This is the space which is dedicated to teaching and learning , It will allow for engagement and exchange of information regarding the new developments across all the faculties.

TEST OPTION

Purpose of this module

Every manager should have an understanding of the economy and how it impacts their organisation. Every management decision must take into account the external environmental factors, and the local and global economy forms an integral part of this environment.

 

This module is aimed at empowering you with an understanding of the basic principles of microeconomics and macroeconomics and how it applies to your own organisation. We also offer an introduction to the role of government in the South African economy and an overview of the monetary and fiscal structures and their responsibilities

Business Management 100 is a core module linked together with Human Resource Management (HRM 100), Statistical Methods (SMT 100), Financial Accounting (FNA 100), Economics (ENM 100), and Work-Based Challenge (WBC 100) to constitute a complete business program 

Integrating experiential learning into content courses builds skills, confidence, and expectations for students to participate in successful work experience. Experiential learning gives students the opportunity to practice and develop attitudes such as resilience, tenacity, curiosity and self-direction. BMG 100 will provide the student with the opportunity to reflect on the practical experience and be able to come up with the solutions to the problems confronting the work place environment.

On successful completion of this module you will be able to:

  • Understand the basic principles of economics;
  • Describe the relationship between business management and economics;
  • Explain the cause of inflation; 
  • Discuss economic indicators;
  • Understand and determine break-even analysis; 
  • Apply seasonal indexing;
  • Explain the monetary role of government; 
  • Describe the fiscal role of government;
  • Understand the principle of the balance of payments; and 
  • Describe the principles of truth and objectivity.

On successful completion of this section you will be able to
  • Describe the role of business in society.
  • Describe the business environment as it relates to the micro, market and macro environment.
  • Explain the internal structures and functions of an enterprise.


Basic economics principles

It is common practice to understand the economics and performance of the country and how its economy can impact companies. Comparing past trends and performance from other countries can assist companies in projecting and planning for the company needs and what may be the economic position in three to five years. You will be introduced to important concepts of scarcity, choice, opportunity cost, the production possibilities curve, macroeconomics and macroeconomics, including the principles of positive and normative economics.

Research the following terms:

➢          'Managerial economics'

➢          'Economic fallacies'





Conclusion

According to Botha and Musengi (2016), the organisational environment can be broadly described as the forces and conditions that make up the framework in which the organisation must survive and grow. Although some of these forces are not within the control of the organisation or its managers, they do influence the managers' ability to ensure growth and survival.


The nature of management 

What is Management? Although there have been many definitions of management over the years, the current definition of management is: 

‘Management is working with and through other people to accomplish the objectives of both the organisation and its members through a process of applying human, financial, physical and information resources in the achievement of an enterprise’s goals.’ (Robbins 2010). 


Management theories

The need for business enterprises to be managed more effectively and efficiently has become more important due to the changing nature of work and trade over time. Many writers, theorists and management practitioners have tried to improve efficiency by creating guidelines and approaches for managers and organisations. These contributions form the foundations of the four major approaches to management Contemporary management approaches build on previous ideas and concepts to create new approaches that are relevant to today's world.
Watch the following clip on YouTube:


Read the following article 'Exploring the role of popular management theories for Business Model Innovation research':

Insert Questionnaire

Managerial competencies and skills

Many skills are required to master the challenging nature of managerial work. The most important skills and competencies are those that allow managers to assist others in becoming more effective and productive in their work.

The critical skills of managers can be classified into three categories:

  • Technical or Operational
  • Human
  • Conceptual
Although all three skills are essential for managers, their relative importance tends to vary by level of managerial responsibility.

Watch the following clip 'Skills required for different levels of management':

Insert Video

Add Questionnaire

Today, managers in all organisations deal with unexpected events on a more frequent basis than in the past. Face-to-face contact is becoming more limited due to technological development and changing work-place dynamics. This place additional demands on managers.

