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.
1.2 Describe the human and other resources required by a business, and relate the resources to corporate objectives.
1.2.1 Describe the inputs required by a business: labour, suppliers, finance, land, management skills. 1.2.2 Explain the relationship between organisational objectives and human resources.
1.3 Identify the needs and accountabilities of different stakeholders in a business and how their behaviour might affect the business.
1.3.1 Identify the needs of different stakeholders in a business: owners/shareholders, customers, employees, management, suppliers, creditors and government. 1.3.2 Explain the accountability and responsibility of different groups: owners/shareholders and other stakeholders. 1.3.3 Describe and assess the different objectives of the various stakeholders, including government, and how they might conflict. 1.3.4 Demonstrate how stakeholder objectives might affect the behaviour and decisions of a business.
Learning Outcome 2
The learner will: Understand the structure and classification of business.
Assessment Criteria The learner can: 2.1 Classify an economy by sectors.