Advertising, ACL, ACCC, warrenties etc. Flashcards
What is bait advertising?
Advertising a product at a special price without enough stock, misleading consumers. The idea behind this it to lure customers to a store and then supply them with lower quality or higher priced alternatives.
What are warranties?
Voluntary promises by manufacturers/sellers offering additional protection beyond ACL guarantees.
When is a consumer entitled to a refund?
If a product is faulty or does not meet guarantees.
What happens with a minor fault?
The seller can repair it within a reasonable timeframe. If delayed, a refund or replacement may be sought.
What happens with a major fault?
Consumer can get a refund, replacement, or compensation.
What are the three levels of management?
Top, Middle, and Frontline.
What is the role of top management?
Acts as a figurehead, leads directors, and implements business strategy.
What is the role of middle management?
Manages teams, implements company policy daily.
What is the role of frontline employees?
Work directly with the product, achieving set targets.
What is an organisational structure?
Defines how activities and responsibilities are allocated in a business.
What are the four types of organisational structures?
Functional, Product, Divisional, Team-based.
What is chain of command?
The line of authority that defines reporting relationships within an organisation.
What is span of control?
The number of subordinates directly managed by a supervisor.
What is delegation?
Assigning authority and responsibility from a manager to subordinates.
What is a functional structure?
A business structure where departments are based on specific functions (e.g., marketing, finance).
What are the advantages of a functional structure?
Efficiency, expertise, clear chain of command.
What are the disadvantages of a functional structure?
Limited communication between departments, slow adaptability.
What is a divisional structure?
Business is divided into semi-autonomous divisions based on geography, products, or customers.
What are the advantages of a divisional structure?
Specialisation, faster decision-making, more flexibility.
What are the disadvantages of a divisional structure?
Duplication of resources, higher costs.
What is a team-based structure?
Employees are grouped into cross-functional teams working collaboratively.
What are the advantages of a team-based structure?
Encourages innovation, better communication, employee engagement.
What are the disadvantages of a team-based structure?
Inefficiency if roles are unclear, slow decision-making.
What is a product-based structure?
A structure where a business is organised around different product lines.
