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Business > Management process > Flashcards

Management process Flashcards

1
Q

What is the difference between goods and services in operations?

A

Goods are tangible outputs, while services are intangible and determined by knowledge and skills.

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2
Q

What are Simply Transformed Manufactured (STM) goods?

A

STMs are inputs that have undergone only a few steps in the production process.

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2
Q

Describe job production.

A

Job production involves creating unique products where no two outputs are the same, such as a designer wedding dress.

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3
Q

What are Elaborately Transformed Manufactured (ETM) goods?

A

ETMs involve many inputs and have undergone many changes during the production process.

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4
Q

What are the three main types of production processes?

A

Job production, batch production, and flow production.

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5
Q

What characterizes flow production?

A

Flow production is a continuous process where inputs are constantly transformed into outputs, such as on an assembly line.

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5
Q

What is batch production?

A

Batch production involves making outputs in groups or small amounts. Production adjusts based on demand.

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6
Q

What are the three main strategies in quality management?

A

Quality control, quality assurance, and Total Quality Management (TQM).

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7
Q

How does quality assurance differ from quality control?

A

Quality assurance involves establishing procedures to prevent quality problems before they occur, how a process is performed. Quality control is inspection

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7
Q

What is market segmentation?

A

Market segmentation divides the total market into smaller chunks based on characteristics like geographic, demographic, psychographic, and behavioral factors.

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7
Q

What is the goal of marketing in a business?

A

Marketing aims to connect businesses to customers by finding out what customers want and developing products to meet those wants.

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8
Q

What is the purpose of quality control?

A

Quality control involves establishing standards and measuring outputs against these standards to decrease defect rates.

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9
Q

What is Total Quality Management (TQM)?

A

TQM is a continuous improvement approach in all areas of a business, often involving quality circles to discuss solutions and improvements.

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10
Q

What is a target market?

A

A target market is a specific group of consumers that a business focuses its marketing activities on.

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11
Q

What is market research?

A

Market research involves analyzing data collected from a target group to achieve satisfaction and determine buying patterns.

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12
Q

What are some common methods for setting prices in marketing?

A

Cost of production method, demand pricing, competition-based pricing, prestige pricing, and loss leader pricing.

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12
Q

What are the 4 P’s of the marketing mix?

A

Product, Price, Promotion, Place.

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12
Q

What is a niche market?

A

A niche market is a small, specialized segment of the market.

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13
Q

What factors are considered in product positioning?

A

Product positioning considers the image and level of quality of a product compared to competitors

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14
Q

What is the role of promotion in marketing?

A

Promotion involves creating and maintaining awareness and interest in a product through various strategies such as sales promotions, advertising, direct selling, publicity, and product placement.

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15
Q

What are the three main types of distribution channels?

A

Intensive distribution, selective distribution, and exclusive distribution.

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16
Q

How is gross profit calculated?

A

Gross profit is calculated as revenue minus the cost of goods sold (COGS).

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16
Q

What is the main goal of finance in a business?

A

The main goal of finance is to ensure money is available for paying bills, expanding the business, and determining profitability, efficiency, and effectiveness.

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17
Q

What is a cash flow statement?

A

A cash flow statement measures cash inflows and outflows over a 12-month period, helping to maintain liquidity and prevent insolvency.

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18
Q

What information does a balance sheet provide?

A

A balance sheet provides a snapshot of a business’s financial position at a particular time, showing assets, liabilities, and owner’s equity.

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19
Q

What is an income statement?

A

An income statement summarizes all revenue and expenses, showing whether a business is profitable through the bottom line (net profit).

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20
Q

What are current and non-current assets?

A

Current assets are short-term assets (less than 12 months), such as cash and inventory, while non-current assets are long-term assets, such as land and equipment.

20
Q

What are the stages of the human resource cycle?

A

Recruiting, training, maintaining, and separation.

21
Q

What are the benefits of training in HR?

A

Training improves employees’ present and future performance, enhances job satisfaction, and increases productivity.

21
Q

What is owner’s equity?

A

Owner’s equity represents the net worth of a business, including capital, undistributed profit, and drawings.

22
Q

What is human resources (HR) management?

A

HR management involves the effective management of the formal relationship between the employer and the employees to achieve business goals.

23
Q

What is recruitment in HR?

A

Recruitment involves seeking applicants and selecting the most suitable candidate for a position.

24
Q

What is the Fair Work Act 2009 (Cth)?

A

The Fair Work Act 2009 (Cth) is Commonwealth legislation that covers all aspects of the employee/employer relationship, particularly wages.

25
Q

What are the types of employment contracts?

A

Casual, part-time, full-time, and subcontracting.

26
Q

What is intensive distribution?

A

Intensive distribution aims to make products available in as many outlets as possible, such as soft drinks and snacks.

26
Q

What are the forms of voluntary separation in HR?

A

Retirement, resignation, and voluntary redundancy.

