Big Questions
Why is business needed? ie. What are the business drivers?
What do we hope to achieve? ie. What does success look like?
Who is affected by the business and in what way?
What are the restraining forces against the business?
Key Terms
- business environment The combination of internal and external factors that influence a company's operating situation. The business environment can include factors such as: clients and suppliers; its competition and owners; improvements in technology; laws and government activities; and market, social and economic trends.
- change management Minimizing resistance to organizational change through involvement of key players and stakeholders.
- strategic planning A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.
- SWOT analysis Situation analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy. SWOT stands for strengths, weaknesses, opportunities, and threats.
- competitive advantage A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities.
- innovation The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.
- disruptive innovation The process of developing new products or services to replace existing technologies and gain a competitive advantage. For example, in a typical innovative high technology business, disruptive innovation tends to shake up a market when it is introduced externally, and it typically requires a more creative internal attitude toward the product development and promotion process.
- risk assessment The identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk.
- social responsibility The obligation of an organization's management towards the welfare and interests of the society in which it operates.
- profitability The state or condition of yielding a financial profit or gain. It is often measured by price to earnings ratio.
- regulation Rule based on and meant to carry out a specific piece of legislation (such as for the protection of environment). Regulations are enforced usually by a regulatory agency formed or mandated to carry out the purpose or provisions of a legislation. Also called regulatory requirement.
- deregulation Revision, reduction, or elimination of laws and regulations that hinder free competition in supply of goods and services, thus allowing market forces to drive the economy. Deregulation, however, doesn't mean no control or laissez faire.
- globalisation The worldwide movement toward economic, financial, trade, and communications integration. Globalisation implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labour.
- information technology Set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information. In broad terms, IT also includes office automation, multimedia, and telecommunications.
- stakeholder A person, group or organization that has interest or concern in an organisation. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Resource Key
LEVEL 1
brief, basic information laid out in an easy-to-read format. May use informal language. (Includes most news articles)
LEVEL 2
provides additional background information and further reading. Introduces some subject-specific language.
LEVEL 3
lengthy, detailed information. Frequently uses technical/subject-specific language. (Includes most analytical articles)
Introduction
The business management course is designed to develop students’ knowledge and understanding of business management theories, as well as their ability to apply a range of tools and techniques. Students learn to analyse, discuss and evaluate business activities at local, national and international levels. The course covers a range of organizations from all sectors, as well as the socio-cultural and economic contexts in which those organizations operate.
The course covers the key characteristics of business organization and environment and the business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course. Through the exploration of six underpinning concepts (change, culture, ethics, globalization, innovation and strategy), the course allows students to develop a holistic understanding of today’s complex and dynamic business environment. The conceptual learning is firmly anchored in business management theories, tools and techniques and placed in the context of real world examples and case studies.
The course encourages the appreciation of ethical concerns at both a local and global level. It aims to develop relevant and transferable skills, including the ability to: think critically; make ethically sound and well-informed decisions; appreciate the pace, nature and significance of change; think strategically; and undertake long term planning, analysis and evaluation. The course also develops subject-specific skills, such as financial analysis.
Tools for Business: Kotter
Tools for Business: Lewin
Kurt Lewin's Force Field Analysis Model (1951)
Alanis Business Academy. (2014, February 17). Episode 156: Lewin's Force Field Analysis [Video file]. Retrieved from https://www.youtube.com/watch?v=tRAKmzsYLG8