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Business Studies > Management Process > Flashcards

Management Process Flashcards

1
Q

What is the key reason to coordinate the key business functions?

A

Focus = ensuring the key business functions are performing efficiently and effectively in order to support and implement the business’s goals

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2
Q

What are the four key business functions?

A
  • Operations
  • Finance
  • Marketing
  • Human Resource
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3
Q

What does interdependent mean?

A

the mutual dependence that the key functions have on one another

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4
Q

Why is interdependence important for a business?

A

each key business function is working in its area of expertise (increasing in efficiency) but collaborating on the business vision which increases effectiveness and leads to synergy (cooperation)

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5
Q

What is operations?

A
  • Consists of all the activities in which managers engage to produce a good or service
  • Creating, operating and controlling a transformational process that takes inputs and produces outputs of goods and services
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6
Q

Why is operations management important for business success?

A
  • establishes the level of quality of the good or service
  • influences the overall cost of production (Capital + HR)
  • determines whether sufficient products are available to satisfy consumer demand
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7
Q

What are tangible products in a business? Provide examples.

A
  • Can be handled and stored
  • Production process and consumption are not linked
  • Little customer involvement in production
  • cars, computers, books, burgers, shoes, property
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8
Q

What are intangible products in a business? Provide examples.

A
  • Cannot be touched
  • Services cannot be stored
  • Customer may need to be present when the service is being delivered
  • hairdressing, cleaning, spa counselling, information legal advice
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9
Q

What are the three key elements of the production process?

A
  • inputs
  • processes
  • outputs
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10
Q

What are inputs?

A

Resources used in the process of production

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11
Q

What are the 6 types of inputs and their definition?

A

Material Inputs

The raw materials consumed or converted by the transformation process

Capital Equipment

Includes the plant, machinery and property necessary to conduct operations

Labour

Refers to people involved in the operations function.

Information

Contributes to the production process. This may include research for new materials or an improvement in technology.

Time

Coordinating resources within appropriate time frames limits costs and wastage

Money

Can easily be converted into any quantity or combination of materials, capital or labour

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12
Q

Define Process/Transformation.

A

The conversion of inputs into outputs

Implies physical change. Also includes the conversion of resources into services

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13
Q

What are the two types of outputs and their definition?

A

STM – (Simply Transformed Manufactures)

  • Limited amount of transformation
  • sold for further processing
  • making metal into pole or roasting almonds

ETM – (Elaborately Transformed Manufactures)

  • Highly processed
  • Value has been added
  • sold to final markets
  • making a car
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14
Q

How is transformation different for a manufacture business vs service business?

A
  • Outputs cannot be physically held in stock
  • Rely heavily on interaction with the customer in determining the output
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15
Q

What are outputs?

A

Refer to the end result of a business’s efforts

  • the good or service that is delivered or provided to the consumer
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16
Q

Define quality management.

A

Strategy to make sure that its product meets customer expectations

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17
Q

What are the features of a quality product?

A
  • have a high degree of excellence and achieve its stated purpose
  • be reliable, easy to use, durable, well designed, delivered on time, include after-sales services
  • have an agreeable appearance
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18
Q

What are the 3 approaches to quality management?

A
  • Quality control
  • Quality assurance
  • Total quality management
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19
Q

What is quality control?

A

Involves the use of inspections at various points in the production process to check for problems and defects

an inspection of employee performance

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20
Q

What is quality assurance?

A

Involves the use of a system so that a business achieves set standards in production

21
Q

What is total quality management?

A

a system of management based on the principle that every member of staff must be committed to maintaining high standards of work in every aspect of a company’s operations.

22
Q

What is the aim of total quality management?

A

create a defect-free production process, and maintain a customer
focus in operations.

To achieve employee empowerment, continuous improvement and
improved customer focus

23
Q

What is employee empowerment?

A

the authority and the freedom a company gives its employees to make decisions and take the necessary steps to achieve goals

24
Q

What is continuous improvement?

A

A constant evaluation of, and improvement in, the way things are done

25
Q

What is customer focus?

A

Customer focus is a strategy that puts your customers’ needs first. Customer-focused businesses foster a company culture dedicated to enhancing customer satisfaction and building strong customer relationships.

26
Q

What is marketing?

A

Marketing is the system of planning, pricing, promotion and distribution of products to present to potential customers.

marketing ≠ placing an advertisement in the local media

27
Q

What is a ‘marketing concept’ approach?

A

The marketing concept is a strategy that companies implement to satisfy their customers’ needs, increase sales, maximize profit and get ahead of their competition.

28
Q

What is aa target market?

A

A target market is a group of customers with similar characteristics who presently, or who may in the future, purchase the product.

29
Q

Why is it important to have a target market?

A
  • Products don’t always suit every customer
  • Expensive to market products to all consumers in Australia
  • Businesses must select specific groups of customers on which to concentrate their marketing efforts
30
Q

What is the mass market approach?

A

Seeks a large range of customers

Develops a single marketing mix and directs at entire market
- one type of product with little or no variation
- one promotional program aimed at everyone
- one price, one distribution system

31
Q

What is market segmentation?

A

The total market is subdivided into groups of people who share one or
more characteristics based on four elements or dimensions:

  • Demographic
  • Geographic
  • Lifestyle
  • Behavioural
32
Q

What is. niche market?

A
  • A narrowly selected target market segment
  • A segment of a segment
  • A ‘micro market’
33
Q

What are marketing strategies?

A

actions undertaken to achieve the business’s marketing goals through the marketing mix

34
Q

What is the marketing mix?

A

Product
Price
Promotion
Place

35
Q

Define product.

A
  • Good or service produced by business
  • This element also looks at:
    Quality
    Design
    Name
    Packaging
    Labelling
    Exclusive features
36
Q

What is product positioning?

A

The image of a product compared to the image of competing products

37
Q

What is product branding?

A

Brand = name, term, symbol or design that identifies a specific product
and distinguishes it from its competitors

Logo = graphic representation that identifies business

38
Q

Why is price an important marketing strategy?

A

Too high = lost sales

Too low = cheap + nasty

39
Q

What are the 4 price methods and their meaning?

A
  • cost plus margin
    cost of production + margin for profit
  • market price
    interaction between supply and demand
  • competitors’ price
    below, equal or above competitors
  • discount price
    reducing to stimulate demand
40
Q

What are the 4 price strategies and their meanings?

A

Skimming – Start high, lower over time

Loss leaders – Sell at loss to attract to other products

Penetration Pricing - Start low to attract customer, raise over time

Price points – range of prices for different products

41
Q

Define promotion and its aim.

A

The idea is to make people aware, attract and induce to buy the product, in preference over others.

Aim
- Attract new customers
- Increase brand loyalty
- Encourage existing customers to keep buying

42
Q

What are the main forms of promotion?

A

Personal Selling – sales assistant outlines features

Sales Promotion – activities + materials to attract interest

Publicity – free news stories about products

Advertising – print or electronic mass media

43
Q

Define place.

A

How the product gets to the customer

44
Q

what are the 3 channels of distribution.

A

Producer -> Customer

Producer -> Retailer -> Customer

Producer -> Wholesaler -> Retail -> Customer

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Business Studies (3 decks)

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