Complete WAEC Syllabus for Business Management 2023, Text Books, and Topics

You must study the WAEC Business Management syllabus in order to take the test. It includes the goals and benchmarks, study materials, and structure for the Business Management exam.

You must study the Business Management curriculum in order to be prepared for the exam. You can use it as a guide to help you decide which topics to read about. Additionally, there are notes on ideas that you ought to learn carefully.

Exam preparation without reference to the Business Management Works syllabus is equivalent to visiting a farm without your farm equipment. You won’t be effective in the end.

Make sure to use the syllabus when you start your exam preparations.

The West African Examination Council’s Business Management syllabus and suggested textbooks are included in this article (WAEC).

If you have any questions, please ask them in the comment area. I look forward to hearing from you.

WAEC Business Management

The senior school level business management course incorporates concepts and tasks from the primary functional areas of business management. It also discusses entrepreneurship, the legal environment of business, information technology, globalization, and economic integration.

Aims

As a result, the examination aims to gauge candidates’

• understanding and appreciation of the basic concepts, principles and practices of     business management;
• understanding of the role of business management in an economy;
• ability to relate the concepts and principles of business management to practical business situations.
• ability to pursue further studies in business management.

Scheme of Examination

The two papers, Paper 1 and Paper 2, will each be taken separately and together they will make up a composite paper.

Paper 1 will include fifty mandatory multiple-choice objective questions covering the whole curriculum and will be worth 30 marks. It will go for an hour.

Paper 2 will have a case study question that is required as well as seven additional essay questions that applicants must choose three from.

The case study will be between 200 and 250 words long and worth 25 points, while each of the other questions will be worth exactly 15 points. There will be a total of 70 marks awarded for the paper.

WAEC Business Management Syllabus

Nature of Management

1. Meaning and Process of Management
2. Forms of Business Organization
3. Business and Society

Functions of Management

1. Planning and Decision Making
2. Organizing
3. Directing
4. Controlling

Management Information Technology

1. Concept of ICT
2. Data and information, meaning, differences; and sources of business information
3. Functions of the computer
4. Applications of computers in Business
5. Advantages and challenges of the use of Computers in business

Legal Environment of Business

1. Law of Contract
2. Principles of Agency
3. Negotiable Instruments

Finance and Financial Institutions

1. Money
2. Banking
3. Risk Management and Insurance
4. Stock Exchange

Role of Government in the Economy

1. Role  of government in an economy
2. Sources and types of government revenue
3. Purpose of taxation
4. Types of taxes and challenges of tax collection
5. Types and items of government Expenditure

International Trade

1. Meaning of trade
2. Difference between domestic and international trade
3. Documents used in domestic and international trade
4. Reasons for international trade
5. Theories of absolute cost and comparative cost  advantage
6. Restrictions in International trade
7. Balance of Payments (BOP) and measures for correcting BOP deficit
8. Challenges of developing  economies in relation to international trade
9. Ways of improving Developing Economies by Government
10. Role of the following  institutions in international trade: International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), United Nations
11. Conference on Trade and Development (UNCTAD)

Globalization and Economic Integration

1. Meaning and causes of globalization
2. Advantages and disadvantages of  Globalization
3. Meaning of economic integration
4. Roles of the following in economic integration: Economic Community of West African States (ECOWAS), African Union (AU), European Union (EU), and Pan African European Pacific Countries Association of South and Eastern Asian Nations (ASEAN).

Functional Management

1. Meaning of human resource management
2. Functions of human resource management
3. Steps in the recruitment and selection process
4. Sources of recruitment
5. Types of training;
6. Job Analysis (job description and job specification)
7. Performance appraisal – meaning and importance
8. Meaning of labour relations, trade Unions and industrial relations.
9. Functions of Trade Unions
10. Employers’ Association: Meaning and functions.
11. Collective bargaining-process importance and rights of parties involved.

Fundamentals of Production Management

1. Meaning of production and production Management.
2. 1. Forms of Production – extractive, manufacturing, construction, commercial and personal services
   2. Factors of production
   3. Meaning of specialization and exchange
   4. Advantages and disadvantages of specialization
   5. Types of the production process – job, batch, flow
   6. Steps in production planning and Control

   Principles of Marketing

   1. Meaning of Marketing: Meaning and activities.
   2. Market segmentation: Meaning and bases.
   3. Elements of the marketing mix (product, price, promotion and place)
   4. Steps in new product development
   5. Stages of the product life cycle (introduction, growth, maturity and decline)
   6. Functions of packaging and uses of branding
   7. Factors affecting pricing and pricing objectives
   8. Promotion: Meaning, importance and types
   9. Channels of distribution 9.4.10 Functions of wholesalers and retailers e-commerce:  Meaning and importance.
   10. Meaning of Business Finance.
   11. Short-term and long-term sources of finance
   12. Government lending programmes; Venture capital fund

Entrepreneurship and Small Business

1. Meaning of entrepreneurship
2. Role of entrepreneurs
3. Characteristics of an entrepreneur
4. Content of business plan
5. Reasons for business successes and failures
6. Record Keeping: Meaning, importance and types.
7. Time Management: Meaning, importance and techniques.
8. Small businesses: Meaning and categories
9. Procedures in the formation of small businesses
10. Importance of small businesses in the economy
11. Challenges of small businesses
12. Role of government in promoting small businesses
13. Ways of sustaining an established business

Recommended Textbooks

• Ansah, J.K.                                         Wilas Press Ltd                      Introduction to            Business                                                                                  Management
• Attieku, B, Marfo-Yiadom, E             Smartline Limited                   Business
• Dorkey, T and Tekyi, K.                                                                     Management
• Boachie-Mensah, F.O                         Woeli Publishing                    Essentials of
• Services                                   Management
• Browne, D., Barass, M.,                     Heinemann Education            Business
• W., Dransfield, R and                         Publishers                                Studies
• Needham D.                                                                                       for AS Level
• Buckley, M. Brindley, B
• and Greenwood, M.S,                        Longman Group                       Business Studies
• Callaghan, P (ed).                               Sunderhid Tyre and                Business
•                                                             Wear                                       Advanced                                                                                                       Level
• Carysforth, C and Neild, M                 Heinemann Education           Intermediat
•                                                              Publishers                               Business
• Danks, S.                                             DP Publication                        Advanced                                                                                Business
•                                                                                                             Studies
• Du Toit, G S, Erasmus, B G,              Oxford University                   Introduction to
•  and Strydom, J W,                             Press South Africa                  Business
• Management
• Fardon, M. (ed)                                   Osborne Books                       Business Studies,
•                                                             Limited
• Needham, D. and Dransfield, R          Stanley Thornes                      Business Studies,
• Needle, D                                            International Thomson            Business in
•                                                             Business Press                         Context
• Nickels, W.G McHugh,                       Irwin McGraw-Hill                Understanding
• J.M And McHugh, S.M.                                                                     Business
• Marfo-Yiadom, E                               Excellent Printing &               Introduction to
•                                                             Publishing                               Business
• Redmond, PWD                                 Pitman Publishing Ltd            Mercantile Law