MGSC Curriculum Handbook

Business Management

Unit 1: Planning a business

Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. Therefore, how businesses are formed and the fostering of conditions under which new business ideas can emerge are vital for a nation’s wellbeing. Taking a business idea and planning how to make it a reality are the cornerstones of economic and social development. In this unit students explore the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.

 

On completion of this unit students should be able to:

  • Describe a process for creating and developing a business idea, and explain how innovative and entrepreneurial practices can contribute to the national economy and social wellbeing.
  • Describe the internal business environment and analyse how factors from within it may affect business planning.
  • Describe the external environment of a business and explain how the macro and operating factors within it may affect business planning.

Unit 2: Establishing a business

This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. In this unit students examine the legal requirements that must be satisfied to establish a business. They investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record keeping. Students analyse various management practices in this area by applying this knowledge to contemporary business case studies from the past four years.

 

On completion of this unit students should be able to:

  • Outline the key legal requirements and financial record-keeping considerations when establishing a business, and explain the importance of establishing effective policies and procedures to achieve compliance with these requirements. 
  • Explain how establishing a customer base and a marketing presence supports the achievement of business objectives, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.
  • Discuss the importance of staff to a business, discuss the staffing needs for a business, and evaluate staff-management strategies from both an employer and staff perspective.
  • Explain the importance when establishing a business of complying with legal requirements and financial record keeping, and establishing effective policies and procedures.
  • Explain the importance of establishing a customer base and a marketing presence to achieve the objectives of the business, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.
  • Discuss the staffing needs for a business and evaluate the benefits and limitations of management strategies in this area from both an employer and an employee perspective.

Unit 3: Managing a business

The internal environment affects the approach to and success of business planning. The owner will generally have more control over the activities, functions and pressures that occur within a business. These factors, such as business models, legal business structures and staffing, will also be influenced to some extent by the external environment. Students explore the factors within the internal environment and consider how planning decisions may have an effect on the ultimate success of a business.

 

On completion of this unit students should be able to:

  • Discuss the key characteristics of businesses and stakeholders, and analyse the relationship between corporate culture, management styles and management skills.
  • Explain theories of motivation and apply them to a range of contexts, and analyse and evaluate strategies related to the management of employees.
  • Analyse the relationship between business objectives and operations management, and propose and evaluate strategies to improve the efficiency and effectiveness of business operations.

Unit 4: Transforming a business

In this area of study students develop their understanding of the need for change. Managers regularly review and evaluate business performance through the use of key performance indicators and use the results to make decisions concerning the future of a business. Managers can take both a proactive and reactive approach to change. Students investigate the ways a business can search for new business opportunities as a source of future business growth and consider current forces for change on a business. They apply Lewin’s Force Field Analysis theory to contemporary case studies and consider approaches to strategic management, using Porter’s (1985) Generic Strategies.

 

On completion of this unit students should be able to:

  • Explain the way business change may come about, use key performance indicators to analyse the performance of a business, discuss the driving and restraining forces for change and evaluate management strategies to position a business for the future.
  • Evaluate the effectiveness of a variety of strategies used by managers to implement change and discuss the effect of change on the stakeholders of a business.