The HSC course is based on a study of five compulsory topics.

The ordering of the topics is not prescriptive and in practice may be influenced by students’ needs, interests and access to case study and other resources.

7 Objectives and Outcomes

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7.1 Table of Objectives and Outcomes

7.2 Key Competencies

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Business Studies Stage 6 provides a powerful context within which to develop general competencies considered essential for the acquisition of effective, higher order thinking skills necessary for further education, work and everyday life.

Key competencies are embedded in the Business Studies syllabus to enhance student learning. The key competencies of collecting, analysing and organising information and communicating ideas and information, reflect core processes of business research and case studies and are explicit in the objectives and outcomes of the syllabus. The principal focus of Business Studies is the development of students’ ability to analyse situations, assess the key problems and propose solutions. This clearly encompasses the key competency of solving problems. Other key competencies are developed through the methodologies of the syllabus and through classroom pedagogy. Students work as individuals and as members of groups to conduct business investigations, and through this, the key competencies planning and organising activities and working with others and in teams are developed. When students analyse statistical evidence, investigate aspects of financial statements and calculate and interpret financial ratios they are developing the key competency using mathematical ideas and techniques. During investigations, students will need to use appropriate information technologies and so develop the key competency of using technology.

8 Content: Business Studies Preliminary Course

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8.1 Preliminary topic 1: Nature of Business

25% of indicative time

The focus of this topic is to examine the role and nature of business in the economy and to identify how the environment can impact on business.

Outcomes

The student:

P1.1 describes the nature of business and its role in society

P1.2 analyses types of business structures

P3.1 explains the business life cycle and analyses the challenges that each stage presents for management

P3.2 explains the responsibilities of business to internal and external stakeholders

P4.1 explains the interrelationship between the internal and external factors on business

P5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

P5.5 works independently and in groups to achieve appropriate goals in set timeframes.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to the nature of business. The focus of these case studies will be to:

• identify a range of internal and external stakeholders

• determine the value, and benefit, added

• identify types of business entity, including small-medium enterprises (SMEs)

• identify position in the business life cycle

• identify the main elements of the business environment of a business

• analyse the ethical and social responsibilities of specific businesses.

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Students learn about:

the importance of business

• the function of business in creating value/benefits and adding value to all the business processes (value chain)

• social and economic roles – wealth creation, employment, innovation, quality of life, choice, entrepreneurship

• identification of relevant stakeholders

• business goals

• the importance of small business

coordinating the business

• controlling the value chain

• the role of management

• the interdependence of business and its environment

business life cycle

• phases of the cycle

– establishment

– growth

– maturity

– post-maturity

• challenges presented at each stage of business life cycle

• voluntary and involuntary cessation

types of business entity

• classification of business

– legal structure

– industry

– size

– public/private sector

– international, transnational

• relationship of legal structure to particular circumstances

• factors influencing choice of legal structure

– size, ownership, finance, privatisation

small-medium enterprises (SMEs) in Australia

• definition of SME

• the number of SMEs

• the contribution of the small business sector to the economy

• success and failure of small business

• future prospects of small business

the business environment and its impact on business

• economic and social factors

– economic cycles

– consumer tastes

– cultural and productive diversity

• competitive situation

– number of competitors

– ease of entry

– local and foreign competitors

– marketing strategies

– substitutes

• government

– business law relating to levels of government, eg local (health, zoning), state (fair trading), federal (taxation), international (trade agreements)

– regulatory bodies such as Environment Protection Authority, Department of Fair Trading, Australian Securities and Investment Commission, Australian Competition and Consumer Commission

• other institutional influences including: employer, trade and industry associations, trade unions, Australian Stock Exchange

ethical and social responsibilities of business

• responsibilities to shareholders, managers, employees, consumers and society

• reconciling conflicting interests of stakeholders

– between shareholders, society and future environments

– between shareholders and employees.

 

8.2 Preliminary topic 2: Key Business Functions

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30% of indicative time

The focus of this topic is to analyse key functions of business, examining their interrelationship and role in the success of the business.

Outcomes

The student:

P2.1 assesses the role, importance and interdependence of key business functions in the operation of a business

P2.2 discusses the relationship between business planning and business operations

P3.2 explains the responsibilities of business to internal and external stakeholders

P4.1 explains the interrelationship between the internal and external factors on business

P5.1 selects, organises and evaluates information and sources for usefulness and reliability

P5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

P5.5 works independently and in groups to achieve appropriate goals in set timeframes

P5.6 applies mathematical concepts appropriately in business situations.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to key business functions. The focus of these case studies will be to :

• use an annual report of a public company to identify issues of significance relating to business functions

• prepare and present an individual or group report on the key functions of a business.

