1.1. Explain the characteristics of different business markets

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1.1. Explain the characteristics of different business markets

Mandatory Unit 5: Principles of Business - D/506/1942

Learning Outcome 

Assessment Criteria 

1. Understand business markets 

1.1. Explain the characteristics of
different business markets

1.2. Explain the nature of interactions
between businesses within a
market

1.3. Explain how an organisation’s
goals may be shaped by the
market in which it operates

1.4. Describe the legal obligations of a
business

2. Understand business
innovation and growth

2.1. Define business innovation

2.2. Explain the uses of models of
business innovation

2.3. Identify sources of support and
guidance for business innovation

2.4. Explain the process of product or
service development

2.5. Explain the benefits, risks and
implications associated with
innovation

3. Understand financial
management

3.1. Explain the importance of
financial viability for an
organisation

3.2. Explain the consequences of
poor financial management

3.3. Explain different financial
terminology

4. Understand business
budgeting

4.1. Explain the uses of a budget
4.2. Explain how to manage a budget

5. Understand sales and marketing

5.1. Explain the principles of
marketing

5.2. Explain a sales process

5.3. Explain the features and uses of
market research

5.4. Explain the value of a brand to an
organisation

5.5. Explain the relationship between
sales and marketing