Business Studies

Course Description

The Business Studies course develops learners' understanding of business activity in both the public and private sectors, emphasising the importance of innovation and change. Students explore various types of business organisations, their establishment, financing, and operations, as well as the regulatory aspects that govern their activities. Factors influencing business decision-making and the values of cooperation and interdependence are also examined. Alongside studying business concepts and techniques, students enhance skills such as numeracy and enquiry.

Course Objectives

By the end of this course, students will be able to:

• Apply knowledge and critical understanding to analyse current issues and problems in various business contexts.
• Effectively utilise relevant terminology, concepts, and methods, while recognising their strengths and limitations.
• Differentiate between facts and opinions, evaluate qualitative and quantitative data, and construct persuasive arguments and informed judgements.
• Appreciate the perspectives of different stakeholders in relation to the business environment, individuals, society, government, and enterprise.
• Develop knowledge of major business groups and organisations, and their influence on objectives, decisions, and activities.
• Gain understanding of how businesses are organised, financed, operated, and regulated in their relations with other organisations, consumers, employees, owners, and society.
• Develop essential skills in numeracy, literacy, enquiry, information sourcing, presentation, and interpretation.
• Understand the significance of innovation and change within the context of business activities.
• Establish a foundation for further study in business or related subjects.

Course Outline

1. Understanding business activity

• Purpose and nature of business activity
• Classification of businesses
• Enterprise, entrepreneurs, and business growth
• Business size measurement
• Types of business organisation
• Business objectives and stakeholder objectives

2. People in business

• Human resources: importance, motivation, and methods
• Organisational structure and management
• Recruitment, selection, and training of employees
• Effective internal and external communication

3. Marketing

• Role of marketing
• Niche and mass markets, market segmentation
• Methods and importance of market research
• Marketing mix (the four Ps)
• Marketing strategies for consumer decisions in different markets

4. Operations management

• Production: meaning, methods, and productivity
• Costs of production and break-even analysis
• Achieving quality in the production process
• Business location decisions

5. Financial information and decisions

• Business finance: need and sources
• Cash-flow forecasting and working capital
• Income statements and financial position statements
• Analysis of accounts and their use

6. External influences on business activity

• Government influences: economic, environmental, and ethical issues
• International economy: globalisation, multinational businesses, and exchange rates

Course Acquisitions

Upon completion of this course, students will:

• Develop a deep understanding of business concepts and their practical applications.
• Analyse and evaluate real-world business scenarios.
• Demonstrate effective communication and presentation skills in a business context.
• Apply critical thinking and problem-solving skills to make informed business decisions.
• Appreciate the role of business in society and the global economy.
• Acquire a solid foundation for further studies in business-related fields.

Learning Methodologies

• Integrated approach combining theoretical knowledge and practical application.
• Collaborative learning to foster teamwork and communication skills.
• Task-based learning to engage students in real-life business situations.
• Differentiated instruction to cater to diverse learning needs.
• Utilisation of digital tools and resources to enhance learning experiences.