About 1. Business and the Business Environment

Business activity is fundamental and universal to our everyday lives. Business organizations may differ in many ways, depending on the industry in which they operate globally, but they do share one common feature: the transformation of inputs into outputs. This transformation process takes place against a background of external influences that impact on business activity. The external environment in which business organizations operate is dynamic, complex, volatile and interactive. 

The aim of this unit is to give students background knowledge and understanding of business, of the functions of an organization and of the wider business environments in which organizations operate. Students will examine the different types of organizations (including for profit and not for profit), their size and scope (for instance micro, SME, transnational and global) and how they operate. Students will explore the 
relationships that organizations have with their various stakeholders and how the wider external environments influence and shape business decision making.  
The knowledge, understanding and skill sets that students gain in this unit will help them to have an insight into different business functions, which will support them with further study, support the development of analytical thinking and the application of key analytical tools used throughout business planning, and enable them to choose their preferred areas of specialism in future studies and in their professional career.