Business Studies in Action

✍ Scribed by Jacaranda

• Publisher: Jacaranda
• Tongue: English
• Leaves: 584
• Edition: 6
• Category: Library

✦ Table of Contents

FMPrelims
Half Title page
Title page
Copyright page
Contents
About this resource
Accessing online resources
Acknowledgements
c01RoleOfBusiness
Topic 1 Role of business
1.1 Overview
1.1.1 Introduction
1.1.2 Why learn about business?
1.1.3 Importance of business to you
1.2 The nature of a business
1.2.1 Producing goods and services
1.3 Other roles of business
1.3.1 Profit
1.3.2 Employment
1.3.3 Incomes
1.3.4 Choice
1.3.5 Innovation
1.3.6 Entrepreneurship and risk
1.3.7 Wealth
1.3.8 Quality of life
1.4 Review
1.4.1 Summary
1.4.2 Key terms
c02TypesOfBusiness
Topic 2 Types of businesses
2.1 Overview
2.1.1 Introduction
2.2 Classification by size
2.2.1 Determining the size of a business
2.3 Classification by geographical spread
2.3.1 Local
2.3.2 National
2.3.3 Global
2.3.4 Discuss the global expansion of one Australian business
2.4 Classification by industry sector
2.4.1 The five main industry sectors
2.4.2 Primary industry
2.4.3 Secondary industry
2.4.4 Tertiary industry
2.4.5 Quaternary industry
2.4.6 Quinary industry
2.4.7 How changes in external influences have contributed to the growth of the tertiary, quaternary and quinary industries in Australia
2.5 Classification by legal structure
2.5.1 The four main legal structures
2.5.2 Incorporated and unincorporated business structures
2.5.3 Sole trader businesses
2.5.4 Partnerships
2.5.5 Types of companies
2.5.6 Proprietary (private) companies
2.5.7 Public companies
2.5.8 Government enterprise
2.6 Factors influencing choice of legal structure
2.6.1 Size of the business
2.6.2 Ownership
2.6.3 Finance
2.6.4 Other factors
2.7 Review
2.7.1 Summary
2.7.2 Key terms
c03InfluencesInTheBusinessEnvironment
Topic 3 Influences in the business environment
3.1 Overview
3.1.1 Introduction
3.1.2 Business environment
3.2 External influences: economic, financial, geographic, social, legal
3.2.1 Economic influences
3.2.2 Financial influences
3.2.3 Geographic influences
3.2.4 Social influences
3.2.5 Legal influences
3.3 External influences: political, institutional, technological, competitive situation, markets
3.3.1 Political influences
3.3.2 Institutional influences
3.3.3 Technological influences
3.3.4 Competitive situation influences
3.3.5 Markets
3.4 Internal influences on business
3.4.1 Product influences
3.4.2 Location influences
3.4.3 Resource influences
3.4.4 Management influences
3.4.5 Business culture
3.5 Stakeholders
3.5.1 Owners/shareholders
3.5.2 Managers
3.5.3 Employees
3.5.4 Customers
3.5.5 Society
3.5.6 Environment
3.6 Review
3.6.1 Summary
3.6.2 Key terms
c04BusinessGrowthAndDecline
Topic 4 Business growth and decline
4.1 Overview
4.1.1 Introduction
4.2 Business life cycle — stages and responding to challenges
4.2.1 Establishment stage
4.2.2 Growth stage
4.2.3 Maturity stage
4.2.4 Post-maturity stage
4.3 Factors that can contribute to business decline
4.3.1 Reasons for business decline
4.4 Voluntary and involuntary cessation
4.4.1 Cessation of business — voluntary or involuntary
4.4.2 Voluntary cessation
4.4.3 Involuntary cessation
4.4.4 Bankruptcy
4.4.5 Voluntary administration
4.4.6 Liquidation
4.4.7 Identify problems that arise for stakeholders when companies go into liquidation
4.5 Review
4.5.1 Summary
4.5.2 Key terms
Topic1NatureOfBusinessReview
Topic 1 Nature of business review
Nature of business: Practice examination
c05NatureOfManagement
Topic 5 Nature of management
5.1 Overview
5.1.1 Introduction
