Business Management SL Week 3

CUEGIS

CUEGIS CUEGIS is simply an acronym for the big picture concepts… Change Culture Ethics Globalization Innovation Strategy These 6 concepts are the “big ideas” or organizing principles for the study of Business Management

How CUEGIS and case studies work You learn information about real business situations by reading a case study or watching a video, e.g. the Heinz Millennium Project You choose or are given a CUEGIS concept and apply it to the business case e.g. the Heinz case shows that companies change their organizational structure to deal with competitors and to serve customers better (concepts of change and strategy) You continuously look for ways a business case study shows other CUEGIS concepts The Cases are rich with ideas and each can be used to illustrate other CUEGIS concepts and other academic content, e.g. the Millennium Project also shows how companies can change their structures to better serve their customers (change and innovation) You are assessed on the degree to which you can apply and explain business content using real examples

In other words… At the end of the course you will know and see dozens of ways that businesses are affected by each CUEGIS concept, and you will be able to talk knowledgeably about the many ways and give real examples. Similarly, you will be knowledgeable of the role of Change, Culture, Ethics, Globalization, Innovation and Strategy and can ask and answer questions on how a concept relates to a given situation.

What will this look like? Throughout the course you will keep a portfolio that presents the concepts, related to content and context: How does ______ concept, impact ______ organization, as it relates to ______ business management content. How does innovation impact BP and their approach to sustainable resources/the triple bottom line? To what extent does BP use innovation to create sustainability? Concepts (change, culture, ethics, globalization, innovation, strategy) Content (management tools, techniques, and theories) Contexts (case studies and examples)

CHANGE Competition, new technologies and markets, and trends in consumer behaviour lead business organizations to adapt their objectives, strategies and operations. Success emerges from the ability to research and respond to signals in both the internal and external environment. Change is about adaptation of objectives, strategies and operations to changes in the internal and external environment. An example of change is the need to create new products to continuously delight customers.

CUEGIS - CHANGE

CULTURE Every organization operates in a range of environments in which its role may be interpreted differently. These expectations affect planning, decision-making and strategy implementation. Within an organization, values and backgrounds influence what stakeholders focus on and how they work. Businesses operate in social contexts that vary in the ways they impact the business. AIS must obey the Ministry of Education and the laws of the land. As an Australian school our decisions impact our students. We are a mixed classroom of Emirate and non-emirate students learning an international curriculum. In our classroom culture it is ok to make mistakes. When someone makes a mistake we say “That’s OK”. When someone does not know the answer they say “Help me” and someone else tries. This is our organizational culture. Our culture makes it easier to learn and we learn more.

CUEGIS - CULTURE

ETHICS Every business decision has moral implications. These consequences can be significant for internal and external stakeholders and the natural environment. In our class, learning is most important. That is because learning is important to success and survival. It is good to help others learn. It is immoral to interfere with the learning of others.

CUEGIS - ETHICS

GLOBALIZATION A wide range of international forces (such as the increasing social, cultural, technological and economic integration) influence business organizations. In turn, business organizations shape these forces. Many business organizations operate across national boundaries. Even local businesses and consumers are influenced by global forces. Our school is an example of the forces of globalization in education. We are delivering the Australian and IB curricula within the UAE. Is that cool or what?!

CUEGIS - GLOBALIZATION

INNOVATION Incremental or radical improvements to a business idea, or the generation of new ideas in relation to a final product, service or process, are the result of internal or external influences. For many business organizations, a key challenge is bringing in ”the new” and managing the process of improvement in a sustainable way. For us at AIS, the IB is an innovation. Teachers and parents see it as something new. But the IB has been around for many decades. The IB undergoes a process of continual improvement. Every 7 years the course syllabus changes. So the course content is always being improved.

CUEGIS - INNOVATION

STRATEGY Strategy refers to the significant long-term planning decisions that organizations make in order to meet the needs and wants of their stakeholders. Strategy is about asking questions: what, why, when, how, where and who? Strategy is thinking ahead for the future. Strategy is not short term – what is on the test is not strategy? Do I do math homework or business homework is not strategy. Strategy is long term – what university are you attending? Who are you going to ask for a recommendation for university? What is next after high school? Strategy requires organizations to ask 5W and H questions about their business activities.

