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exam revision sem 2 > business > Flashcards

business Flashcards

1
Q

registering the business name

A

Businesses need to register their business name, except when the name is that of the owner

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2
Q

website domain

A

the address of a website on the internet

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3
Q

trade practices legislation

A

Businesses must ensure they comply with state and federal laws regarding trade practices for their given industry.

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4
Q

business tax compliance

A

Taxation is a means by which the government finances its expenditure by collecting money from individuals and businesses.

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5
Q

work safe insurance

A

This compulsory insurance provides injured workers with support if they are injured at work.

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6
Q

external professionals

A

1) accountant
2) legal advisors

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7
Q

accountant role (external professional)

A

Accountants can help a business to complete their paperwork. Important financial records such as income statements and balance sheets need to be accurate. Accountants will audit your books and prepare reports for tax purposes.

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8
Q

legal advisor (external professional)

A

a legal advisor is a lawyer who works internally for a business giving them advice on legal matters.

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9
Q

factors to consider when establishing bank accounts

A

A business owner should keep the finances of the business separate from their personal finances.
1) bank fees
2) interest rates
3) overdraft facility
4) credit cards
5) convinience and support

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10
Q

5 types of financial control systems

A

1) budgeting
2) cash-flow management
3) control accounts recievable
4) inventroy control
5) auditing

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11
Q

record-keeping strategies- Income Statements

A

used primarily to help a business calculate how much profit it has made over a period of time

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12
Q

benefits and limitations of suppliers

A

Benefits:
-reduce business costs
-Investors and customers (if CSR)

Limitations:
-Increased costs associated with sourcing socially responsible suppliers

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13
Q

corporate social responsibility

A

managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions

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14
Q

the need for policies and procedures

A

Policies and procedures establish business routines that help a business achieve its objectives and need to be reviewed regularly to ensure that they remain relevant.

ADVANTAGE:
-help employees to know what is expected of them with respect to standards of behaviour and performance

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15
Q

policy

A

a written set of broad guidelines to be followed by all employees

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16
Q

procedures

A

a series of actions that enable a policy to be put into practice

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17
Q

legal requirements

A

A business must ensure that it is familiar with all of the various legal requirements that may affect it, as failing to do so can have serious consequences for the business and its owners.

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18
Q

business routines

A

Policies and procedures establish business routines that help a business achieve its objectives and need to be reviewed regularly to ensure that they remain relevant.

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19
Q

technological issues

A

The business world is experiencing rapid technological advancements in the areas of manufacturing, administration, and marketing.

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20
Q

global issues

A

A business must adapt to the rapidly changing global environment in order to be successful.

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21
Q

customer databases

A

a customer database is is an organised collection of customer details

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22
Q

overseas suppliers and retailers

A

A business should consider the price and quality of its suppliers’ goods, as well as the reliability and proximity of the supplier.

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23
Q

how to register business domain

A

registered through resellers and registrars by visiting the Australian Domain Administration website. registering a domain name generally only costs between $10 and $100 per year.

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24
Q

crisis public relations 

A

the strategies that a business implements when an unforeseen event generates unfavourable publicity that may threaten the image and reputation of the business

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25
Q

financial control systems

A

the processes, methods and tools that allow a business to accurately monitor and manage its financial performance

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26
Q

legislation

A

 a law made by parliament

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27
Q

marketing

A

the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives’ (American Marketing Association)

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28
Q

establishing a customer base

A

the group of customers who might be expected to purchase a business’s goods and services

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29
Q

customer base considerations

A

1) behaviour and needs
2) demographics
3) interests
4) location and environment

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30
Q

business objectives

A

Business objectives are goals the business wishes to achieve. In order to achieve business objectives, marketing objectives and strategies must be established.

Market strategies should take into account objectives such as increasing sales, increasing market share, expanding the size of the business and maximising customer service.

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31
Q

brand identity

A

In promoting a positive brand identity, a business will have to consider both external and internal factors.

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32
Q

internal and (macro) environment factors

A

1) business owner
2) employees
3) business culture

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33
Q

external (operating) environment factors

A

1) economic
2) government
3) technological and social forces

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34
Q

market research practices

A

Market research involves determining what information needs to be discovered, the collection of primary and secondary data, and the analysis and interpretation of the collected data.

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35
Q

data collection techniques

A

1) primary data
2) the survey method
3) secondary data

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36
Q

analysis and interpretation

A

the process of focusing on the data that represent average, typical or deviations from typical patterns

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37
Q

market dimensions

A

1) demographic
2) geographic
3) psychographic
4) behavioural

38
Q

consumer buying behaviour

A

the decisions and actions of consumers when they purchase goods and services for personal or household use

39
Q

consumer trends

A

Over time, consumer tastes and references change, particularly as consumers’ lifestyles adjust to social, economic or environmental issues.

40
Q

the 7Ps model of marketing

A

1: product
2: price
3:place
4:promotion
5:people
6:physical evidence
7:process

41
Q

price

A

the amount of money the customer pays to be able to enjoy a product

42
Q

product

A

a good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want

43
Q

place

A

making the product available to the customer, wherever the customer chooses to purchase it

44
Q

process

A

the flow of activities or mechanisms that take place when there is any interaction between the customer and a business

45
Q

physical evidence

A

everything that the customer sees when interacting with a business

46
Q

promotion

A

the methods used by a business to inform, persuade and remind a target market about its products

47
Q

people

A

everyone who is involved in the product of a business, whether they are in direct contact with customers or have an indirect connection

48
Q

introduction

A

The introduction stage is the period during which a new product is launched into the market. In this stage, the business tries to increase consumer awareness and build a market share for the new product.

