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Qualification - OTHM Level 4 Diploma In Business Management

Unit Name - Introduction to Business Functions

Unit Level - Level 4

Unit Reference Number - K/616/2721

Assignment Title - Introduction to Business Functions

Unit Number - Unit 05

Learning Outcome 1: Understand business objectives, accountability for them, and how they are resourced

Learning Outcome 2: Understand the structure and classification of businesses.

Learning Outcome 3: Understand factors that influence the production process.

Learning Outcome 4: Be able to articulate the elements of the marketing process including strategy, planning and research.

Learning Outcome 5: Understand accounting concepts and sources of finance for business.

Learning Outcome 6: Understand factors involved in workforce planning and the importance of motivation.

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Scenario

You are a junior analyst for Analysation.

Assessment Task 1 - Word Portfolio
Instructions

Select an organisation 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 effectively.

2. Explain the different sectors of the economy, and state which sector your organisation falls under.

3. Summarise the main types of legal structure, and explain which one is used by your chosen organisation

4. Copy the Business Objectives of the organisation 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 organisation

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

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Assessment Task 2 - Factors affecting Production and Workforce Planning

Instructions

1. Draw a diagram showing the concept of economy and diseconomy of scales

2. Explain various factors that influence the selection of location for a business.

3. Discuss how effective motivation and workforce planning helps businesses manage labour turnover.

Assessment Task 3 - Presentation

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, etc.

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

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 diseconomies 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 labour turnover for a business.

6.2

Evaluate different motivation theories.

6.3

Evaluate contemporary approaches to motivation.

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