CUEGIS - STRATEGY

In-class Workshop (10 marks) First work to be filed in your Profile File 1. Explain the concept of Change and give an example. ( 1 mark) 2. Define how does Culture affect business decisions. ( 3 marks) 3. Give an example of an Ethical decision in a company. ( 1 mark) 4. How has Globalization impacted education. ( 1 mark) 5. Identify two Innovations that you have experienced. ( 2 marks) 6. Explain Strategy and what it looks like to a given organization. ( 2 marks)

Assessment Objectives & Command Terms

AO1 - Demonstrate knowledge and understanding Students learn and comprehend the meaning of information. the business management tools, techniques and theories specified in the syllabus content the six concepts that underpin the subject real-world business problems, issues and decisions AO1 requirements: If you see these command terms, the examiner wants you to show that you have learned information and understand its meaning. You are not required to explain it – simply list, define, outline or state. Do not write too much for these type of questions - in most cases, a bullet point list is enough. Few marks are allocated to these questions. Relate the marks to the time you spend on your answer.

Demonstrate knowledge and understanding Command Terms – Action Verbs Define: Give the precise meaning of a word, phrase, concept or physical quantity. You need to provide a full, clear definition that conveys knowledge and understanding. E.g.: Define the term economies of scale. Describe: Give a detailed account. E.g.: Describe one method of primary research that company X could use. Outline: Give a brief account or summary. E.g.: Outline two advantages and two disadvantages of working from home State: Give a specific name, value or other brief answer without explanation or calculation. Eg: State a reason why company X decided to outsource the production of Y to country Z.

2. AO2 - Demonstrate application and analysis of: Students use their knowledge and skills to break down ideas into simpler parts and to see how the parts relate. knowledge and skills to a variety of real-world and fictional business situations business decisions by explaining the issue(s) at stake, selecting and interpreting data, and applying appropriate tools, techniques, theories and concepts. AO2 requirements: If questions use these command terms, you are required to show that can break down ideas into simpler parts, such as advantages and disadvantages, and to apply your knowledge to stimulus materials you are given e.g. case study materials. For instance, you might explain a theory, such as Ansoff’s growth matrix and then apply it to the case study materials.

2. Demonstrate application and analysis: Command Terms – Action verbs: Analyse: Entails a clear and deep understanding of an issue. Break down in order to bring out the essential elements, structure and underlying assumptions and show how they interrelate. (tip: use business theory and terminology) E.g.: Analyse the impact of external opportunities and threats on the business strategy of company A. Apply: Use an idea, equation, principle, theory or law in relation to a given problem or issue. E.g.: Apply the concept of diseconomies of scale to company X in 2014 compared to 2012. Comment: Give a judgment based on a given statement or result of a calculation. E.g.: Comment on the profitability, liquidity and efficiency ratios of company X.

2. Demonstrate application and analysis Command Terms (2): : Demonstrate: Make clear by reasoning or evidence, illustrating with examples or practical application. E.g.: Demonstrate why company X has decided to offshore to country Y. Distinguish: Make clear the differences between two or more concepts or items. E.g.: Distinguish between leadership and management. Explain: Give a detailed account including reasons or causes. (and relevant detail of the issues that you are being questioned about, along with application to the case study/stimulus material) E.g.: Explain why company X has changed its pricing strategy. Interpret: Use knowledge and understanding to recognize trends and draw conclusions from given information. E.g.: Interpret the differences in the liquidity ratios between 2014 and 2012. Suggest: Propose a solution, hypothesis or other possible answer. E.g.: Suggest a suitable method of appraisal for employee group Y in company Z.

3. AO3 - Demonstrate synthesis and evaluation of: Students rearrange component ideas into a new whole and make judgments based on evidence or a set of criteria. business strategies and practices, showing evidence of critical thinking business decisions, formulating recommendations AO3 requirements: If questions use these command terms, you are required to rearrange ideas and to make supported judgments (reach conclusions) based on evidence or a set of criteria. Your answers must be balanced showing both sides to an answer, even if one side is weaker. Then you should conclude which is the better option and why, or make recommendations for future action. In a case study question, for example, you might be select the best strategic option for the firm, as it moves forward. Answers should be in full prose and structured, showing you understand the main issues and how they relate. Your conclusion will contain a judgment, although you can also make judgments throughout. Spend more time on your answers to these questions than AO1 and AO2 questions, checking the mark allocation for guidance. DO NOT leave these questions unanswered, even if it means answering them first.

