Assessment Task on Functional Areas of Business
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Assessment Detail:-
- Words: 1000
LO | LO Description | AC | AC Description |
1 | Understand business objectives, accountability for them, and how they are
resourced |
1.1 | Explain key business terms related to corporate objectives. |
1.2 | Determine human and other resources required by a business. | ||
2 | Understand the structure and classification of businesses. | 2.1 | Classify an economy by sectors. |
2.2 | Evaluate different forms of corporate legal structure. | ||
3 | Understand factors that influence the production process. | 3.1 | Explain economies and dis economies of scale. |
3.2 | Explain the factors that influence the location of a business. | ||
3.3 | Evaluate the efficiency and effectiveness of a production process in a business context. | ||
4 | Be able to articulate the elements of the marketing process including strategy, planning and research. | 4.1 | Explain the importance of the marketing process. |
4.2 | Define terms: market segmentation, Product Life Cycle, Unique Selling Point. | ||
4.3 | Explain marketing strategy in terms of company objectives, available resources and market possibilities. | ||
4.4 | Explain different methods of market research. | ||
5 | Understand accounting concepts and sources of finance for business. | 5.1 | Define basic accounting and budgeting concepts. |
5.2 | Differentiate between different sources of finance for business. | ||
6 | Understand factors involved in workforce planning and the importance of motivation. | 6.1 | Describe workforce planning and how to manage labor turnover for a business. |
6.2 | Evaluate different motivation theories. | ||
6.3 | Evaluate contemporary approaches to motivation. |
Scenario
You are a junior analyst for Analyzation
Task 1 – Word Portfolio (AC1.1, 1.2, 2.1, 2.2, 5.1 & 5.2)
Instructions
Select an organization for which you can find details and information easily and perform the following task:
- Explain the various resources required by a business to function
- Explain the different sectors of the economy, and state which sector your organization falls
- Summarize the main types of legal structure, and explain which one is used by your chosen organization
- Copy the Business Objectives of the organization and underline key business terms You should then explain what those business terms mean
- Create a table identifying the main stakeholders, their expectations and accountabilities
- Create a mind map of the resources required by the organization
- An explanation of the concept of “Assets = Liabilities + Equity” and explain what a budget is
- A table describing 3 ways to finance a business, including their advantages and disadvantages
Task 2 – Factors affecting Production and Workforce Planning (AC3.1, 3.2, 3.3, 6.1, 6.2 & 6.3)
Instructions
- Draw a diagram showing the concept of economy and dis economy of scales
- Explain various factors that influence the selection of location for a
- Discuss how effective motivation and workforce planning helps businesses manage labor
Task 3 – Presentation (AC 4.1, 4.2 & 4.3)
Instructions
You are required to make a presentation with the following:
- An introduction providing an explanation of the key marketing term, including but not limited to: market segmentation, Product Life Cycle, marketing, mass market, niche market, Unique Selling points,
- A table explaining the type of market research
- Draw and explain a flow chart showing the marketing strategy to follow depending on objectives, resources and market possibilities
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