FE4155 – Understanding the Business and Economic Environment
FE4155 – Understanding the Business and Economic Environment
The focus of this module is to equip students to understand organisations in contexts past, present and future, and enable them to analyse the macro, micro, internal and external business and economic environments in which they operate. An understanding of the environments will facilitate the interpretation of situations and enable decisions that add value for businesses. The focus of the module is on the external and internal influences on organizations and the effect these have on business practices.
The module is designed to be used by Level 4 undergraduate students on a range of programmes. Examples, illustrations and case studies will be drawn from chosen industry sectors such as advertising, aviation, events, finance, marketing, music, transport, tourism, and applied to reinforce basic concepts. This will enhance the ability of students to understand particular business problems and aspects of the business and economic environment. Topics and case studies will cover business issues that are contemporary and relevant to the real world.
On successful completion of the module, students will be able to:
Understand the business context of firms, research well-known organisations and the business environment in which they operate, and apply business principles and analysis within chosen sector/s;
Understand the economic context of firms, research well-known organisations and the economic environment in which they operate, and apply economic principles and analysis within chosen sector/s
Understanding the Business Environment
The business organisation, its stakeholders and the micro, macro, internal and external environment; the purpose and types of business organisation; stakeholders in business organisations
The PESTLE framework including political and legal factors; social and demographic factors; technological factors; environmental factors
Researching mainstream well-known business organisations and the business environment in which they operate
Understanding the Economic Environment
Microeconomic factors that affect the business environment: Demand and supply analysis, markets and concepts of elasticity; Production and costs; Revenues and profitability; Competitive environment and market structures
Macroeconomic factors that affect the business environment: Aggregate demand and aggregate supply; Economic growth and business cycles, inflation, exchange rates, international trade
Researching mainstream well-known business organisations and the economic environment in which they operate
Books
Core Texts:
Sloman, J., Garratt, D., Guest, J., & Jones, E. (2019) Economics for Business. 8th edition. Harlow, United Kingdom: Pearson Education Limited.
Worthington, I. and Briton, C. (2018) The Business Environment: A Global Perspective 8th edn, London: FT/Prentice Hall.
Other Texts:
Sloman, J., Guest, J. and Garratt, D. (2018) Economics. 10th edition, Pearson Education Limited.
Wetherly, P. and Otter, D. (2018) The Business Environment: Themes and Issues in a Globalizing World, 7th edn, UK: Oxford.
Journals
European Research on Management and Business Economics.
Harvard Business Review.
International Journal of Management and Economics.
Websites
www.bankofengland.co.uk
www.ft.com
www.theguardian.com/uk/business
www.independent.co.uk/news/business/news
www.stats.gov.uk
www.studyingeconomics.ac.uk
www.uk.reuters.com/business
Electronic Databases:
Academic Search Complete
Business Source Ultimate
FAME (UK Companies)
Mintel
