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Unit 1: Business and the Business Environment

The main purpose of Unit 1 business and business environment is to provide an introduction to the learners of business with having the gold to provide a foundation recognition of the dynamic interphase between their surroundings and business environment. The core purpose is to design the fundamental concepts which are connected with modern business including function, structure and purpose. The students can also find out the versatile categories of business which range from sole proprietorships to corporations which are multinational. Moreover, to grasp the significance of everything driving the growth of the economy and meeting the requirements of society.

A significant domain of this unit is the broad environment of the business that focuses on both external and internal factors that impact the operations of the organisation and decision-making. The internal factors are based on the domain such as culture strategies and resources of the organisation. Conversely, the external factors are based on the macro environment relying on economic political technical social environmental and legal dimensions.

Moreover, this unit also finds out the significance of the stakeholders in shaping the strategies and activities of business. The students can analyse and identify versatile groups of stakeholders ranging from customers to shareholders to government agencies and employees. Recognising their difference in influence and interest in the outcomes of business. In addition, the unit also finds out the key theories and concepts of economy such as demand and supply, Business cycle and market structures. To offer learners the framework of recognising the context of an economy in business operations is the core purpose of this unit.

Furthermore, the students get an introduction to the corporate social responsibility and ethics role in the operations of business. They also emphasise the significance of ethical business practices and sustainability in providing long-term success in the well-being of society. In the end, this unit relies on the groundwork for the multiple business studies exploration by providing great equipment to the learners. They also provide a comprehensive recognition of the fundamental structure dynamics and principles of the business world. It is also considered as a crucial base for the subsequent units which are designed dipper into the particular business aspect with strategy and management.




Unit Objectives

The significant objectives of the unit 1 business and the business environment are demonstrated here for your learning:

  • To understand the versatile structure and forms of business from sole proprietorship to corporations with our multinational.
  • To identify the external and internal factors which influence the operations of the business including the resources culture and macro environment of an organisation such as pestle analysis.
  • To assess and identify the interests and rules of various stakeholders in the activities of business such as customers shareholders employees and government agencies.
  • To find out the concepts and theories of economy such as demand and supply, structures of market and business cycle to understand the context of the economy in which the business operates.

Learning outcomes

Here are the crucial learning outcomes of unit 1: business and the business environment which comprised the core of the learning.

LO1: Elaborate the multiple sizes scope and categories of organisation.

LO2: Demonstrate the interconnection of the multiple functions in an organisation and the way through which they are connected to the structure of the organisation.

LO3: Utilise contemporary examples to elaborate on both negative and positive impacts or influences which contain the macro environment on the operations of the business.

LO4: Identify the internal weaknesses and strengths of the particular business and elaborate on their interconnection with the external macro factors.

Assessment criteria

The assessment criteria of unit 1: business and the business environment is based on the learning outcomes which exhibit the learning aim of the course.

LO1: Elaborate the multiple sizes scope and categories of organisation.

1.1 Elaborate on the multiple categories and purposes of the organisation including voluntary private and public sectors and structures of legislation.

1.2 Elaborate the scope and size of a variety of different organisation categories.

1.3 Identify the size, scope, and structure of multiple organisations that are connected to the objective and products and services of the business provided by the organisation.

LO2: Demonstrate the interconnection of the multiple functions in an organisation and the way through which they are connected to the structure of the organisation.

2.1 Elaborate the connection between the multiple functions of the organisation and the rupees they are connected to the objectives and structures of the organisation

2.2 Identify the limitations and benefits of the interrelationships between the function of the organisation and influence which can get the structure of the organisation.

LO3: Utilise contemporary examples to elaborate on both negative and positive impacts or influences which contain the macro environment on the operations of the business.

3.1 Analyse the negative and positive influences the macroenvironment possesses on operations of business supported with the help of particular examples.

3.2 Apply the accurate model of PESTLE to support an elaborated analysis of the macro environment in an organisation.

LO4: Identify the internal weaknesses and strengths of the particular business and elaborate on their interconnection with the external macro factors.

4.1 Conduct the external and internal analysis of the particular organisation for identifying the weaknesses and strength.

4.2 Apply the appropriate TWOS or SWOT identification and justify the way through which they impact the decision-making.

4.3 Explain the way through which strengths and weaknesses are connected with the external factors of the macro.

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