Students learn about:

interdependence of business functions

• identifying business functions — relationship to value chain

• coordinating business functions

– planning and controlling

– functional and market structures

– division of labour

– span of control

– chain of command

• interrelationship between business functions

operations – manufacturing/services

• the role of operations

• organising operations

– purchasing/supply chain management

– rostering and scheduling

– task design, plant/office layout, warehousing

– technology, robotics, CAD/CAM (computer aided design and computer aided manufacture)

• control including inventory control and quality management

• records management

employment relations

• the role of employment relations

• the human resource cycle

– acquisition — identifying staffing needs, recruitment, selection

– development — training, development and maintenance of databases

– maintenance — monetary/non monetary benefits

– separation — voluntary/involuntary

• rights and responsibilities

– labour contract

– Equal Employment Opportunity (EEO)

– Anti-Discrimination

– Affirmative Action

– Occupational Health and Safety (OH&S)

marketing

• the role of marketing

• identification of the target market

• overview of the marketing mix — product, price, promotion, place

accounting and finance

• the role of accounting and finance

• sources and uses of funds — debt, equity

• preparation of elementary financial statements

– revenue statement

– balance sheet

– cash flow statement

• key uses of financial statements

• budgets as planning tools.

8.3 Preliminary topic 3: Establishing a Business

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25% of indicative time

The focus of this topic is to examine the issues and steps involved in the establishment of a business, focusing on small business.

Outcomes

The student:

P2.1 assesses the role, importance and interdependence of key business functions in the operation of a business

P2.3 assesses business planning processes

P3.1 explains the business life cycle and analyses the challenges that each stage presents for management

P4.2 describes the internal and external factors contributing to the success or failure of business

P5.1 selects, organises and evaluates information and sources for usefulness and reliability

P5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

P5.5 works independently and in groups to achieve appropriate goals in set timeframes.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to establishing a business. The focus of these case studies will be to:

• define the purpose and scope of an investigation about how one or more business/es was established

• develop a plan to investigate one or more businesses, in order to identify and analyse success factors in establishing a business (one business investigated should be a small business).

Students learn about:

key personal features in establishing a business

• entrepreneurship

• personal qualities — motivation, experience, expectation

• other influences — cultural background, gender

identifying business opportunities

• sources of information

• considerations such as skill requirements, finance, competition

• the business idea

identifying the target market

• potential customers and their needs

• identifying intermediate and/or final customer markets

– mass markets, niche markets, potential markets

• determining competitive advantage — value, benefits, price

key considerations in setting up a business

• establishment options

– new

– existing

– franchise

• location

– visibility

– cost

– proximity to suppliers

– customers

– support services

• capital

– source

– cost

– gearing

• legal

– registration of business name

– zoning

– health regulations

– trade practices

– patents

• establishing supply and distribution networks

• hiring staff

• outsourcing — operations, staffing, accounting, marketing

• taxation and on-costs — federal and state taxes, superannuation, leave loading

critical issues in business success and failure

• the importance of a business plan

• identifying and sustaining competitive advantage

• avoiding over-extension of financing and other resources — SME, big business and government business

• utilising and exploiting technology

• managing cash flow.

8.4 Preliminary topic 4: Developing a Business Plan

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20% of indicative time

The focus of this topic is to examine the role and processes of business planning in successful small to medium enterprises.

Outcomes

The student:

P2.1 assesses the role, importance and interdependence of key business functions in the operation of a business

P2.2 discusses the relationship between business planning and business operations

P2.3 assesses business planning processes

P4.2 describes the internal and external factors contributing to the success or failure of business

P5.1 selects, organises and evaluates information and sources for usefulness and reliability

P5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

P5.5 works independently and in groups to achieve appropriate goals in set timeframes

P5.6 applies mathematical concepts appropriately in business situations.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to the development of a business plan. The focus of these case studies will be to:

• analyse existing business plans from one or more businesses

• adapt business case studies and other information to a prospective business.

