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Business Management Unit 2 > AOS1 > Flashcards

AOS1 Flashcards

1
Q

What are the different types of businesses?

A
  • Sole Trader.
  • Partnership.
  • Public Company.
  • Private Company.
  • Franchise.
  • Social Enterprise.
  • Government Business Enterprise.
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2
Q

Sole trader.

A

Self employed person, who owns and runs a business alone; as an individual.

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3
Q

Partnership.

A

2-20 people going into business together, can be general or limited.

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4
Q

Public company.

A

Listed on the stock exchange, meaning the public can buy shares to invest in the company, have UNLIMITED shareholders.

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5
Q

Private Company.

A

Must have no more than 50 shareholders. Not listed on stock exchange therefore it doesn’t usually sell its shares to the public.

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6
Q

Franchise.

A

Granted the right to distribute a manufacturer’s product within a specified territory or location, generally using the manufacturer’s identity name or trademark.

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7
Q

Social Enterprise.

A

Businesses that trade intentionally tackle social problems and improve communities. It is driven by a public/community cause.

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8
Q

Government Business Enterprise.

A

Features of both private and public sectors. They engage in profit-seeking commercial activities. They are required to execute government policies. Controlled by the government.

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9
Q

Key legal requirements.

A
  • Registering a business name.
  • Registering a website domain.
  • Trade practice legislation.
  • Business Tax compliance.
  • Worksafe Insurance.
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10
Q

External Professionals.

A
  • Bookkeepers.
  • Sales professionals.
  • Marketing Consultants.
  • IT technicians.
  • Accountant.
  • Lawyers.
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11
Q

What is the role of external professionals?

A

When establishing a business, the owner can engage the services of a variety of professionals external to the business.

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12
Q

Importance of functional control systems.

A

Providing accurate information this is needed for effective decision making process etc.

  • Opening and closing times.
  • Location.
  • Staff rostering.
  • Handling money.
  • Record keeping.
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13
Q

Choosing suppliers.

A
  • Prices of suppliers.
  • Quality of goods.
  • Reliability.
  • Proximity.
  • Corporate social responsibility.
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14
Q

Corporate social responsibility.

A
  • Welfare of the community.
  • Requires a business to go beyond legal obligations to operate in an ethical manner.
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15
Q

Policies.

A
  • Broad guidelines to be followed by all employees.
  • Reflect on the legal requirements. of business and behaviours.
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16
Q

Policies eg.

A
  • Drug + Alcohol Policies.
  • Privacy policies
  • Requirement Policies.
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17
Q

Procedures.

A

How the policy is acted upon. A step-by-step set of instructions. Actions that enable a policy.

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18
Q

Technology or Global Issues.

A

It may affect decision-making when establishing a business.
If businesses fail to take advantage of new technology and global issues, they may be behind other competitors. Owners must learn about any changes that could affect the business.

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19
Q

Public relations.

A

Businesses’ relationship with the public.

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20
Q

Social media and email marketing.

A

Social media:
- Connect with the public.
- Inexpensive.
- Track progress through several likes.
Email:
- Inexpensive.
- Need permission.
- Unsubscribe.

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21
Q

Search engine optimisation. (SEO)

A

When someone Googles your product or service category, they find your website.

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22
Q

AI

A

Collect data, learn customer behaviours and analyse the information to help achieve goals.

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23
Q

Data Analytics

A

Information you can collect about the operations of your business.
By analysing data:
- Identify trends.
- Plan for the future.
- Make decisions.

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24
Q

Data management.

A

Collecting, keeping and using data efficiently.

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25
Q

Different types of publics.

A
  • Internal.
  • General.
  • Local Community.
  • Citizen-action.
  • Media.
  • Government.
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26
Q

Business objectives

A
  • Make a profit through increased sales. (rev-expenses).
  • Increase market share by being competitive.
  • Meet shareholder expectations through increased profits.
27
Q

Planned public relations.

A
  1. Campaign objectives.
  2. Intended public.
  3. Strategies.
  4. Implement a campaign.
  5. Evaluate results.
28
Q

Crisis Situation.

A

Unfavourable event that impacts a business.

29
Q

Crisis communication plan.

