BUSINESS MANAGEMENT
Unit 1: Planning a Business
Area of Study 2: External environment
Outcome 2
describe the external environment of a business and explain how the macro and operating factors within it may affect business planning.
Key knowledge
- an overview of the factors within the external (macro and operating) environment and internal environment that affect business planning.
Key skills
- define, describe, and apply relevant business management concepts and terms
- acquire, record, interpret and share business information and ideas
- research and analyse case studies and current examples of business management applicable to planning a business
- apply business management knowledge to practical and/or simulated business situations
Area of Study 3: Internal environment
Outcome 3
- describe the internal business environment and analyse how factors from within it may affect business planning.
Key knowledge
- types of legal business structures such as sole trader, partnership, private limited company, public listed company and the factors affecting choice of business structure
Key skills
- define, describe and apply relevant business management concepts and terms
- research and analyse case studies and current examples of business management applicable to planning a business
- apply business management knowledge to practical and/or simulated business situations
- discuss the decisions made in response to the internal factors that affect a business.