Students learn about:

the role of the business plan

• types and purposes

the business planning process

• sources of planning ideas from internal and external business environments

– SWOT analysis

– market analysis

– target market identification

• vision, mission and goals

– purpose of vision and mission statements

– types of goals

– allocation of goals to functional areas

• forecasting

– break-even analysis

 

– decision trees

– budgets

• monitoring and evaluations

• types of control

– sales

– market reports

– budgets

• taking corrective action

elements of a Business Plan

• executive summary

– business description and ownership

– purpose of plan, situational analysis

– business objectives and strategies

• operations

– description of product/service

– personnel requirements and skills

• marketing

– market analysis

– sales forecasting

– marketing strategies

• finance

– financial requirements, forecasts, records, controls.

 

8.5 Business Research Task

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A requirement of the Preliminary Course in Business Studies is the completion of a Business Research Task. The outcomes being addressed in this task require that the student:

P2.1 assesses the role, importance and interdependence of key functions in the operation of a business

P5.1 selects, organises and evaluates information and sources for usefulness and reliability

P5.2 plans and conducts an investigation into business to present the findings in an appropriate business format

P5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

P5.4 uses planning and review strategies effectively to manage complex tasks and techniques appropriately in business contexts

P5.5 works independently and in groups to achieve appropriate goals in set timeframes.

The Business Research Task can be

either:

• Business Investigation — The investigation of an existing small business

or

• Small Business Plan — The development of a plan for a hypothetical
small business.

This task is included in Internal Assessment for the Preliminary Course.

The Business Research Task should be based on individual work and be undertaken over an extended period of time. Teachers are encouraged to review the progress of the assignment as well as award marks for each stage of planning, research, analysis and reporting undertaken by students in completing this task.

Details of the requirements for both tasks appear on the following pages.

While all course learning should contribute to these tasks, students should undertake most of the Research Task in their own time. Some class time however, will need to be allocated in the planning and reporting stages.

The Business Research Task requires students to undertake the following:

• identify their research focus

• devise a plan of approach

• gather and process relevant data

• critically review the plan and the process

• clearly communicate the results.

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a) The Business Investigation

The Business Investigation provides students with an opportunity to translate the course content into a practical assignment involving the study of a particular business.

In addition to other outcomes achieved in the Business Research Task, the Business Investigation requires that a student:

P3.2 explains the responsibilities of business to internal and external stakeholders

P4.2 describes the internal and external factors contributing to the success or failure of a business.

The selected small business may be:

• a small business such as a local shop, a farm, a surgery

• a service organisation such as a chamber of commerce, a local club

• a franchise.

The integrative nature of the Business Investigation enables students to develop further their understanding of aspects of business outlined in the Preliminary course. This investigation should be based on primary sources (such as business visits, company reports) and may refer to secondary sources.

Student research findings should be presented in a report format.

Students may not be able to obtain financial data from small businesses and may undertake the investigation concentrating on other aspects of the course such as the marketing, administration, human resource management.

b) The Small Business Plan

The Small Business Plan provides a culmination to the Preliminary course. It draws together aspects of the business and the planning process studied throughout the course. The nature of the task provides students with a practical opportunity to combine their knowledge with the skills developed throughout the course.

In addition to other outcomes achieved in the Business Research Task, the Small Business Plan requires that a student:

P2.3 assesses business planning processes

P3.1 explains the business life cycle and analyses the challenges that each stage presents for management.

• The proposed business should be within the general parameters of small business.

• The business should be hypothetical; planned by the student or students.

• The selected business should be substantially different from the business chosen for the Business Investigation.

The Small Business Plan should be presented in a report format. While there is a wide range of business plan formats, students should use at least some of the following elements:

• business description and ownership

• purpose of plan and situation analysis

• objectives and strategies

• description of the product/service

• staffing requirements

• market analysis and strategies

• financial forecasts.

9 Content: Business Studies HSC Course

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9.1 HSC topic 1: Business Management and Change

20% of indicative time

The focus of this topic is to examine the nature and responsibilities of management within a changing business environment from a theoretical and practical perspective.

Outcomes

The student:

H2.1 describes and analyses business functions and operations and their impact on business success

H3.1 explains management theories and strategies and their impact on business

H3.2 evaluates the effectiveness of management in the organisation and operations of business and its responsiveness to change

H3.3 analyses the impact of management decision-making on stakeholders

H4.1 critically analyses the social and ethical responsibilities of management

H4.2 evaluates management strategies in response to internal and external factors

H5.1 selects, organises and evaluates information and sources for usefulness and reliability

H5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to business management and change. The focus of these case studies will be to:

• analyse how management theories apply to various business situations

• explain and evaluate how change is managed in one or more businesses.