A

Minimise the negative impact that the crisis will have on the reputation and relationships of a business.

30
Q

Corporate social responsibility.

A

Businesses’ behaviour that is required beyond the law. To benefit the community and environment. Builds reputation.

31
Q

Customer profile

A
  • Behaviour and needs a business can satisfy.
  • Location.
  • Interests.
  • Demographics.
32
Q

How to evaluate a business’s performance?

A

Performance indications:
- Measure achievement.
- Sale analysis.
- Market share analysis.
- Marketing profitability.

33
Q

Brand Identity.

A

Any aspect of a business that a customer identify with.

34
Q

Internal factors:

A
  • Owners and managers.
  • Employees.
  • Culture and policies.
35
Q

External factors:

A

Operating:
- Customers.
- Competitors.
- Suppliers.
Macro:
- Legal.
- Economic.
- Technological.
- Social.

36
Q

Market Segmentation.

A
  • Demographic.
  • Geographic.
  • Psychographic.
  • Behavioural.
37
Q

Target Market.

A

A certain group of people to sell/advertise to.

38
Q

Niche Market

A

Narrowly selected target market segment.

39
Q

Consumer behaviour.

A

Businesses can examine consumer behaviour to see what motivates an individual.

40
Q

7 P’s of marketing.

A
  • Products.
  • Price.
  • Place.
  • Promotion.
  • People.
  • Physical Evidence.
  • Process.
41
Q

Products.

A

The tangible and intangible aspects of the good or service sold.

42
Q

Price.

A

Fairly priced depending on a number of factors and pricing methods applied.

43
Q

Place.

A

Where and how the product is distributed.

44
Q

Promotion.

A

Methods used to inform the target market of the product.

45
Q

People.

A

Everyone that is involved in the business selling the product.

46
Q

Physical Evidence.

A

Those aspects can be seen or experienced by the customer.

47
Q

Process.

A

Includes the business’ operating systems that may impact the customer.

48
Q

Product life cycle stages.

A

Introduction; Consumer awareness, up prices.
Growth; Promotion + distributions.
Maturity; Sales mature.
Decline; Fall.
Extension; Improve products.

49
Q

Human resource management.

A

Effective management of formal relationships between employer and employees

50
Q

Employment Cycle

A
  • Establishment phase.
  • Maintenance phase.
  • Termination phase.
51
Q

Staffing needs:

A
  • Right no. of staff.
  • Right qualifications.
  • Suitable positions.
  • Motivated.
52
Q

Effects of technology on staffing.

A

Create jobs, therefore requiring re-training and new employment.
Can affect the way employees conduct their work.

53
Q

Job analysis.

A

Job description + job specification.

54
Q

Job design.

A
  • The kind of job.
  • Variety of jobs.
  • Number of jobs.
55
Q

Internal recruitment methods.

A

Use existing employees.
- Email.
- Word of mouth.
- Promoting employees.
- Consider existing records.
- Notice board.

56
Q

+ & - of Internal recruitment methods.

A
57
Q

External recruitment methods.

A

Outside of the business.
- Company website.
- Social media.
- Recruitment agencies.
- Advertisements.

58
Q

+ & - of External recruitment methods.

A
59
Q

Selection methods.

A
  • Interview.
  • Psychological testing.
  • Work testing.
  • Online selection.
60
Q

Employer expectations.

A

Behaviour + quality of work that a business believes is reasonable for employees.
What an employer expects from employees.
- Committed to the job.
- Punctual.
- Work cooperatively.
- Excellent customer service.
- Loyal to business.

61
Q

Employee expectations.

A

What an employee expects from an employer.
- Correct payment.
- Secure + flexible working arrangements.
- Honest and fair treatment.
- Safe work environment.
- Constructive feedback.

62
Q

Employee induction.

A

Acquainting new employees with the business.
Benefits:
- Reduces stress + anxiety.
- Welcomed.
- Understanding of business.
- Greater awareness of safety policies and laws.

63
Q

Overseas recruitment.

A

Sending employees overseas to improve businesses, they will also employ locally, with lower-paying rate workers (offshoring).

Business Management Unit 2 (1 decks)

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