Reference no: EM132994043

Unit 05 Introduction to Business Functions - OTHM Level 4 Diploma In Business Management

Unit Reference - K/616/2721

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.

Scenario

You are a junior analyst for Analysation.

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

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.

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

Attachment:- Assignment_Brief.rar