Module Structure:

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.

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.

Learning Outcomes:

• 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.

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.

FREQUENTLY ASKED QUESTIONS

Here is a list of the most often asked FAQ’s.

General

Q. Why should I enrol with the Academy for Distance Learning?
A. Here at ADL, our students are our priority – we treat everyone as a unique individual.

Q. Do I need to buy text books?
A. No, as each module has been written by highly qualified industry professionals. The content of the material is presented in such a way that text books are not required. However, if you require additional reading your tutor will be able to supply a list.

Q. What happens if I have to stop studying for a while? (eg. become sick, go on holidays, have a baby, move house, etc)
A. It’s OK to take a break and start up your study at a later point in time. Just let us know.

Q. Is there an age limit?
A. There is no maximum age limit. We do however, have a minimum age limit of 18 years. Below that age parental consent would be required.

Q. Are your courses up-to date?
A. Our courses are revised and updated on a rotation system.

Q. Do you have a Cancellation policy?
A. Yes. We have a cancellation policy that is fair and equitable. For further details please click here.

Q. Will I have any opportunity to engage with other students?
A. We have a Student Community group based on facebook! If you don’t have a facebook account already, you could make one just for talking with fellow students on the group.

Enrolment

Q. When can I enrol/start?
A. You may enrol and start at any time of the year – it’s all self- paced.

Q. Can I study from anywhere in the world?
A. Our courses are available to anyone, anywhere in the world from the comfort of your own home. The course content is relevant to any country, culture or economy.

Q. How long do I have to complete the course?
A. You complete the course at any time that is convenient for you.

Q. Completing a 100 hour module – how long will it take?
A. For some students a 100 hour module will take approximately to 3- 6 months to complete. Others take less time and some even longer.

Assessment

Q. Assessment – how does it work?
A. For each 100 hour module you are assessed by assignments (at the end of each lesson) and a final one and a half hour exam (or you may elect to complete a Project, instead of sitting the exam) – the choice is yours – you sit for the exam in your own location.

Q. I don’t cope well with exams – what can I do?
A. You may elect to undertake a Project (set by your tutor) instead of sitting the exam. Projects are completed from your home and can usually take a couple of weeks to complete.

Q. If my assignment is not up to standard is there an opportunity to resubmit my work?
A. Yes –

Q. How many assignments do I need to complete for each module?
A. At the end of each lesson, there is an assignment – so if a course has say, 10 lessons, there would be 10 assignments.

Q. I am having difficulty attending workshops/industry meetings, what can be done?
A. If your course requires attendance at workshops, conferences, or industry meetings; alternative arrangements can be made in your country.

Qualifications

Q. What qualification will I receive?
A. For individual modules, you would be awarded a Certificate endorsed by TQUK (Training Qualifications, UK), providing you complete all assignments and the exam. If you just want to complete only the assignments and not sit for the exam or finish a Project, then a Letter of Achievement would be awarded. For more details on qualifications available please click here.

Q. Can I customize my diploma/higher qualification?
A. Not all educational institution’s certificates /diplomas meet everyone’s needs. The opportunity to Design Your Own Diploma at the Academy (subject to our approval) is an added bonus, not found at other colleges. You choose modules that you think will help you in achieving your goal.

Q. What do I get when I complete the course? Will I receive a transcript?
A. At the completion of all courses and providing all assignments and exam requirements have been met, you will receive your Award and a Transcript.

Tutors

Q. Our tutors – who are they?
A. We appoint Tutors and require that they must be currently active in their industry, with at least 5 years’ experience in their chosen profession.

Q. Can I contact my tutor at any time?
A. Yes – you have unlimited access to your tutor via email through our Online Classroom. You can always leave a message with ADL requesting your tutor to contact you. You decide on how much or how little contact you wish to have.

Q. Practical work – How is this done?
A. To find out more about this part of the course please visit the section on How Our Courses Work here.