Business Studies is a subject that examines a range of issues affecting businesses including typical problems they face and how they go about solving them in today's modern economies.
In particular, the course examines the different economic structures that businesses operate within and the effects this may have on determining the structure and control of the business. We look at the various legal structures of businesses and ask what advantages and disadvantages exist in these for the owners of the business. This leads on to a topic that examines business aims and objectives, and the how possible conflicts of interest can cause problems within the businesses.
It is important to anyone thinking of setting up their own firm to know how to get started in business. The course therefore also looks at the various sources and uses of finance that are available and looks at the importance of maintaining an effective cash flow and set of accounts. No business is complete, however, without having a competitive product that people want to buy at the right price. The course therefore looks at firms' marketing strategies in detail and looks at the various marketing techniques used by small and large firms.
Finally, the importance of human resource management and communication is investigated within a business setting, along with factors such as government policy, environmental issues and social responsibilities. We also look closely at the effects and consequences of joining the European Single Currency. Edexcel Syllabus 1501