Business Studies Level 3 Course

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Welcome to the Business Studies Level 3 Course

eventOur Business Studies Level 3 Course provides a fantastic insight into the world of Business.

There are several reasons why candidates choose to complete a business studies course, including:

  1. Career preparation: A business studies course can provide students with the knowledge and skills they need to pursue a career in a variety of business-related fields, such as marketing, finance, management, or entrepreneurship.
  2. Developing a comprehensive understanding of how businesses operate: A business studies course covers various aspects of business such as marketing, finance, operations, and management, which can give students a well-rounded understanding of how businesses function and how they can be successful.
  3. Improving employability: The analytical, problem-solving, and communication skills developed during a business studies course are valuable in many different career paths, making graduates more employable across a wide range of industries.
  4. Gaining a global perspective: Business studies often covers the global aspects of business, such as international trade and the impact of cultural and economic differences on business practices. This can help students develop a more global perspective, which can be valuable in today’s interconnected world.
  5. Entrepreneurship: The business studies courses provide students with the knowledge and skills to start their own business, to be able to identify opportunities, develop a business plan and implement it.
  6. Personal Development: Business studies courses also help in personal development by teaching students how to think critically, how to make decisions, and how to manage time and resources effectively.

Overall, the business studies course can provide students with a broad range of knowledge, skills, and perspectives that can be valuable in many different career paths and in life. It can also provide a solid foundation for those who wish to pursue further studies in business or related fields.

This course will explore various aspects required to help you in business.

In order to complete the course candidates must do the following:

  • Read all Course Modules
  • Complete the Final Online Assessment

Good luck and we hope you enjoy the material!

Module 1 Introduction to Business

Business is the activity of making one's living or making money by producing or buying and selling goods or services. It can also refer to an organisation that engages in such activities, such as a company or corporation. Businesses are diverse in their nature and can range from a small proprietorship to a large multinational corporation. The study of business is called management or business administration and includes areas such as marketing, finance, and human resources.

Unit 1 Business and its nature
Unit 2 Features of business
Unit 3 Relation between economy and business
Unit 4 Economy types
Unit 5 Recourses used in business

Module 2 Manufacturing Businesses

Manufacturing businesses are companies that produce goods through the use of labor, machinery, tools, and other resources. These businesses typically take raw materials or components and convert them into finished products that are ready for sale to customers. The manufacturing process can involve a variety of activities such as assembling, packaging, and testing.

There are many different types of manufacturing businesses, each with their own unique processes and products. Some examples include:

  • Automotive manufacturing, which produces cars, trucks, and other vehicles.
  • Pharmaceutical manufacturing, which produces drugs and other medical products.
  • Food manufacturing, which produces packaged and processed food items.
  • Textile manufacturing, which produces clothing, fabrics, and other textile products.
  • Electronic manufacturing, which produces electronic devices and components.

Manufacturing businesses often require significant investments in equipment and facilities, as well as skilled labor. They may also face challenges such as fluctuating demand for their products, competition from other manufacturers, and regulations related to environmental and safety issues.

Unit 1 The manufacturing sector in the UK
Unit 2 The service sector in the UK
Unit 3 The economy in the UK
Unit 4 Contributions of business activities in the economy
Unit 5 Economy and BREXIT

Module 3 Business Structures

In the United Kingdom, businesses can take on several different legal forms depending on their size, ownership, and activities. Some of the most common business structures in the UK include:

  • Sole trader: A business owned and operated by a single individual. This is the simplest and most common form of business structure in the UK. The owner has full control over the business and is personally liable for its debts and obligations.

  • Partnership: A business owned and operated by two or more individuals. Partners share profits and liabilities and have a shared responsibility for managing the business.

  • Limited company: A separate legal entity owned by shareholders and managed by directors. A limited company has the ability to enter into contracts, sue or be sued, and own assets in its own name. The shareholders' financial liability is limited to the amount of capital they have invested in the company.

  • Limited Liability Partnership (LLP): A hybrid business structure that combines the characteristics of a partnership and a limited company. It provides personal liability protection for its owners, known as partners, similar to a limited company, while also allowing for pass-through taxation like a partnership.

  • Cooperative: A business that is owned and controlled by its members, who are also its customers or clients. Cooperatives typically operate to meet the needs of their members and are organized on a democratic basis.

It is also worth mentioning that there are other forms of business structures, such as public limited company (PLC) which is a type of limited company that offers shares to the general public and can be listed on stock exchange, and Community Interest Company (CIC) which is a type of company that is set up to benefit the community rather than its shareholders.

Unit 1 Types of business structures
Unit 2 Ownership
Unit 3 Control
Unit 4 Liability
Unit 5 Taxation
Unit 6 Sole proprietorship
Unit 7 Advantages
Unit 8 Disadvantages
Unit 9 Sole proprietorship in the UK

Module 4 Corporations and Trusts

Corporations and trusts are both legal entities that can be used for business and investment purposes, but they have some key differences.

A corporation is a separate legal entity that is owned by shareholders and managed by a board of directors. Corporations can raise capital by selling shares of stock to investors, and they can enter into contracts, own property, and sue or be sued in their own name. Shareholders have limited liability, meaning that their financial liability is limited to the amount of capital they have invested in the corporation.

A trust, on the other hand, is a legal arrangement in which a trustee holds and manages assets on behalf of one or more beneficiaries. The assets are held in trust for the benefit of the beneficiaries, who have a right to the income or capital of the trust, but do not have control over the assets. Trusts can be used for a variety of purposes, such as estate planning, tax planning, and charitable giving.

