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PATHWAYS

2019

 
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VCE Business Studies

Business Management Unit 1: Planning a Business

Prerequisites

There are no prerequisites for this unit.

Course Description

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.

Areas of Study

The Business Idea

Students investigate how business ideas are created and how conditions can be fostered for new business ideas to emerge. New business ideas are formed through a range of sources, such as identifying a gap in the market, technological developments and changing customer needs. Students explore some of the issues that need to be considered before a business can be established.

External Environment

The external environment consists of all elements outside a business that may act as pressures or forces on the operations of a business. Students consider factors from the external environment such as legal, political, social, economic, technological, global and corporate social responsibility factors and the effects these may have on the decisions made when planning a business. Students investigate how the internal environment relates to the external environment and the effects of this relationship on planning a business.

Internal Environment

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.

Assessment

Outcomes
Assessment Tasks
(school-assessed coursework)

Describe how and why business ideas are created and developed, and explain the methods by which a culture of business innovation and entrepreneurship may be fostered in a nation.

Case study, test, simulation and report.
 
Describe the external environment of a business and explain how the macro and operating factors within it may affect business planning. Case study, test, simulation and report.
Describe the internal business environment and analyse how factors from within it may affect business planning. Case study, test, simulation and report.

Overall Final Assessment

End of Semester Examination – 1.5 hours.

Information can be obtained from the Victorian Curriculum and Assessment Authority, Victoria, Australia: www.vcaa.vic.edu.au