Business Management

Learning Area Leader: Mr De Souza

VCE Business Management examines the ways businesses manage resources to achieve objectives. The VCE Business Management study design follows the process from the first idea for a business concept, to planning and establishing a business, through to the day-to-day management of a business. It also considers changes that need to be made to ensure continued success of a business. Students develop an understanding of the complexity of the challenges facing decision makers in managing these resources. A range of management theories are considered and compared with management in practice through contemporary case studies drawn from the past four years. Students will also learn to propose and evaluate alternative strategies to address the contemporary challenges in establishing and maintaining a business.

Career Paths / Future Directions:

Business Manager, Projects Management, Human Resource Management, Finance, Marketing, Consulting, Business Start-up, Education

Unit 1 – Planning a Business (Code: BUSM11)

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 factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.

Outcomes

• To describe how and why business ideas are created and developed.

• To describe the external environment of a business and explain how the macro and operating factors within it may affect business planning.

• To describe the internal environment and analyse how factors from within it may affect business planning.

Assessment

A range of tasks from the following:

• Case study analysis

• Business research (print and online)

• Interview and report of contact with business

• Business survey and analysis

• Analytical exercises

• Test

• Media analysis

• Report (written, visual, oral)

Unit 2 – Establishing a Business (Code: BUSM22)

Description

This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. Students examine the legal requirements that must be satisfied to establish a business. Effective marketing techniques are also investigated.

Outcomes

• To explain the legal requirements and financial record keeping to establish a business and establishing effective policies and procedures.

• To explain the importance of establishing a customer base and a marketing presence to achieve the objectives of the business, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.

• To discuss the staffing needs of a business and evaluate the benefits and limitations of management strategies in this area.

Assessment

A selection from the following range of assessment tasks:

• Case study analysis

• Business research (print and online)

• Development of a marketing plan

• Essay

• Test

• Analytical exercises

• Marketing analysis

• End of year exam on Units 1 and 2

Unit 3 – Managing a Business (Code: BUSM33)

Description

In this unit students explore the key processes and issues concerned with managing a business efficiently and effectively to achieve business objectives. Students consider corporate culture, management styles, management skills and the relationship between each of these. Students investigate strategies to manage both staff and business operations to meet objectives.

Outcomes

• To discuss the key characteristics of businesses and stakeholders, and analyse the relationship between corporate culture, management styles, and management skills.

• To explain theories of motivation and apply them to a range of contexts and analyse and evaluate strategies related to the management of employees.

• To analyse the relationship between business objectives and operations management.

Assessment

A range of tasks selected from the following:

• Case study

• Structured questions

• Media analysis

• Test

• Essay

• Report in written format

• Report in multimedia format

Unit 4 – Transforming a Business (Code: BUSM44)

Description

In this unit students consider the importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future. Students study how change may be managed effectively to improve business performance.

Outcomes

• To explain the way business change may come about, use key performance indicators to analyse the performance of business, and discuss the driving and restraining forces for change and evaluate management strategies to position a business for the future.

• To evaluate the effectiveness of a variety of strategies used by managers to implement change and discuss the effect of change on the stakeholders of business.

Assessment

A range of tasks selected from the following:

• Case study

• Structured questions

• Media analysis

• Test

• Essay

• Report in written format

• Report in multimedia format

Unit 3 Coursework 25%

Unit 4 Coursework 25%

Written Examination (November) 50%