Jacaranda Key Concepts in VCE Business Management Units 1&2 6E LearnON & Print & StudyOn Image

Jacaranda Key Concepts in VCE Business Management Units 1&2 6E LearnON & Print & StudyOn

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ISBN: 9780730389422
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Jacaranda Key Concepts in VCE Business Management Units 1 & 2, 6th Edition learnON & Print + studyON

This combined print and digital title provides 100% coverage of the VCAA Adjusted Study Design for Business Management. The textbook comes with a complimentary activation code for learnON, the powerful digital learning platform making learning personalised and visible for both students and teachers.

The latest editions of Jacaranda Key Concepts in VCE Business Management series include these key features:
  • Available in multiple print and digital formats; Print, learnON, eBookPLUS and PDF
  • Contemporary case studies, alongside updates to existing data, statistics and references to ensure currency and relevance to see you through to the end of the extended accreditation period.
  • Apply your skills subtopics in each topic which allow students to practice key Business Management skills
  • Extend your knowledge subtopics in each topic provide more opportunities to explore key knowledge in greater depth
  • New exam-style questions in every subtopic, with examples of exemplary responses and marking guides
  • Available for the first time in learnON, giving you greater visibility into student progress and performance, and allowing you to easily tailor lesson plans and create custom tests
  • studyON is now completely integrated into every subtopic in learnON, providing every student with access to every official past VCAA exam question since 2006 and hundreds of exam-style questions
  • Brand-new practice SACs for each Area of Study, including detailed solutions and marking guides provided for the students, and additional quarantined SACs available in the teacher support
  • Teacher support material including lesson starters, answers to all the questions, quarantined school accessed coursework, topic tests and more

For teachers, learnON includes additional teacher resources such as quarantined questions and answers, curriculum grids and work programs.

