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Business Studies - Year 11 > Management Process > Flashcards

Management Process Flashcards

1
Q

Operations

A

The operations function of a business involves combining and transforming inputs to produce a final good or provide a service

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2
Q

Manufactured goods

A

Outputs that are tangible

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3
Q

Simply Transformed Manufactured Good (STM)

A

inputs undergo little transformation

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4
Q

Elaborately Transformed Manufactured Good (ETM)

A

inputs undergo many changes & transformations to produce the output

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5
Q

The Production Process

A

the steps & processes used to transform inputs into outputs

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6
Q

Inputs

A

raw materials, ingredients, parts & information

Inputs also include the facilities, equipment, technology & labour used to create the output

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7
Q

Quality Management

A

a strategy used by the business to ensure that the quality of the product meets the expectations of the business & consumer

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8
Q

Quality Control

A

involves establishing standards and measuring the outputs of a business against those standards

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9
Q

Quality Assurance

A

involves establishing and using a set of procedures that will prevent products from having quality problems

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10
Q

Total Quality Management (Kaizen)

A

Focuses on continuous improvement in all functional areas

Under TQM, small improvements are constantly made to improve quality outcomes

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11
Q

Marketing

A

Marketing connects the business to its consumers and is the main revenue-generating activity of the business

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12
Q

Target Market

A

the focus of the firm’s marketing strategy

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13
Q

Niche Market

A

a highly specialised market with a small number of potential customers

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14
Q

Market Segmentation

A

divides the market into geographic, demographic, psychographic and behavioural segments

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15
Q

Product

A 
involves focussing on:
Brand name
Functionality
Styling
Quality
Safety
Packaging
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16
Q

Price

A 
involves a focus on:
Pricing Strategy
Seasonal Pricing
Price Flexibility
Bundling
Discounts
17
Q

Place

A 
involves a focus on:
Distribution CHannels
Warehousing
Transportation
Order Processing
Logistics
Inventory Management
18
Q

Promotion

A 
involves a focus on:
Advertising
Personal Selling & Sales
Public Relations
Marketing Communication
19
Q

Cash Flow Statement

A

a report that summarises cash transactions (money flowing in and out of the business) over a period of time

20
Q

Income Statement

A

A summary of all revenues generated and expenses incurred by a business over a specific period of time

21
Q

Balance Sheet

A

A summary statement of the assets a business owns, the liabilities the business owes and the equity the owners have invested in the business

22
Q

Recruitment

A

the stage in the human resource cycle that involves identifying staffing needs, seeking applications and selecting new employees

23
Q

Job Description

A

a document listing the duties, tasks and responsibilities of a particular job

24
Q

Job Specification

A

a written statement describing the key skills, experience and qualifications needed for a particular job

25
Q

Remuneration

A

how much the job is worth - pay and entitlements

26
Q

Sourcing

A

filling a vacancy by finding applications

27
Q

Selection

A

the screening process; information gathered is reviewed and the most appropriate applicant is chosen

28
Q

Training

A

any activities aimed at improving an employee’s present and future performance in the workplace

29
Q

On-the-job training

A

advisers, traineeships, apprenticeships, and job rotation

30
Q

Off the job training

A

including TAFE and university courses

31
Q

Casual

A

hired & paid on an hourly or daily basis

32
Q

Part-Time

A

work regular number of hours per week but fewer than full-time hours

33
Q

Full-Time

A

receive full weekly wages and conditions and may work between 35 & 40 hours

34
Q

Subcontracting

A

employ a firm or person outside one’s company to do (work) as part of a larger project

35
Q

Ethics

A

standards of behaviour and moral position, what is right and wrong

Business Studies - Year 11 (7 decks)

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