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:

 

1. Explain the various resources required by a business to function
2. Explain the different sectors of the economy, and state which sector your organization falls
3. Summarize the main types of legal structure, and explain which one is used by your chosen organization
4. Copy the Business Objectives of the organization and underline key business terms You should then explain what those business terms mean
5. Create a table identifying the main stakeholders, their expectations and accountabilities
6. Create a mind map of the resources required by the organization
7. An explanation of the concept of “Assets = Liabilities + Equity” and explain what a budget is
8. 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

1. Draw a diagram showing the concept of economy and dis economy of scales
2. Explain various factors that influence the selection of location for a
3. 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:

 

1. 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,
2. A table explaining the type of market research
3. Draw and explain a flow chart showing the marketing strategy to follow depending on objectives, resources and market possibilities

 

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