Exam unit 2

Question 1

What are the legal requirements for establish in a business?

Answer 1

-registering a business name- protects the business name from being stolen
-registering a website domain-the address of a -website on the internet
-trade practice leglislation- Australian Consumer and Competition commision
-business tax compliance- a business will have to have a TFN and a sole trader will be taxed using their own TFN
work safe insurance- When people at the workplace get hurt they are insured

Question 2

How much does a business get taxed?

Answer 2

Companies pay a flat rate of 30% for larger businesses or 27.5% for businesses with a turnover less than $50 million

Question 3

What are the external professionals?

9

Answer 3

accountants- advise the business on what to do with financial data.
solicitors- business lawyer
bank managers- manages the businesses financial situation.
bookkeepers- helps keep and process a businesses financial records
recruiters- helps businesses find good staff
sales professionals- helps the business sell and promote their product
mareting consultants- helps increase brand awareness
it technicians- helps with the setup of servers and software to troubleshooting problems.
freelancers- Freelancersare independent workers who charge businesses or individuals for work on a per job basis

Question 4

Why is it important to have a seperate bank account for the business?

Answer 4

this is called seperate enitity. it is good to have two seperate accounts because it allows the owner to monitor finacial performance and the business expenses.

Question 5

What are the financial control systems?

5

Answer 5

• Budgeting
• Cashflow management- money being transferred ina nd out of the business
• control of accounts receivable. Accounts receivable- refers to the outstanding invoices of payments that a business has.
• credit terms- t&c of the sale between a customer and a business
• inventory control
• auditing- The process of testing and evaluating a business’s accounting processes and internal controls.

Question 6

What are the record keeping strategies?

4

Answer 6

source documents- original paper documents recording and providing evidence of financial transactions
cash book- provide a summary of all the businesses cash receipts and cash payments
income statement- shows amount of revenue earned, costs and loss incurred earning the revenue, if profit or loss has been made
balance sheet- Assets = Liabilities + Owner’s Equity

Question 7

What is the importance of choosing suppliers?

Answer 7

This is vital for maintaining the production of the businesses goods or service.

Question 8

What things are needed to be considered when choosing suppliers?

Answer 8

Price
Quality
Reliability & proximity
CSR

Question 9

What are policies and procedures

Meanings

Answer 9

policy: a written set of guidlines to be followed by all employees
Procedure: a series of actions that enable a policy to be out into practice

Question 10

What are the technological issues in aos1

Answer 10

• Marketing
• Manufacturing
• Administration
• Remote work
• Establishing customer databases

Question 11

What are the global issues in aos1

Answer 11

overseas suppliers and resources
Customers and overseas retailers

Question 12

What is marketing objectives?

Answer 12

goals that are measurable objectives of marketing initiatives that support your business goals

Question 13

What is business objectives?

Answer 13

Goals that a business intends to acheive that effect the entire business

Question 14

What is a customer base?

Answer 14

A group of consumers who continuously purchase goods and services from a business.

Question 15

What are the internal and external factors affecting customer base and brand identity.

Answer 15

• internal
• mangers
• employees
• culture and policies
• external
• customers
• suppliers
• competitors

Question 16

What is the market reseach process order?

Answer 16

1. determine the problem and establish research objectives
2. create a research design
3. identify and assess infomation types and sources
4. design data collection processes
5. collect and analyse data
6. prepare final report

Question 17

What are the target market attributes?

Answer 17

Market dimensions- niche marketing and mass marketing
Market segmentation- analysis of a market based on characteristics of members within a market.
customer trends and behaviour

Question 18

What are the market segments?

Answer 18

geographic
demographic (age ect)
physcographic (personality ect)
behaiveroural

Question 19

What are the 7 Ps of marketing?

Answer 19

Product
Price
Place
Promotion
People
Physical evidence
Process- the way that the product gets from the business to the consumer

Question 20

what are the different ways a business can price their product?

Answer 20

penetration pricing- when the product is set lower than competitors have set it
price skimming- when the price starts low and increases over time
complementry pricing- when the price is set low on one item and hugh on anither that would usally go with it.

Question 21

What are the distribution channels for place?

Answer 21

channel 1- producer to consumer
channel 2- producer to retailer to consumer
channel 3- producer to wholesaler to retailer to consumer

Question 22

What is the product life cycle and what is its process?

