VCE Business Management Unit 3 AOS 1 Revision (Grade A+)

Summary:

This text provides a summary of various topics related to business management. It covers five types of businesses: sole trader, private company (Pty Ltd), public company (Ltd), partnership, and government-owned. It also discusses six business objectives, stakeholders, corporate social responsibility, areas of management responsibility (operations, finance, human resources, sales & marketing, technology support), management styles, management skills (communication, delegating, planning, leading, decision-making, interpersonal), and corporate culture.

The summary highlights the key points mentioned in each section, such as the characteristics and advantages/disadvantages of different business types, the roles and responsibilities of different management areas, the importance of communication and interpersonal skills, and strategies for developing corporate culture. It also explains key terms and concepts, such as corporate social responsibility and the differences between official and real corporate culture.

Overall, the summary provides a concise overview of the main topics discussed in the text.

Excerpt:

VCE Business Management Unit 3 AOS 1 Revision

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Corporate social responsibility is the continuing commitment of a business to go above and beyond legal requirements to operate in an economically, socially and environmentally sustainable manner.

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Strategies to Develop Corporate Culture

• Ensuring that staff members are given sufficient training to reflect the values of the business
• Communicating desired values to staff
• Rewarding employees who exemplify the appropriate values
• Recruiting staff who fit in with the values
• Changing the prevailing management style
• Changing the style of dress and language used

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Analyse

• Identify the main features, then examine closely; examine in parts; show how the parts relate to the whole, e.g. analyse the essential components in the decision-making or problem-solving process.

Compare

• Bring together for noting the points of likeness and difference, e.g. compare management theory and practice; compare the management style of Manager A with Manager B.

• Compare real corporate culture and official corporate culture.

• A similarity between official corporate culture and real corporate culture is that both exist within a business for the purpose of creating a shared value and belief system within a business. This can help build positive employee morale and lower staff turnover.