Hello, and welcome to the IGCSE blog saga. In this IGCSE Part 5, we will be discussing one of the most rewarding IGCSE subjects that are renowned for its pragmatic application for higher level education and its preparatory for students to enter the workforce: The Business Studies.
In the world where people replace their conventional grocery shopping at the store with online shopping at-home delivery service, where some people trade cryptocurrencies instead of stocks, and where jobs are made redundant with AI – we’ve got to accept that we need to stay ahead of the game in order to be a valuable citizen of the digital era. Everything you touch or encounter is a product of a business, it’s the world of capitalism. The question is “how” do you keep up with the swift revolution of business? Well, you don’t keep up with them, you “become” one of them. In this blog, we’ve compiled the benefits of studying IGCSE Business Studies for those of you future business people. Let’s jump right into it ?
- You will develop influential communication skills
In the first year, students will learn about the components that construct a business such as types of organisations, the difference of business and stakeholder objectives, and people in business. Students will learn about effective internal and external communication in an organisation, recognise the drawbacks of ineffective communication and how it happens. However, as per the IGCSE style, students are not learning passively. They will be constructing their own recommendations and justifications of appropriate methods of communication in a context-based scenario, suggesting methods to minimise communication barriers and misunderstandings that might occur. The key learnings will prompt students with the ability to respond to conversations in a diplomatic way and essentially know how to prove their point.
- You will know marketing, and marketing is everything
Both offline and online businesses need strong marketing strategies to flourish. Businesses, small or large scale, have increasingly realised the positive impacts that marketing can deliver. Marketing is slightly different from other business functions in the sense that it seeks to interpret everything in terms of customers’ interests and execute all the business activities to lure and appeal to the target market. You might not realise how marketing could be of great use and how it actually perpetuates everything around us. For instance, as a university applicant, you need to market your grades, skills, and experience to appeal to your audience (the university). As a youtuber, you need to create content that interests your audience, otherwise you won’t get any views. As a politician, you need to market your policies to solve the social problems that concern the public, otherwise you’d get no supporters. Making other people believe in your idea is not an easy task. Taking IGCSE Business Studies will nurture you with the basics you need to successfully understand your audience and creatively appeal to them. You will also learn all the concepts of marketing that lays a foundation for future advanced studies such as niche and mass marketing, market segmentation, market research, and the marketing mix. All these concepts will come in handy when you find yourself sitting in Marketing 101 at one of the world’s top business schools thinking “Wait, I’ve learned this before!”
- You will know business from backend to frontend
Have you ever wondered how Apple produces their products and how Nike can control their production plant from halfway across the world? If you’re the kind of person who’s curious about these matters, then Business Studies should be one of your selected subjects. You’ll get a grasp of Operation Management – the functional area of production and quality control, the behind-the-scenes of all consumer products. You’ll get to know deeper concepts concerning the efficiency of the production process such as different costs of production and break-even analysis which are taught and thoroughly assessed in the syllabus. Moreover, you will also attain the concept of location in the business context such as factors influencing the business location and factors relevant to the location decision of manufacturing businesses and service businesses. Although production might seem like something irrelevant for now, however, if you’re pursuing a degree in business then these concepts will undoubtedly make your life much easier in the future!
- You will not fall short when you know Finance and Accounting
All businesses and even individuals like us need a well-managed income stream that is balanced with the right amount of expenses to flourish, that’s undeniable. In the 2nd year of IGCSE Business Studies, students will develop one of the most crucial skills in running a venture – Financial Management. By the end of the course, you will develop knowledge in various areas such as cash flow forecast, ways to overcome short-term cash-flow problems, applications of income statement, interpretation of financial position, and analysis of accounts. Being equipped with the knowledge, you’ll have a good groundwork to build on other specialised skills in higher education.
Not only does IGCSE Business Studies cover all the essential principles that you need to know about different business functions, it also empowers the entrepreneur soul in you. Throughout the course, you’ll develop aptitudes in creativity, innovation, management, and execution strategy – all of which comprise a successful entrepreneur and a well-rounded business person. Most importantly, you’ll be enriched with applicable skills for every sector of economy that you’ll be working in, as every company is a business itself. You’ll unquestionably be welcomed by prestigious universities and world class companies ?
Attaining high grades is a result of working hard and working smart. With The Planner Education, you can be confident that we will help you accomplish the grades that you wish for. You’ll have access to unlimited relevant past papers and the most updated IGCSE exam preparation materials to provide you with the basics and techniques that you need to pass the IGCSE exams with exceptional results.
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