27
Q

What is the purpose of quality assurance?

A

Quality assurance involves establishing procedures to prevent quality problems from occurring in the first place.

27
Q

What is prestige pricing?

A

Prestige pricing sets prices based on the product’s ‘image’ as a luxury or exclusive item, established through product positioning.

28
Q

What is involuntary separation?

A

Involuntary separation occurs when the employer terminates the employment contract due to reasons such as unacceptable behavior or redundancy.

28
Q

What is the main goal of a cash flow statement?

A

The main goal of a cash flow statement is to maintain the business’s liquidity by tracking cash inflows and outflows.

29
Q

What is quality control in operations management?

A

Quality control involves establishing standards and measuring outputs against these standards to decrease defect rates.

30
Q

What is the significance of a target market in marketing?

A

A target market helps businesses focus their marketing efforts on specific groups of consumers most likely to buy their products.

31
Q

How does Total Quality Management (TQM) benefit a business?

A

TQM promotes continuous improvement in all areas of a business, often involving employee participation in quality circles to discuss and solve problems.

32
Q

What is selective distribution?

A

Selective distribution limits the number of retailers that can sell a product, such as makeup available only in certain pharmacies.

32
Q

How does market segmentation benefit a business?

A

Market segmentation allows a business to tailor its marketing efforts to specific segments based on geographic, demographic, psychographic, and behavioral characteristics.

33
Q

What are the benefits of staff training for an employer?

A

Benefits for the employer include higher productivity, efficient use of resources, meeting goals and objectives effectively, and reduced costs.

33
Q

What is exclusive distribution?

A

Exclusive distribution allows only one retailer in a particular area to sell a product, often used for luxury items like Rolls Royce or Rolex.

34
Q

How is net profit calculated on an income statement?

A

Net profit is calculated as gross profit minus expenses.

34
Q

What is the difference between current and non-current liabilities?

A

Current liabilities are short-term obligations due within 12 months, while non-current liabilities are long-term obligations.

35
Q

What are some types of training in HR management?

A

Types of training include training technology, formal off-the-job training, informal on-the-job training, competency-based training, and corporate university programs.

36
Q

What is an employment contract?

A

A legally binding and formal agreement between an employer and an employee.

37
Q

What are the characteristics of a casual employment contract?

A

Casual employees are paid on an hourly or daily basis, have infrequent shifts, and may receive extra loading to compensate for lack of benefits.

38
Q

What are the key features of a full-time employment contract?

A

Full-time employees work full weekly hours and receive full weekly wages. They are typically awarded based on productivity and are entitled to full benefits.

38
Q

Describe a part-time employment contract.

A

Part-time employees work regular hours and receive a flat rate of pay. They are entitled to benefits on a pro rata or proportional basis relative to their working hours.

39
Q

What is subcontracting in employment?

A

Subcontracting involves hiring a full-time employee temporarily for a short duration, providing flexibility in workforce management (e.g., in construction).

40
Q

What are Enterprise Agreements?

A

Enterprise Agreements are negotiated agreements between an employer and a union or a group of employees, establishing specific terms and conditions of employment.

40
Q

What are the types of employment contracts in Australia?

A

Employment contracts in Australia include Awards, Enterprise Agreements, and Common Law Contracts, governed primarily by the Fair Work Act 2009 (Cth).

41
Q

Define Awards in the context of Australian employment contracts.

A

Awards set out minimum wages and conditions that all employees with similar jobs are entitled to. They adhere to the National Employment Standards.

42
Q

What are Common Law Contracts?

A

Common Law Contracts are employment agreements where terms regarding pay and conditions are negotiated between the employer and the employee.

43
Q

What is the Fair Work Act 2009 (Cth) in Australia?

A

The Fair Work Act 2009 (Cth) is the primary legislation governing all aspects of the employer-employee relationship in Australia, particularly focusing on wages and conditions.

43
Q

What is voluntary separation in employment?

A

Voluntary separation refers to an employee’s decision to end their employment contract. It can include retirement, resignation, or voluntary redundancy.

44
Q

Define retirement in the context of employment.

A

Retirement is an employee’s decision to give up work. There is no official retirement age, and reasons can vary from personal choice to health considerations.

45
Q

What is resignation in employment?

A

Resignation occurs when an employee chooses to leave their job, often due to personal reasons such as career change or relocation. The notice period may vary by industry.

46
Q

Explain redundancy in employment.

A

Redundancy happens when a worker is no longer needed due to downsizing, restructuring, or technological advancements. It can be voluntary or involuntary.

47
Q

What is involuntary separation in employment?

A

Involuntary separation occurs when an employer terminates an employment contract. It includes dismissal, which can be for reasons such as unacceptable behavior or redundancy.

47
Q

Define dismissal in employment.

A

Dismissal is when an employer terminates an employee’s contract, often due to unacceptable behavior or redundancy. Legal protections against unfair dismissal exist to prevent discrimination.

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