5.2 Features of effective management
5.2.1 Contemporary definition of management
5.2.2 Effective management
5.3 Skills of management — interpersonal,communication, strategic thinking and vision skills
5.3.1 Interpersonal (people) skills
5.3.2 Communication skills
5.3.3 Strategic thinking skills
5.3.4 Vision skills
5.4 Skills of management — problem-solving, decision-making, flexibility, adaptability to change and reconciling the conflicting interests of stakeholders
5.4.1 Problem-solving skills
5.4.2 Decision-making skills
5.4.3 Flexibility and adaptability to change skills
5.4.4 Reconciling the conflicting interests of stakeholders
5.4.5 Discuss strategies that could reconcile the conflicting interests of stakeholders
5.5 Review
5.5.1 Summary
5.5.2 Key terms
c06AchievingBusinessGoals
Topic 6 Achieving business goals
6.1 Overview
6.1.1 Introduction
6.2 Business goals
6.2.1 Profits
6.2.2 Market share
6.2.3 Growth
6.2.4 Share price
6.2.5 Social goals
6.2.6 Environmental goals
6.2.7 Achieving a mix of business goals
6.3 Staff involvement
6.3.1 Innovation
6.3.2 Motivation
6.3.3 Mentoring
6.3.4 Training
6.4 Review
6.4.1 Summary
6.4.2 Key terms
c07ManagementApproaches
Topic 7 Management approaches
7.1 Overview
7.1.1 Introduction
7.2 Classical approach to management
7.2.1 Classical–scientific approach
7.2.2 Classical–bureaucratic approach
7.2.3 Management as planning
7.2.4 Management as organising
7.2.5 Management as controlling
7.2.7 Leadership styles
7.2.8 Autocratic leadership style
7.3 Behavioural approach to management
7.3.1 Management as leading
7.3.2 Management as motivating
7.3.3 Management as communicating
7.3.4 Teams
7.3.5 Participative or democratic leadership style
7.4 Contingency approach to management
7.4.1 Adapting to changing circumstances
7.4.2 Compare and contrast approaches to management
7.5 Review
7.5.1 Summary
7.5.2 Key terms
c08ManagementProcess
Topic 8 Management process
8.1 Overview
8.1.1 Introduction
8.2 Coordinating key business functions and resources
8.3 Operations
8.3.1 Goods and/or services
8.3.2 The production process
8.3.3 Quality management
8.3.4 Explain the benefits of quality management practices
8.4 Marketing
8.4.1 Marketing fundamentals
8.4.2 What is marketing?
8.4.3 Identification of the target market
8.4.4 Marketing mix
8.5 Finance
8.5.1 Accounting — introduction and scope
8.5.2 Finance — introduction and scope
8.5.3 Financial statements
8.5.4 Cash flow statements
8.5.5 Income statement
8.5.6 Balance sheets
8.5.7 Assess the role of the income statement and the balance sheet when describing the financial performance of a business
8.6 Human resources
8.6.1 Recruitment
8.6.2 Training
8.6.3 Employment contracts
8.6.4 Separation of human resources
8.7 Ethical business behaviour
8.7.1 Business ethics
8.7.2 Ethical issues
8.7.2 Encouraging ethical business behaviour
8.8 Review
8.8.1 Summary
8.8.2 Key terms
c09ManagementAndChange
Topic 9 Management and change
9.1 Overview
9.1.1 Introduction
9.2 Responding to internal and external influences
9.2.1 Internal influences
9.2.2 External influences
9.3 Managing change effectively
9.3.1 Identifying the need for change
9.3.2 Setting achievable goals
9.3.3 Resistance to change
9.3.4 Management consultants
9.4 Review
9.4.1 Summary
9.4.2 Key terms
Topic2BusinessManagement
Topic 2 Business management
c10SmallToMediumEnterprises
Topic 10 Small to mediumenterprises (SMEs)
10.1 Overview
10.1.1 Introduction
10.2 Definition and role of SMEs
10.2.1 Definition of an SME
10.2.2 Common characteristics of SMEs
10.2.3 The number of SMEs