49
Q

the product life cycle

A

the stages a product passes through: introduction, growth, maturity, decline and extension

50
Q

growth

A

The growth stage is a time when the product begins to increase sales to customers. In this stage, brand acceptance and market share are actively pursued by the producers of the product

51
Q

decline

A

A product will reach the decline stage when it no longer appeals to the customer. This may be because it has been superseded by newer, or more technologically advanced, competitors or because customer tastes have changed.

52
Q

maturity

A

The maturity stage occurs when the product is fully accepted into the market and when sales reach their peak. In this stage, sales plateau as the market becomes saturated.

53
Q

extension

A

Instead of going into decline, some products can be revived, and begin a new cycle of growth and eventual maturity. This is the extension stage. It can occur when a product is marketed into new locations, such as through export to other countries.

54
Q

customer relations strategies

A

1) providing quality customer service
2) establishing customer loyalty programs

55
Q

providing quality customer service

A

Customer service refers to how well a business responds to the needs and problems of the customer.

56
Q

establishing customer loyalty programs

A

a rewards-based program offered by a business to customers who frequently make purchases

57
Q

technological developments in marketing

A

1) social media
2) email marketing
3) search engine optimisation
4) artificial intelegence

58
Q

public relations

A

the planned and sustained effort to establish and maintain goodwill and mutual understanding between a business and its publics. It involves the activities aimed at creating and maintaining favourable relations between a business and its publics.

59
Q

staffing

A

agreement an agreement that has been directly negotiated between an employer and the employees of a business or enterprise

60
Q

performance of staff

A

how well the job activities of employees are carried out

61
Q

business objectives

A

1) making a profit
2) expanding the business
3) increasing market share.

62
Q

customer base

A

The customer base is the selection of clients that account for the buyers of a good or service. They are specifically targeted by the business.

63
Q

green marketing

A

the practice of promoting and selling products based on their environmental benefits

64
Q

Financial control systems

A

Financial control systems are the processes, methods and tools that the business uses to monitor and manage financial performance. The business can use financial control systems to prevent financial problems and losses.

65
Q

the protection of customer privacy

A

social responsibility includes going above and beyond what is required by law to protect the data that has been collected from customers.
INCLUDES
1) personal details
2) banking information
3) purchase history

66
Q

recruitment methods

A

INTERNAL:
-promotion
-email
EXTERNAL:
-websites
-social media

67
Q

job analysis

A

the study of an employee’s job in order to determine the duties performed, the time involved with each of those duties, the responsibilities involved and the equipment required

68
Q

external environment

A

factors over which the business has little control. It may be further divided into two categories: operating and macro environment

69
Q

internal environment

A

factors over which the business has some degree of control; it is sometimes called the microenvironment.

70
Q

employment cycle

A

all stages in the process of employing staff, from initial planning through recruitment, selection, induction, performance management, and eventual termination of employment

71
Q

freelancers

A

independent workers who charge businesses or individuals for work on a per job basis

72
Q

staffing needs

A

1) job tasks
2) number of employees
3) knowledge and skills

73
Q

staffing stratergies

A

1) job analysis
2) recruitment
3) induction
4) selection

74
Q

job design

A

details the number, kind and variety of tasks that individual employees perform in their jobs. Jobs may be designed so they include a variety of tasks to keep employees interested and motivated.

75
Q

selection methods

A

1) interview
2) online selection

76
Q

job decription

A

a summary list of tasks expected to be peformed as part of the job. (duties)

77
Q

job specification

A

a detailed list of qualities or characteristics the business is seeking in the role. (personal qualities, prior experience)

78
Q

full time

A

an ongoing employment contract that includes all legally required entitlements

79
Q

National Employment standards

A

1) long service leave: employees aquire one week for every 60 weeks of continuous service
2) public holidays: entitlements to wage loading, paid day off, minimum shift lengths

80
Q

part time

A

working fewer ordinary weekly or monthly hours compared with full-time employees

81
Q

casual

A

workers employed on an hourly basis

82
Q

employee expectations

A

1) positive relationships with management and co-workers
2) above minimum wages and good working conditions

83
Q

legal obligations for staffing

A

1) Occupational Health and Safety (OH&S)
2) Fstaffianti-discrimination and workplace bullying

84
Q

purpose of employee induction

A

PURPOSE:
-reduces levels of stress from being ‘new’
-communicate values, beliefs, policys, procedures

85
Q

method of employee induction

A

MATERIALS:
1) audio-visual presentation
FACE-TO-FACE:
1) on the job training
2) mentor
3) tour of workplace

86
Q

market segmentation

A

when the total market is subdivided into groups who share one or more common characteristic

87
Q

marketing plan

A

a document that lists activities aimed at achieving particular marketing outcomes in relation to a good or service. The plan provides a template for future action aimed at reaching marketing objectives, such as establishing a customer base.

88
Q

market research

A

a process of systematically collecting, recording and analysing information concerning a specific market

89
Q

market conditions

A

the features of a market into which a new good or service is to be introduced, including factors such as the number of potential customers, level of competition and potential for growth

90
Q

public relations campaign

A

a series of public relations activities undertaken to achieve a specific objective

exam revision sem 2 (5 decks)

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