U N I T 1 &2 BUSINESS MANAGEMENT ORIENTATIONPROGRAM & H OLIDAY HOMEWORK 2022/23 W H A T TO E X P E C T In 2023, there is a new study design in place. The study of VCE Business Management looks at different aspects of businesses and how they operate so they can achieve business objectives. The course will build on itself along the way. What you learn in the first outcome can link to many areas you study later in the year. GOALSETTING Setting goals is often seen as one of the fundamentals to success. Written goals provide you with direction throughout the year. Visualising what the achievement of your goal will bring you, helps provide you with motivation. Whether you end up achieving your goal or not, working towards it will help you grow and get the best out of yourself. In the box below, write down your goal for business management in 2023 as well as what the achievement of this goal will give you. Unit 1: Planning a business Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. The ability of entrepreneurs to establish a business 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 the factors affecting business ideas and the internal and external environments within which businesses operate, as well as the effect of these on planning a business. They also consider the importance of the business sector to the national economy and social wellbeing. Unit 2: Establishing a business This unit focuses on the establishment phase of a business. Establishing a business involves compliance with legal requirements as well as decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. In this unit students examine the legal requirements that must be met to establish a business. They investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record keeping. Students analyse management practices by applying key knowledge to contemporary business case studies from the past four years. Assessments: Procedures for the assessment of levels of achievement in Units 1 and 2 are a matter for school decision. Assessment of levels of achievement for these units will not be reported to the VCAA. Schools may choose to report levels of achievement using grades, descriptive statements or other indicators. Commonly used task words in Business Management: Task word Description Possible sentence starters Provide similarities and differences between the key ideas. (Hint: One of each for every 2 marks) …. and … are similar as they both…. another similarity is…. ….. is different as it ….. where as …. another difference is that ….. on the other hand ….. State accurately what the key term means. …. Is ….. For example….. Provide detailed key facts about the key idea …means that…. …. Is ….. Provide both sides of a key idea. (advantages and disadvantages) One advantage/benefit/reason of ….. is…. Another advantage is ….. One disadvantage/cost/challenge of …. Is …. Another disadvantage is….. Provide differences between the key ideas. (Hint: One for every mark) ….. is different as it ….. where as …. However… another difference is that ….. on the other hand ….. Provide a clear, detailed & understandable meaning of the key idea …means that…. …. Is ….. In detail, provide advantages and disadvantages of a key idea. Include reasons why the idea is a good one. (Hint: Combination of discuss and justify question) …. Is ….. One advantage/benefit/reason of ….. is…. One disadvantage/cost/challenge of …. Is …. This is positive because…. This is best overall because… Provide a brief account of the key idea (Hint: Include a definition and a bit more detail) …means that…. …. Is ….. Justify Provide reasons why your idea is good. (Hint: You can use advantages to give your reasons ensure you link back to the question/case study why) This is positive because…. This is valid idea because… ….is more useful than…. because …. Analyse Explain key features of the main point, theory or context. Specify how it may impact the given scenario/case study. (Hint: provide advantages/ disadvantages & provide lots of detail) …. Impacts …. … positively