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Key Concepts In VCE Business Management Units 1&2 4e eBookPLUS & Print

Key Concepts In VCE Business Management Units 1&2 4e eBookPLUS & Print

Stephen J. Chapman, Vladimir Dumovic, Matthew Richardson, Graeme Smithies

ISBN: 978-0-730-33133-9

Feb 2017, Jacaranda

320 pages

How to use this resource suite viii

About eBookPLUS and studyON x

About the authors xi

Acknowledgements xii

Chapter 1 Introduction to business 2

1.1 For-profit and not-for-profit organisations and their features

1.2 Distinctions between small, medium-sized and large businesses

1.3 A history of the Australian business environment Extend your knowledge: Business helping the community

1.4 Business ethics and socially responsible management Apply your skills: Socially responsible management

Chapter review

Unit 1 P LANNIN G A BUSINESS 5

Chapter 2 The business idea 6

2.1 Identifying business opportunities 8

2.2 The personal motivation behind starting a business 12

2.3 Goal setting in business 14

2.4 Characteristics of successful business managers and business entrepreneurs 17

2.5 Business concept development 20

2.6 Market research and initial feasibility studies 22

Apply your skills: Establishing a business 24

2.7 The contribution of businesses to the nation 26

2.8 Methods for fostering a culture of business innovation and entrepreneurship in a nation 30

Extend your knowledge: Research and development 34

Chapter review 36

Chapter 3 Planning a business — external environment 40

3.1 Business environments 42

3.2 Key legal and government regulations 45

3.3 Societal attitudes and behaviours 49

3.4 Economic conditions 51

3.5 Technological issues 54

3.6 Global issues 56

3.7 Corporate social responsibility issues 60

Extend your knowledge: Corporate social responsibility and the triple bottom line 62

Apply your skills: Corporate social responsibility management practices 65

3.8 Customers and competitors 68

3.9 Suppliers and special interest groups 71

Apply your skills: Effect of external environments 74

Chapter Review 76

Chapter 4 Planning a business — internal environment 80

4.1 Internal factors affecting business planning: resource needs 82

4.2 Business locations 84

4.3 Sources of finance 88

4.4 Purchasing an existing business or establishing a new business 92

4.5 Types of legal business structure: sole traders and partnerships 94

4.6 Types of legal business structure: companies 97

4.7 Types of business model 99

4.8 Business support services 104

Extend your knowledge: Decision making 108

4.9 Planning tools and business plans 110

Apply your skills: Business plans 113

4.10 Corporate social responsibility in the internal environment 115

Chapter Review 117

Unit 2 ESTA BLISHIN G A BUSINESS 121

Chapter 5 Legal requirements and financial considerations 122

5.1 Legal requirements 124

5.2 Establishing bank accounts 129

5.3 Establishing financial control systems 131

5.4 Choosing suppliers 133

5.5 Policies and procedures 135

Apply your skills: Working in teams to develop a school policy 137

5.6 Technological and global issues 138

Chapter Review 143

Chapter 6 Marketing the business 146

6.1 Marketing, establishing a customer base and achieving business objectives 148

6.2 Internal and external environment factors affecting customer base and brand identity 153

6.3 Market research practices 156

6.4 Target market attributes — market dimensions and segments 160

6.5 Target market attributes — consumer trends and behaviour 163

6.6 The 7 Ps of marketing: product and price 166

6.7 The 7 Ps of marketing: place and promotion 169

6.8 The 7 Ps of marketing: people, physical evidence and process 172

Apply your skills: You’ve got the product but no-one knows about it yet! 174

Extend your knowledge: The target market and the marketing mix 175

6.9 The product life cycle 177

6.10 Customer relations strategies 181

6.11 An overview of public relations and its relationship to business objectives 183

6.12 Public relations strategies 187

Extend your knowledge: When things don’t go according to plan 191

6.13 Corporate social responsibility issues in establishing a customer base 193

CHAPTER review 196

Chapter 7 Staffing a business 200

7.1 Staff performance and achieving business objectives 202

7.2 Identifying staffing needs 204

7.3 The effect of technological development on staffing needs 206

7.4 Job analysis and job design 208

7.5 Recruitment methods 210

7.6 Selection methods 212

Apply your skills: Recruitment and selection 214

7.7 Employment arrangements 216

7.8 Employer expectations 219

7.9 Employee expectations — conditions of employment, remuneration and work−life balance 222

7.10 Employee expectations — job security 225

7.11 Legal obligations for staffing 227

7.12 Employee induction 231

7.13 Global issues related to establishing staffing 233

7.14 Corporate social responsibility management in relation to staffing 235

Extend your knowledge: Researching issues in staff management 237

Chapter review 239

Glossary 243

Index 248