M4-topic 2 Influences Flashcards
what is globalisation
the process where national economies are able to trade in a integrated or independent way due to the lowering of tariff protection
what has globalisation allowed for (4)
greater trade
migration
financial flaws
Australian businesses to expand internationally
what are global supply chains
the dynamic worldwide network when a company purchases or uses goods or services from overseas.
what do global supply chains do
reduce costs and improve quality of their inputs
what are the different levels of technology in operations (2)
administrative level
processing level
what does administrative level technology assist with (3)
organising
planning
communication
what are some examples of administrative level technology (2)
mobile phone
computers
what does processing level technology assist with (5)
manufacturing distribution logistics quality management inventory management
what are some examples of processing level technology (4)
CAD
CAM
CIM
RM technology
what does CAD stand for
computer aided design
what does CAM stand for
computer aided manufacturing
what does CIM stand for
Computer integrated manufacturing
what does RM technology stand for
Rapid manufacturing technology
what are the cons to using new technology (2)
high initial costs
maintenance costs
what are the pros to using new technology (3)
increase productivity
increase efficiency
provide sustainable competitive advantage
what must be considered with decisions with technology (5)
available finance time needed to introduce the technology training needed speed of technological change technology used by competitors
how do quality expectations affect operations when making goods (3)
quality of inputs
manufacturing process
expectations of the product
how do quality expectations affect operations when performing a service (2)
level of professionalism
level of customisation
what is cost leadership
when a business has the lowest operating costs within a industry
what are some strategies to reduce operating cost (3)
eliminating waste
using automated production systems
bulk buying inputs
what do government policies encourage business to do (2)
be more : innovative
competitive
what have free trade agreements led to (2)
reduced protection of domestic borders (e.g low tariffs)
increase competition from cheaper foreign made products
what policies affect businesses (3)
taxation
WHS
environmental standards
what are legal regulations used to ensure (2)
ensure safety
fair business conduct
what are compliance costs
expenses associated with meeting regulations
what is the consequences for not following legal regulations (2)
fines
reputational damage
what does CSR stand for
corporate social responsibility
what is corporate social responsibility
the duty of care commitments of a business has to its stakeholders
what is the triple bottom line
a frameworks that recommends business focus on social and environmental concerns
example of CSR issues
human rights
corruption + bribes
corporate transparency + honesty
what are shareholders
people who own shares in the business
what are stakeholders
people effected by the actions of a business
what is legal compliance
procedures that are implemented to make companies follow regulations, laws and rules
what is ethical compliance
expectations of the business to follow its ethics
what is a code of conduct
a set of non legally enforced rules set by a business to ensure staff in the business act ethically