Managerial competency is a skill that contributes to high performance in a managerial job. Existing and potential managers need to develop the following personal competencies for managerial success:

  • Leadership – ability to influence others to perform tasks
  • Self-objectivity – ability to evaluate oneself realistically
  • Analytical thinking – ability to interpret and explain patterns in information
  • Behavioural flexibility – ability to modify personal behaviour to reach a goal
  • Oral communication – ability to express ideas clearly in oral communication
  • Written communication – ability to express ideas clearly in writing
  • Personal impact – ability to create a good impression and instil confidence
  • Resistance to stress – ability to perform under pressure
  • Tolerance for uncertainty – ability to perform in ambiguous situations
Enter a questionnaire here

Conclusion

To effectively and efficiently carry out the work expected from managers, they need to be competent and develop specific cognitive, human and technical skills.
The various approaches to management provide guidelines to organisations to perform more efficiently and effectively.

The purpose of this module is to understand the concepts and practices of business management and apply these principles in an organisational context. 

On successful completion of this module you will be able to:
  • Describe the role of business in society.
  • Describe the business environment as it relates to the micro, market and macro environment.
  • Explain the internal structures and functions of an enterprise.
  • Discuss and apply the management functions and tasks.
  • Explain the basic components of financial accounting in a business you will need to make financial decisions.
  • Explain and apply basic marketing principles to a business.

The development of business and management.

The subject of business and management is an important and exciting one. Many different people, organisations and groups hold widely differing views on issues in this area. You are going to be taking an academic approach to the subject, and this needs to be reflected in your reading. You will learn about the workings of business organisations, how they function, and how they interact with the environment. The subject also includes how these business organisations are managed, including the strategies used to guide them and the decisions involved in the role of the manager (Timms, 2011). There is a vast array of material on business and management, which adds to the richness of this subject. The world of business can be complex system as it involves transforming resources into products and services that must meet the needs of people in exchange for a profit (Erasmus and Strydom, 2016). In sum business emphasises four different aspects: 
  •   Business involves human activitie
  •  It involves production - transforming resources into products and services
  •  It involves exchange It involves profit
  •  Major economic Systems

According to Botha and Musengi (2016), the economic system a country chooses, determines how the country organises its resources and what opportunity for business it provides. The economic system of a country also determines the way in which the needs and wants of the people are provided for. There are various economic systems utilised in the world, but the main systems are : 

The traditional economic system: 

People use resources available to them to produce what they need. Typically, they produce only enough for their own needs but sometimes they produce enough to trade, sell or barter. 

The market economic system (also known as the free market system or capitalism): 

A country's economic decisions are the result of individual decisions by buyers and sellers in the marketplace. There are no restrictions as to who may run a business, sell goods and services and who may trade or where they may trade. The essential principle of a free market economy is competition among businesses to sell the same or similar products/services to the same consumers. A perfectly free market system cannot really be found anywhere in the world. In South Africa, for example, we follow the basic principles of the free market system but the SA economy has a high degree of government intervention and control so can be referred to as a controlled free market system. 

The command economic system (also known as a communist economic system):  

The main decision maker is the government. No individual may independently decide to run any type of business. The government decides what goods and services need to be produced and then takes ownership. It is therefore based on central government control of every aspect of the economy. Examples include North Korea and Cuba. 

The mixed economic system (also known as a socialist system): The government controls the major sectors of the economy such as road building, electricity etc. The less important sectors that provide products/services, such as trade and the provision of consumer products, are left to entrepreneurs to provide. The state provides the infrastructure and social welfare benefits to all the population. 




Business and the environment 

The organisational environment in which a business operates is the world outside the business as well as inside the business. As no business operates in isolation, the interaction between these parts affects the success of the business. 

Read the article 'The Organizational Environment: From Continuity to Dynamism': 

Note: please make use of the following in order for you to understand the unit thorough, you have been provided with all the neccesary information.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.





Da Vinci Video SessionsDa Vinci academic video sessions

This is the portal for the Da Vinci facilitators. Here we will share literature that may interest and help develop our facilitators.

The course looks at the essential information you need to know when setting up a course in Moodle.