (Brief treatment only. To be taught in context of teaching the other three business functions and to prepare students to write a business plan). o Inputs. o Process. o Outputs. Operations strategies to sustain a business: Communication in business and its relationship to business objectives and strategies o Enhancing the production process by using technology. Functions and purpose of communication o Adding value to the value chain. Effective methods of communication o Managing quality. Barriers to effective communication. (ii) HUMAN RESOURCES MANAGEMENT Current Course Proposed Changes The role of employment relations: Staffing requirements Recruitment Training and development o Staffing requirements Work conditions in Australia o Recruitment Rights and responsibilities of employers and employees. The Human Resource Cycle Acquisition Training and development Maintenance o Monetary and non-monetary benefits Separation o Voluntary and involuntary Work conditions in Australia, including coverage of: Types of employment contracts National Employment Standards Rights and responsibilities of employers and employees. Fair Work Act, Equal Opportunity, OH&S, (iii) MARKETING Current Course The role of marketing: Nature and attributes of marketing Understanding consumer behaviour and motivation Market research o Determining competitive advantage o Feasibility o Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis Target market Marketing mix Break-even analysis. Proposed Changes Nature and attributes of marketing Marketing planning process: o SWOT analysis: strengths, weaknesses, opportunities and threats o competitive analysis o product life cycle: introduction, growth, maturity, decline o establishing objectives (expansion, diversification, increasing market share, increasing size of existing market) o identifying target markets (demographic, geographical, psychographic and behavioural factors) Market research methods – primary and secondary Marketing mix: o Price o Product o Promotion o Place Marketing strategies to sustain a competitive advantage: o market segmentation and product differentiation o positioning, branding, packaging, logo o pricing methods (cost-based, market-based, competitionbased) Current Course Proposed Changes o pricing strategies (price skimming, penetration pricing, loss leader pricing, price points) o promotion strategies (advertising, online, personal selling, sales promotions, direct marketing, public relations o place and distribution strategies (eg: online, home delivery) o Change in consumer tastes and preference o technologies used to enhance marketing. (iv) FINANCIAL MANAGEMENT The role of accounting and finance: Understanding and interpreting financial statements used for external reporting, including: o Balance sheets (statements of financial position) o Profit and loss statements (statements of financial performance) o Cash flow statements Internal management tools, including: o Cash budgets Key uses of financial statements, including: o Measures of profitability: Net Profit Ratio and Rate of Understanding and interpreting financial statements used for external reporting, including: o o Balance sheets (statements of financial position) purpose; components; link to financial objectives. Profit and loss statements (statements of financial performance) purpose; components; link to financial objectives. Current Course Proposed Changes Return on Owner’s Equity o Measures of financial stability: Debt to Equity Ration and Working Capital Ratio o Uses of financial statements and key ratios for decision making Budgets as planning tools Importance of cash flow. o Cash flow statements Key uses of financial statements for decision making including: o Measures of profitability: Gross Profit Ratio, Net Profit Ratio and Rate of Return on Owner’s Equity. o Measures of financial stability: Debt to Equity Ratio and Working Capital Ratio. Importance of cash flow. Budgets as planning tools. o 3 Purpose; link to financial objectives. Cash budgets (cash flow projections) purpose; components; link to financial objectives. Financial strategies to sustain a business o Managing debt and overextension of finance. o Managing cash flow. ESTABLISHING A BUSINESS Current Course 3 ESTABLISHING AND SUSTAINING A BUSINESS Key business considerations: Proposed Changes Students are expected to complete a business plan that will consolidate their understanding and apply and extend their knowledge and skills on what they have studied in the first two sections of the course. Importance of business planning The business idea Options in establishing a business Business structure and ownership Executive summary Location The business idea Sources of capital – debt and equity Business structure and ownership Legal factors Operations Occupational health and safety Location Production and distribution network Resources required Hiring of staff, including on-costs. Hiring of staff, including on-costs Legal factors in establishing a small business Success and failure – business principles: Reasons for success and failure of small businesses A business plan could include the following: Rates of success and failure Marketing plan Importance of a business plan Financial Plan Sustaining a competitive advantage start-up costs Managing debt sources of finance Managing cash flow sales forecasts Managing mistakes cash flow forecasts Adapting to change break even Utilising technology. Future prospects Current Course Proposed Changes 4 4 INQUIRY INTO A CURRENT BUSINESS ISSUE Society comprises a wide diversity of organisations, from the small club or business to the larger international company. Regardless of their size, ownership, objectives, resources or location they all share one thing in common - people manage them and in so doing deal with many economic, legal, financial and moral dilemmas. INQUIRY INTO A CURRENT BUSINESS ISSUE <no change> Current Course Proposed Changes ASSESSMENT CRITERIA ASSESSMENT CRITERIA The assessment for Business TQA level 3 will be based on the degree to which the student can: The assessment for Business TQA level 3 will be based on the degree to which the student can: 1. plan, organise and complete activities related to the study of business 1. plan, organise and complete activities related to the study of business 2. conduct research and acquire business information from a variety of sources 2. conduct research and acquire business information from a variety of sources 3. *communicate business information using appropriate formats 3. *communicate business information using appropriate formats 4. *describe business principles, concepts and issues 5. *apply a range of business and financial strategies to business situations 4. *demonstrate knowledge and understanding of business principles, concepts and issues 5. *apply a range of business and financial strategies to business situations 6. *analyse and evaluate business information, data and current issues. 6. *analyse and evaluate business information, data and current issues. *= externally and internally assessed *= externally and internally assessed