← Business Management syllabus

ScotlandBusiness Management

Understanding Business

5 dot points across 5 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What objectives do businesses pursue, and what resources do they need to be successful?

The objectives of business organisations (survival, growth, profit maximisation, providing a service and social responsibility), the four factors of production needed to produce goods and services (land, labour, capital and enterprise), and the role of customer satisfaction in success.
A focused answer to the SQA National 5 Business Management content on business objectives, covering survival, growth, profit maximisation, providing a service and social responsibility, the four factors of production (land, labour, capital, enterprise), and how customer satisfaction drives success.
10 min answer →

What internal and external factors affect a business, and how do they influence its decisions?

The internal factors (finance, staffing/human resources, management and technology) and external factors (political, economic, social, technological, environmental and competitive) that affect business decisions, including which factors are controllable and which are not.
A focused answer to the SQA National 5 Business Management content on the factors affecting a business, covering internal factors (finance, staffing, management, technology) and the external PESTEC factors (political, economic, social, technological, environmental, competitive), and which are within the firm's control.
10 min answer →

What is the role of business in society, and how are firms grouped by sector of the economy and sector of industry?

The role of business organisations in providing goods and services and satisfying needs and wants, and how organisations are classified by sector of the economy (private, public and third) and sector of industry (primary, secondary and tertiary).
A focused answer to the SQA National 5 Business Management content on the role of business in society, covering how organisations satisfy needs and wants by turning inputs into goods and services, and how firms are classified by sector of the economy (private, public, third) and sector of industry (primary, secondary, tertiary).
10 min answer →

Who are the stakeholders of a business, what is their interest, and how can their interests conflict?

The main stakeholders of a business (owners and shareholders, managers, employees, customers, suppliers, banks/lenders, government and the local community), their interest in and influence over the organisation, and how stakeholder interests can conflict.
A focused answer to the SQA National 5 Business Management content on stakeholders, covering who they are (owners, managers, employees, customers, suppliers, lenders, government, the local community), the interest and influence of each, and how stakeholder interests can conflict.
10 min answer →

What are the main types of business organisation, and what are the advantages and disadvantages of each?

The features, advantages and disadvantages of the main types of business organisation: sole traders, partnerships, private limited companies (Ltd), public limited companies (plc), franchises, charities, social enterprises and public sector organisations, including the meaning of limited and unlimited liability.
A focused answer to the SQA National 5 Business Management content on types of business organisation, covering sole traders, partnerships, private and public limited companies, franchises, charities, social enterprises and public sector bodies, and the key idea of limited versus unlimited liability.
11 min answer →