1. Lesson 1 - What you will learn
SimVenture Evolution
Welcome to SimVenture Evolution, you’ll have a great time learning how to set up and operate a small business.
This program is suitable for anyone who wants to know more about how to run a business.
In this program you’ll find all the videos, audios and PDF documents you need to help you in your learning.
Lesson 1 - What you will learn
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2. Study Programme Content
1 What you will learn
2 Intro to SVE
3 Employability skills
4 Market Research
8 Selling points & Pricing
7 Create New Product
6 Product
5 Company set-up
9 Promotions
10 Sales Channels
11 Production
12 Finance
13 Reflexivity
14 Business Plan
Study Programme Content.
It is advisable to work through each of the lessons in numerical order to get the best results.
However, some tutors will wish to select lessons that are relevant to their modules and so learners should be encouraged to work through lessons 1-3 as independent learning tasks if tutors wish to focus on particular lessons in class.
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3. Selling points & pricing
Market
Research
Company
set-up
Product
Create new product
Selling points & pricing
Promotions
Sales Channels
Production
More research
Employability
Skills & Capabilities
Enterprise
Innovation
Entrepreneurship
To get the best out of your learning experience these lessons should be completed in this order starting with Market Research in order to achieve the best results.
Basic process to get to market for any start-up / for a specific start-up scenario / for an established company
Action:
Area
Gather some research
To inform: Product Design / Promotions / Sales Channels
Market Research
The Scenario Briefing & research reports give you the market intelligence which inform the decisions you take.
Design a Product
Taking into consideration your research
Product Design
Create the product design
The design process has 3 stages:
Initially it is a concept or blueprint (no time cost to generate)
Then it becomes a technical specification with enough detail to allow manufacture (requires the Design Time selected within the New Design to complete)
Set Selling Points in line with your product design
Choose a Primary Segment and select a Secondary Segment if you wish
Branding
Set your Product Design ready for Production
Set the selling price (and discount if you wish)
Pricing
Set Promotions
To generate awareness about your company and its products…
Promotions
Set Sales Channels strategy
To push your product through the channels
Sales Channels
Manufacture some Products
So they are ready for display in the Sales Channel outlets
Production
Gather more research to keep your market intelligence up to date:
Focus Group
To provide you with detailed feedback on your product
Customer To
Competition
Demographic
Segment

4. What you will learn Organisations Preparation Skills Management
Economy
Environment
Preparation
Business
Entrepreneur
Skills
Attributes
Global Citizen
Here’s what you can expect to learn in this module:
You’ll have an increasing understanding of organisations, their management, the economy and the business environment
You will prepare for and develop your business and management or entrepreneurial skills and capabilities
You’ll enhance a wide range of skills and attributes which will equip you to become effective global citizens
TASK:
Please read this document to gain a deeper understanding of the purpose of this business and management study program -
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5. Organisations
Section 2.2 of The QAA Benchmark Statement for Business and Management (February 2015) explains that 'Organisations' should be understood throughout this text to include a wide range of different types including, for example, public, private and not-for-profit (such as social enterprises), together with a comprehensive range of sizes and structures of organisations including small and medium enterprises. Similarly, the term 'business' should be interpreted generically.
During this program you will be focusing on the set-up and management of a small business (an SME).
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6. Preparation for Business
Section 2.3 of The QAA Benchmark Statement for Business and Management (February 2015) explains that 'Preparation for business' should be taken to mean the development of a range of specific business knowledge and skills, together with the improved self-awareness and personal development appropriate to careers in business with the potential for management positions and to employability in general. This includes the encouragement of positive and critical attitudes towards change and enterprise, so as to reflect the dynamism and vibrancy of the business environment.
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7. Skills and Attributes
Section 2.3 of The QAA Benchmark Statement for Business and Management (February 2015) explains that not every learner will engage subsequently in a business and management career, or will have entered directly from secondary education. Therefore, 'skills and attributes' should be understood to include the development and enhancement of a range of general transferable intellectual and study skills, which, while being highly appropriate to a career in business and management, are not restricted to this and will also equip students to become effective and responsible global citizens.