10.2.4 The role of SMEs
10.3 Economic contribution of SMEs
10.3.1 Contribution to gross domestic product
10.3.2 Contribution to employment
10.3.3 Contribution to the balance of payments
10.3.4 Contribution to invention and innovation
10.3.5 Explain how SMEs can enter the global market for long-term growth
10.4 Success and/or failure of SMEs
10.4.1 Success of SMEs
10.4.2 Failure of SMEs
10.5 Review
10.5.1 Summary
10.5.2 Key terms
c11InfluencesInEstablishingASmallToMediumEnterprise
Topic 11 Influences in establishing a small to medium enterprise
11.1 Overview
11.1.1 Introduction
11.2 Personal qualities
11.2.1 Qualifications
11.2.2 Skills
11.2.3 Motivation
11.2.4 Entrepreneurship
11.2.5 Cultural background
11.2.6 Gender
11.3 Sources of information
11.3.1 Professional advisers
11.3.2 Government agencies
11.3.3 Other sources
11.4 The business idea
11.4.1 Identifying business opportunities
11.4.2 Competition
11.5 Establishment options
11.5.1 Setting up a new business — starting from scratch
11.5.2 Buying an existing business
11.5.3 Buying a franchise
11.6 Market considerations
11.6.1 Goods and/or services
11.6.2 Price
11.6.3 Location
11.7 Finance
11.7.1 Sources of finance
11.7.2 Cost of finance
11.8 Legal considerations and influence of government on SMEs
11.8.1 Business name
11.8.2 Zoning
11.8.3 Health regulations
11.8.4 Other regulations
11.9 Human resources
11.9.1 Skills
11.9.2 Costs — wage and non-wage
11.10 Taxation
11.10.1 Federal and state taxes
11.10.2 Local government rates and charges
11.11 Review
11.11.1 Summary
11.11.2 Key terms
c12TheBusinessPlanningProcess
Topic 12 The business planningprocess
12.1 Overview
12.1.1 Introduction
12.2 Business planning process
12.2.1 The role of the business plan
12.2.2 What is a business plan?
12.2.3 Benefits of a business plan
12.2.4 Business planning process
12.3 Sources of planning ideas
12.3.1 Situational analysis
12.4 Vision, goals and objectives
12.4.1 Vision
12.4.2 Business goals
12.4.3 Long-term growth
12.4.4 Explain how SMEs can enter the global market for long-term growth
12.5 Organising resources
12.5.1 Organising resources — operations
12.5.2 Organising resources — marketing
12.5.3 Organising resources — finance
12.5.4 Organising resources — human resources
12.6 Forecasting
12.6.1 Total revenue and total cost
12.6.2 Break-even analysis
12.6.3 Cash flow projections
12.7 Monitoring and evaluating
12.7.1 Monitoring
12.7.2 Evaluating
12.7.3 Monitoring and evaluating sales
12.7.4 Monitoring and evaluating budgets
12.7.5 Monitoring and evaluating profit
12.8 Taking corrective action — modification
12.9 Review
12.9.1 Summary
12.9.2 Key terms
c13CriticalIssuesInBusinessSuccessAndFailure
Topic 13 Critical issues in business success and failure
13.1 Overview
13.1.1 Introduction
13.2 Importance of a business plan
13.2.1 Business plan: presentation and preparation
13.3 Management — staffing and teams
13.3.1 Staffing
13.3.2 Teams
13.4 Trend analysis
13.5 Identifying and sustaining competitive advantage
13.5.1 Price/cost strategy
13.5.2 Differentiation strategy
13.5.3 Ensuring long-term success
13.6 Avoiding overextension of financing and other resources
13.6.1 Overextension of other resources
13.7 Using technology
13.7.1 Internet applications (e-business and e-commerce)
13.8 Economic conditions
13.8.1 Economic conditions that promote business success
13.8.2 Economic conditions that lead to business failure
13.9 Review
13.9.1 Summary
13.9.2 Key terms
Topic3BusinessPlanningReview
Topic 3 Business planning review
Business planning: Practice examination
BMGlossary
GLOSSARY