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Business study Year 12 > M4-topic 2 Influences > Flashcards

M4-topic 2 Influences Flashcards

1
Q

what is globalisation

A

the process where national economies are able to trade in a integrated or independent way due to the lowering of tariff protection

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2
Q

what has globalisation allowed for (4)

A

greater trade
migration
financial flaws
Australian businesses to expand internationally

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3
Q

what are global supply chains

A

the dynamic worldwide network when a company purchases or uses goods or services from overseas.

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4
Q

what do global supply chains do

A

reduce costs and improve quality of their inputs

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5
Q

what are the different levels of technology in operations (2)

A

administrative level
processing level

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6
Q

what does administrative level technology assist with (3)

A

organising
planning
communication

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7
Q

what are some examples of administrative level technology (2)

A

mobile phone
computers

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8
Q

what does processing level technology assist with (5)

A

manufacturing
distribution
logistics
quality management
inventory management

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9
Q

what are some examples of processing level technology (4)

A

CAD
CAM
CIM
RM technology

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10
Q

what does CAD stand for

A

computer aided design

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11
Q

what does CAM stand for

A

computer aided manufacturing

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12
Q

what does CIM stand for

A

Computer integrated manufacturing

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13
Q

what does RM technology stand for

A

Rapid manufacturing technology

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14
Q

what are the cons to using new technology (2)

A

high initial costs
maintenance costs

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15
Q

what are the pros to using new technology (3)

A

increase productivity
increase efficiency
provide sustainable competitive advantage

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16
Q

what must be considered with decisions with technology (5)

A

available finance
time needed to introduce the technology
training needed
speed of technological change
technology used by competitors

17
Q

how do quality expectations affect operations when making goods (3)

A

quality of inputs
manufacturing process
expectations of the product

18
Q

how do quality expectations affect operations when performing a service (2)

A

level of professionalism
level of customisation

19
Q

what is cost leadership

A

when a business has the lowest operating costs within a industry

20
Q

what are some strategies to reduce operating cost (3)

A

eliminating waste
using automated production systems
bulk buying inputs

21
Q

what do government policies encourage business to do (2)

A

be more : innovative
competitive

22
Q

what have free trade agreements led to (2)

A

reduced protection of domestic borders (e.g low tariffs)
increase competition from cheaper foreign made products

23
Q

what policies affect businesses (3)

A

taxation
WHS
environmental standards

24
Q

what are legal regulations used to ensure (2)

A

ensure safety
fair business conduct

25
Q

what are compliance costs

A

expenses associated with meeting regulations

26
Q

what is the consequences for not following legal regulations (2)

A

fines
reputational damage

27
Q

what does CSR stand for

A

corporate social responsibility

28
Q

what is corporate social responsibility

A

the duty of care commitments of a business has to its stakeholders

29
Q

what is the triple bottom line

A

a frameworks that recommends business focus on social and environmental concerns

30
Q

example of CSR issues

A

human rights
corruption + bribes
corporate transparency + honesty

31
Q

what are shareholders

A

people who own shares in the business

32
Q

what are stakeholders

A

people effected by the actions of a business

33
Q

what is legal compliance

A

procedures that are implemented to make companies follow regulations, laws and rules

34
Q

what is ethical compliance

A

expectations of the business to follow its ethics

35
Q

what is a code of conduct

A

a set of non legally enforced rules set by a business to ensure staff in the business act ethically

Business study Year 12 (33 decks)

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