Introduction to Business

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Unit Title: Introduction to Business Level: 3 Learning Outcomes and Indicative Content: Candidates will be able to: 1.

Unit code: IM Learning Hours: 100

Understand and describe the nature and purpose of business in terms of what businesses do, what resources they need and who they are accountable to 1.1 1.2 1.3 Explain the needs of different stakeholders in a business; owners/shareholders, customers, employees, management, suppliers, creditors and government Describe the inputs required by a business; labour, suppliers, finance, land, management skills Describe accountability; owners/shareholders and other stakeholders


Describe the structure and classification of business 2.1 2.2 2.3 Classify businesses by sector; primary, secondary, tertiary Describe advantages and disadvantages of different forms of legal structure; sole trader, partnership, franchise, private limited company, public limited company Describe the difference between the private sector and the public sector in terms of ownership and objectives


Understand the different objectives that exist in a business and appreciate the different stakeholder perspectives 3.1 3.2 3.3 3.4 Define and understand the terms corporate aims, corporate objectives and corporate strategy Describe how objectives might change through the life of a business; survival, break-even, growth, profit maximisation, market share, diversification Describe the different objectives of the various stakeholders, including government, and how they might conflict Explain how stakeholder objectives might affect the behaviour and decisions of a business


Understand how the external environment creates opportunities and threats for a business 4.1 4.2 4.3 Describe the effect on businesses of changes in external factors; interest rates, exchange rates, inflation, unemployment, the business cycle, government legislation, technology Explain how firms can use PEST (political, economic, social and technological...
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