Unit 6: Business Finance
Keeping track of finances is one of the most important tasks of all business owners. Not only do businesses need to stay profitable, but they also need to be able to anticipate their financial futures. That is where accounting comes in. Being able to read a few basic reports reveals a lot about where a business is financially. Many businesses will also have investments, and these can be a great way to bring in additional revenue and secure a solid financial future.
What will you learn in this unit?
- Explain the role of finance in business
- Articulate the concept of accounting
- Analyze balance sheets and income statements
- Differentiate among types of investments
- Determine how to find the right financial advisor
Unit 1: Marketing
All businesses need to consider the customer experience, and marketing puts this thought into action. It is all about drawing customers in and keeping them loyal to the business. Since products exist to fill needs, marketing helps business owners figure out which customers are best served by their products. Then it lets the public know what it has to offer. But marketing is also anticipating needs and understanding how customers make decisions. Good marketing can boost business, so even small businesses can benefit from a little marketing savvy.
What will you learn in this unit?
- Illustrate the function of marketing
- Discuss the importance of marketing in the global economy
- Demonstrate the relationships between marketing and other elements of business
- Explain the meaning and significance of the marketing concept
Unit 2: Market Segmentation
Reaching the right consumers is an important part of marketing, but how does a business know who they are? That’s where market research comes in. There are many ways to divide the population into those who are likely to buy a business’s product and those who are not. Or maybe it is a product that almost everyone needs, so mass marketing is the way to go. Regardless, once a business understands exactly which customers it is trying to attract, it can target the right people and spend its marketing dollars wisely.
What will you learn in this unit?
- Recognize elements of marketing
- Identify and analyze target markets
- Differentiate between targeted and mass marketing
- Compare methods of defining target markets
Unit 3: The Marketing Mix
Marketing does not do businesses much good until it reaches the public, and that is where strategy comes in. Once a target market is identified, the next step is to bring these customers to the business’s door or website. This takes thoroughly understanding the product, considering the right promotion, knowing how to get the product to the customer, and finding the price that maximizes profit. These steps are the 4Ps of marketing and what it takes to get the message out to the public – ready to dive in?
What will you learn in this unit?
- Create an effective marketing mix
- Identify effective marketing strategies
- Discuss the 4Ps of marketing and their components
- Differentiate between marketing goods and services
Unit 4: Principles of Money
When it comes to finances, businesses need to know the basics. After all, everything from the types of payments a company accepts to how transactions are structured will impact the bottom line. But there are also many external factors, such as interest rates and lending laws, that shape how businesses can obtain and extend credit. Not only do they need to be in compliance, but understanding different ways to access credit can help a business choose the method that best meets its needs.
What will you learn in this unit?
- Identify types of currency
- Evaluate forms of financial exchange
- Discuss the importance of credit
- Identify appropriate circumstances for using credit
- Recognize the legal obligations associated with financial exchange
Unit 5: Basic Financial Management
Businesses are not the only ones who need to manage their money! Individuals also need some financial savvy to make sure that their money is properly managed. Even something as basic as a paycheck contains valuable information to help you understand where your dollars are going and how much you are paying in taxes. But don’t worry, together we can break this down, learn how to create a budget, and keep your finances on track!
What will you learn in this unit?
- Explain income
- Interpret a pay stub
- Prepare a basic tax return
- Compare different banking services
- Develop a personal budget
Unit 7: Basics of Finance
Getting a job is an important step in building a career, but what does it take to land one? Being professional begins well before your first day of work. There are opportunities throughout the application process to demonstrate the skills that employers are looking for and ways to build them before you hit the job market. Communicating effectively and working well with others are among the top skills that employers want to see, and now is a great time to practice them!
What will you learn in this unit?
- Recognize and demonstrate professional behavior
- Articulate and follow company policies
- Collaborate effectively to accomplish a task
- Demonstrate time management skills
Unit 8: Business Careers
Thinking about your career can be daunting. Fortunately, business, finance, and marketing present a lot of options. No matter what your skills and interests are, there is probably a career to match! And, since one of the keys to a successful career is having a plan, now is a good place to start thinking and considering your many options. Of course, there are many resources to help you explore careers, and once you know what your goals are, the path becomes much clearer.
What will you learn in this unit?
- Explore the skills and experiences that benefit entrepreneurship
- Evaluate different jobs is business, finance, and marketing
- Assess personal job skills
- Develop a career plan
- Set SMART goals
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