Business Management syllabus, dot point by dot point

Sources of business ideas - personal experience, recognising a need or want in the market, observing existing businesses, the entrepreneurial mindset; methods used to identify business opportunities; the role of an entrepreneur

Area of Study 1: The business idea

8 min read →

Unit 2: Establishing a business

Legal requirements when establishing a business - business name registration, Australian Business Number (ABN), business structure choice, taxation registration (GST, PAYG), industry-specific licences and permits, planning and zoning, intellectual property protection

Area of Study 1: Legal requirements and financial considerations

Unit 3: Managing a business

Business objectives - to make a profit, to increase market share, to fulfil a market need, to fulfil a social need, to meet shareholder expectations - and the relationship between businesses and their objectives

Area of Study 1: How are businesses structured to achieve their objectives?

8 min read →

Types of businesses - sole trader, partnership, private limited company, public listed company, social enterprise, government business enterprise - and their objectives; stakeholders of a business and their interests; corporate culture (official and real)

Management styles - autocratic, persuasive, consultative, participative, laissez-faire - including the appropriateness of each in different situations; management skills - communication, delegation, planning, leading, decision making, interpersonal, time management, problem solving, emotional intelligence

Area of Study 1: How do managers lead and manage to achieve business objectives?

Corporate culture - the official corporate culture (the formally communicated values, mission, vision, policies and rituals) and the real corporate culture (the actual day-to-day behaviour, norms and beliefs of employees) - and strategies managers use to develop and align both

Area of Study 2: How is the official and real corporate culture managed to support employees and business objectives?

Motivation theories - Maslow's hierarchy of needs, Locke and Latham's goal-setting theory, and Lawrence and Nohria's four-drive theory; motivation strategies including performance-related pay, career advancement, investment in training, support strategies and sanction strategies; appropriateness of each in different contexts

Area of Study 2: How do managers motivate employees?

Training options - on-the-job and off-the-job - and their benefits; performance management strategies - management by objectives, appraisals, self-evaluation, employee observation; termination management - retirement, redundancy, resignation, dismissal, and the entitlement and transition issues involved

Area of Study 2: How do managers manage employees through training, performance and termination?

Workplace relations under the Fair Work Act 2009 - the National Employment Standards, modern awards, enterprise agreements, and the role of the Fair Work Commission - and methods of dispute resolution including negotiation, mediation, conciliation and arbitration

Area of Study 2: How are workplace relations and disputes managed?

Key elements of an operations system - inputs, processes and outputs; characteristics of operations management within manufacturing and service businesses; strategies to improve operations - facilities design and layout, materials management, quality management, technological developments, global sourcing, waste minimisation, lean management

Area of Study 3: How are operations managed effectively in a contemporary business?

Strategies to improve operations efficiency and effectiveness - materials management strategies (forecasting, master production schedule, materials requirement planning, Just In Time), quality strategies (quality control, quality assurance, Total Quality Management), and lean management (waste minimisation)

Area of Study 3: How can operations be improved through quality, materials and lean management strategies?

11 min read →

Unit 4: Transforming a business

Forces for change - driving forces (owners, managers, employees, customers, competitors, suppliers, technology, globalisation, innovation, legislation, societal attitudes, pursuit of profit, reduction of costs) and restraining forces (managers, employees, time, organisational inertia, financial considerations, legislation) - and proactive versus reactive approaches to change

Area of Study 1: What forces drive and restrain change in a business?

Porter's generic strategies - lower cost and differentiation - as approaches to strategic management, and their use in positioning a business to respond to driving forces for change

Area of Study 1: How do managers position a business for the future?

8 min read →

Area of Study 1: How do managers identify the need for change?

Key performance indicators - percentage of market share, net profit figures, rate of productivity growth, number of sales, rates of staff absenteeism, level of staff turnover, level of wastage, number of customer complaints, number of workplace accidents - and their interpretation; Lewin's force field analysis of driving and restraining forces of change

Communication during change - the role and purpose of communication, the audiences (employees, customers, suppliers, shareholders, community, regulators), the channels (town-halls, internal newsletters, intranet, direct manager briefings, media releases, customer notices), and the principles of effective change communication

Area of Study 2: How do managers communicate effectively with employees and stakeholders during change?

Lewin's three-step change model - unfreeze, change (transition), refreeze - as a framework for managing a planned organisational change, and the management actions appropriate at each stage

Area of Study 2: How is change implemented in a business using a structured change model?

Low-risk and high-risk strategies for implementing change - the tactics, the contexts in which each is appropriate, and the costs and benefits of each, including manipulation and threat as high-risk strategies

Area of Study 2: Should managers use low-risk or high-risk strategies to implement change?

Senge's learning organisation - personal mastery, mental models, shared vision, team learning, systems thinking; low-risk and high-risk strategies for implementing change; leadership during change; the importance of leadership styles and management skills in implementing change

Area of Study 2: How is change implemented in a business?

The effect of change on stakeholders of a business - including owners, managers, employees, customers, suppliers and the community - and corporate social responsibility considerations when reviewing performance and implementing change

Area of Study 2: How does change affect stakeholders, and what is the role of corporate social responsibility?