Business studies Flashcards
for last sac and exams
Freelancers
independent workers who charge businesses or individuals for work on a per job basis
Marketing
the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individuals and organisational objectives
establishing a customer base
a customer base is the group of customers who might be expected to purchase a business’s goods and services, where they are the people who keep buying your product/services
Business name registration
the business must have an ABN (australian business number) to apply for a business name, though the business name is not compulsory as ASIC can recognize the business through ACN
ASIC
the Australian Securities and Investments Commission
Domain name
a key element of a business online presence, which is the address of its website on the internet
taxation compliance
tax can be imposed, for example, on income, on capital gains and on the provision of goods and services. Where many different taxes apply to different types of businesses
employment cycle
consists of three parts with establishment phase, Maintenance phase and termination phase
Establishment phase
this includes job analysis and design, the selection, recruiting and employment arrangements
Maintanence phase
training and development takes place in this, with performance management also included
termination phase
termination management, and the entitlement and transition issues. (Termination management is the process of handling an employee’s exit smoothly by following legal steps, providing final pay, revoking access, and offering support to maintain morale)
HR(human resource management)
the responsibility for effectively managing relationships between the employer and employees
Human resource management in large businesses
there will be a specialist human resource manager
how the performance of staff can be measured
an employee’s productivity, the rate of absenteeism, their skills and abilities for example
Staffing stratergies
Job analysis, recruitment, selection and induction
business objectives
to make a profit, business growth and productivity growth
one thing in between the two strategies
performance of staff
If employees work hard and efficiently
there will be improved profits for the business owner
staff contribute ideas to the business
there will be business success
staffing needs
the human resource requirements of a business
Before recruitment and selection
businesses should identify its staffing needs
considerations for staffing needs
the number of employees required, the qualification of employee and where the employee will be needed
business owners should consider their staffing needs (for a small business)
particular tasks asigned to present staff and new staff, whether existing staff is being used efficient
internal environment
Refers to elements within the organization that it can directly manage and control, which shape its operations, culture, and ability to achieve goals
external environment
Involves factors outside the organization that can influence its success and require the business to adapt, as these factors are typically beyond its controll
HR planning for internal environment
- Goals and objectives
- technology
- Budget
and other things that happen within the business
HR planning for external environment
- Competition
- Labour market trades
- changes in legislations
and other things that are outside of the businesses controll
forecast demand
what is our staffing need
forecast supply
what staffing do we already have
Job analysis
a study of an employee’s job in order to determine the duties performed
Job analysis examines…
- actual job activities
- working conditions
- specific behaviors required
it analysis the job description and specification too
Job analysis methods
Observation, interview, and questionare
Job design
details the number, kind and variety of tasks that individual employees perform in their jobs
Benefits of job analysis
- allows businesses to create better recruitment and selection strategies
- lead to motivated and more productive employees
- Job analysis ensure staff to have the necessary skills and knowledge to perform a job
costs of job analysis and design
- time consuming(costs)
- hard to capture every aspect of a job in a single job description (limitations)
Recruitment
the process of attracting qualified job applicants by using advertisements, websites and employment agencies
recruitment option in terms of external environment
finding applicants external to the business
recruitment option in terms of internal environment
recruiting someone within the organization (usually in a form or promotion or someone want to try different duties)
sources of internal recruitment
- promotion
- recommendation
- notice on a staff noticeboard
sources of external recruitment
- online services
- social media
- private employment agencies
- advertisements
advantages of internal recruitment
- employees is familiar with the business
- cost of advertising the job is reduced
disadvantages of internal recruitment
- applicants have a set idea and will not be open to new ideas
- the successful applicant might be replaced promptly afterwards so it is a waste of time as there needs to be external recruitment anyways
advantages of external recruitment
- there is a wider range of applicants to choose
- outside applicants may bring new ideas
disadvantages of external recruitment
- the applicants are unknown and therefore choosing will be more difficult
- there will be costs when advertising the position
Employee selection
The process of choosing the candidate that best matches the business’s requirements
Thing resulting in poor selection
- The costs in hiring and training of new employee
- team cohesion
employment contracts
a contract of employment exists between an employer and employee regarding to their terms of employment
types of employment (there are 3 types)
Permanent, fixed term, casual
National employment standards
not applied to casual employees
National employment standards: a few things they look at
- Maximim working hours / weekly hours
- annual leave
- fair work
flexible working arrangements
supperannuation
a system by which contributions are made to a fund that will provide benifits to an employee after retirement
Business loyalty
most employees would expect their employees to show loyalty to the business that employs them
the 7 Ps in marketing
product, price, place, promotion, people, physical evidence and process
product (7p)
a good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want
product positioning
the way a product image is developed
Consumer trends
consumer tastes and preferences change over time, particularly as consumer’s lifestyles adjust to social economic or environmental issues.
Consumer behaviour
Marketers closely examine the behaviour of consumers to understand what motivates an individual to purchase a particular product
factors influencing consumer behaviour
perception, motives, attitude and personality
sociocultural influences
family and roles, peer groups, culture
government influences
governments use a number of economic policy measures to influence the level of economic activity. Moreover there are different government regulations protecting consumers and influence business practices
total product concept
a marketing framework that views a product as comprising four levels, the core product, the actual product, the augmented product and potential product
crisis communication plan
it helps outlining how an organization will communicate during a crisis to manage information, maintain trust and protect its reputation. Where this includes key messages, communication channels, stakeholder roles and response procedures
response procedures (Crisis communication Plan)
the predefined steps and actions an organization follows to address and manage a crisis effectively
employer expectations
here are a few examples of the expectations from employer
be punctual, follow requests, work coorporatively, demonstrate loyalty to the business and complete projects on time
Business loyalty (employer expectations)
Most employers would expect their employees to show loyalty to the business that employs them, which also means that they(employees) do not make negative comments about the business
employee expectations
these expectations can often be grouped into four main categories
conditions of employment, work-life balance, remuneration and Job security
conditions of employment (employee expectations)
conditions of employment refers to what an employer has agreed to give the employee in return for the employee’s work
remuneration (employee expectations)
not rumor
the coverage of pay and any other benefits that one receives in exchange for one’s labor, workers expect to receive what they are legally entitled to as set out in their award or agreement
Work-life balance(employee expectations)
the flexible working conditions that help many employees achieve a better work life balance
Job security (employee expectations)
refers to how confident a worker feels in their position, in other words, whether an employee believes they are likely to keep or lost their job
financial control systems
systems organizations use to manage their financial activities
financial control systems examples
Budgeting, internal audits, cash flow management, inventory control
record keeping strats
source documents, cash book, income statement and balance sheet
business objectives
broad goals that define the overall direction and purpose of a business
Marketing objectives
specific goal related to marketing efforts to support business objectives
CSR
stands for coporate social responsibility which this involves the management of a business in such a way that the broader social welfare of the community, including its employees, customers and the environment
induction process
allows and introduces the new employee (person) to the business
