This module is all about the management of business and the tutorials and lectures of this module will provide knowledge and skills in business issues with business and organizational practices. The students who have enrolled themselves in this module will have the opportunity to develop the skills of business and by gaining knowledge about various business context and will also examine the activities in diverse ranges within different organizations.
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The risks and impact of different external and internal forces within organization will also let the participants understand about adopting different overcome practices in business context. This unit will also let the management students know about how to implement different business strategies and management to have proper effectiveness within the business context. The course has been associated with the university called Central Queensland University and based on different managerial context this module will evaluate about business context can be managed with better outcomes.
Study level:- Post-graduate Level
Unit code:- MGMT20144
Business management can be off different types such as marketing management, financial management, sales management, human resource management, strategic management, innovative management and many more other things. In terms of business context each and every above mentioned factors are necessary to take into consideration for a business organization. The first and foremost thing about any business is the planning stage because without having proper plan about the resources and requirements an organization cannot manage any business. A business whether is it small or big certain plans based on the resources are quite necessary to take into consideration. Starting with the financial management an organization can have healthy deal in terms of profit and risks. For an example if an entrepreneur is having budget and funding then they can go for long term plan because they have the power to make changes and can also bear any changes or loss in middle of the business operation. On the other hand, an entrepreneur is having less budget and for that they needs to go for short terms plan because based on the profit and loss they can thing for the further stages. Therefore managing the financial resources in a proper way in any business context is necessary and for each and every activity starting from the planning to execution of any tasks there is a need of financial power in any business context.
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Before coming up with any services and products or launching any business needed to have adequate human resources based on the size of the business. The bigger the business is, the more they need to have human power for different activities. As it has been stated above for in every factors there is a needs of financial resources, therefore in order to recruit or hire people for different tasks there is also a needs of financial power to manage the workers within the business context. Hiring skilled and talented workforce is necessary for every organization in order to ensure about maintaining the efficiency and productivity of the business performance. Managing the workforce by satisfying with basic needs is necessary to retain the skilled workforce which can help in increasing the operational power and can also ensure about productivity and effective measurements. In addition to that to maintain a positive work culture in a business environment, the HRs also needs to encourage for diverse work culture, needs to reduce the discrimination and also needs to ensure about letting each and every workers fit within the positive culture that organization holds.
Another most important management towards business context is the marketing management, where based on proper marketing an organization can ensure of attracting target consumers for the business development and growth. Thus to having proper marketing an organization needs to take the help of different marketing platforms such as social media, advertising agencies, digital and internet based medium and many more other things. An entrepreneur can choose social media platforms because in this current era of digitalization and increasing population, people are spending a certain amount of time social media. Therefore attracting a vast number of target audiences together needs to post advertising related content on the social media sites where based on the views and interests of people an organization can ensure about the effectiveness of marketing. Choosing the right platform for the right purposes is necessary for an entrepreneur to ensure about maximizing the profit from the investment. In addition to that for image branding of the organization and finding opportunities from market a business needs to work on marketing management with more strategic way.
Managing the risks in each and every stage is also a necessary consideration because without having proper risks management strategies an organization can have loss in terms of profit, can lose target and existed audiences, can lose human resources and many more other sources. In addition to that the management of innovation is also necessary where based on the changing trend and technological up-gradation an organization also needs to change them in order to stay within the competition for longer time so that they can compete with the competitors to have more revenue and profit. In addition to that managing the facilities, and working on research and development, procurement management, the management of quality consumer services and different other ways of managing business context also necessary. In addition to that managing the Information Technology for the business operation is also needs to take into consideration.
This module has been incorporated about the management of business context where different factors required taking into account to ensure about the effectiveness of business planning. In different areas of business management needs to find out and working on those areas with understanding the issues and suitable solution has been incorporated in this module to ensure that a business can run smoothly.
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