Introduction to Business
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Introduction to Business
Pre-Requisite Modules: Academic Writing.
- Module 1 of the Level 4 Diploma in Business (4 modules.)
- Level 4.
- 12 Learning Credits.
- Hours 120.
- Entry requirement: GCSE maths and English (grade C or better) or equivalent.
This course forms part of the Level 4 Diploma in Business, which will allow you to use the qualification you receive, to support an application for a university degree program in business.
This course is ideal if you:
- wish to attend university and complete a business degree, but haven't achieved the required "A" level grades.
- have the required "A" levels, but want to save money on tuition fees and accommodation costs, by also completing level 5 and level 6 courses currently under construction.
- are a graduate wanting an introduction to business systems and theories.
- have no desire to attend university and are already working in a business organisation, wanting to progress up the ladder
- wish to pursue a career in business as soon as possible.
Unit overview: This unit aims to give learners a sound understanding of:
- Business objectives, resources and accountability.
- The structure and classification of business.
- The external environment.
- The scale and location of production, different production processes.
- Marketing strategy, marketing planning and market research.
- Accounting concepts and sources of finance.
- HR planning.
- The learner will: Understand the objectives of a business, what resources they need and to whom they are accountable.
- The learner will: Understand the structure and classification of business.
- The learner will: Understand how the external environment creates opportunities and threats for a business.
- The learner will: Understand the factors that influence the scale of production, the location of production and the choice between different types of production process.
- The learner will: Understand the marketing process including marketing strategy, marketing planning and market research.
- The learner will: Understand the main accounting concepts and sources of finance for business.
1. Understand the objectives of a business, what resources they need and to whom they are accountable.
- Define and show an understanding of the terms ‘corporate aims’, ‘corporate objectives’ and ‘corporate strategy’.
- Explain how objectives and aims might change through the life of a business: survival, break even, growth, profit maximisation, market share, diversification.
- Describe the inputs required by a business: labour, suppliers, finance, land, management skills.
- Explain the relationship between organizational objectives and human resources.
- Identify the needs of different stakeholders in a business: owners/shareholders, customers, employees, management, suppliers, creditors and government.
- Explain the accountability and responsibility of different groups: owners/shareholders and other stakeholders.
- Describe and assess the different objectives of the various stakeholders, including government, and how they might conflict.
- Demonstrate how stakeholder objectives might affect the behaviour and decisions of a business.
2. Understand the structure and classification of business.
- Classify an economy by sector: primary, secondary, tertiary
- Explain the difference between the private sector and the public sector in terms of ownership and objectives.
- Describe advantages and disadvantages of different forms of legal structure: sole trader, partnership, franchise, private limited company, public limited company.
3. Understand how the external environment creates opportunities and threats for a business.
- Describe the effect on businesses of changes in external economic factors: interest rates, exchange rates, inflation, unemployment, the business cycle, government legislation, technology.
- Describe other non-economic influences on business activity: environmental, cultural, moral and ethical.
- Explain how firms can use PESTEL (political, economic, social, technological, environmental, legislative influences) analysis as part of a business strategy.
4. Understand the factors that influence the scale of production, the location of production and the choice between different types of production process.
- Explain, and give examples of, economies and diseconomies of scale.
- Describe the factors that influence the location of a business: availability of land, labour, closeness to market, transport routes, government grants, planning permission and environmental factors.
- Describe the production process and its associated advantages and disadvantages: job, batch, flow, lean and cell.
5. Understand the marketing process including marketing strategy, marketing planning and market research.
- Define and explain the importance of the marketing process.
- Explain how a market for a product can be segmented e.g. clothes, vehicles, holidays etc.
- Illustrate with a diagram and describe the Product Life Cycle.
- Discuss the role of the marketing mix (4 P’s) as part of a marketing plan.
- Describe and explain how the marketing mix might change at different points of the product life cycle.
- Define other principle marketing terms: niche market, mass market, USP (Unique Selling Point).
- Explain marketing strategy in terms of company objectives, available resources and market possibilities.
- Describe alternative methods of market research: primary and secondary.
6. Understand the main accounting concepts and sources of finance for business.
- Define basic accounting terms: fixed costs, variable costs, revenue, profit, break-even, working capital. Candidates will be expected to produce numerical calculations to demonstrate their understanding of the above terms.
- Define and describe the purpose of budgets and cash flow forecasts; advantages and disadvantages.
- Describe short term, medium term and long term sources of finance.
- Determine the appropriate source of finance to match a business need e.g. overdraft for temporary expansion of stock levels.
- Explain the relative benefits and disadvantages of each type of finance.
Your learning experience with ADL will not only depend on the quality of the course, but also the expertise of the person teaching it. This course has been written by Michael Booth and your course fee includes unlimited tutorial support from him throughout your studies with us. Here are Michael’s credentials:
Michael Booth – Course Writer and Tutor
B.Sc (Hons) Chemical Engineering, (University of Leeds), MSc with Merit Computer Science, (University of Kent), Executive Associate, Institute of Independent Business International
Michael has over 20 years experience in industry with a diverse academic background incorporating executive management, chemical engineering, and computer science. Michael has an international background and has worked as a technical director, production manager, and operations manager throughout companies across the world. He recently completed his MSc in Computer Science from the University of Kent, and is an executive associate of the Institute of the Independent Business International.
|Course Prerequisite||GCSE Grade C (or equivalent) in Maths and English Academic Writing supplied FOC with course|
|Course Qualification (Study Option B)||Certificate|
|Comparative Credits Information||ADL 4IB|
|Course Duration and Deadlines||TQUK - Training Qualifications UK, an Ofqual Approved Awarding Organisation.|
|Study Support||Study Support: You'll be allocated your own personal tutor/mentor who will support and mentor you throughout your whole course. Our tutors/mentors have been specifically chosen for their business expertise, qualifications and must be active within their industry. Tutors are contactable by e-mail, telephone and through our Moodle Student Support Zone online. Tutors are there to provide assistance with course material, discuss, explain and give advice and support throughout the whole programme. Their feedback is vital to your success.|
|Recognition of Your Course By Universities||120|
|Designing Your Own Qualification||12|
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