Louisiana Administrative Code › Title 28 - EDUCATION › Part CXLIII - Bulletin 128-Entrepreneurship Content Standards › Chapter 3 - Strands, Standards, Benchmarks, and Objective › Section CXLIII-305 - Strand Three: Business Functions

Current through Register Vol. 50, No. 6, June 20, 2024
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
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  17:6(A)(10).