Businesses, Competition, and New Ideas

Learning objectives (CED)

• 1.1.AIdentify ways businesses address customers’ problems, needs, and wants.
• 1.1.BDistinguish between value creation and value capture.

Lessons

• What Is a Business?

  Businesses exist to solve customers' problems, needs and wants. They create value for customers and capture some of it as profit.

  15 min Reviewed

Learning objectives (CED)

• 1.2.AExplain how sellers and buyers interact in a market, establishing a market price.
• 1.2.BDevelop or evaluate a business’s plan to achieve competitive advantage in a market.

Lessons

• Markets and Competitive Advantage

  How buyers and sellers interact to set prices, how competitive a market is, and the strategies businesses use to outperform rivals.

  20 min Reviewed

Learning objectives (CED)

• 1.3.ADescribe the PESTEL factors that shape markets.
• 1.3.BExplain how PESTEL factors influence business viability and career opportunities in a market.
• 1.3.CApply the PESTEL framework to evaluate the attractiveness and potential risks of a market.

Lessons

Learning objectives (CED)

• 1.4.ADescribe strategies entrepreneurs and businesses use to generate new product ideas.
• 1.4.BDescribe the risk involved in bringing a new product to market and the reasons entrepreneurs and existing businesses are willing to incur the risk.
• 1.4.CApply an entrepreneurial design-thinking process to the generation and validation of a new business or product idea.

Lessons

Learning objectives (CED)

• 1.5.AExplain how core values and core competencies shape business and individual decision making.
• 1.5.BDevelop or evaluate a vision statement and/or mission statement based on a business’s goals and values.
• 1.5.CDescribe the goals of businesses, social enterprises, and nonprofit organizations.

Lessons

Learning objectives (CED)

• 1.6.AExplain how and why businesses encourage ethical behavior.
• 1.6.BExplain how business leaders respond to ethical dilemmas.

Lessons

• Business Ethics

  Why unethical behavior happens, how businesses encourage ethical behavior, and how leaders weigh stakeholders when facing ethical dilemmas.

  15 min Reviewed

Learning objectives (CED)

• 1.7.ADescribe the major types of business organization and their relative advantages and disadvantages.
• 1.7.BDefine the roles and responsibilities of sole proprietors and partners.
• 1.7.CExplain how and why large businesses organize responsibilities into a structure that includes leadership and management of specialized departments as well as outsourcing.
• 1.7.D

Learning objectives (CED)

• 1.8.ADescribe factors businesses consider when developing a production process.
• 1.8.BDevelop or describe a supply chain plan for a product.
• 1.8.CExplain how a business’s competitive advantage strategy influences supply chain decisions.

Lessons