Business Studies Grade 11 Workbook

Studying Business Grade 11 Skeleton Summary Book This book is to be used in conjunction with the Studying Business Grade 11 Textbook

Séan Topper | Lisa Akerman |Yvette Russell | José Oliveira Cathlyn Dracatos | Sumari Purdon

PTY LTD

Powered by Media Works

PTY LTD

Grade 11

Skeleton Summary Book This book is to be used in conjunction with the Studying Business Grade 11 Textbook

Yvette Russell Lisa Akerman Séan Topper José Oliveira Cathlyn Dracatos Sumari Purdon

Skeleton Summary Book

PTY LTD

Published by: Excom Publishers (Pty) Ltd Registration Number: 2017/328968/07 Enquiries: orders@excompublishers.co.za www.excompublishers.co.za Cell: 083 785 7813

Version 3.2.1

Design: Annalene Rautenbach info@annalene.com

Print: Ingwe Output Management Services (Pty) Ltd www.ingweoms.co.za

Powered by: Media Works 011 209 0900 www.mediaworks.co.za

© 2020 Excom Publishers [Pty] Ltd All rights reserved Apart from any fair dealing for the purpose of research, criticism or review as permitted in terms of the Copyright Act, no part of this publication may be reproduced, distributed, or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage and retrieval system without prior written permission from the publisher.

The publisher has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

There are instances where we have been unable to trace or contact the copyright holder. If notified, the publisher will be pleased to rectify any errors or omissions at the earliest opportunity.

NOTE: Use of pronouns: Any gender shall include the other gender, and the singular shall include the plural and vice versa.

© 2020 Excom Publishers

iii

Chapter 1

Skeleton Summary Book

PTY LTD

Introduction

............................................................................................................................................ iv

Chapter 1

Teamwork, Conflict, Stress, Crisis and Change Management.............................................1

Chapter 2

Professionalism and Ethics................................................................................................20

Chapter 3

Corporate Social Responsibility.........................................................................................28

Chapter 4

Creativity and Problem Solving..........................................................................................38

Chapter 5

Business Environments and Sectors..................................................................................46

Chapter 6

The Entrepreneur as Leader and Manager........................................................................57

Chapter 7

Forms of Ownership...........................................................................................................81

Chapter 8

Marketing Function.............................................................................................................96

Chapter 9

Risk, Financial, Public Relations and Human Resource Management............................123

Chapter 10

Acquiring Business...........................................................................................................152

Chapter 11

Business Related Information..........................................................................................158

This is a talking textbook! ‘Bubbles’ are located throughout the book, which provide QR codes that can be scanned to give you more information and additional examples.

Simply download a free QR reader onto your smartphone or device, or click on the active links in the eBook versions to access these 60-90 second interactive lessons, which will help you revise or catch up on missed concepts!

© 2020 Excom Publishers

Introducing Bubbles

iv

Chapter 1

Skeleton Summary Book

PTY LTD

Introduction Welcome to the Skeleton Summary Book!

Why a Summary Book? With the new NCS curriculum and the added pressures of Portfolio and skillsbased work in the classroom, teaching time is at a premium. In Grade 11 many teachers try to complete the Grade 11 Curriculum, as well as start with the Grade 12 work. There are also many other aspects that detract from class-time such as exams, orals, sport, extra-murals and other commitments.

With the increased pressures of online teaching on a full-time or part-time basis, learners have to take more responsibility for their own work and this Skeleton Summary Workbook provides a suitable tool to ensure that all the necessary work is covered.

The Skeleton Summary Book, which is complementary to the Studying Business Grade 11 textbook and follows the same format and headings, can be used in one of two ways: 1.

Taking keyword notes in class, OR

2.

As a revision tool for those learners who prefer to take more detailed notes, or notes in their own format in class. These learners can use the Skeleton Summary Book to test themselves whilst studying for tests and exams.

The Skeleton Summary Book, is therefore a handy tool with the following advantages: ○ Provides learners with a complete framework covering all areas of the curriculum. ○ It enables learners to make key-word summaries during class. ○ For learners who are absent, it gives a concise summary of exactly what they need to catch up. ○ For visual learners, it creates an image of the main points in the chapter. ○ F or learners who encounter difficulties academically or with the volume of content, it structures the main headings to focus them on the crux of the chapter without getting lost in detail. ○ Mind maps can be used either at the start, or end of a chapter to capture the most salient points. ○ L earners are forced to work through the detailed content in order to fill in the summary or draw up the mind map. ○ A detailed curriculum is neatly summarised into a quarter of the total detail without losing any of the main factors or focus. ○ A n excellent resource (in their own word summaries) to use in preparing for examinations and tests.

