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Introduction to Business

Introduction to Business

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Introduction to Business Online Course

This Introduction to Business Online 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.

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 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.
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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.
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