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Course Introduction
Professional Practice in Business (MOMB 3102) is a micro-credential course which introduces the students to the fundamentals of business. All the business students need to have an introduction to management and business. This module will prepare them with all the basic topics/subjects that they are going to study throughout the programme such as marketing, finance, economic, human resource and management.
Course Guide
Please read the course guide given below. This course guide will contains important information about this course such as the course learning outcomes, the minimum amount of time you should spend for this course, the outlines of the topics covered, class schedules, contact details of your course facilitator, assessments and others. You are required to go through the course guide before you proceed to other learning activities. You are advised to consult your course facilitator either through the discussion forum or during consultation hours if you wish to seek clarification on any matters related to this course.
Online Class Schedule
Assessment
Assessment Details
As this is a student-centred and project-based module, assessment would be based on 100% Coursework:
a. Portfolio (40%)-Individual
i. Field trip : 20%
ii. Reflective piece (W2-W11) : 10%
iii. Curriculum Vitae : 10%
b. Group Project (60%)
i. Poster : 20%
ii. Poster Presentation : 20%
iii. Write-up on Poster Presentation : 20%
TOTAL : 100%
- Opened: Monday, 4 September 2023, 12:00 AMDue: Monday, 18 September 2023, 12:00 AMView Make a submission
- Opened: Monday, 4 September 2023, 12:00 AMDue: Monday, 2 October 2023, 12:00 AMView Make a submission
TOPIC 1: THE BUSINESS ORGANIZATION (PART 1)
Topic 1 introduces students to overview on business organization by looking at the characteristics of organization and importance of the business. We wrap up the chapter by looking at the types of organization with advantages and disadvantages and discussing what are the reason for an organization to be success and failure.
By the end of this topic, you will be able to:
1. Explain at least 5 general characteristics of an organization;
2. Explain at least 5 activities that are used to measure the importance of business;
3. Explain the 9 steps used to craft a business plan;
4. Explain at least 4 types of business organization; and
5. Explain at least 5 reasons for success or failure of business organization.
- ViewDear students, please download the Self-Instructional Material for Topic 1 below. You are advised to spend at least 3 hours to study this material. Once you have studied this material, you may proceed to answer the Quiz for Topic 1.
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TOPIC 2: THE BUSINESS ORGANIZATION (PART 2)
Topic 2 introduces students to managers and management by looking at who managers are, where they work, why they are important and what task they perform at the organization. We wrap up the chapter by looking at the factors reshaping and redefining the manager’s job and discussing why the field of management is important to the students.
Upon completion of this topic, students should be able to:
1. Explain 3 differences between efficiency and effectiveness in management.
2. Explain at least 5 differences between managerial and non-managerial employees;
3. Explain the 3 levels of management;
4. Explain 3 roles that managers perform in their managerial functions;
5. Provide at least 5 examples of managerial skills; and
6. Provide 4 implications of universal need on management.
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TOPIC 3: THE ENVIRONMENT OF BUSINESS
Topic 3 introduces students to the environment into two aspect which is internal and external. We wrap up the chapter by looking at the environment that affect the organization and the tools that used to analyze the environment
Upon completion of this topic, students should be able to:
1. Explain 5 facts used to measure importance of the business environment;
2. Explain at least 5 types of external environment factors that affect businesses;
3. Explain at least 5 components of an internal environment;
4. Write a SWOT analysis for a business; and
5. Write a PESTLE analysis for a business.
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TOPIC 4: MARKETING
Topic 4 introduces students about the overview on marketing which refer to the activities pursued by a company to promote its products or services to the target market. The goal of marketing is to draw the consumers' attention to the company's products and create a relationship with existing customers. At here the topic will cover the differences between Goods and Services, marketing mix (4P’s), target marketing, market segmentation and product life cycle.
Upon completion of this topic, students should be able to:
1. Explain at least 5 types of marketing;
2. Explain at least 5 differences between product and service marketing;
3. Explain the 4Ps of marketing;
4. Explain 5 steps used to define your target market; and
5. Explain 4 types of market segmentation.
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TOPIC 5: OPERATION
Topic 5 introduces students about what does operation mean today. Operations management is the activity of managing the resources which are devoted to the production and delivery of products and services. At here the topic will cover the transformation process, 5 P’s of operation management, types of product process and types of layouts for operation.
Upon completion of this topic, students should be able to:
1. Explain what is operation;
2. Explain 4 steps in effective transformation process in operations management;
3. Explain the 5Ps of operations management;
4. Explain at least 5 types of production businesses; and
5. Explain 4 types of plant layout.
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TOPIC 6: SOCIAL RESPONSIBILITY
Topic 6 & 7 introduces you to Corporate Social Responsibility (CSR).
Corporate Social Responsibility (CSR) is the idea that a company should play a positive role in the community and consider the environmental and social impact of business decisions. It is closely linked to sustainability − creating economic, social, and environmental value – and ESG, which stands for Environmental, Social, and Governance. All three focus on non-financial factors that companies, large and small, should consider when making business decisions.
