Business foundations
Key knowledge
- types of businesses including sole traders, partnerships, private limited companies, public listed companies, social enterprises and government business enterprises
- business objectives including to make a pro t, to increase market share, to ful l a market and/or social need and to meet shareholder expectations
- characteristics of stakeholders of businesses including their interests, potential con icts between stakeholders, and corporate social responsibility considerations
- the areas of management responsibility including operations, nance, human resources, sales and marketing, and technology support, and how each area contirubutes to the achievement of business objectives
- management styles including autocratic, persuasive, consultative, participative and laissez-faire
- the appropriateness of management styles in relation to the nature of task, time, experience of employees and
manager preference - management skills including communicating, delegating, planning, leading, decision-making and interpersonal
- the relationship between management styles and management skills
- corporate culture both of cial and real, and strategies for its development.