Learning objective 8-1
Students will gain knowledge, skills and experience to:
- analyse how and why New Zealand businesses operating in global markets make operational and strategic decisions in response to interacting internal and external factors.
Indicators
What is an indicator?
- Investigates the importance of a sustainable labour force.
- Plans the launch of a product for a global market.
- Justifies the rationale for New Zealand production offshore.
- Discusses the role of business lobby groups on government.
- Researches the consequences of business decisions on a community.
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Context elaborations
This level 8 learning objective is explored within the context of a New Zealand registered business connected to students’ lives operating in global markets (exporters, importers, New Zealand owned multinationals). The business can be small, medium, or large, but should operate in the global market; for example, a New Zealand fashion designer, a web company, an international transport company, dairy company, or an airline company.
To read why using such contexts are good teaching practice, see the
connection mechanism.
Contexts will allow students to:
- demonstrate their understanding of the internal operations of a business that operates in a global context
- demonstrate their understanding of how a business that operates in a global context responds strategically to external factors
- discuss a complex problem(s) in a given global business, and apply business knowledge to provide possible solutions and recommendations to address issues
- analyse a human resource issue affecting businesses
- investigate the exporting potential of a New Zealand business.
Internal factors
Business knowledge, concepts, and content may include:
- quality management (significance of quality management to a business, costs and benefits of quality control, quality assurance, total quality management, Kaizen and quality circles)
- innovation (risks and opportunities of innovation, including intellectual property management, product and process innovation, corporate cultures and strategies encouraging innovation)
- change management (why a change management process is necessary, resistance to change, costs and benefits of change management strategies)
External factors
Business knowledge, concepts, and content may include:
- societal expectations on the business (environmental, economic, social, cultural)
- cultural intelligence and responsiveness (importance of protocols, relationships, flexibility)
- business support (government and non-government agencies)
- opportunities and threats of multinational activity
- changes in the global market place (growth and recession in export markets, political unrest, technology, consumer behaviour).
Complex problem(s)
Students can explore a complex problem, its causes and effects, and apply business knowledge to provide a range of possible solutions and recommendations for the problem. They can apply relevant practical business experience they have gained during the programme of learning to suggest a possible viable solution. A complex problem is one that affects the business in multiple ways. These include problems arising from:
- business location issues
- quality management issues before, during and after production
- supply chain issues (out-sourcing, distribution, sourcing of raw materials)
- capital investment decisions (investment appraisal using payback period, average/accounting rate of return, net present value, with all calculations provided, qualitative factors impacting on investment decisions)
- unexpected risks involved in expanding globally such as costs, cultural and language barriers, economic uncertainty, legal regulations, trade agreements.
Marketing plan
Developing a marketing plan would typically involve:
- setting marketing aims to support corporate objectives
- complete a marketing audit evaluating existing marketing against marketing aims
- conduct market research to address issues arising from marketing audit
- analyse and evaluate market research data
- develop a comprehensive marketing strategy to meet marketing aims
- evaluate sales forecasts and create marketing budget
- develop a contingency plan
- write a comprehensive action plan for implementation and future monitoring.
Business knowledge, concepts, and content
This achievement standard requires that students demonstrate understanding of the following business knowledge, concepts, and content:
- business strategy (mission statement, corporate objectives, SMART aims)
- marketing audit (existing marketing activities, BOSTON matrix)
- market research (size, market share, targets, segments)
- market analysis/strategy (Porters Five Forces model, SWOT, marketing mix ANSOFF matrix)
- sales forecasting
- marketing budgets
- contingency planning
- implementation and monitoring.
Human resource cycle
Business knowledge, concepts, and content may include:
- workforce planning (staffing needs analysis, retention, redeployment, redundancy, recruitment)
- change management (new technology, consultation, communication, mergers and acquisitions)
- employment relations
- an overview of employment law such as Minimum Wage Act 1983, Employment Relations Act 2000, Health and Safety in Employment Act 1992, The Holidays Act 2003, Equal Pay Act 1972, Human Rights Act 1993
- training, motivation, and appraisal.
See:
Learning objective 8-2
Export potential
Students are required to undertake all aspects of an investigation, which typically includes planning the research, consulting internationally, collecting evidence, comprehensively evaluating the export potential and integrating business knowledge.
Business knowledge, concepts and content may include:
- the export process (cultural intelligence, transport, distribution, finance, intellectual property, compliance, jurisdictions, trade agreements, exchange rates)
- government and non-government agencies which provide support and advice to exporters (within New Zealand such as NZTE, and offshore such as Trade Commissions)
- assessing export readiness
- assessing the risks and opportunities of expanding globally.
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Business themes
See:
Business themes - level 8
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Related Māori concepts
Māori concepts that relate to this achievement standard include:
- tikanga
- pūtake
- tūranga
- kaitiakitanga
- rangatiratanga.
See also:
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Assessment for qualifications
Learning in relation to this learning objective can be assessed using the following achievement standards. Click on the number for explanatory information:
It is possible to combine AS3.7 with AS3.6. However, teachers should be aware of potential high stakes involved in combining standards.
See:
Achievement grades at level 3
Last updated October 5, 2022
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