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COURSE OUTLINE

 

COURSE TITLE:                   Caribbean Business Environment

CODE:                                   MAN224

DURATION:                          1 Semester

CONTACT HOURS:              45

CREDITS:                              3

YEAR/ SEMESTER:              Year 2/Semester 2

PRE-REQUISITES:               None

 

RATIONALE

Entrepreneurs and managers in the Caribbean should have a thorough understanding of the highly competitive globalized environment in which they operate. This course focuses on the theoretical and practical aspects of business activities. It provides a framework to assist in more informed decision-making by individuals with emphasis on how the environment has created challenges and opportunities for business development.

 

COURSE DESCRIPTION

The course introduces students to different economic and social conditions which satisfy the definition of development; to interrelationships among social, cultural, political and economic factors in the development of the Caribbean region; and to key individuals and institutions which have shaped the region’s development. It will also introduce students to the role played by geography in shaping the society and culture of the Caribbean region as well as the historical evolution of Caribbean society, the cultural characteristics of the Caribbean people,  and the way in which Caribbean society and the culture influence and are influenced by societies and cultures outside the region.

 

GENERAL OBJECTIVES:

On completion of this course, student should be able to:

  1. Understand the factors which have shaped Caribbean society and culture.

  2. Appreciate how cultural traits evident throughout the region have resulted from Caribbean peoples’ experiences.

  3. Understand the common features which exist within Caribbean diversity.

  4. Understand the relevance of concepts encountered within the syllabus, to their own lives and to the lives of their communities.

  5. Understand the nature and scope of business and its role in society.

  6. Understand how different business organizations function.

  7. Appreciate the process of decision making and its impact on the environment.

  8. Become aware of how the global environment impacts businesses.

 

SUMMARY OF COURSE CONTENT:

Unit 1: Caribbean Culture and Society                                                                    3 hours

Unit 2: The Caribbean – Its History, Geography and People                                  6 hours

Unit 3: Caribbean-Global Interactions                                                                     3 hours

Unit 4: Issues in Caribbean Development                                                               6 hours

Unit 5: Globalisation and Development                                                                  6 hours

Unit 6: Intellectual Traditions                                                                                  3 hours

Unit 7: Caribbean Business Economies                                                                 3 hours

Unit 8: Business and its Environment                                                                     3 hours

Unit 9: Business and Economic System                                                                 3 hours

Unit 10: Caribbean Business Environment                                                             3 hours

Unit 11: Decision Making                                                                                        3 hours

Unit 12: Revision                                                                                                     3 hours

 

COURSE ACTIVITIES:

​

Unit 1: Caribbean Culture and Society                                                                     3 hours

​

  • Location and Definition of the Caribbean region

  • Characteristics of Society

  • Characteristics of Caribbean Society and Culture

     

    Learning Objectives

    At the end of the unit, students should be able to:

  1. Locate and define the Caribbean.

  2. Explain the terms ‘society’ and ‘culture’.

  3. Describe the characteristics features of Caribbean society and culture.

 

Unit 2: The Caribbean – Its History, Geography and People                                  6 hours

Content:

  • lmpact of Historical Process

  • lmpact of Geographical Phenomena

  • Impact of Societal Institutions

     

    Learning Objectives

    At the end of the unit, students should be able to:

  1. Analyse the impact of the historical process in Caribbean society and culture.

  2. Assess the impact of geographical process on Caribbean society and culture.

  3. Evaluate the ways in which societal institutions impact on their lives.

 

Unit 3: Caribbean-Global Interactions                                                                      3 hours

Content:

  • Influences of extra-regional societies on the Caribbean

  •   consumption pattern: goods and services

  •   creative expressions: festival, music, theatre arts, culinary practices

  •   education: impact of colonialism; the information age; language; curriculum reforms,

          for example, teaching of Caribbean studies in universities in the United Kingdom

  •   political influence:

  •   Mass Media

  •   Tourism

  • Caribbean influence on extra-regional countries

     

    Learning Objectives

    At the end of the unit, students should be able to:

  1. Analyse how the global community and Caribbean society impact on each other.

  2. Assess the influence that Caribbean countries have on others outside the region.

 

Unit 4: Issues in Caribbean Development                                                                  6 hours

Content:

