WHAT IS BUSINESS STUDIES

At the start of the long journey through Business Studies it is useful to reflect the nature of the subject. At times it appears to be a hybrid subject incorporating material from a wide range of other subjects (e.g. economics, accounting, psychology, management, marketing, sociology, quantitative methods and communications). However, to say that it is merely a hybrid does a great disservice to the subject and threatens to undermine its legitimacy. Business

Studies must be seen as more than the sum of its parts; it must possess a unifying theme (or themes) to give it coherence. What is worth to be noted is the integrated nature of Business Studies. Students are required to develop an understanding of the interrelationships between the various components. The forms of assessment used (i.e. case studies, projects and data response questions) demand that candidates adopt an integrated approach to the subject.. Students should be aware of the impact of , say, marketing decisions upon the functional areas of management (production, personnel , finance, purchasing). The integration of the subject matter is achieved through the two themes that constitute the essence of Business Studies. The first theme is the relationship between the business organization and the environment in which it operates. The environment can be defined as the forces and agencies external to the firm which impinge upon it. The environment takes a number of forms: Economic factors, e.g. the level of employment, imcome and interest rate. Social factors, e.g. the impact of social charges on the demand for goods and services and on the supply of labour.

Political and legislative factors, e.g. the impact of government activities and the law on the business community. Technological factors, e.g. the development of new products and processes. These changes in the external environment create new opportunities for business although they also threaten to destroy existing markets. The environment also acts as a constraint, or limitation, on the business enterprises ability to achieve its objectives. The second theme developed in this subject is the process of decision making within the organization. Decisions have to be made about what products or

services should be produced, how they should be marketed, what resources or inputs will be required to produce the goods and how they should be combined. The decision-making process starts with the aims and objectives of the organization. Information or data has to be collected to provide the basis of a sound decision. Alternatives have to be evaluated before the choice is made. This process is not unique to business enterprise but has univerally validity in all cases of decision making. In Business Studies we are concerned with the techniques of analysis used in decision-making process. Students have an opportunity to apply these techniques in the project that forms a major element of most Business Studies courses. We can now define Business Studies as the study of decision making within the organizations set against the background of a dynamic (or changing) environment. Success, even survival, in business is dependent upon the ability to respond and adapt.

Since business and commercial activities have become an important aspect of life, educationalists have realized that preparation for life and working in the business world is also an important educational objective. The introduction of Business Studies in the sixth form curriculum allows pupils an opportunity to follow a course which would consequently make them more prepared for the modern world. Pupils can continue their sixth form of education and at the same time receive something of a general preparation of life as well as a specific training for business. Business Studies is a living subject which is in touch with the real world. We also live in the modern business world and are inevitably engaged and involved in a diverse range of business activities, playing different roles related to business. Few of us pause to consider what lies behind all these common features of our life. Thus a study of business will provide pupils with an understanding of our business sector; an understanding that will help them adjust themselves to their everchanging environment, provide them with the ability to use and apply their specialized skills in their daily life, and enable them to live as discriminating citizens in the modern and complex business world.