Business Studies

Course summary

This course equips students with the essential knowledge and skills needed to embark on a successful business career. It is a broad, flexible qualification that will provide a basis for further study in higher education, training, or employment. Unit 1: Exploring Business In this unit, you will gain an overview of the key ingredients for business success, how businesses are organized, how they communicate, the characteristics of the environment in which they operate, and how this shapes them and their activities. You will also look at the importance of innovation and enterprise to the success and survival of businesses, with the associated risks and benefits. You will be required to complete three assignments for this unit. Two of the assignments are individually completed and one is a group assignment. Unit 2: Developing a Marketing Campaign Marketing is a dynamic field central to the success of any business. You will gain an understanding of how a marketing campaign is developed. You will explore different stages of the process that a business goes through when developing its campaign and developing your campaign for a given product/service. You will also examine the marketing aims and objectives for existing products/services and understand the importance of relevant, valid, and appropriate research about customers’ needs and wants. You will use market research data and other information to make recommendations about the type of marketing campaign that a business should undertake. To complete the assessment task within this unit, you will need to draw on your learning from across the program. Unit 3: Personal and Business Finance Personal finance involves understanding why money is important and how managing your money can help prevent future financial difficulties. You must understand the financial decisions you will need to take throughout your life and how risk can affect you and your choices. This unit will also give you an insight into where you can get financial advice and support. The business finance aspect of the unit introduces you to accounting terminology, the purpose and importance of business accounts, and the different sources of finance available to businesses. Planning tools, such as cash flow forecasts and break-even, will be prepared and analyzed. Measuring the financial performance of a business will require you to prepare and analyze statements of comprehensive income and statements of financial position. Unit 8: Recruitment and Selection Process Recruiting the right people is essential to the success of a business. The process and procedures involved in recruitment and selection must meet the needs of the business and comply with current regulations. You will learn that successful recruitment is key to maintaining the success of a business, as people are often considered to be the most valued resource. You will be able to explore the various selection tools and the enhanced use of technology in this area. Businesses with an effective recruitment process in place are more likely to make successful appointments. In a competitive labor market, this is a major advantage and will support business success. This unit gives you the opportunity, through role play, to take part in selection interviews. You will participate in a visit and presentation at Slaley Hall.