  • Concepts of development: sustainable development, economic development

  • Indicators of development: levels of income, productivity, social and economic equalization,

        modern knowledge, improved institutions and attitudes, a rationally co-ordinated system of

        policy measures, environmental factors

  • Factors that promote or hinder development

    • Political ideologies; popular movement

    • Distribution of wealth; resources; income generation

    • Changing class boundaries

    • Definition of Caribbean experience and identity

    • Natural and man-made disasters

    • Impact of productive sector

    • Tourism (contribution and challenge)

 

Learning Objectives

At the end of the unit, students should be able to:

  1. Describe the concepts of development and the indicators used to measure development.

  2. Evaluate how development in the  region is influence by political, economic, social, cultural, environmental and technological factors.

  3. Assess the ways in which globalization affects development in the region.

  4. Explain the way in which the evolution of the integration movement in the Caribbean has influenced development in the region.

     

    Unit 5: Globalisation and Development                                                                     6 hours

    Content:

  • Definition and stages

  • Facilitators of globalisation: WTO, IMF, WB, transnational organizations, technology, trade, ideologies

  • Impact of and responses to globalisation

    • industry and commerce

    • distributional sector (supermarkets, department stores)

    • labour

    • technology

    • ideology

  • The integration movement in the Caribbean:

    • The evolution of :  federation, CARIFTA, CARICOM, OECS, ACS

    • Achievements and challenges of the following

  • Caribbean community (CARICOM)

  • University of the west indies (UWI)

  • Caribbean examination council (CXC)

  • west indies cricket board (WICB)

  • Caribbean tourism organization (CTO)

  • Caribbean single market and economy (CSME)

  • Regional security system (RSS)

  • Contributions of sport

    (i)   Generation of income

    (ii)  Health and fitness

    (iii) Educational opportunities

    (iv) Sense of Caribbean identity

    (v)  Discipline and morale

    (vi) Presence on the world scene

    (vii) Sport tourism

     

    Learning Objectives

    At the end of the unit, students should be able to:

  1. Explain the way in which the evolution of the integration movement in the Caribbean has influenced development in the region.

  2. Evaluate the importance of sport to the development of the region.

     

    Unit 6: Intellectual Traditions                                                                                    3 hours

    ​

    Content:

  • Objectives and impact of the following on regional intellectual traditions:

  • Pan Africanism

  • Negritude

    Industrialization by invitation

     

  • Marxism and neo-Marxism  

  • Caribbean perspectives on British Capitalism

  • Trends in Caribbean feminist thought

  • Indo- Caribbean thought

  • Indigenous perspectives

    • Roles and functions of the mass media

  • Provision of information about institutions, events and trends in individual countries, the region and the global community

  • Entertainment

  • Construction of national identity

  • Cultural imperialism

    • Social Justice

  • Knowledge of competing concepts of social justice, for example, recognition of

             natural rights, welfare and mutual advantage

  • Discrimination on the grounds of age, gender, ethnicity, race, or class

  • Indicators of development affected by breaches of social justice:

    1. levels of social and economic equalization

    2. productivity

    3. quality of life

       

      Learning Objectives

      At the end of the unit, students should be able to:

  1. Assess the significance of Caribbean thinking on regional development.

  2. Critically analysis factors that impact mass media’s contribution to the development of the region.

  3. Formulate reasoned responses to the issues of social justice within national communities.

 

Unit 7: Caribbean Business Economies                                                                     3 hours

Content:

  • Decision-making factors affecting ( information, resources, intellectual ability  of decision maker, biases, external and environment, culture)

  • technology and the decision- making process (models)

  • decision making and trade

  • stockholders expectations

  • trade theories and patterns

  • mercantilism including concept of protectionism

  • absolute advantage

  • comparative advantage

 

Learning Objectives

At the end of the unit, students should be able to:

  1. Apply concepts and indicators of development to given situations.

  2. Identify and assess the factors that promote or hinder development generally and in Jamaica.

  3. Assess the impact of globalization on development.

  4. Discuss various responses to development.

  5. Describe and assess various Caribbean initiatives to economic development.

     

    Unit 8: Business and its Environment                                                                        3 hours

     

    DEFINE THE FOLLOWING

    Content:

    • Types of business activity

    • Classification of economic activity; primary; secondary; territory

    • Private sector organisations

      1. sole-trader

      2. partnerships

      3. private limited company

      4. public limited company

      5. co-operative enterprises

      6. franchises

      7. joint ventures (legal element governing formation, financing and management)