Students learn about:

the nature of management

• the importance of effective management

• management roles

– interpersonal, informational, decisional

• skills of management

– people skills, strategic thinking, vision, flexibility and adaptability to change, self-managing, teamwork, complex problem-solving and decision-making, ethical and high personal standards

• responsibility to stakeholders; reconciling conflicts of interest

understanding business organisations with reference to management theories

• classical-scientific

– management as planning, organising and controlling

– hierarchical organisational structure based on division of labour

– autocratic leadership style

• behavioural

– management as leading, motivating, communicating

– flat organisational structure, teams

– participative/democratic leadership style

• political

– uses of power and influence, management as negotiating and bargaining

– structure as coalitions

– stakeholder view

• strengths and weaknesses of the classical, behavioural and political approaches

• systems/contingency

– adapting management and organisational approaches to circumstances

managing change

• nature and sources of change in business

– external influences — the changing nature of markets; economic, financial, geographic, social, legal, political and technological developments

– internal influences — effects of accelerating technology including e-commerce, new systems and procedures, new business cultures

– structural responses to change — outsourcing, flat structures, strategic alliances and networks

• reasons for resistance to change

– financial costs — purchasing new equipment, redundancy payouts, retraining, reorganising plant layout

– inertia of managers, owners

– cultural incompatibility in mergers/takeovers

– staffing — de-skilling, acquiring new skills, loss of career prospects/promotional opportunities

• managing change effectively

– identifying the need for change

– setting achievable goals

– creating culture of change (encouraging teamwork approach using change agents)

– change models — force-field analysis, Lewin’s change/unfreeze/refreeze model

change and social responsibility

• ecological sustainability, quality of working life, technology, globalisation / managing cultural diversity, e-commerce.

9.2 HSC topic 2: Financial Planning and Management

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20% of indicative time

The focus of this topic is to develop an understanding of the role of financial planning within business operation and management and the interpretation of financial information.

Outcomes

The student:

H2.1 describes and analyses business functions and operations and their impact on business success

H3.2 evaluates the effectiveness of management in the organisation and operations of business and its responsiveness to change

H3.3 analyses the impact of management decision-making on stakeholders

H4.1 critically analyses the social and ethical responsibilities of management

H4.2 evaluates management strategies in response to internal and external factors

H5.1 selects, organises and evaluates information and sources for usefulness and reliability

H5.2 plans and conducts an investigation into business to present the findings in an appropriate business format

H5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

H5.4 applies mathematical concepts appropriately in business situations.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to financial planning and management. The focus of these case studies will be to:

• interpret the published annual reports of one or more businesses

• analyse the financial statements of one or more businesses
(real or imaginary)

• undertake comparative ratio analysis — over a period of time, with similar businesses, against common standards.

Students learn about:

the role of financial planning

• strategic role of financial management

• objectives of financial management — liquidity, profitability, efficiency, growth, return on capital

• the planning cycle — addressing present financial position, determining financial elements of the business plan, developing budgets, cash flows, financial reports, interpretation, maintaining record systems, planning financial controls, minimising financial risks and losses

financial markets relevant to business financial needs

• major participants in financial markets including banks, financial and insurance companies, merchant banks, superannuation/mutual funds, companies, government (Reserve Bank of Australia)

• role of the Australian Stock Exchange as a primary market

• overseas and domestic market influences and trends in financial markets and their implications for business financial needs

management of funds

• sources of funds

– internal — owners’ equity, retained profits

– external — short-term borrowing, (overdraft, bank bills), long-term borrowing (mortgage, debentures) leasing, factoring, venture capital, grants

• financial considerations — matching the terms and source of finance to business purpose and structure

• comparison of debt and equity financing, including costs and benefits, risks, gearing/leverage

using financial information

• the accounting framework

– financial statements — revenue statement, balance sheet

– the accounting equation and relationships

• types of financial ratios

– liquidity — current ratio

– solvency — gearing debt to equity

– profitability — gross profit ratio, net profit ratio, return on owners’ equity

– efficiency — expense ratio, accounts receivable turnover ratio

• comparative ratio analysis

– over time, with similar businesses, against common standards

• limitations of financial reports

– historical costs, value of intangibles

effective working capital (liquidity) management

• the working capital ratio

• control of current assets — cash, receivables, inventories

• control of current liabilities — payables, loans, overdrafts

• strategies for managing working capital — leasing, factoring, sale and lease back

effective financial planning

• effective cash flow management

– cash flow statements

– management strategies — distribution of payments, discounts for early payments

• effective profitability management

– cost control — fixed and variable, cost centres, expense minimisation

– revenue controls — sales objectives, sales mix, pricing policy

ethical and legal aspects

• audited accounts, inappropriate cut off periods, misuse of funds

• Australian Securities and Investments Commission

• corporate raiders and asset stripping.

