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Personal Learning Plan Higher Business Management UNDERSTANDING BUSINESS Name: Role of business in society (National 5 but you should have an understanding of this) I can describe what meant by goods, services, needs and wants I can describe the four factors of production I can describe the 3 sectors of business activity (primary, secondary and tertiary) and give examples I can describe the 3 different sectors of economy Types of business organisation I can describe features of the following PRIVATE sector organisations and give at least 3 advantages and disadvantages for each: Sole Trader Partnership Private Limited Company (ltd) Public Limited Company (plc) Multinationals Franchise (for both the franchisor and franchisee) I can describe the following THIRD sector organisations: Charities Voluntary Organisations Social Enterprises I can describe the following PUBLICLY FUNDED organisations: Local government organisations Central government organisations Bank overdraft Trade credit Factoring Grant Retained profits Bank loan Leasing Hire purchase Share issue Debentures Venture capital I can outline the characteristics of small, medium and large businesses I can describe the following sources of finance for different organisations: Higher Understanding Business Personal Learning Plan Personal Learning Plan Higher Business Management UNDERSTANDING BUSINESS Objectives I can give a definition of what is meant by an objective I can describe the following objectives and know which type of organisation they are most likely to relate to: Survival Growth Social and ethical responsibility Provision of a service Profit maximisation Satisficing Sales revenue maximisation Managerial objectives Internal factors affecting a business I can describe the internal factors which affect an organisation: Finance available Ability of staff Information available ICT availability Ability of management Changes in costs I can describe what is meant by corporate culture I can describe the advantages of having a strong corporate culture I can outline factors to consider when you have a corporate culture External factors affecting a business I can describe and give current examples of the following external factors which might affect an organisation: Political Economic Social Technological Environmental Competitive I can explain the impact these factors have on an organisation Higher Understanding Business Personal Learning Plan Personal Learning Plan Higher Business Management UNDERSTANDING BUSINESS Stakeholders I can give a definition of a stakeholder I can describe the interest and influence and the interdependence and conflict of the following stakeholders: Shareholders Managers Employees Customers Banks/other lenders Suppliers Local community Central government Local government Charity donors Taxpayers Business Growth I can describe reasons as to why a business would want to grow I can describe what is meant by internal growth and give examples of how this can be achieved I can describe the following types of growth and give examples to show I understand: Takeover Merger Horizontal integration Vertical integration Conglomerate integration I can also describe the following growth terms and give examples: De-integration De-merger Divestment Asset stripping Higher Understanding Business Personal Learning Plan Personal Learning Plan Higher Business Management UNDERSTANDING BUSINESS Decision Making I can describe the following types of decisions and give examples of each: Strategic decision Tactical decision Operational decision I can describe what is meant by a mission statement and explain why an organisation may have one I can describe the role of the manager in making decisions I can describe how a manager can assess the effectiveness of a decision I can outline the stages of the decision making model (POGADSCIE) and give an example I can outline the stages of a SWOT analysis I can describe what a SWOT analysis would be used for I can explain the costs and the benefits of POGADSCIE and SWOT I can describe the internal and external constraints which can make effective decision-making difficult I can outline the factors which result in a quality decision being made I can describe what is meant by brainstorming and benchmarking as alternative tools to making decisions D Internal Organisation Higher Understanding Business Personal Learning Plan
