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Business Management Study Design Unit 1: Planning a Business
Business Management Study Design Unit 2: Establishing a Business
Business Management Study Design Unit 3: Managing a Business
Business Management Study Design Unit 4: Transforming a Business
Business Management Study Design Unit 1: Planning a Business
Unit 1 explores the rudimentary stages of creating a business. Beginning from the birth of an idea and the internal and external considerations that will mould your approach to planning your business.
You’ll be required to apply this theory in a range of assessments such as a written SAC, hypothetical business ‘start-up’, etc.
Area of Study 1: The Business Idea
This unit outlines the early stages of curating a business. You will look at sources of a business idea like a gap in the market, technological developments, and changing customer needs.
Then, you will develop the business concept with market research and feasibility studies, and the methods to incubate and promote a culture of business innovation and entrepreneurship.
Area of Study 2: Internal Environment
While the external environment is not something you can control, you will be able to calibrate the internal environment of how your business will operate.
This includes types of business structures, types of business models and staffing, and other areas like SWOT analysis, and issues that go into planning.
Summary
- Sources to produce business ideas
- External influences on how you operate on a macro and operating level
- Setting up your internal environment
Area of Study 3: External Environment
What are the things to consider outside your business? Do they also impact you?
You will look at aspects such as legal, political, social, economic, technological, global, and corporate responsibility which influence how you might operate.
You will be examining on a macro and operating level, or what broadly affects all business and external factors that impact how you operate.
Business Management Study Design Unit 2: Establishing a Business
After you’ve planned how you’ll conduct your business, you’ll need to assess the logistics that go into starting it up:
- What are the legal and financial considerations?
- How are you going to market it?
- Where are you getting your employees?
When you understand how to lay the framework, you’ll apply this knowledge to contemporary business case studies and assess their approach to establishing their business.
Legal Requirements and Financial Considerations
You’ll be diving into legal requirements such as registrations, corporate social responsibility with suppliers, policies, and global issues. As with any business, you’ll also need to keep your money in check with cash records, bank accounts, financial controls systems, and record-keeping systems.
Marketing a Business
How does a business get its voice heard? How do you broadcast the message and establish a customer base?
You will look at the strategies used to attract audiences and how to determine your target market.
Staffing a Business
Your employees are the building blocks of your company, performing the everyday operations to achieve your daily business goals. Here you will look into the staffing needs such as how they contribute to the company, how to spread the word about employment, methods of hiring, the types of employment, and conditions of employment.
Unit 3 Business Management Study Design Summary
- Legal obligations and financial record keeping
- Marketing your business and establishing a customer base
- Getting your employees
Business Management Study Design Unit 3: Managing a Business
Level up! Now you’ll understand how you operate your business. You’ll look at business objectives, your stakeholders, and different methods and management styles to conduct your business.
Essentially, you’ll need to analyse the most appropriate approaches a business should take, looking at how contemporary businesses within four years have applied it.
Business Foundations
You will revisit some knowledge from the previous units such as the types of businesses, however, you’ll look into more detailed characteristics of a business such as structures, areas of the business, management styles, and skills. In all areas, you will consider how these aid in achieving your business goals.
In 2023, instead of studying about management responsibility, you’ll be focusing on improving efficiency and effectivity, as well as business stakeholders.
Managing Employees
Employees are essential to your business and you will need to know how to keep them motivated so that your daily goals are being met. Not only motivation, but you will need to understand workplace relations and how to deal with issues and conflicts.
Operations management
A product doesn’t just spontaneously appear! There are inputs and processes used to create the final output of the product.
Effectiveness and efficiency will be keywords that you will revisit, analysing how technological development, material management, quality management, and waste management improve your business operations.
In 2023, you’ll also be focusing reducing, recycling and reusing strategies such as the one-piece flow and takt!
Summary
- Key characteristics of a business
- How to motivate your employees and deal with issues
- Improving the efficiency and effectiveness of your operations
Business Management Study Design Unit 4: Transforming a Business
Finally, we come to transforming a business, learning to adapt to the changes in the market.
How do you know when to change? What are the strategies to change?
Like in Unit 3, you will need to know contemporary examples within the last four years that expand on these theories.
Reviewing Performance -— the Need for Change
Your business will never grow or improve if you don’t change. You can find yourself being left behind in the market and becoming obsolete.
Here you will learn the key performance indicators and the driving forces and restraining forces of change.
Implementing Change
Now that you’ve determined the change needed, you’ll be taken through the strategies businesses use to propel change and how to overcome resistance.
Leadership is also a key quality that will influence and affect how effectively your business will adapt and be directed to change.
Summary
- Using key performance indicators (KPIs) to identify if a change is needed
- Strategies to promote change and deal with resistance
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Alanah Santos completed her VCE in 2020, achieving an ATAR score of 96.60, and a study score of 40+ in Business Management and Psychology. She’s an enthusiastic Private Tutor on paper but is still trying to claim the title of Bingsu Connoisseur.
