Syllabus

(analysis/ evaluation) || Add a degree or level of accuracy depth, knowledge and understanding, logic, questioning, reflection and quality to (analysis/evaluation) ||
 * Account || Account for: state reasons for, report on. Give an account of: narrate a series of events or transactions ||
 * Analyse || Identify components and the relationship between them; draw out and relate implications ||
 * Apply || Use, utilise, employ in a particular situation ||
 * Appreciate || Make a judgement about the value of ||
 * Assess || Make a judgement of value, quality, outcomes, results or size ||
 * Calculate || Ascertain/ determine from given facts, figures or information ||
 * Clarify || Make clear or plain ||
 * Classify || Arrange or include in classes/ categories ||
 * Compare || Show how things are similar or different ||
 * Construct || Make; build; put together item or arguments ||
 * Contrast || Show how things are different or opposite ||
 * Critically
 * Deduce || Draw conclusions ||
 * Define || State meaning and identify essential qualities ||
 * Demonstrate || Show by example ||
 * Describe || Provide characteristics and features ||
 * Discuss || Identify issues and provide points for and/ or against ||
 * Distinguish || Recognise or note/ indicate as being distinct or different from; to note differences between ||
 * Evaluate || Make a judgement based on criteria; determine the value of ||
 * Examine || Inquire into ||
 * Explain || Relate cause and effect; make the relationships between things evident; provide why and/or how ||
 * Extract || choose relevant and/ or appropriate details ||
 * Extrapolate || Infer from what is known ||
 * Identify || Recognise and name ||
 * Interpret || Draw meaning from ||
 * Investigate || Plan, inquire into and draw conclusions about ||
 * Justify || Support an argument or conclusion ||
 * Outline || Sketch in general terms; indicate the main features of ||
 * Predict || Suggest what may happen based on available information ||
 * Propose || Put forward (for example a point of view, idea, argument, suggestion) for consideration or action ||
 * Recall || Present remembered ideas, facts or experiences ||
 * Recommend || Provide reasons in favour ||
 * Recount || Retell a series of events ||
 * Summarise || Express, concisely, the relevant details ||
 * Synthesise || Putting together various elements to make a whole ||

topic 1: Nature of Business //the importance 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 //coordinating the business// • controlling the value chain • the role of management • the interdependence of business and its environment

//business life cycle// • phases of the cycle – establishment – growth – maturity – post-maturity • challenges presented at each stage of business life cycle • voluntary and involuntary cessation

//types of business entity// • 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

//small-medium enterprises (SMEs) in Australia// • 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

//the business environment and its impact on 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

//ethical and social responsibilities of business// • responsibilities to shareholders, managers, employees, consumers and society • reconciling conflicting interests of stakeholders – between shareholders, society and future environments – between shareholders and employees.

//interdependence of business functions// • identifying business functions — relationship to value chain • coordinating business functions – planning and controlling – functional and market structures – division of labour //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
 * topic 2: Key Business Functions**

//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) – span of control – chain of command • interrelationship between business functions // marketing // • the role of marketing • identification of the target market • overview of the marketing mix — product, price, promotion, place // developing marketing strategies // • product and service – positioning – branding –  packaging _   warranty • price including pricing methods — cost, market and competition-based – pricing strategies/tactics — skimming, penetration, loss leaders, price points • promotion – elements of the promotion mix — personal selling, advertising, below-the-line promotions, public relations – the communication process including opinion leaders and word of mouth • place/distribution – distribution channels and reasons for intermediaries – channel choice including intensive, selective, exclusive –  physical distribution issues including transport, warehousing, inventory //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.  = = == == ====**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.  = 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.