home

==== media type="custom" key="4322049"This is the RSS feed that you should subscribe to in order to receive updates on any changes to this wiki. You need to copy this xml file and add it to your aggregator ==== https://yr11businessstudies.wikispaces.com/space/xmla?v=rss_2_0&feedHashUsername=rmarchetto&feedHash=2a9dcbb91d809668e26d624d7e574716277830fe

= = = = 8.1 Preliminary topic 1: Nature of Business ** • the function of business in creating value/benefits and adding value to all the business processes (value chain) • social and economic roles – wealth creation, employment, innovation, quality of life, choice, entrepreneurship • identification of relevant stakeholders • business goals • the importance of small business • controlling the value chain • the role of management • the interdependence of business and its environment • phases of the cycle – establishment – growth – maturity – post-maturity • challenges presented at each stage of business life cycle • voluntary and involuntary cessation • classification of business – legal structure – industry – size – public/private sector – international, transnational • relationship of legal structure to particular circumstances • factors influencing choice of legal structure – size, ownership, finance, privatisation • definition of SME • the number of SMEs • the contribution of the small business sector to the economy • success and failure of small business • future prospects of small business • economic and social factors – economic cycles – consumer tastes – cultural and productive diversity • competitive situation – number of competitors – ease of entry – local and foreign competitors – marketing strategies – substitutes • government – business law relating to levels of government, eg local (health, zoning), state (fair trading), federal (taxation), international (trade agreements) – regulatory bodies such as Environment Protection Authority, Department of Fair Trading, Australian Securities and Investment Commission, Australian Competition and Consumer Commission • other institutional influences including: employer, trade and industry associations, trade unions, Australian Stock Exchange • responsibilities to shareholders, managers, employees, consumers and society • reconciling conflicting interests of stakeholders – between shareholders, society and future environments – between shareholders and employees. 8.2 Preliminary topic 2: Key Business Functions interdependence of business functions
 * The importance of business
 * Coordinating the business
 * Business life cycle
 * Types of business entity
 * Small-medium enterprises (SMEs) in Australia
 * The business environment and its impact on business
 * Ethical and social responsibilities of business

• identifying business functions — relationship to value chain • coordinating business functions – planning and controlling – functional and market structures – division of labour – span of control – chain of command • interrelationship between business functions operations – manufacturing/services

• the role of operations • organising operations – purchasing/supply chain management – rostering and scheduling – task design, plant/office layout, warehousing – technology, robotics, CAD/CAM (computer aided design and computer aided manufacture) • control including inventory control and quality management • records management

employment relations

• the role of employment relations • the human resource cycle – acquisition — identifying staffing needs, recruitment, selection – development — training, development and maintenance of databases – maintenance — monetary/non monetary benefits – separation — voluntary/involuntary • rights and responsibilities – labour contract – Equal Employment Opportunity (EEO) – Anti-Discrimination – Affirmative Action – Occupational Health and Safety (OH&S)

marketing

• the role of marketing • identification of the target market • overview of the marketing mix — product, price, promotion, place accounting and finance

• the role of accounting and finance • sources and uses of funds — debt, equity • preparation of elementary financial statements – revenue statement – balance sheet – cash flow statement • key uses of financial statements • budgets as planning tools. 8.3 Preliminary topic 3: Establishing a Business

key personal features in establishing a business

• entrepreneurship • personal qualities — motivation, experience, expectation • other influences — cultural background, gender identifying business opportunities

• sources of information • considerations such as skill requirements, finance, competition • the business idea identifying the target market • potential customers and their needs • identifying intermediate and/or final customer markets – mass markets, niche markets, potential markets • determining competitive advantage — value, benefits, price key considerations in setting up a business

• establishment options – new – existing – franchise • location – visibility – cost – proximity to suppliers – customers – support services • capital – source – cost – gearing • legal – registration of business name – zoning – health regulations – trade practices – patents • establishing supply and distribution networks • hiring staff • outsourcing — operations, staffing, accounting, marketing • taxation and on-costs — federal and state taxes, superannuation, leave loading critical issues in business success and failure

• the importance of a business plan • identifying and sustaining competitive advantage • avoiding over-extension of financing and other resources — SME, big business and government business • utilising and exploiting technology • managing cash flow. 8.4 Preliminary topic 4: Developing a Business Plan

the role of the business plan • types and purposes the business planning process • sources of planning ideas from internal and external business environments – SWOT analysis – market analysis – target market identification • vision, mission and goals – purpose of vision and mission statements – types of goals – allocation of goals to functional areas • forecasting – break-even analysis – decision trees – budgets • monitoring and evaluations • types of control – sales – market reports – budgets • taking corrective action

elements of a Business Plan

• executive summary – business description and ownership – purpose of plan, situational analysis – business objectives and strategies • operations – description of product/service – personnel requirements and skills • marketing – market analysis – sales forecasting – marketing strategies • finance – financial requirements, forecasts, records, controls.