module specification

FE4255 - Understanding the Business and Economic Environment: The Business of Music (2024/25)

Module specification Module approved to run in 2024/25
Module title Understanding the Business and Economic Environment: The Business of Music
Module level Certificate (04)
Credit rating for module 15
School Guildhall School of Business and Law
Total study hours 150
 
36 hours Scheduled learning & teaching activities
9 hours Assessment Preparation / Delivery
105 hours Guided independent study
Assessment components
Type Weighting Qualifying mark Description
Coursework 100%   Individual Report (1500 words)
Running in 2024/25

(Please note that module timeslots are subject to change)
Period Campus Day Time Module Leader
Spring semester North Monday Morning

Module summary

The focus of this module is to equip students to understand organisations in contexts past, present and future, and enable them to analyse the macro, micro, internal and external business and economic environments in which they operate. An understanding of the environments will facilitate the interpretation of situations and enable decisions that add value for businesses. The focus of the module is on the external and internal influences on organizations and the effect these have on business practices.

The module is designed to be used by Level 4 undergraduate students on a range of programmes. Examples, illustrations and case studies will be drawn from chosen industry sectors such as advertising, aviation, events, finance, marketing, music, transport, tourism, and applied to reinforce basic concepts. This will enhance the ability of students to understand particular business problems and aspects of the business and economic environment. Topics and case studies will cover business issues that are contemporary and relevant to the real world.

Prior learning requirements

N/A

Syllabus

Generic Lecture Syllabus
(followed underneath by indicative seminar syllabus)

Understanding the Business Environment

· The business organisation, its stakeholders and the micro, macro, internal and external environment; the purpose and types of business organisation; stakeholders in business organisations LO1

· The PESTLE framework including political and legal factors; social and demographic factors; technological factors; environmental factors LO2

· Researching mainstream well-known business organisations and the business environment in which they operate LO2

Understanding the Economic Environment

· Microeconomic factors that affect the business environment: Demand and supply analysis, markets and concepts of elasticity; Production and costs; Revenues and profitability; Competitive environment and market structures LO3

· Macroeconomic factors that affect the business environment: Aggregate demand and aggregate supply; Economic growth and business cycles, inflation, exchange rates, international trade LO3

· Researching mainstream well-known business organisations and the economic environment in which they operate LO4

Indicative seminar topics include:

Introduction to the business of music, its diversity and ubiquity

Structure and current state of the industry

Music industry research: defining music business themes, concepts and issues; leisure and the experience economy; live events and event stakeholders; the business of music, the music industry environment and key analytical tools; impacts generated by activities and development in the music business sector.

Balance of independent study and scheduled teaching activity

Delivery of the module will consist of 2-hour lectures and 1-hour seminars. The module will be student centred. Students will be encouraged to research economic issues from a variety of sources in addition to module materials including newspapers, textbooks and on-line sources to identify aspects relevant to their areas of study.

Lectures will provide the opportunity for the whole class to come together and to interact with the lecturer who will provide the basic business and economics-related theoretical frameworks and present a set of examples and real-world cases. These should help students understand the key concepts and ideas used for business and economic analysis. Lecture notes and other resources will be made available to students on the virtual learning platform. The teaching and learning activities in the seminar session will be structured along the principles of problem-based learning. The sessions will have a student-centred focus with the students asked to drive their own learning with the support, assistance and encouragement of the teaching team.

The module's teaching, learning and assessment activities have been designed with the aim of developing the following set of skills: academic reading (textbooks, newspapers, websites, economic/business reports), researching (identifying relevant material, evaluating sources, awareness of appropriate methodologies), analysing and interpreting data, presenting data, academic writing (report, short tasks, referencing), note-making, communicating/presenting, critical thinking, problem solving, self-assessment and reflection, interpersonal (working with others), IT skills development, and creativity.

This module is designed to have distinct industry-specific seminars.  The applied approach into the Business and Economic Environment includes topical case studies, examples from industry etc. which are designed to inspire through practice.  Seminars will be run along contextualised lines, e.g., advertising, aviation, events, finance, marketing, music, transport, tourism and other businesses.

Learning outcomes

On successful completion of the module, students will be able to:

1. Describe the business context of firms, and the business environment in which they operate
2. Research well-known organisations and apply business principles and analysis within the music industry
3. Identify the economic context of firms and the economic environment in which they operate
4. research well-known organisations and apply economic principles and analysis within the music industry

Bibliography

Books

Core Texts:
Sloman, J., Garratt, D., Guest, J., & Jones, E. (2019) Economics for Business. 8th edition. Harlow, United Kingdom: Pearson Education Limited.

Worthington, I. and Briton, C. (2018) The Business Environment: A Global Perspective 8th edn, London: FT/Prentice Hall.

Other Texts:
Sloman, J., Guest, J. and Garratt, D. (2018) Economics. 10th edition, Pearson Education Limited.

Wetherly, P. and Otter, D. (2018) The Business Environment: Themes and Issues in a Globalizing World, 7th edn, UK: Oxford.

Journals
European Research on Management and Business Economics.
Harvard Business Review.
International Journal of Management and Economics. 

Websites
www.bankofengland.co.uk
www.bbc.co.uk
www.ft.com
www.theguardian.com/uk/business
www.independent.co.uk/news/business/news
www.stats.gov.uk
www.studyingeconomics.ac.uk
www.uk.reuters.com/business

Electronic Databases:
Academic Search Complete – Business Source Ultimate – FAME (UK Companies) – Mintel