Unit Title: Introduction to Business Guided Learning Hours: 100 Level: Level 4 Number of Credits: 12
Learning Outcome 1
The learner will: Understand the objectives of a business, what resources they need and to whom they are accountable.
Assessment Criteria The learner can: 1.1 Define and show an understanding of the important business terms related to corporate objectives.
1.1.1 Define and show an understanding of the terms ‘corporate aims’, ‘corporate objectives’ and ‘corporate strategy’. 1.1.2 Explain how objectives and aims might change through the life of a business: survival, break-even, growth, profit maximisation, market share, diversification.
2.1.2 Explain the difference between the private sector and the public sector in terms of ownership and objectives.
2.2 Describe and evaluate different forms of corporate legal structure.
2.2.1 Describe advantages and disadvantages of different forms of legal structure: sole trader, partnership, franchise, private limited company, public limited company.
Learning Outcome 3
The learner will: Understand how the external environment creates opportunities and threats for a business.
Assessment Criteria The learner can: 3.1 Describe the effect on businesses of changes in external factors.
3.1.1 Describe the effect on businesses of changes in external economic factors: interest rates, exchange rates, inflation, unemployment, the business cycle, government legislation, technology. 3.1.2 Describe other non-economic influences on business activity: environmental, cultural, moral and ethical.
3.2 Explain how firms can use PESTEL analysis as part of a business strategy.
3.2.1 Explain how firms can use PESTEL (political, economic, social, technological, environmental, legislative influences) analysis as part of a business strategy.
Learning Outcome 4
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.
Assessment Criteria The learner can: 4.1 Explain economies and diseconomies of scale.
4.1.1 Explain, and give examples of, economies and diseconomies of scale.
4.2 Describe the factors that influence the location of a business.
4.2.1 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.
4.3 Describe and evaluate the production process.
4.3.1 Describe the production process and its associated advantages and disadvantages: job, batch, flow, lean and cell.
Learning Outcome 5
The learner will: Understand the marketing process including marketing strategy, marketing planning and market research.
Assessment Criteria The learner can: 5.1 Explain the importance of the marketing process and define key marketing terms, including market segmentation, Product Life Cycle, marketing mix, niche market, mass market, Unique Selling Point.
5.1.1 Define and explain the importance of the marketing process. 5.1.2 Explain how a market for a product can be segmented e.g. clothes, vehicles, holidays etc. 5.1.3 Illustrate with a diagram and describe the Product Life Cycle. 5.1.4 Discuss the role of the marketing mix (4 Ps) as part of a marketing plan. 5.1.5 Describe and explain how the...