VCE Business Management Units 1 & 2

Course Description

Students learn how and why business ideas are created and developed as well as examine the external and internal environment of a business. Also, the importance of legal requirements and financial considerations is examined when establishing a business.

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Key Knowledge Points

• sources of business opportunity such as innovation and entrepreneurship, recognising and taking advantage of market opportunities, changing customer needs, research and development, technological development and global markets
• the importance of goal setting in business
• the relationship between business opportunities and business concept development
• the contribution that businesses make to the economic and social wellbeing of a nation
• an overview of the factors within the external (macro and operating) environment and internal environment that affect business planning.
• costs and benefits of purchasing an existing business compared with establishing a new business
• types of legal business structures such as sole trader, partnership, private limited company, public listed company and the factors affecting choice of business structure
• features and construction of business plans and the benefits of using them
• corporate social responsibility management issues regarding business planning.
• technological and global issues which may affect decision making when establishing a business, such as generating customer databases and contacts with overseas suppliers and retailers.
• the importance of establishing bank accounts, financial control systems and record-keeping strategies
• external (macro and operating) and internal environment factors affecting the establishment of a customer
• base and brand identity
• an overview of public relations and its relationship to business objective