Both corporations and trusts can be used to manage and invest assets, but they have different legal and tax implications. Corporations are subject to corporate income tax and may have to file annual reports and pay dividends to shareholders. Trusts, on the other hand, are not typically subject to income tax, but they can be subject to other taxes, such as capital gains tax and inheritance tax. Additionally, trusts can be more flexible in terms of asset management and distribution, while corporations are governed by the laws of the state in which they are incorporated and their articles of incorporation.

It is important to consult with legal and financial experts to determine the most appropriate structure for your business or investment needs.

Unit 1 Company
Unit 2 Advantages
Unit 3 Disadvantages
Unit 4 Trust
Unit 5 Advantages
Unit 6 Disadvantages

Module 5 Business Organisations

Business organisations are entities that engage in commercial, industrial, or professional activities.

Unit 1 Organisation
Unit 2 Formal
Unit 3 Informal
Unit 4 Organisational theory
Unit 5 Classical organisation theory
Unit 6 Neo-classical organisation theory
Unit 7 Modern organisation theory

Module 6 Organisation Structure

An organisational structure is the way that a company or organisation is set up, including the levels of hierarchy, the roles and responsibilities of each department, and the way that information flows through the organisation. Different types of organisational structures can be used, and the choice of structure will depend on the size and type of the organisation, as well as its goals and objectives.

  1. Hierarchical structure: This is a top-down structure with a clear chain of command and a clear division of labor. This structure is common in large, bureaucratic organisations.

  2. Flat structure: This structure has a relatively low level of hierarchy and a more flexible division of labor. This structure is often used in small and medium-sized organisations.

  3. Matrix structure: This structure combines elements of hierarchical and flat structures, with teams of employees working on specific projects or tasks, while also reporting to a functional manager.

  4. Network structure: This structure is based on a network of relationships and partnerships, rather than a traditional hierarchy. This structure is often used by companies that outsource or partner with other organisations.

  5. Holacratic structure: This structure is based on self-governing teams, with a focus on autonomy, decentralisation and flexibility.

The most appropriate organisational structure will depend on the nature of the business and its goals, as well as the industry and the environment in which it operates.

Unit 1 Structure of organisations
Unit 2 Organisational chart
Unit 3 Relationship and command chain
Unit 4 Solid horizontal lines
Unit 5 Solid vertical lines
Unit 6 Dotted lines
Unit 7 Type of organisation structure
Unit 8 Line structure
Unit 9 Matrix structure
Unit 10 Divisional organisational structure
Unit 11 Hybrid organisational structure

Module 7 Business Organisations and Environment

Business organizations operate within a broader environment that includes various stakeholders such as customers, employees, suppliers, shareholders, and the community. The environment can have a significant impact on the success of a business, and organizations must be aware of and adapt to the changing conditions in order to remain competitive.

  1. Economic environment: Factors such as interest rates, inflation, and economic growth can affect the profitability of a business.

  2. Social environment: Factors such as demographic trends, consumer attitudes, and cultural values can affect the demand for a company's products or services.

  3. Technological environment: Advances in technology can create new opportunities or threats for a business.

  4. Political and legal environment: Government policies and regulations can affect the way that a business operates, and can create opportunities or constraints for a company.

  5. Natural environment: Factors such as climate change, natural disasters, and resource scarcity can affect a business's operations, and can create opportunities or risks.

It is important for a business to understand the impact of the environment on their operations and to consider the environment in their decision-making process. Many companies also have sustainability and social responsibility programs in place to address environmental and social issues and to build positive relationships with stakeholders.

Unit 1 Organisational environment
Unit 2 Internal environment
Unit 3 Environment analysis
Unit 4 Political environment
Unit 5 Economic environment
Unit 6 Social environment
Unit 7 Technological environment
Unit 8 Legal environment
Unit 9 Ecological environment

Module 8 Exploring Business Internal and External Environments

Businesses operate within both internal and external environments. The internal environment refers to the factors within the organization that affect its operations and performance, such as management structure, company culture, and human resources. The external environment refers to the factors outside of the organization that can affect its operations and performance, such as economic conditions, competitors, and government regulations.

  1. Internal Environment:
  • Organizational structure: the way that the company is organized, including the levels of hierarchy, the roles and responsibilities of each department, and the way that information flows through the organization.
  • Human resources: the people who work for the company, including their skills, abilities, and experiences.
  • Company culture: the shared values, beliefs, and practices that shape the way that the company operates.
  • Resources: the assets that the company has at its disposal, including financial, physical, and technological resources.
  1. External Environment:
  • Economic environment: Factors such as interest rates, inflation, and economic growth can affect the profitability of a business.
  • Social environment: Factors such as demographic trends, consumer attitudes, and cultural values can affect the demand for a company's products or services.
  • Technological environment: Advances in technology can create new opportunities or threats for a business.
  • Political and legal environment: Government policies and regulations can affect the way that a business operates, and can create opportunities or constraints for a company.
  • Natural environment: Factors such as climate change, natural disasters, and resource scarcity can affect a business's operations, and can create opportunities or risks.

Businesses must be aware of both internal and external environments and take into account the impact of the environment on their operations. This is essential for the business to make the right decisions and to remain competitive in the market.

Unit 1 Cooperative management
Unit 2 Human resource
Unit 3 Financial resources
Unit 4 External environment
Unit 5 Competition
Unit 6 Governmental regulations
Unit 7 Environmental uncertainties

Once you have gone through the course modules the next stage of the course is to complete the Final Assessment.

The Test

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