Answer 22

This is the stage where the product moves through;
1. induction- the launch of a new product. This process is slow.
2. growth- when the product sales begin to grow
3. peak - the peak point of sales
4. decline- invloves a steady decline as competitors products become more popular
5. Extention- instead of a decline the product keeps selling at a steady pace.

Question 23

What are the features of customer relations strategies?

Answer 23

providing quality customer service - customer service requires the business to provide a positive purchasing experience
for the customer before, during, and after they purchase a product.
establishing customer loyalty programs- Customer loyalty programs encourage new
customers, as well as existing ones, to make
repeat purchases in order to be rewarded for
their devotion to the business.

Question 24

What are the technological developments in marketing?

Answer 24

• social media
• email marketing
• search engine optimisation- is designed to increase exposure to a website for potential
  customers.
• data analytics- analysing data to reflect and develop marketing strategies
• managment of data- The management of data includes the collection
  and protection of information.

Question 25

What is public relations and what is the relationship to business objectives?

Answer 25

public relations: is the businesses aim to develop a positive image of the business and their products relationships between pr and business objectives: customers who beleive the businesses message are more likley to buy the product leading to an increase in sales.

Question 26

What are the public relation strategies?

Answer 26

planned pr: a campaign developed to deliberetly create a positive image of a brand and the product it sells crisis pr: a businesses response to an event that has the potential to negetively impact its repuation

Question 27

What are the csr considerations regarding customer base

Answer 27

CSR in marketing: Positive actions in a business, including the way they treat people and care for the environment. Green marketing: Businesses that engage in environmentally friendly activities Protecting customer privacy: Includes going above and beyond what is required by law to protect customer pricacy

Question 28

What is the relationship between staff performance and business objectives?

Answer 28

When staff are motivated they perform better producing better goods increasing populalrity for the business. This helps a business acheive its objectives such as to make a profit, increase market share, meet shareholder expectations, fulfil a market need and fulfil a social need.

Question 29

Identify the staffing needs

Answer 29

job tasks number of employees knowledge and skills qualifications and previous experience

Question 30

how does technology effect staffing needs?

Answer 30

not as many employees are needed allows staff to gain more skills less labour faster labour

Question 31

What is the realtionship between job analysis job design, job description and job specification?

Answer 31

a job analysis is the process of gathering infomation related to a job, when this is done well allows the manager to prepare a good job design, description and specification

Question 32

What is recruitment? what ways can it be carried out?

Answer 32

The process of attracting qualified job applicants. it can be carried out internally and externally

Question 33

What are the internal recruitment methods and what are the advantages and disadvantages?

Answer 33

intranet word of mouth promotion costs less increase motivation smaller pool of applicants adds more training

Question 34

What are the external recruitment methods and what are the advantages and disadvantages?

Answer 34

websites online recruitment agencies social media larger pool of applicants brings new talent expensive high risk

Question 35

What are the selection methods and what are the disadvantages and advantages?

Answer 35

selection process narrows down a pool of applicants for a job. interview- narrows the pool of applicants/ candidates may present well but are not actually good Pschological testing- gain insights on personality/may overlook skills Work testing- used to verify an interview/places stress on candidates Online selection- convenient and time efficient/may not be secure

Question 36

What are some of the national employment standards? | aim for 4

Answer 36

1. max weekly hours 2. requests for leave 3. being able to convert from casual to part time 4. parental leave 5. annual leave 6. carers leave 7. community service leave 8. long service leave 9. public holiday entitlements 10. notice of termination 11. fair work information statements and the casual employment information statement

Question 37

What are the employer expectations?

Answer 37

employment contracts- terms and conditions of employment loyalty to business- contributing a positive corporate culture terms of notice- employers expect to be told when an employee plans to leave the business

Question 38

What are the employee expectations?

Answer 38

rumuneration- payment job secruity- sense of ongoing employment worklife balance- flexible work

Question 39

what are the legal obligations and what do they mean?

Answer 39

occupational health and saftey- protects all people in the workplace agaist injury Equal Employment Opportunity- stops businesses from not hiring people based on on discrimination

Question 40

what is the purpose of employee induction? What is the induction process?

Answer 40

helps new employees meet others and familerise themselves with the workplace providing an induction pack audio-visual presentation mentor tour of the workplace training

Question 41

how does CSR correspond with establishing staffing for a business and overseas recruitment?

Answer 41

By prioitising the community and looking after the environment. CSR practices for this includes promoting a healthy, safe, supportive work environment.