Time constraints make it difficult for learners to "relearn" the formal textbook before an exam and this book provides a solution. ○ T he Skeleton Summary Book can be used as a quick resource to recap on important concepts during the Grade 12 year for concepts that follow through.

We trust that this tool will make life easier for Educators and Learners alike!

© 2020 Excom Publishers

v

Chapter 1

Skeleton Summary Book

PTY LTD

Dear Learner We hope that the Studying Business Skeleton Summary Book will assist you in your studies. When using the Workbook you have to keep the following in mind: 1.

When studying, you have to revise your work several times before a test or exam. The more you revise it, the better you will be able to remember the content. Every chapter starts with a mind map. Use and abuse the mind map; make it your own! The mind map is there to assist you to get to know the work. Use it as a starting point for your studies. Once you know the content, it will be easier for you to apply it to case studies in tests, assignments and exams.

If you do not have a study method that works for you, try to make use of the SQ3R method.

S

Study

Q

Questions

R

Read

R

Re-call

R

Revise

Study your work by making mind maps and summaries.

Quiz yourself by asking questions. (You can use the headings in the mind maps to quiz yourself) Read through the work again so that you can re-enforce the content you are unsure of.

Re-call what you have studied…

Revise the work again by going over summaries and mind maps.

2.

Pay attention to the checklist at the end of each chapter. The content listed in the checklist is a guideline for what you need to concentrate on for each chapter. Identify the KEYWORDS and use it as a checklist to test yourself when preparing for tests and examinations.

3.

Work through past exam papers to familiarise yourself with the style of questioning used by the examining panel. If you cannot answer a question, go back to the section of work covered in your textbook and then attempt the question again.

© 2020 Excom Publishers

vi

PTY LTD

Chapter 1

Teamwork, Conflict, Stress, Crisis and Change Management

Section A: Teamwork and Conflict Management 1. Problems in Teamwork

2. Types of teams 2.1 Informal

2.2 Formal

3. Team Roles 7. Conflict Management

4. Team Processes

Teamwork and Conflict Management 6. Project Management 5. Team dynamics

© 2020 Excom Publishers

1

Chapter 1

Skeleton Summary Book

PTY LTD

1. Problems in teamwork 1.1 Introduction

1.2 Problems experienced in teams

1.3 Establishing effective teams

© 2020 Excom Publishers

2

Chapter 1

Skeleton Summary Book

PTY LTD

2. Types of teams 2.1 Informal teams Definition Informal and formal teams

Advantages ○ ○ ○ ○

2.2 Formal teams Definition

Formal teams achieve outcomes such as ○ ○ ○ ○ ○ Benefits (Advantages) ○ ○ ○ ○ ○ ○

© 2020 Excom Publishers

3

Chapter 1

Skeleton Summary Book

PTY LTD

3. Team Roles Aspects to be considered when allocating roles ○ ○ ○ ○ ○ ○ Team roles ○ ○ ○ ○ ○ ○ ○

4. Team processes ○ ○ ○ ○ ○ ¾

¾

Team Processes

5. Team dynamics

© 2020 Excom Publishers

4

Chapter 1

Skeleton Summary Book

PTY LTD

Problems that may arise ○ ○ ○ ○ ○ ○ ○ ○

5.1 Team attitude/spirit

5.2 Team briefing Briefing should adhere to some of the following criteria ○ ○ ○ ○

Team Briefing

○ ○ ○ ○ ○ ○

© 2020 Excom Publishers

5

Chapter 1

Skeleton Summary Book

PTY LTD

5.3 Team synergy

Synergy

5.4 Team dynamics in practice

Problem of a weak link in the team can arise in two ways ○

○

5.5 Team Dynamics Theories

○ ○ ○ ○

© 2020 Excom Publishers

6

Chapter 1

Skeleton Summary Book

PTY LTD

5.5.1 Belbin Team Roles Resource Investigator

Teamworker

Co-ordinator

Plant

Monitor Evaluator

Specialist

Shaper

Implementer

Completer Finisher

5.5.2 Group Consensus

5.5.3 Jungian Theory

© 2020 Excom Publishers

7

Chapter 1

Skeleton Summary Book

PTY LTD

5.5.4 MTR-I Approach

MTR-I is based on the premise that three aspects should be considered ○ ○ ○ 5.5.5 Margerison-McCann profiles

