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Commercial Awareness

Unit 3. Commercial Awareness. Facilitator Support Materials for Commercial Awareness. Unit Aim. The aim of this unit is for learners to develop knowledge and understanding of business processes and systems and develop the skills and behaviours for successful business practice.

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Commercial Awareness

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  1. Unit3 Commercial Awareness Facilitator Support Materials for Commercial Awareness

  2. Unit Aim The aim of this unit is for learners to develop knowledge and understanding of business processes and systems and develop the skills and behaviours for successful business practice. This unit is 30 Guided Learning Hours

  3. Unit Description Commercial awareness is the ability to view situations from a commercial or business perspective. It includes what makes a business successful by the selling or buying of goods and services and the factors that influence success and personal behaviours and appropriate conduct of the individual. It is important to have an awareness of the processes, relationships and risks involved in any business transaction as well as an awareness of how all individuals (employees, internal stakeholders) work towards company objectives and strategy and hence make up the company culture.

  4. Unit Description Continued This unit focuses on developing a good understanding of business processes and the systems which are used by companies to support efficient business practice. Learners carry out research to identify new business opportunities independently and reflect on the development of their behaviours and skills during this process. The involvement of stakeholders is crucial to efficient business practice. Learners consider the importance of stakeholders and how to ensure their involvement for successful business operations by carrying out a stakeholder analysis.

  5. Unit Description Continued • In the first part of the unit, learners explore business processes and consider the systems which companies use to support efficient business practice. • Learners investigate ways to seek out business opportunities in the second part of the unit and carry out research to identify business opportunities. • The skills and behaviours used to undertake research and identify business opportunities are considered. • In the third part of the unit, the importance of stakeholder involvement is investigated and how to conduct a stakeholder analysis is examined.

  6. Learning Outcome 1: Understand business practice Amplification of the Learning Outcome: Processes for effective business practice: productivity; motivation of employees; improving company image; increasing market share; lean manufacturing; quality; relationship between revenue and profit; increasing productivity; decreasing expenditure; green issues and customer perception Systems to support business practice: employee training; incentives; staff development recruitment; quality systems eg Total Quality Management (TQM), Kaizen (Continuous Improvement); stock management; supply chain; lead times and technological advances

  7. Assessment Criteria for Learning Outcome 1 Assessment Criteria: 1.1 Explain the processes required for effective business practice Open discussion with Learners 1.2 Compare a range of systems which companies use to support efficient business practice Open discussion with Learners

  8. Learning Outcome 2: Be able to identify business opportunities Amplification of the Learning Outcome: Recognising business opportunities: gap in the market; brand stretching; leveraging core competences; working to company strengths; responding to environmental changes and trends Skills and behaviours to seek out business opportunities: taking risks; clear presentation and articulation; communication; innovation; entrepreneurship; self-motivation eg drive, persistence, following ideas through; creating opportunities for discussion and debate; networking; how skills and behaviours contribute

  9. Amplification of the Learning Outcome Continued • Researching business opportunities: market research; SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats); understanding industry environment; specific moment in time; snapshot; context; internal strengths and weaknesses; external opportunities and threats; limitations of SWOT; subjectivity; clear research and having the full picture • Reflection on skills and behaviours: awareness of own strengths and weaknesses; stages in reflection eg description (What happened?), analysis (What went well? What was less successful?), clarification (Were goals met? What needs to be done differently?) and what action (What needs to be done next?)

  10. Assessment Criteria for Learning Outcome 2 Assessment Criteria: 2.1 Explain how to recognise business opportunities Open discussion with Learners 2.2 Analyse the skills and behaviours needed to seek out business opportunities Open discussion with Learners

  11. Assessment Criteria for Learning Outcome 2 Continued • 2.3 Present the results of research to identify two different business opportunities • Open discussion with Learners • 2.4 Reflect on the development of own skills and behaviours for identifying business opportunities • Open discussion with Learners

  12. Learning Outcome 3: Be able to carry out stakeholder analysis Amplification of the Learning Outcome: Stakeholder involvement: critical to success; includes all who are affected; gain support from others; early communication with stakeholders eg encourages active support, can help to shape the project, harness resources and build in actions to win support Stakeholder analysis: stakeholder mapping; sources of stakeholder power; reasons for stakeholder interest; specific context or decision; where to place stakeholders; how to move them; understanding their influence and how to handle stakeholders

  13. Assessment Criteria for Learning Outcome 3 Assessment Criteria: 3.1 Explain the importance of stakeholder involvement for business operations 3.2 Present the results of a stakeholder analysis for a given business decision

  14. Appropriate Books Goleman D Emotional Intelligence & Working with Emotional Intelligence: "Emotional Intelligence", "Working with EQ" (Bloomsbury Publishing 2004) ISBN 978-0747574569

  15. Appropriate Websites www.isixsigma.com/library/content/c021230a.asp The eight elements of TQM – total quality management www.graphicproducts.com/tutorials/kaizen/index.php Kaizen – continuous improvement www.images.google.com/images?client=safari&rls=en-us&q=SWOT+analysis&oe=UTF-8&um=1&ie=UTF-8&ei=xJ-iSdP7ONzFjAfy-InNCw&sa=X&oi=image_result_group&resnum=4&ct=title Templates and images for SWOT analysis

  16. Appropriate Websites Continued • www.cphp.uk.com/downloads/GN%20Stakeholder%20Analysis%20Form.pdf • Guidance on stakeholder analysis • www.targetjobs.co.uk/general-advice/articleview-15a_2835.aspx • Commercial Awareness for Careers

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