9.3 HSC topic 3: Marketing

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20% of indicative time

The focus of this topic is to develop an understanding of the nature and role of marketing in a business and the main elements involved in the development and implementation of successful marketing strategies.

Outcomes

The student:

H1.2 critically analyses the role of business in Australia

H2.1 describes and analyses business functions and operations and their impact on business success

H3.2 evaluates the effectiveness of management in the organisation and operations of business and its responsiveness to change

H4.1 critically analyses the social and ethical responsibilities of management

H5.1 selects, organises and evaluates information and sources for usefulness and reliability

H5.2 plans and conducts an investigation into business to present the findings in an appropriate business format

H5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms.

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to marketing. The focus of these case studies will be to:

• analyse and evaluate marketing strategies for a product or service

• analyse the marketing plan of a business

• construct a marketing plan for a single product/service (real or imaginary).

Students learn about:

nature and role of markets and marketing

• the role of marketing in the firm and in society

• types of markets — resource, industrial, intermediate, consumer, mass, niche

• production–selling–marketing orientation

• the marketing concept — customer orientation, relationship marketing

• marketing planning process

elements of a marketing plan

• situational analysis including SWOT and product life cycle

• establishing market objectives

• identifying target market

• developing marketing strategies

• implementation, monitoring and controlling — developing a financial forecast, comparing actual and planned results, and revising the marketing strategy

market research process

• determining information needs, data collection (primary and secondary), data analysis and interpretation

customer and buyer behaviour

• types of customers — people, households, firms, educational institutions, government, clubs and societies, religious organisations

• the buying process — buyers and users

• factors influencing customer choice — psychological, sociocultural, economic, government

developing marketing strategies

• market segmentation and product/service differentiation

• product and service

– positioning

– branding

– packaging

• price including pricing methods — cost, market and competition-based

– pricing strategies/tactics — skimming, penetration, loss leaders, price points

– price and quality interaction

• promotion

– elements of the promotion mix — personal selling, advertising, below-the-line promotions, public relations

– the communication process including opinion leaders and word of mouth

• place/distribution

– distribution channels and reasons for intermediaries

– channel choice including intensive, selective, exclusive

– physical distribution issues including transport, warehousing, inventory

• environmental effects on distribution — technology, local government

ethical and legal aspects

• environmentally responsible products

• other issues including creation of needs, impacts of retail developments, sugging (selling under the guise of research)

• role of consumer laws in dealing with

– deceptive and misleading advertising

– price discrimination

– implied conditions

– warranties

– resale price maintenance.

9.4 HSC topic 4: Employment Relations

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20% of indicative time

The focus of this topic is to understand the nature of effective employment relations and their importance to business operation and society.

Outcomes

The student:

H2.1 describes and analyses business functions and operations and their impact on business success

H2.2 evaluates processes and operations in global business

H3.2 evaluates the effectiveness of management in the organisation and operations of business and its responsiveness to change

H3.3 analyses the impact of management decision-making on stakeholders

H4.1 critically analyses the social and ethical responsibilities of management

H4.2 evaluates management strategies in response to internal and external factors

H5.1 selects, organises and evaluates information and sources for usefulness and reliability

H5.2 plans and conducts an investigation into business to present the findings in an appropriate business format

H5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

H5.4 applies mathematical concepts appropriately in business situations

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to employment relations. The focus of these case studies will be to:

• analyse how conflict and change are managed in a business

• prepare and justify possible ways of resolving conflicts in the selected business organisations.

Students learn about:

the nature of employment relations

• stakeholders in the employment relations process — employers, employees, employer associations, unions, government organisations

• managing the employment relations function

— line management and specialist

key influences on employment relations

• social influences — changing work patterns, population shifts

• legal influences — overview of major employment legislation

• new organisational behavioural influences — flat management and team structures

• economic influences — economic cycle, globalisation

effective employment relations

• role of employment relations

• communications systems — grievance procedures, worker participation, team briefings

• rewards — financial, non-financial

• training and development — induction

• flexible working conditions — family-friendly programs

• measures of effectiveness — levels of staff turnover, absenteeism, disputation, quality, benchmarking

legal framework of employment

• the employment contract — common law (rights and obligations of employers and employees), statutes, awards, agreements