6. Project Management 6.1 The Project Manager

○

Project Management

○ ○ ○ ○ Roles of the Project Manager

© 2020 Excom Publishers

8

Chapter 1

Skeleton Summary Book

PTY LTD

6.2 The Project Life Cycle

6.3 Project Charter

Project Charter a. Project Charter has the following sections y Purpose Statement

y Scope Statement

y Project Creep

y Project Outcomes

y Environmental scanning

y Budgets

y Chain of Command

y Precautions, Assumptions and Risk

© 2020 Excom Publishers

9

Chapter 1

Skeleton Summary Book

PTY LTD

7. Conflict Management

Conflict Management

7.1 Causes of Conflict in business ○ ○ ○ ○ ○

7.2 The Management of Conflict

Negotiation

Conflict Resolution Steps

Conciliation

Mediation

Arbitration

CCMA

© 2020 Excom Publishers

10

Chapter 1

Skeleton Summary Book

PTY LTD

7.3 Conflict Management and Team Dynamics

Checklist: You should be able to: ; U nderstand and explain team dynamic theory and use it in specific businessrelated case studies. ; Understand team synergy and explain the relevance thereof. ; E xplain how and why conflict management is important in a business environment.

© 2020 Excom Publishers

11

Chapter 1

Skeleton Summary Book

PTY LTD

Section B: Stress, Crisis and Change Management

1.1. What is stress?

1. Stress Management

1.2. Types of stress

1.5 Stress management in the business world

1.3. What causes stress?

1.4. How to cope with stress?

2.1. What is a crisis?

2. Crisis Management

2.3 Crisis management in the business world

2.2. Stages of a crisis

3.3 Change management in the business world

3.1. What is change management?

3. Change Management 3.2. Resistance to change

© 2020 Excom Publishers

12

Chapter 1

Skeleton Summary Book

PTY LTD

1. Stress Management 1.1 What is stress?

Stress Management

Five Facts

1.2 Types of stress Dysfunctional

Functional

1.3 What causes stress? ○ ○ Two of the greatest causes in our modern day ○ ○ © 2020 Excom Publishers

13

Chapter 1

Skeleton Summary Book

PTY LTD

1.4 How to cope with stress…

Two types of people in the world

Short-term stress management techniques ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ Long-term stress management techniques ○ ○ ○ ○ ○ ○

1.5 Stress management in the business world

© 2020 Excom Publishers

14

Chapter 1

Skeleton Summary Book

PTY LTD

2. Crisis Management 2.1 What is a crisis?

Crisis Management A crisis may arise from any of the following issues ○ ○ ○ ○

2.2 Stages of a crisis 2.2.1 Pre-crisis

2.2.2 Mid-crisis

2.2.3 Post-crisis

Some ways to move forward ○ ○ ○

© 2020 Excom Publishers

15

Chapter 1

Skeleton Summary Book

PTY LTD

2.3 Crisis management in the business world Micro environment

Change Management

Market environment

Macro environment

3. Change Management 3.1 What is Change Management?

Change can occur in two ways ○ ○ Managing change

© 2020 Excom Publishers

16

Chapter 1

Skeleton Summary Book

PTY LTD

3.2 Resistance to change

Change management steps C H A N G E

3.3 Change management in the business world

Micro environment

Market environment

Macro environment

© 2020 Excom Publishers

17

POWERED BY

WORKS IA ED M

PTY LTD YOUR VISION IS OUR MISSION

Studying Business for Grade 11 The Grade 11 Studying Business book reinforces the concepts used in the FET themes and provides the correct focus for matric preparation. It also equips young business-minded people with the commercial and professional principles required in real life contexts, using both local and international business scenarios.

This Skeleton Summary Book can be used in conjunction with the Grade 11 textbook, enabling learners to both make their own notes in class, and use as a study aid when preparing for tests and examinations. The workbook also includes mind-maps which can be completed to summarise each chapter.

Online learning has become more important than ever, and these workbooks are the ideal tool for learners to manage their learning and ensure they cover essential theory.

The framework format is based on the short questions learners can expect in examinations and allows them to plan their answers to fit the available space.

Bubbles Inside

PTY LTD

Research

‘Bubbles’ are short, interactive online lessons that allow learners to revise concepts and get additional examples and explanations. Simply scan the QR codes or click on the active links in the eBook version.

Bubbles are very useful for revising basic concepts and invaluable for learners who are studying online.

Life Orientation

PTY LTD

PTY LTD

www.excompublishers.co.za

PTY LTD

PTY LTD

Introducing Bubbles