HSC TRIAL Flashcards
If a new marketing plan places the consumer at the centre of all decisions and activities, is it a marketing, production or selling approach?
It is a marketing approach
What is sugging?
This is selling under the guise of research when a marketer falsely pretends to be a market researcher conducting a survey when they are actually trying to sell the product in question
The fair work act of 2009 created a basic saftey net of entitlements to protect all employees. What name is given to this set of entitlements
This is called the “National Employment Standards”
What are derivatives
It is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, index or security. Futures contracts, forward contracts, options, swaps, and warrants are commonly used derivatives.
What is a clean payment
This occurs when the payment is sent to, but not received by, the exporter before the goods are transported. Favoured by exporters, but not so much by importers.
What is a bill of exchange
A bill of exchange often includes three parties—the drawee is the party that pays the sum, the payee receives that sum, and the drawer is the one that obliges the drawee to pay the payee. A bill of exchange is used in international trade to help importers and exporters fulfill transactions.
What is personal selling
Personal selling is also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product.
What is Gross Profit
Sales - COGS
What is Net Profit
GP - expenses
Why is it important to conduct various types of compartitive ratio analysis
This is because you can see How a business is performing over different time periods, How they are going compared to the industry averages and how they are averaging in relation to costs and revenue.
Why must emplyoers comply with anti discrimination laws
This is to protect employees from disadvantage due to personal characteristics that is irrelevant to work performance, to protect employees from discrimination in recruitment, training, promotion, remuneration, termination and other opportunities, and to avoid legal action.
What is the use of the equal employment opportunities (EEO)
The aim of EEO is to remove discriminatory employment barriers. Employers should take action to promote equality for women and minority groups in the workplace, they should encourage equitable policies and practices in recruitment, selection, training and promotion. The best person for the job should alwas be chosen. EEO is a law to protect women and other minority groups who should not be denied access to different positions within the business. Reports need to be made to he equal opportunity for women in the workplace agency.
What is the interdependence for operations and marketing
marketing depends on operations to manufacture or supply a product that meets the customers demand that has been set in the marketing. Operations depends on marketing to determine customer needs and then price, promote and distribute the product that the operations manufactures.
Why is goods and services both centeral to marketing and operations
Marketing: All aspects of the product must satisfy the customers needs.
Operations: The product is central to all operational decisions such as inputs, transformation and outputs.
Discuss the balence between cost and quality in products
Higher quality products: Positives: increased customer satisfaction and positive brand image, negatives: increased cost of inputs and production.
Low quality products: Positives: increased sales and affordability, negatives: Decreased customer satisfaction and negative brand image.
What are factors that influence customer choice
- Psychological: opinions or charactersitics of the individual influnece their buying choice. Camper buys camping gear.
- Sociocultrual: The society influences the person buying shit. Buy supreme cuz cool
- Economic: How poor they are. They poor they buy aldi
- Government: Imposing taxes discourage buying as they can save and make more money than before.
What is the importance of a business evaluating its marketing objectives
it is important so businesses can monitor performance and compare their actual results to their planned results in order to determine whether objectives are being met. It can also help identify what controls or corrective action can be implemented to achieve the marketing objectives.
What is business report layout
Executive summary, three paragraphs each labled, Reccomendation
What is cost leadership and cost based competition
Cost leadership is where you try and have the cheapest product to sell more. Cost based competition is applying strategies to create cost advantages against the competition.
What is a cost centre
This is an area in the business that does not directly bring money into the business but uses money. Customer service call centres for example are only there to assist customers that have purchased the product with their product. They don’t sell anything but they use money.
What are the 3 distribution channels
Intesnive: This is where the product is everywhere
Selective: This is where the product is only sold in select outlets such as myer or David jones. Examples of this is Tommy Hilfiger. You cant buy that shit at kmart.
Exclusive: Ferrari are only sold at Ferrari dealers.
What is the strategy: opinion leader
Individuals, who are held in high esteem, are quite influential to the public, as they are seen as trustworthy. For example, sportspeople, experts, celebrity spokesperson. These individuals can rep your brand for $$$
What do the national employment standards cover?
Max 38 hours a week with no overtime, request for flexible working arrangments, parental leave for 12 months, 4 weeks of annual leave, paid sick leave, 5 days unpaid domestic violence leave, community service leave, long service leave, public holidays, notice of termination.
What is supply chain managment
This is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible.
How to improve business culture
You can remove hierarchies, handle conflict immediately, empower and trust the employees, offer flexibility in the workplace, encourage team connection.
What do you use comparitive ratio analysis for
YOu can use it to see past performance of the business and compare it to yours, you can use it to compare your ratios to similar businesses and to compare your business with the industry standards and benchmark it.
What is the strategic role of operations management
It is to minimise expenses of the transformation process whilst still delivering a product of quality. Strategies of this include cost leadership and product/service differentiation
What are the objectives of financial managment
profitability, growth, efficiency, liquidity, solvency
What are some marketing strategies
Market segmentation, product differentiation, positioning, branding, packaging, price skimming, price penetration, loss leader, price point, advertising, personal selling, relationship marketing, sales promotion, publicity, public relations, opinion leaders, word of mouth, global branding, standardisation, customisation, global pricing, competitive positioning.
What is market segmentation
This is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
What is positioning
Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors.
What is price skimming
Price skimming is a pricing strategy in which a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management.
What is price penetration
Penetration pricing is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy works on the expectation that customers will switch to the new brand because of the lower price
What is loss leader
A loss leader is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services.
What is price point
Price points are prices at which demand for a given product is supposed to stay relatively high
How to calculate collection day ratio. The one where 30 days to collect yo shit is good.
Accounts recievable x 365.
Then that number divided by sales
What is the advantages and disadvantages of holding stock
Pros: Can satisfy customers needs on time and maintain loyalty, opportunity to access discounts when bulk purchasing, gain a competitive advantage through efficient delivery and superior customer service, greater loyalty by customers
Cons: Storage requires large space, handling expenses, insurance, spoilage may occur, theft of stock, stock may become outdated.
What is LIFO (last in first out)
This is used for products that do not have a use by/best before date. This can be machinery and tools.