    • Public Sector organisations

      1. public corporations

      2. statutory boards

         

    • Business Objectives

      1. The nature, role and important of objectives

      2. Short and long-term objectives

      3. Hierarchy of objectives: mission statement; aims; goal; operational objectives

      4. Business ethics and social responsibility

 

Learning Objectives

At the end of the unit, students should be able to:

  1. Distinguish among different types of business activity.

  2. Differentiate between public sector and private sector organisations.

  3. Explain the importance of setting business objectives

 

 

Unit 9: Business and Economic System                                                                      3 hours

​

  • Examination of the different economic systems: traditional (subsistence economy), planned, free market, mixed

  • Impact of economic systems on size and growth of business organisations

  • Criteria for measuring size and growth: output, labour, market, capital structure

  • Advantages and disadvantages of small firms versus large firms with respect to

    1. size and financial requirements

    2. the economies of scale (internal and external) and diseconomies

    3. strategies for growth

    4. management

    5. Multinationals: definition and examples; reasons for their growth globally and in the Caribbean;

             advantages and disadvantages of multinationals

       

      Learning Objectives

      At the end of the unit, students should be able to:

  1. Explain the relationship between business organisation and the economics system in which they operate.

  2. Explain the growth and significance of multinational corporations.

 

Unit 10: Caribbean Business Environment                                                                3 hours

​

 

Content:

  • Nature and structure of business organizations in the Caribbean

  • Culture of organizations, for example group behaviour (management and leadership style) values and norms

  • Impact of Trade Liberalisation and Globalisation

  1. The economy

  2. Government

  3. Consumer

  4. Business

     

    Learning Objectives

    At the end of the unit, students should be able to:

  1. Explain the nature and culture of the Caribbean business environment.

  2. Evaluate the impact of trade liberalisation and globalization on Caribbean business organizations.

  3. Explain the five main constraints that affect decision making in business organisation.

 

Unit 11: Decision Making      

       

                                                                        3 hours

Content:

  • Process of decision making

    • nature of decision making

    • essential features of information for decision making – accuracy, timeliness, relevance and cost effectiveness

  • Stages of decision making ( in relation to objectives)

    • definition of problem

    • data collection – importance and sources

    • analysis and evaluation

    • formulation of alternative strategies

    • implementation

    • evaluation  

  • Factors affecting decision making

    • government, political and legal

    • social and cultural

    • technological

    • economic

    • ecological

    • human constraints

  • Decision making tools

    • The advantage and disadvantages of the use of the following tools – CPA, decision trees, cost benefit analysis (calculations are required)

    • The significance of qualitative versus quantitative decision making

       

      Learning Objectives

      At the end of the unit, students should be able to:

  1. Describe the process involved in making decisions.

  2. Detail the stages of decision making.

  3. Explain the five main constraints that affect decision making in business organization.

  4. Evaluate different decision making tools for best practice.

     

    Unit 12: Revision                                                                                                        3 hours

     

    TEACHING STRATEGIES:

    Lectures

    Discussions

    Case studies

    Guest lectures

    Individual and group presentations

     

    ASSESSMENT:

    Coursework                                                    60%

    Class participation                   5%

    Homework assignment            10%

    Group presentation                  15%

    Individual project                    30%

    Examination                                                   40%

     

    PRESCRIBED TEXTS:

  • Hall, Kenneth (2008). Caribbean Community: The Struggle for Survival. Indiana: Trafford Publishing.

  • Hall, Kenneth (2013). Economic Transformation and Job Creation: The Caribbean Experience. Indiana: Trafford Publishing.

 

ADDITIONAL READINGS:

  • Baumol, William J. & Alan S. Blinder (2011). Economics: Principles and Policies (12th Ed.).

  • Benn, Dennis and Kenneth Hall (2008). Caribbean Community: Beyond Survival. Kingston: Ian Randle Publishers.

  • Bishop, Matthew Louis (2013). The Political Economy of Caribbean Development. Basingstoke: Palgrave Macmillan.

  • Ferguson, James (1990). Far from Paradise: Introduction to Caribbean Development. Latin American Bureau.

  • Planning Institute of Jamaica (2013). Economic and Social Survey. Kingston: Planning Institute of Jamaica.

 

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