• types of employment contract — casual/part-time/flexible, permanent, casual

industrial conflict

• definition and causes — wage demands, working conditions, management policy, political goals and social issues

• perspectives on conflict — unitary, pluralist, radical

• types of industrial action

– overt — lockouts, pickets, strikes, bans, work-to-rule

– covert — absenteeism, sabotage, turnover, exclusion from decision-making in business

• roles of stakeholders in resolving disputes

• dispute resolution processes — conciliation, arbitration, grievance procedures, negotiation, mediation, common law action, business/division closure

• costs and benefits of industrial conflict

– financial, personal, social, political, international

ethical and legal aspects

• issues in the workplace

– working conditions

– Occupational Health and Safety (OH&S)

– workers’ compensation — state and/or federal agencies and common law redress

– anti-discrimination

– Equal Employment Opportunities (EEO)

– unfair dismissal.

 

9.5 HSC topic 5: Global Business

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20% of indicative time

The focus of this topic is to examine the implications of globalisation on business structure, functions and management.

Outcomes

The student:

H1.1 explains the impact of the global business environment on business role and structure

H1.2 critically analyses the role of business in Australia

H2.1 describes and analyses business functions and operations and their impact on business success

H2.2 evaluates processes and operations in global business

H3.2 evaluates the effectiveness of management in the organisation and operations of business and its responsiveness to change

H3.3 analyses the impact of management decision-making on stakeholders

H4.1 critically analyses the social and ethical responsibilities of management

H4.2 evaluates management strategies in response to internal and external factors

H5.1 selects, organises and evaluates information and sources for usefulness and reliability

H5.2 plans and conducts an investigation into business to present the findings in an appropriate business format

H5.3 communicates business information, ideas and issues, using relevant business terminology and concepts in appropriate forms

Content

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Students learn to:

use existing business case studies to investigate and communicate ideas and issues related to global business. The focus of these case studies will be to:

• select a global business and identify its international targets

• describe and analyse the reasons for its international expansion

• explain the influences on this business in the global market

• explain the strategies used by the business to achieve its targets.

Students learn about:

globalisation

• nature and trends — growth of the global economy and changes in markets (financial/capital, labour, consumer)

• trends in global trade since World War II

• drivers of globalisation

– role of transnational corporations

– global consumers

– impact of technology

– role of government

– deregulation of financial markets

• interaction between global business and Australian domestic business

global business strategy

• methods of international expansion

– export

– foreign direct investment

– relocation of production

– management contract

– licensing/franchises

• reasons for expansion

– increase sales/find new markets

– acquire resources and have access to technology

– diversification

– minimise competitive risk

– economies of scale

– cushioning economic cycle

– regulatory differences

– tax minimisation

specific influences on global business

• financial

– currency fluctuations

– interest rates

– overseas borrowing

• political

– tensions between protectionism and free trade

– international organisations and treaties (World Trade Organisation)

– trade agreements

– regionalism

– war and civil unrest

• legal

– contracts

– dispute resolution

– intellectual property

• social/cultural

– languages

– tastes

– religion

– varying business practices and ethics

managing global business

• financial

– methods of payment

– credit risks

– hedging

– derivatives

– insurance

– obtaining finance

• marketing

– research of market

– global branding

– standardisation and differentiation

• operations

– sourcing (vertical integration, make or buy)

– global web (components produced in different countries)

• employment relations

– organisational structure

– staffing

– shortage of skilled labour

– labour law variations

– minimum standards of labour

– ethnocentric/polycentric/geocentric staffing system

• evaluation — strategies with reference to a particular global market

• modifications of strategies according to changes in global market

management responsibility in a global environment

• ethical practice — tax havens and transfer pricing

– minimum standards of labour

– dumping illegal products

– ecological sustainability.

 

10 Course Requirements

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For the Preliminary course:

• 120 indicative hours are required to complete the course

• the Business Research Task.

For the HSC course:

• the Preliminary course is a prerequisite

• 120 indicative hours are required to complete the course.

11 Post-school Opportunities

The study of Business Studies Stage 6 provides students with knowledge, understanding and skills that form a valuable foundation for a range of courses at university and other tertiary institutions.

In addition, the study of Business Studies Stage 6 assists students to prepare for employment and full and active participation as citizens. In particular, there are opportunities for students to gain recognition in vocational education and training. Teachers and students should be aware of these opportunities.