In recent years, there has been a shift from CSR to social purpose. Many companies have pivoted from having a community investment strategy and a ‘nice to have’ mindset to adopting a holistic approach in which their mission is built into everything they do.
CSR can involve a broad scope of approaches and initiatives—everything from sustainable practices to community involvement. Customers increasingly expect responsible behaviour from companies they do business with.
Upon completion of this topic, students should be able to:
1. Explain 4 types of corporate social responsibility.
2. Explain the difference between socioeconomic view and the classical view; and
3. Explain 3 differences between social responsibility and social responsiveness.
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TOPIC 7: ETHICS
Topic 6 introduces students about business ethics. Business ethics refers to implementing appropriate business policies and practices with regard to arguably controversial subjects. Some issues that come up in a discussion of ethics include corporate governance, insider trading, bribery, discrimination, social responsibility, and fiduciary responsibilities.
Upon completion of this topic, students should be able to:
1. Explain at least 5 importance of business ethics.
2. Explain at least 5 determinant of business ethics; and
3. Explain 4 ways managers can encourage ethical behavior.
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Topic 8: HUMAN RESOURCE MANAGEMENT
Topic 8 introduces you to Human Resource Management (HRM).
What do all businesses have in common regardless of the product or service? Employees! Unless you are a sole proprietorship, you will have to navigate the process of planning for, recruiting, hiring, training, managing, and possibly firing employees. These responsibilities all fall under the heading of human resource management.
Upon completion of this topic, students should be able to:
1. Explain at least 5 objectives of HRM;
2. Explain all 7 steps used in HR planning process;
3. List 5 main benefits of employee development; and
4. Provide 5 reasons why compensation and benefits are important.
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TOPIC 9:ECONOMIC (PART 1)
Topic 9 introduces you to economics.
Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange.
Upon completion of this topic, students should be able to:
1. Explain economics;
2. Explain 4 basic concepts of microeconomics; and
3. Explain 4 economic indicator in macroeconomics.
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TOPIC 10 : ECONOMIC (PART 2)
Topic 10 introduces you to principles of economics, basic principles of individual decision making that are important in an economic context, principles concerning how people interact with one another and phases of an economic cycle.
Upon completion of this topic, students should be able to:
1. Explain the 10 principles of economics;
2. Explain 4 basic principles of individual decision making that are important in an economic context;
3. Explain 3 principles concerning how people interact with one another; and
4. Explain the 4 phases of an economic cycle.
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TOPIC 11: STRATEGIC MANAGEMENT
Topic 11 introduces students about overview on Strategic Management. Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. At here the topic will cover the introduction on strategic management, strategic management planning process and strategic analysis.
Upon completion of this topic, students should be able to:
1. Explain at least 5 features of strategic management;
2. Explain the 5 stages of strategic management planning process
3. Explain 2 types of strategic analysis.
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Dear students, please download the Self-Instructional Material for Topic 11 below. You are advised to spend at least 3 hours to study this material. Once you have studied this material, you may proceed to answer the Quiz for Topic 11.
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TOPIC 12: LEADERSHIP
Topic 12 introduces students about overview on Leadership. Leadership in business is the capacity of a company's management to set and achieve challenging goals, take fast and decisive action when needed, outperform the competition, and inspire others to perform at the highest level they can. At here the topic will cover the introduction on leadership, types of leadership skills and the differences of leaders and managers.
Upon completion of this topic, students should be able to:
1. Explain at least 5 qualities of a leader;
2. Explain 5 main differences between leadership and management; and
3. Explain at least 5 types of leadership.
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Dear students, please download the Self-Instructional Material for Topic 12 below. You are advised to spend at least 3 hours to study this material. Once you have studied this material, you may proceed to answer the Quiz for Topic 12.
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TOPIC 13: FINANCE
Topic 13 introduces students to overview on business organization by looking at the principles of Finance and the analysis. We wrap up the chapter by looking at basic concepts needed to understand the financial manager’s decision-making process. To achieve that, you will learn about the basic forms a business can take and the goal of the financial manager
Upon completion of this topic, students should be able to:
1. Define business finance;
2. Explain 4 sources of business finance; and
3. Explain 5 important purposes for business finance.
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TOPIC 14: ACCOUNTING
Topic 13 introduces you to overview on business organization by looking at the principles of accounting and the analysis.
Accounting is important as it keeps a systematic record of the organization's financial information. Up-to-date records help users compare current financial information to historical data. With full, consistent, and accurate records, it enables users to assess the performance of a company over a period of time.
Upon completion of this topic, students should be able to:
1. Explain how accounting works;
2. Explain 4 types of accounting;
3. Provide at least 5 reasons why accounting is important.
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TEXT BOOK
Ebert, R.J. and Griffin, R.W. (2017) Business Esssentials. 11th ed. England: Pearson.
Additional Readings
Reference books:
Boddy, D. (2016) Managemetn: An Introduction. 17ed. England: Pearson Education Limited
Kotler, P. & Armstrong, G., (2016, 16th edition) ‘Principles of marketing’’, Pearson Hall.
Robbins, S.P. and Coutler, M., (2016). Management. 13th ed. Pearson Education Limited.