STANDARD GRADE

BUSINESS MANAGEMENT
SUMMARY COURSE OUTLINE

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1 Introduction to Business
• Needs and Wants
• Goods and Services
• Factors of Production
• Sectors of the Economy
o Private, Public, Voluntary
o Ownership, Control, Finance
• Small, Medium, Large Businesses
• Sectors of Industry
o Primary
o Secondary
o Tertiary
• Types of Business Ownership plus
advantages and disadvantages
o Sole Trader
o Partnership
o Private Limited Company (Ltd)
o Public Limited Company (plc)
o Franchises
• Limited Liability Definition
• Aims of Business Organisations
• Stakeholders (interests/influences)
• Social/Economic Costs and Benefits
• Organisation Charts – what do they
show?
• Line/Lateral Relationships
• Authority and Responsibility
• Tall/Flat (advantages/disadvantages)
• Span of Control
• Restructuring

Standard Grade Business Management

Summary Course Outline Knox Academy
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2 Starting up in Business/
Business Plans
• Entrepreneur – Skills/Qualities
• Why Start a Business?
• Risks in Setting up a Business
• Support Available
• Mission Statements
• Methods of Financing Businesses
• Cash Flow
• Business Plan Contents

3 Location
• Internal finance
• External finance

• Local Government Support

• Central Government Support

• The Single Market

• Inward Investment
• The Social Charter
• Regional Policy
• The Euro

• Communication
• Transportation
• Barriers to Trade
• Developing Markets
• The Pacific Economies
• The Global Market
• Multi-nationals

Standard Grade Business Management

Summary Course Outline Knox Academy
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4 Marketing
• What is a market?
• Market-led and Product-led
• Market Segmentation
• Market Research
o Desk (advantages and
disadvantages)
o Field (advantages and
disadvantages)
• Marketing Mix
o Product
ƒ Brands (inc Own Brands)
ƒ USP
ƒ Product Life Cycle (and
extension strategies)
o Pricing Strategies
o Promotion
ƒ Advertising
ƒ Sales Promotions
o Place
ƒ Channels of Distribution

5 Operations
• Input/Process/Output
• Choice of Supplier
• Stock Control
o 3 Types of Stock
o Benefits/Costs of holding stock
o Stock Control diagram
o Just-in-Time
• Methods of Production
(advantages/disadvantages)
o Job
o Batch
o Flow
• Ensuring Quality (including)
o Quality Control
o TQM
o Benchmarking
o Quality Standards
o Quality Circles

Standard Grade Business Management

Summary Course Outline Knox Academy
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6 Human Resources
• Why People Work?
• Full-time/Part-time
• Temporary/Permanent
• Job Share/Casual
• Flexi-time/Core-time
• Types of Workers
• Methods of Recruitment
(Internal/External)
• Recruitment /Selection Process
o Job Analysis
o Job Description
o Person Specification
o Advertising (Internal/External)
o Application
Forms/CVs/References
o Interviews
o Contract of Employment
o Other Selection Processes
• Training Methods
o On-The-Job
o Off-The-Job
• Types of Training
o Induction
o Retraining
o Upgrading
o Apprenticeships
• Staff Appraisal (inc
advantages/disadvantages)
• Industrial Relations
o Industrial Action (including…)
o Strike
o Go-Slow
o Overtime-Ban
o Advantages/Disadvantages
o ACAS
• Legislation
• Changing Pattern of Employment

Standard Grade Business Management

Summary Course Outline Knox Academy
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7 Finance

8 Growth

9 Management and
Decision Making

10 Information/IT

11 Challenges

12 Success/Failure

Standard Grade Business Management

Summary Course Outline Knox Academy