Recognition of Student Achievement in Vocational Education and Training (VET)

Wherever appropriate, the skills and knowledge acquired by students in their study of HSC courses should be recognised by industry and training organisations. Recognition of student achievement means that students who have satisfactorily completed HSC courses will not be required to repeat their learning in courses in TAFE NSW or other Registered Training Organisations (RTOs).

Registered Training Organisations, such as TAFE NSW, provide industry training and issue qualifications within the Australian Qualifications Framework (AQF).

The degree of recognition available to students in each subject is based on the similarity of outcomes between HSC courses and industry training packages endorsed within the AQF. Training packages are documents that link an industry’s competency standards to AQF qualifications. More information about industry training packages can be found on the National Training Information Service (NTIS) website (http://www.ntis.gov.au).

Recognition by TAFE NSW

TAFE NSW conducts courses in a wide range of industry areas, as outlined each year in the TAFE NSW Handbook. Under current arrangements, the recognition available to students of Business Studies in relevant courses conducted by TAFE is described in the HSC/TAFE Credit Transfer Guide. This guide is produced by the Board of Studies and TAFE NSW and is distributed annually to all schools and colleges. Teachers should refer to this guide and be aware of the recognition available to their students through the study of Business Studies Stage 6. This information can be found on the TAFE NSW website (http://www.tafensw.edu.au/mchoice).

Recognition by other Registered Training Organisations

Students may also negotiate recognition into a training package qualification with another Registered Training Organisation. Each student will need to provide the RTO with evidence of satisfactory achievement in Business Studies Stage 6 so that the degree of recognition available can be determined.

12 Assessment and Reporting

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12.1 Requirements and Advice

The information in this section of the syllabus relates to the Board of Studies requirements for assessing and reporting achievement in the Preliminary and HSC courses for the Higher School Certificate.

Assessment is the process of gathering information and making judgements about student achievement for a variety of purposes.

In the Preliminary and HSC courses those purposes include:

• assisting student learning

• evaluating and improving teaching and learning programs

• providing evidence of satisfactory achievement and completion in the Preliminary course

• providing the Higher School Certificate results.

Reporting refers to the Higher School Certificate documents received by students that are used by the Board to report both the internal and external measures of achievement.

NSW Higher School Certificate results will be based on:

• an assessment mark submitted by the school and produced in accordance with the Board’s requirements for the internal assessment program

• an examination mark derived from the HSC external examinations.

Results will be reported using a course report containing a performance scale with bands describing standards of achievement in the course.

The use of both internal assessment and external examinations of student achievement allows measures and observations to be made at several points and in different ways throughout the HSC Course. Taken together, the external examinations and internal assessment marks provide a valid and reliable assessment of the achievement of the knowledge, understanding and skills described for each course.

Standards Referencing and the HSC Examination

The Board of Studies will adopt a standards-referenced approach to assessing and reporting student achievement in the Higher School Certificate examination.

The standards in the HSC are:

• the knowledge, skills and understanding expected to be learned by students — the syllabus standards

• the levels of achievement of the knowledge, skills and understanding — the performance standards.

Both syllabus standards and performance standards are based on the aims, objectives, outcomes and content of a course. Together they specify what is to be learned and how well it is to be achieved.

Teacher understanding of standards comes from the set of aims, objectives, outcomes and content in each syllabus together with:

– the performance descriptions that summarise the different levels of performance of the course outcomes

– HSC examination papers and marking guidelines

– samples of students’ achievement on assessment and examination tasks.

12.2 Internal Assessment

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The internal assessment mark submitted by the school will provide a summation of each student’s achievements measured at points throughout the course. It should reflect the rank order of students and relative differences between students’ achievements.

Internal assessment provides a measure of a student’s achievement based on a wider range of syllabus content and outcomes than may be covered by the external examination alone.

The assessment components, weightings and task requirements to be applied to internal assessment are identified on p 43. They ensure a common focus for internal assessment in the course across schools, while allowing for flexibility in the design of tasks. A variety of tasks should be used to give students the opportunity to demonstrate outcomes in different ways and to improve the validity and reliability of the assessment.

12.3 External Examination

In Business Studies Stage 6 the external examination includes a written paper for external marking. The specifications for the examination in Business Studies Stage 6 are on p 44.

The external examination provides a measure of student achievement in a range of syllabus outcomes that can be reliably measured in an examination setting.

The external examination and its marking and reporting will relate to syllabus standards by

• providing clear links to syllabus outcomes

• enabling students to demonstrate the levels of achievement outlined in the course performance scale

• applying marking guidelines based on established criteria.

