Course Brief

Business Studies is designed to allow learners to develop a basic understanding of how businesses operate and how the external environment can impact business decisions. The course also allows learners to develop the ability to critically analyse business issues.


  • This course is offered in 50 contact hours.

Upon successful completion of this unit, learners will be able to:

  1. Describe the structure and classification of business;
  2. Understand the different objectives that exist in a business and appreciate the different stakeholder perspectives;
  3. Understand how the external environment creates opportunities and threats for a business;
  4. Understand the factors that influence the scale of production, the location of production and the choice between different types of production processes;
  5. Explain the need for, and describe the means of, achieving control over quality and stock levels in production;
  6. Understand the importance of human resources to an organization and explain the need for human resource planning;
  7. Understand motivation in theory and in practice.

Describe the structure and classification of business:

  • Classify businesses based on sectors (primary vs secondary vs tertiary) (private vs public).
  • Describe different forms of organization as well as their advantages and disadvantages. 
  • Large firms vs small firms.
  • Growth of businesses (organic vs. inorganic)

 

Understand the different objectives that exist in a business and appreciate the different stakeholder perspectives:

  • Understand the terms corporate aims, corporate objectives and corporate strategy.
  • Describe the life cycle of a business and understand its impact on objectives.
  • Identify the objectives of different stakeholders and understand how these objectives might create conflict and affect the behaviour and decisions of the business.

 

Understand how the external environment creates opportunities and threats for a business:

  • Understand the concept of PEST analysis and explain how firms can use it as a business strategy.
  • Understand SWOT analysis as a tool for the development of business strategy.

 

Understand the factors that influence the scale of production, the location of production and the choice between different types of production processes:

  • Describe the main methods of production and their associated advantages and disadvantages.
  • Describe the factors of location.
  • Economies vs diseconomies of scale.

 

Explain the need for, and describe the means of, achieving control over quality and stock levels in production:

  • Understand the importance of quality and the approaches that can be used to improve quality within an organization.
  • Describe stock management systems with emphasis on JIT (just-in-time).
  • Explain the costs and benefits of holding stock.

 

Understand the importance of human resources to an organization and explain the need for human resource planning:

  • Describe the various aspects to the human resource function, including workforce planning, recruitment and selection and training.
  • Understand the link between the objectives of the organization and the human element.
  • Apply the concept of labour turnover.

 

Understand motivation in theory and in practice:

  • Understand the main theories of motivation including Maslow, Mayo and Herzberg.
  • Describe both the financial and non-financial incentives of motivation.