U3 AOS 1 revison questions

Question 1

5 characteristics of LSO’s

Answer 1

1. over 200 employees
2. revenue in the millions
3. assets of over 200 million
4. multiple locations
5. complex management structure

Question 2

Why are LSO’s unique

Answer 2

1. owners who have little to do with day to day operations
2. produce goods and services cheaply as they can reduce costs
3. group staff into departments

Question 3

Draw a diagram of the different types of LSO’s then objectives of each

Answer 3

pic

Question 4

5 mangement functions

Answer 4

1. operations-creating or producing goods or services
2. finance-planning and reporting on financial aspects
3. HR-managing staff
4. marketing-developing strategies to gain and retain customers
5. R&D-inovation and invention of new products or ideas

Question 5

Explain mission, vision, objective and strategy, and how they all work together

Answer 5

Vision-orgnaision aspires to become
Mission-what do, who are, where going (purpose)
Objective-goal e.g. increase profits
Strategy-actions to achieve objective e.g. introduce new product

Question 6

4 positive contributions

Answer 6

1. GDP-encourages economic growth and wealth by producing goods and services
2. employment-employ large nos, use suppliers, expansion of business, increasing employment and living
3. exports-contributes to Aus BOP, creates jobs, boosts incomes, improves living and GDP
4. R&D-improves knowledge of products, finds more efficient and productive ways = profit, increase employ…

Question 7

4 negative contributions

Answer 7

1. outsourcing-