12.4 Board Requirements for the Internal Assessment Mark in Board Developed Courses

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For each course the Board requires schools to submit an assessment mark for each candidate.

The collection of information for the HSC Internal Assessment mark must not begin prior to the completion of the Preliminary Course.

The Board requires that the assessment tasks used to determine the internal assessment mark must comply with the components, weightings and types of tasks specified in the table on p 43.

Schools are required to develop an internal assessment program which:

• specifies the various assessment tasks and the weightings allocated to each task

• provides a schedule of the tasks designed for the whole course.

The school must also develop and implement procedures to:

• inform students in writing of the assessment requirements for each course before the commencement of the HSC Course

• ensure that students are given adequate written notice of the nature and timing of assessment tasks

• provide meaningful feedback on students’ performance in all assessment tasks

• maintain records of marks awarded to each student for all assessment tasks

• address issues relating to illness, misadventure and malpractice in assessment tasks

• address issues relating to late submission and non-completion of assessment tasks

• advise students in writing if they are not meeting the assessment requirements in a course and indicate what is necessary to enable the students to satisfy the requirements

• inform students about their entitlements to school reviews and appeals to the Board

• conduct school reviews of assessments when requested by students

• ensure that students are aware that they can collect their Rank Order Advice at the end of the external examinations at their school.

12.5 Assessment Components, Weightings and Tasks

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Preliminary Course

The suggested components, weightings and tasks for the Preliminary Course are set out below.

Internal assessment tasks should be linked to specific course outcomes.

All course outcomes should be assessed internally.

A range of outcomes can be assessed within a task.

There should be a balance between the assessment of:

• knowledge and understanding outcomes and course content, and

• skills outcomes and course content.

Oral Tasks

Oral skills may be assessed through a short formal oral presentation with the assessment criteria clearly defined. This is a suggested instrument. Oral assessment must not be based on a student’s participation in class discussion over a period of time.

Group Work

This is a suggested element of assessment in the Preliminary course. Group work can effectively support the preparation of written reports, the investigation of a detailed case study, creation of a hypothetical business, the presentation of seminars, multimedia presentations and a range of other strategies to facilitate appropriate outcomes. Teachers can include an individual element in the final stages of the group task to assist in their assessment of individual students. In all situations the teacher should establish clear criteria for assessment prior to the task.

HSC Course

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The internal assessment mark for Business Studies Stage 6 is to be based on the HSC course only. Final assessment should be based on a range and balance of assessment instruments.

Internal assessment tasks should be linked to specific HSC course outcomes.

All HSC course outcomes should be assessed internally.

A range of outcomes can be assessed within a task.

There should be a balance between the assessment of:

• knowledge and understanding outcomes and course content, and

• skills outcomes and content.

One task may be used to assess several components. It is suggested that 3–5 tasks are sufficient to assess the HSC course outcomes.

12.6 HSC External Examination Specifications

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The examination will consist of ONE written paper of three hours duration (plus five minutes reading time).

The examination paper consists of FOUR sections that allow for a balanced coverage of all topics in the HSC course.

Section I (20 marks)

This section comprises 20 multiple-choice questions.

All questions are compulsory.

All questions are of equal value.

Questions will be based on the topics in the HSC course.

Some examination questions may involve calculations or the interpretation of statistics and other stimulus material.

Answers must be recorded on the machine-scored answer sheet.

Section II (40 marks)

This section comprises 4–6 short response questions based on the topics in the HSC course.

All questions are compulsory.

These questions may be divided into parts.

Answers should be written in the spaces provided.

Some examination questions may involve calculations or the interpretation of statistics and other stimulus material.

Section III (20 marks)

This section comprises ONE question that requires an answer in a business report format. This question will incorporate elements from two or three of the topics in the HSC course.

Section IV (20 marks)

This section comprises ONE question from a choice of TWO that requires an extended response answer. These questions will incorporate elements from those topics in the HSC course that were not the focus in Section III.

12.7 Summary of Internal and External Assessment

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12.8 Reporting Student Performance against Standards

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Student performance in an HSC course will be reported against standards on a course report. The course report contains a performance scale for the course describing levels (bands) of achievement, an HSC examination mark and the internal assessment mark. It will also show, graphically, the statewide distribution of examination marks of all students in the course.

Each band on the performance scale (except for band 1), includes descriptions that summarise the attainments typically demonstrated in that band.

The distribution of marks will be determined by students’ performances against the standards and not scaled to a predetermined pattern of marks.

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