About this resource viii

Accessing online resources x

About the authors xii

Acknowledgements xiv

Unit 1 Planning a Business 1

Area of Study 1 The Business Idea

1 The business idea 3

1.1 Overview 4

1.2 BACKGROUND KNOWLEDGE Introduction to business 6

1.3 Identifying business opportunities 12

1.4 The personal motivation behind starting a business 17

1.5 Goal setting in business 20

1.6 Characteristics of successful business managers and business entrepreneurs 25

1.7 Business concept development 29

1.8 Market research and initial feasibility studies 32

1.9 APPLY YOUR SKILLS Feasibility studies 35

1.10 APPLY YOUR SKILLS Establishing a business 37

1.11 The contribution of businesses to the nation 39

1.12 EXTEND YOUR KNOWLEDGE Business contribution to the economy — taxation revenue 45

1.13 Methods for fostering a culture of business innovation and entrepreneurship in a nation 47

1.14 EXTEND YOUR KNOWLEDGE Research and development 53

1.15 Review 56

Area of Study 2 External Environment

2 Planning a business — external environment 63

2.1 Overview 64

2.2 Business environments 66

2.3 Key legal and government regulations 70

2.4 Societal attitudes and behaviours 75

2.5 EXTEND YOUR KNOWLEDGE Societal attitudes and behaviours 78

2.6 Economic conditions 80

2.7 Technological issues 85

2.8 Global issues 89

2.9 Corporate social responsibility issues 93

2.10 EXTEND YOUR KNOWLEDGE Corporate social responsibility and the triple bottom line 97

2.11 APPLY YOUR SKILLS Corporate social responsibility management practices 100

2.12 Customers and competitors 103

2.13 Suppliers and special interest groups 107

2.14 APPLY YOUR SKILLS Effect of factors from the external environment 110

2.15 Review 113

Area of Study 3 Internal Environment

3 Planning a business — internal environment 121

3.1 Overview 122

3.2 Internal factors affecting business planning — resource needs 123

3.3 Business locations 127

3.4 Sources of finance 132

3.5 Purchasing an existing business or establishing a new business 139

3.6 Types of legal business structure — sole traders and partnerships 141

3.7 Types of legal business structure — companies 146

3.8 EXTEND YOUR KNOWLEDGE The right legal structure for the business 149

3.9 Types of business models 154

3.10 Business support services 161

3.11 EXTEND YOUR KNOWLEDGE Planning decisions and the internal environment 166

3.12 Planning tools and business plans 169

3.13 APPLY YOUR SKILLS Business plans and planning tools 173

3.14 Corporate social responsibility management issues regarding business planning 177

3.15 APPLY YOUR SKILLS Planning decisions in response to internal factors 182

3.16 Review 185

Unit 2 Establishing a Business 193

Area of Study 1 Legal Requirements and Financial Considerations

4 Legal requirements and financial considerations 195

4.1 Overview 196

4.2 Legal requirements 198

4.3 EXTEND YOUR KNOWLEDGE Legal requirements created by the three levels of government 209

4.4 Establishing bank accounts 213

4.5 Establishing financial control systems 215

4.6 Establishing record-keeping strategies 220

4.7 EXTEND YOUR KNOWLEDGE A basic record-keeping strategy — establishing a cash book 226

4.8 Choosing suppliers 229

4.9 Policies and procedures 234

4.10 APPLY YOUR SKILLS The need for policies and procedures 238

4.11 Technological and global issues 244

4.12 APPLY YOUR SKILLS Evaluate and justify decisions when establishing a business 250

4.13 Review 254

Area of Study 2 Marketing a Business

5 Marketing a business 261

5.1 Overview 262

5.2 Marketing, establishing a customer base and achieving business objectives 264

5.3 Internal and external environment factors affecting customer base and brand identity 272

5.4 Market research practices 276

5.5 Target market attributes — market dimensions and segments 280

5.6 Target market attributes — consumer trends and behaviour 284

5.7 The 7Ps of marketing — product and price 289

5.8 The 7Ps of marketing — place and promotion 295

5.9 The 7Ps of marketing — people, physical evidence and process 301

5.10 APPLY YOUR SKILLS Proposing and justifying marketing strategies 305

5.11 EXTEND YOUR KNOWLEDGE The target market and the marketing mix 307

5.12 The product life cycle 308

5.13 Customer relations strategies 314

5.14 An overview of public relations and its relationship to business objectives 318

5.15 Public relations strategies 324

5.16 APPLY YOUR SKILLS Achieving success in public relations 331

5.17 EXTEND YOUR KNOWLEDGE When things don’t go according to plan 334

5.18 Corporate social responsibility issues in establishing a customer base 336

5.19 APPLY YOUR SKILLS Establishing a customer base, marketing and establishing positive public relations 340

5.20 Review 343

Area of Study 3 Staffing a Business

6 Staffing a business 351

6.1 Overview 352

6.2 BACKGROUND KNOWLEDGE Overview of the employment cycle 354

6.3 Staff performance and achieving business objectives 356

6.4 Identifying staffing needs 360

6.5 The effect of technological development on staffing needs 364

6.6 Job analysis and job design 367

6.7 Recruitment methods 372

6.8 Selection methods 377

6.9 APPLY YOUR SKILLS Recruitment and selection 380

6.10 Employment arrangements 382

6.11 Employer expectations — contracts of employment, business loyalty and terms of notice 385

6.12 Employee expectations — conditions of employment, remuneration, job security and work–life balance 389

6.13 Legal obligations for staffing 395

6.14 EXTEND YOUR KNOWLEDGE Maintaining a healthy workplace 401

6.15 Employee induction 403

6.16 Global issues related to establishing staffing 407

6.17 Corporate social responsibility management in relation to staffing 410

6.18 EXTEND YOUR KNOWLEDGE Researching issues in staff management 414

6.19 APPLY YOUR SKILLS Gender equality in the workplace 416

6.20 Review 419

Glossary 425

Index 433