1 explain the characteristics of different business markets

BUS59 Principles of Business

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Outcome 1 Understand business markets

The learner can:
1 explain the characteristics of different business markets
2 explain the nature of interactions between businesses within a market
3 explain how an organisation’s goals may be shaped by the market which it operates
4 describe the legal obligations of a business

Outcome 2 Understand business innovation and growth

The learner can:
1 define business innovation
2 explain the uses of models of business innovation
3 identify sources of support and guidance for business innovation
4 explain the process of product or service development
5 explain the benefits, risks and implications associated with innovation

Outcome 3 Understand financial management

The learner can:
1 explain the importance of financial viability for an organisation
2 explain the consequences of poor financial management
3 explain different financial terminology

Outcome 4 Understand business budgeting

The learner can:
1 explain the uses of a budget
2 explain how to manage a budget

Outcome 5 Understand sales and marketing

The learner can:
1 explain the principles of marketing
2 explain a sales process
3 explain the features and uses of market research
4 explain the value of a brand to an organisation
5 explain the relationship between sales and marketing

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