La. Admin. Code tit. 28 § CXLIII-305

Current through Register Vol. 50, No. 9, September 20, 2024

Section 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

La. Admin. Code tit. 28, § CXLIII-305

Promulgated by the Board of Elementary and Secondary Education, LR 34:1380 (July 2008).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).