3. Demonstrate synthesis and evaluation Command Terms: Compare: Give an account of the similarities between two (or more) items or situations, referring to both (all) of them throughout. E.g.: Compare the leadership style of manager A with that of manager B. Compare and contrast: Give an account of similarities and differences between two (or more) items or situations, referring to both (all) of them throughout. E.g.: Compare and contrast how managers use different planning tools to make changes to their strategies. Contrast: Give an account of the differences between two (or more) items or situations, referring to both (all) of them throughout. E.g.: Contrast the marketing objectives of for-profit organization X and non-profit organization Y.

3. Demonstrate synthesis and evaluation Command Terms (2): Discuss: Offer a considered and balanced review that includes a range of arguments, factors or hypotheses. Opinions or conclusions should be presented clearly and supported by appropriate evidence. (Tip: you are expected to analyse both sides of an issue – use relevant information of the stimulus material/case study and avoid generic arguments when possible) E.g.: Discuss how company X can differentiate itself from its main competitor. E.g. Discuss the two strategic options available to company X. Evaluate: Make an appraisal by weighing up the strengths and limitations. Arguments should be weighed and a justified conclusion. E.g.: Evaluate the investment opportunities using net present value (NPV). Note: this command term is similar to discuss.

3. Demonstrate synthesis and evaluation : Command Terms (3): Examine: Consider an argument or concept in a way that uncovers the assumptions and interrelationships of the issue. (tip: similar to analyse you are expected to take the matter to pieces, explain the connections between the essential elements, structure and underlying assumptions) E.g.: Examine the importance of branding for company X. Justify: Give valid reasons or evidence to support an answer or conclusion. E.g.: Justify the reason(s) why company X has decided to merge with company Y. Recommend: Present an advisable course of action with appropriate supporting evidence/ reason in relation to a given situation, problem or issue. E.g.: Recommend a suitable growth strategy for company X. To what extent: Consider the merits or otherwise of an argument or concept. Opinions and conclusions should be presented clearly and supported with appropriate evidence and sound argument. E.g.: To what extent has outsourcing the production of X been unsuccessful for company Y?

4. AO4- Demonstrate a variety of appropriate skills to: Students demonstrate the selection and use of subject-specific skills and techniques produce well-structured written material using business terminology select and use quantitative and qualitative business tools, techniques and methods select and use business material, from a range of primary and secondary sources. AO4 requirements: If questions use these command terms, you are required to show that you understand business tools and can apply them in given situations. You may be asked to construct diagrams, or graphs. If you are, pay attention to presentation skills, such as including a key, labelling axes and appropriate titles. Please use a ruler to construct graphs and models! In most cases, you will also need a calculator, so enter the examination room totally equipped.

4. Demonstrate a variety of appropriate skills to: Command Terms: Annotate: Add brief notes to a diagram or graph. E.g.: Copy and annotate the product life cycle. Calculate: Obtain a numerical answer showing the relevant stages in the working . E.g.: Calculate the acid test ratio for company X in 2013. (tip: show your workings and state the formulae that you have used – if you make a mistake with your arithmetic you can still earn marks for your reasoning) Complete: Add missing information/ data. E.g.: Copy and complete the profit and loss account provided below. Construct: Display information in a diagrammatic or logical form E.g.: Based on the information given, construct a break-even chart for company X. Determine: Obtain the only possible answer. E.g.: Determine the break-even point for product X.

4. Demonstrate a variety of appropriate skills : Command Terms (2): Draw: Represent by means of a labelled, accurate diagram or graph, using a pencil. A ruler (straight edge) should be used for straight lines. Diagrams should be drawn to scale. Graphs should have points correctly plotted (if appropriate) and joined in a straight line or smooth curve. E.g.: Draw a break-even chart for company X. Identify: Provide an answer from a number of possibilities. (this requires recognizing and naming the main distinguishing facts or features of a concept. E.g.: Identify two reasons why the owner has chosen a particular method of investment appraisal. Label: Add labels to a diagram. E.g.: Label the margin of safety on the break-even chart that you have constructed. Plot: Mark the position of points on a diagram. E.g.: Plot the position of company X on the position map drawn in your answer to part (b). Prepare: Put given data or information from a stimulus/ source into a suitable format. E.g.: Prepare a cash flow forecast for company X for January, February and March 2015.

Command Terms & Assessment Objectives

Assessment Objectives in Practice

Command Terms & Assessment Objectives Example Unit 1