LAC 28:CXLIII.305. Strand Three: Business Functions

A. Focus. Business functions tie entrepreneurial endeavors together. This strand focuses on several different but equally important areas of business, including financial management, human resource management, and the marketing of goods and services. B. Standard 8: Students will identify and analyze concepts and practices needed to make sound financial decisions. Benchmark 8-A. Compare the Relationship of Financial Activity to Long-Term Business Success 8-A-1 | Identify the various financing activities 8-A-2 | Understand the need for developing financing relationships 8-A-3 | Identify and compare types of financing C. Standard 9. Students will develop and use financial records. Benchmark 9A. Identify the Processes Involved in an Accounting System 9-A-1 | Identify problems that may arise from poor record keeping 9-A-2 | Record journal entries 9-A-3 | Prepare an aging table 9-A-4 | Complete a bank reconciliation 9-A-5 | Identify payroll taxes to be deducted 9-A-6 | Complete a payroll register 9-A-7 | Create an income statement 9-A-8 | Create a cash flow statement 9-A-9 | Create a balance sheet D. Standard 10. Students will understand the function of human resource management. Benchmark 10-A. Examine the Process of Staffing an Organization 10-A-1 | Identify and understand the laws and regulations which affect the process of staffing organizations 10-A-2 | Understand organizational structure 10-A-3 | Understand the staffing process by preparing job descriptions 10-A-4 | Understand the staffing process by developing recruiting ads 10-A-5 | Identify staffing needs 10-A-6 | Understand the screening process of applicants 10-A-7 | Understand employee compensation E. Standard 11. Students will understand and apply the concepts, processes, and systems needed to develop and market goods or services. Benchmark 11-A. Generate, Assess, and Select Product/Service Ideas 11-A-1 | Perform a basic SWOT (strengths, weaknesses, opportunities, threats) analysis 11-A-2 | Identify the target market 11-A-3 | Identify appropriate research methods 11-A-4 | Research and analyze the needs, wants, and expectations of that target market 11-A-5 | Research product’s ability to meet those needs, wants, and expectations 11-A-6 | Identify and perform a basic SWOT analysis of competitors 11-A-7 | Determine our competitive advantage and how we better satisfy the needs of customers 11-A-8 | Identify strategies for addressing weaknesses and threats revealed through the SWOT analysis 11-A-9 | Create a product/service mix 11-A-10 | Choose product name for product created Benchmark 11-B. Develop Strategies for Marketing Goods or Services 11-B-1 | Build brand/image for product created 11-B-2 | Create a customer survey to evaluate customer experience 11-B-3 | Explain the concept of marketing strategies 11-B-4 | Set a marketing budget 11-B-5 | Develop marketing plan 11-B-6 | Monitor and evaluate performance of marketing plan 11-B-7 | Describe the elements of the promotional mix 11-B-8 | Write a news release 11-B-9 | Select sales promotion options 11-B-10 | Develop online promotions (www) 11-B-11 | Evaluate effectiveness of advertising 11-B-12 | Calculate advertising media costs 11-B-13 | Select advertising media 11-B-14 | Prepare a promotional budget 11-B-15 | Develop promotional plan for a business 11-B-16 | Obtain publicity 11-B-17 | Write sales letters 11-B-18 | Explain factors affecting pricing decisions 11-B-19 | Describe the role of business ethics in pricing 11-B-20 | Establish pricing objective 11-B-21 | Select pricing strategies 11-B-22 | Set prices 11-B-23 | Calculate breakeven point 11-B-24 | Adjust prices to maximize profitability 11-B-25 | Establish relationship with client/customer 11-B-26 | Determine customer/client needs 11-B-27 | Understand steps in selling process 11-B-28 | Train staff to support sales efforts 11-B-29 | Identify factors to consider when selecting a business site 11-B-30 | List sources of information for site selection 11-B-31 | Create a floor plan for a selected business F. Standard 12. Students will demonstrate and evaluate the skills required for the daily operation of a business. Benchmark 12-A. Develop an Inventory Model 12-A-1 | Identify factors that affect inventory cost 12-A-2 | Identify types of inventory systems 12-A-3 | Determine how inventory will be managed for a selected business Benchmark 12-B. Evaluate Operational Policies and Procedures 12-B-1 | Demonstrate procedures for interpreting business policies 12-B-2 | Identify policies and procedures needed in a business G. Standard 13. Students will analyze the information necessary for risk management. Benchmark 13-A. Determine Ways That Small Businesses Protect Themselves against Loss 13-A-1 | Describe the types of business risk 13-A-2 | Determine ways that small businesses protect themselves against loss 13-A-3 | Develop security and safety policies/procedures 13-A-4 | Understand the types of business insurance 13-A-5 | Develop strategies for legal/government compliance Benchmark 13-B. Explore Options Available to Protect Intellectual Property Rights 13-B-1 | Identify sources of legal advice and address ways to protect intellectual property rights H. Standard 14. Students will understand how to strategically manage a business. Benchmark 14-A. Develop and Implement a Business Plan 14-A-1 | Distinguish between a vision statement and a mission statement 14-A-2 | Write a vision statement and a mission statement 14-A-3 | Write clear goals and objectives 14-A-4 | Conduct a SWOT analysis 14-A-5 | Develop action plans 14-A-6 | Understand the functions of a business plan 14-A-7 | Understand how to re-evaluate a business plan 14-A-8 | Develop an exit or harvest strategy for a business