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8. Subject knowledge, understanding and skills
Organisations
Management
Business Environment
Graduates should be able to demonstrate relevant knowledge and understanding of organisations, the business environment in which they operate and their management (QAA, 3.2).
The interrelationships among and the integration between these areas are very important within the overall student learning experience, and should be demonstrated in the capabilities of successful graduates from all modes of delivery (QAA, 3.3).
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9. What you’ll Learn about Organisations
Management
Business Environment
Organisations: this encompasses the internal aspects, functions and processes of organisations including their diverse nature, purposes, structures, size/scale, governance, operations and management, together with the individual and corporate behaviours and cultures which exist within and between different organisations and their influence upon the external environment (QAA, 3.4).
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10. What you’ll Learn about Business Environment
Organisations
Management
Business Environment
The business environment: this encompasses the fast pace of change within a wide range of factors, including economic, environmental, cultural, ethical, legal and regulatory, political, sociological, digital and technological, together with their effects at local, national and global levels upon the strategy, behaviour, management and sustainability of organisations (QAA, 3.5).
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11. What you’ll learn about Management
Organisations
Management
Business Environment
Management: this encompasses the various processes, procedures and practices for effective management of organisations. It includes theories, models, frameworks, tasks and roles of management, including the management of people and corporate social responsibility, together with rational analysis and other processes of decision making within different organisations (QAA, 3.6).
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12. Further development areas
Knowledge and Understanding
Markets
Marketing and Sales
Customers
Finance
People
Organisation
Operations
Information
Communications
Digital Business
Policy & Strategy
Innovation & Enterprise
Social Responsibility
Organisations
Management
Business Environment
Within the framework of organisations, business environment and management (set out in paragraphs ) you will be able to demonstrate knowledge and understanding in the following areas.
 Markets: the development, access and operation of markets for resources, goods and services.
 Marketing and sales: different approaches for segmentation, targeting, positioning generating sales and the need for innovation in product and service design.
 Customers: management of customer expectations, relationships and development of service excellence.
 Finance: the sources, uses and management of finance and the use of accounting and other information systems for planning, control, decision making and managing financial risk.
 People: leadership, management and development of people and organisations including the implications of the legal context.
 Organisational behaviour: design, development of organisations, including cross-cultural issues, change, diversity and values.
 Operations: the management of resources, the supply chain, procurement, logistics, outsourcing and quality systems.
 Information systems and business intelligence: the development, management, application and implementation of information systems and their impact upon organisations.
 Communications: the comprehension and use of relevant communications for application in business and management, including the use of digital tools.
 Digital business: the development of strategic priorities to deliver business at speed in an environment where digital technology has reshaped traditional revenue and business models.
 Business policy and strategy: the development of appropriate policies and strategies within a changing environment to meet stakeholder interests, and the use
of risk management techniques and business continuity planning to help maximise achievement of strategic objectives.
 Business innovation and enterprise development: taking innovative business ideas to create new products, services or organisations including the identification of Intellectual Property and appreciation of its value.
 Social responsibility: the need for individuals and organisations to manage responsibly and behave ethically in relation to social, cultural, economic and environmental issues.
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13. Practice in the simulation Employability skills
Skills and Practice
Practice
Practice in the simulation
Employability skills
Skills
Cognitive & Intellectual
Personal & Interpersonal
Skills and practice – Subject Benchmark Statement for Business & Management 2015.
3.8 Business and management qualifications are strongly related to practice and therefore provide a clear link between the development of relevant skills and employability of learners.
3.9 Learners should be able to demonstrate a range of cognitive and intellectual skills together with competencies specific to business and management. Learners should also be able to demonstrate relevant personal and interpersonal skills. These include both subject-specific and generic skills.
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14. Skills – Business & Management
People Management
Problem-Solving
Research
Creativity
Innovation
Commercial Acumen
Enterprise
Numeracy
Networking
There are a number of skills relevant to business and management which you’ll be practising in the program of study:
 People management: to include communications, team building, leadership and motivating others.
 Problem solving and critical analysis: analysing facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
 Research: the ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making.
 Commercial acumen: based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty.
 Innovation, creativity and enterprise: the ability to act entrepreneurially to generate, develop and communicate ideas, manage and exploit intellectual property, gain support, and deliver successful outcomes.
 Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
 Networking: an awareness of the interpersonal skills of effective listening, negotiating, persuasion and presentation and their use in generating business contacts.
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15. Additional skills and attributes
Collaboration
Culture
Articulation
Emotional Intelligence
Communication & listening
Relationships
Critical thinking
Self-Management
Self-Reflection
Other generic skills and attributes which you’ll practice in this program include:
 Ability to work collaboratively both internally and with external customers and an awareness of mutual interdependence.
 Ability to work with people from a range of cultures.
 Articulating and effectively explaining information.
 Building and maintaining relationships.
 Communication and listening including the ability to produce clear, structured business communications in a variety of media.
 Emotional intelligence and empathy.
 Conceptual and critical thinking, analysis, synthesis and evaluation.
 Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
 Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development
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16. Teaching, learning and assessment
QAA, Section 4: Teaching, learning and assessment page 12.
This program is heavily practiced based through the use of the on-line business simulation game SimVenture Evolution which is available all over the world where there is an internet connection and is a distance learning course.
The program of study also includes theoretical models which are integrated into the theory and practice of running a business so that you learn how use appropriate models in a business.
The simulation was built by practicing business managers, entrepreneurs and other stakeholders and is supported by academic learning and development managers who have worked in the corporate and education sectors for many years thus giving learners a practical and academic understanding of business and management.
So, from time to time the program may incorporate guest speakers to support your learning.
Learning & Teaching Strategy
A practical interactive on-line business simulation game (SimVenture Evolution) is used to encourage the use of experiential/action guided learning.
Learning will be delivered via a range of interactive tools to involve you in your learning so that the integration of theory and practice in relation to business and management takes place.
This program adopts a combined learning and teaching approach which could include but are not limited to simulations, guided learning, live or ‘real world projects, case studies, practical’s, and virtual forums.
The learning and teaching strategy is designed to develop transferable and employability skills by exposing you as a learner to business issues.
Assessment Strategy
Learners will be assessed via self-assessment within the simulation and/or external via the module you are studying at school, college or university.
Assessment within the simulation is being developed and will include quizzes, and the submission of an individual business plan related to your business simulation game with reflections.
The weighting for each element of assessment is quiz (20%), the business plan based on your simulation game is weighted at 40%, the reflective element is worth 40%.
Learners who wish to acquire SimVenture Evolution certification must complete and pass all tests at 50% or above. Certification will be helpful for your CV and for Continual Professional Development (CPD) points for your professional body membership/accreditation. Certification costs an additional £40 for this program of study.
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17. Skills Test
Read the QAA Subject Benchmark Statement for Business and Management (2015)
Answer the questions set
Q. In Section of QAA document – how does it describe what an organisation is?
'Organisations' should be understood throughout this text to include a wide range of different types including, for example, public, private and not-for-profit (such as social enterprises), together with a comprehensive range of sizes and structures of organisations including small and medium enterprises. Similarly, the term 'business' should be interpreted generically.
Q. In Section 2 of the QAA document– how does it describe what preparation for business is? A. 'Preparation for business' should be taken to mean the development of a range of specific business knowledge and skills, together with the improved self-awareness and personal development appropriate to graduate careers in business with the potential for management positions and to employability in general. This includes the encouragement of positive and critical attitudes towards change and enterprise, so as to reflect the dynamism and vibrancy of the business environment. Q. In Section 3.7 of the QAA document – How many areas of knowledge and understanding are you expected to demonstrate:
Markets, Marketing & Sales, Customers, Finance, People, Organisational Behaviour, Operations, IT & Business Systems, Communications, Digital Business, Business policy and strategy, Business innovation and enterprise development, social responsibility.
Q. Read the QAA document and explain which skills and attributes you need to develop during this study program – you must provide evidence for your statements.
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18. Summary In this module we have covered the following areas:
How you’ll gain an increasing understanding of organisations, their management, the economy and the business environment
How you’ll prepare for and develop the knowledge and understanding needed in business and management or as an entrepreneur
How you’ll enhance a wide range of skills and attributes which will equip you to become effective global citizen
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