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PDH > Business Studies > Flashcards

Business Studies Flashcards

1
Q

Nature of a business

A

-producing goods and services
-profit, employment, income, choice, innovation, entrepreneurship and risk, wealth, quality of life

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2
Q

Classification

A

-size
-local, national, global
-industry - primary, secondary, tertiary, quaternary, quinary
legal structure

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3
Q

Factors influencing choice of legal structure

A
  • size, ownership, finance
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4
Q

External influences

A
  • economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
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5
Q

Internal influences

A
  • products, location, resources, management, business culture
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6
Q

Stages of the business life cycle

A
  • establishment, growth, maturity, post-maturity - steady state, renewal, decline
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7
Q

Responding to challenges at each stage of life cycle

A

Goals, programs, quality control, broaden market etc

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8
Q

Voluntary and involuntary cessation - liquidation

A

voluntary - choose to close
involuntary - bankrupt if not incorporated
- liquidation if incorporated

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9
Q

Features of effective management

A

Planning, organising, leading, controlling

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10
Q

Skills of management

A
  • Interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
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11
Q

Achieving business goals

A
  • Profit, market share, growth, share price, social, environmental
  • Mix of goals
  • Staff involvement (innovation, motivation, mentoring, training)
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12
Q

Management approaches

A

Classical - planning, organising, controlling, strict hierarchical structure, extensive chain of command, autocratic style

Behavioural - leading, motivating, communicating, teams, flat organisational structure, less management levels, democratic

Contingency - flexibility, adapting to changing circumstances, pyramid or flatter

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13
Q

Operations

A
  • goods and/or services
  • the production process
  • quality management (control - standards, inspections, assessing)(assurance - prevention)(TQM - responsibility among all)
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14
Q

Marketing

A
  • identification of target market (segmenting, mass, segmented (demographic, sociocultural, geographics, psychographics), niche
  • marketing mix (4PS)(product - physical, positioning, branding)(price - cost, discount, market etc)(promotion - publicity, advertising, direct selling, sales promotion, product placement)(place - intensive/selective/exclusive, distribution channels)
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14
Q

Cash flow statement

A
  • cash balance position, how well generates cash to pay debts, enough funds to pay while maintain profit, cash generating ability of a firm
  • opening + cash in - cash out= closing
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15
Q

Income statement

A
  • profitability for shareholders and owners etc, assess increase in expenses/sales, financial performance
  • revenue, COGS = opening + purchases - closing, gross = revenue - COGS, net = gross - expenses
16
Q

Balance sheet

A
  • displays what owes and owns, useful for investors, determine ability to pay debts
  • assets = liabilities + owner’s equity
  • assets - owned
  • liabilities - owed
  • OE - internal sources of funds
17
Q

HR

A
  • recruitment - right people for right job
  • acquisition - staffing needs, recruitment, selection
  • training - induction, performance appraisal, training, development
  • employment contracts - common law, awards/enterprise agreements
  • casual/part time/full time
  • separation - voluntary/involuntary
18
Q

Responding to internal/external influences

A
  • eg accelerating tech, new business culture etc
  • outsourcing, flat structure, strategic alliances/networks
19
Q

Managing change effectively

A
  • identifying the need - BIS, reasons, cost money
  • setting achievable goals - SMART - using targets/short term to motivate
  • resistance to change - perception that will threaten, minimise, fear of unknown, financial costs, inertia of management staff, staffing, cultural incompatibility - to manage: consultants, slow/communicate, change models
  • management consultants
20
Q

SME definition

A

1-199 - depends on who classifies
most unincorporated or incorp. private

21
Q

SME Role

A

98% SME
contribution to GDP
employment - jobs to 5 mil - 70% of workforce
choice and competition, innovation
domestic production 95% of Aus agriculture

21
Q

SME Economic contribution

A

1/3 Aus gdp - 500 billion of economic activity
42% of private sector workforce - 70% of workforce total
cash flow - taxes, wages, sales, trade etc

22
Q

Success/failure

A
  • measure success: financial or non financial
  • reasons for failure: lack of business skills, economic conditions, competition, insufficient capital
  • outcomes of failure (20% 1st year, 60% 3 years) - personal costs, find new jobs, costs to gov if invol cessation
23
Q

Influences in establishing SMEs

A
  • personal qualities – qualifications, skills, motivation, entrepreneurship, cultural background, gender, age
24
Q

Sources of information

A
  • financial, professional, educational, institutional
25
Q

Business idea - competition

A

concept which could turn into profitable business - fill market, discussion, assessment, research, risks, solutions etc
assessment of competitors - advantage

26
Q

Establishment options (name a few adv, dis)

A

New, existing, franchise

27
Q

Finance - source/cost

A

debt - owed, external - short term eg overdraft, commercial bill, factoring
long term eg mortgage, debenture, leasing
equity - owned
personal savings, retained profits, shareholders

28
Q

Legal - business name, zoning, health and other regs.

A

bus name - legally required
zoning - state based, position/location, industry work
health + other - WHS act 2011, ppe, rights and responsibilities, environmental, how handle stock

29
Q

HR SME

A
  • skills
  • cost - wage: salary, commission. non wage: employee benefits eg super, tax, payroll, leave loading, training
30
Q

Taxation

A

State - Payroll, stamp duty, land
Local - council rates
Federal - company, group/income, fringe benefits, GST, capital gains

31
Q

Sources of planning ideas

A
  • gov, internet, market researches, customers and suppliers, trade shows, industry ass, staff/management
  • situational analysis - environment, market, competition, current position etc. therefore, SWOT
32
Q

Vision, goals and or objectives

A

Vision statement - wants to be, desired image, want to head
Mission statement - how to get there
Business goals - overall accomplishment that plan to achieve
Long term growth - 5-10 years eg potential. mergers, takeovers, market expansion, product innovation

33
Q

Organising resources

A
  • 4KBF - determine activities, delegate, efficiency
34
Q

Forecasting

A

Predict future for forward planning, financial projections
- Total revenue - affects fund gathering, expected profit = price per unit x units
- Total costs - whether project viable or not - fixed + variable. profit = rev - costs
- Break even - how much need to sell at what price to gain profit = fixed/selling price - variable cost per u
- Cash flow projections - cash available, identify periods of shortfall/surplus, additional funding if needed

35
Q

Monitoring/evaluations

A
  • sales, profit, budgets
    nb: monitoring - measure against predicted
    evaluate - decide whether achieved/changes
36
Q

Taking corrective action

A

change, are standards unrealistic, have external influences changed, change business plan

PDH (3 decks)

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