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Business Studies > year 11-HSC related > Flashcards

year 11-HSC related Flashcards

1
Q

What are the distribution channels

A

Producer to consumer
Producer to retailer to consumer
Producer to wholesalers to retailer to consumer

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2
Q

What are the channel choices

A

Exclusive
Selective
Intensive

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3
Q

Place

A

Activities that make the products available to customers when and where they want to purchase

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4
Q

Promotion

A

The methods used by a business to inform, persuade and remind a customer about its product

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5
Q

What are the 6 promotional strategies

A

Personal selling
Relationship marketing
Sales promotion
Publicity
Public relations
Advertising

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6
Q

Pricing methods

A

Cost based
Market based
Competition based

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7
Q

Pricing strategies

A

Price skimming
Price penetration
Loss leader
Price points

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8
Q

Product

A

Quality of product
Level of customer service
Packaging
Brand

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9
Q

Marketing mix

A

Product
Price
Promotion
Place

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10
Q

Why is it important to identify a target market

A

Efficient resource allocation
Competitive advantage
Customer satisfaction

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11
Q

3 main target markets

A

Mass market
Market segmentations
Niche market

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12
Q

Marketing

A

A process of planning, pricing, promoting and distributing products to present to potential customers

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13
Q

Benefits of quality management

A

Improved customer satisfaction
Increased efficiency and cost reduction
Enhanced reputation and brand imagine

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14
Q

3 Quality management

A

Quality control
Quality assurance
Quality improvement

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15
Q

Six sigma

A

Define
Measure
Analyse
Improve
Control

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16
Q

Quality management

A

The strategy a business uses to make sure it’s product meets expectations

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17
Q

Service outputs

A

Improved quality of life
Usually intangible, maybe tangible

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18
Q

Service transformation

A

Advice
Labour
Expertise
Experience
Time

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19
Q

Service inputs

A

Knowledge
Skilled
Information
Specialised work site

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20
Q

Manufacturing outputs

A

Tangible products

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21
Q

Manufacturing transformation

A

Mass production
Customised services
Automated

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22
Q

Manufacturing inputs

A

People
Skills
Vison
Knowledge
Capital
Cash flow
Resources

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23
Q

Transforming inputs

A

Human resources
Machinery
Facilities

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24
Q

Transformed inputs

A

Materials
Information
Customer

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25
Q

Types Outputs

A

Good or service
Customer service
Warranties

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26
Q

Input

A

The resources used in the production process

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27
Q

Transformation

A

The conversion of inputs in to outputs

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28
Q

Outputs

A

The finished good or service

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29
Q

Operations

A

The process that involves transformation or production

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30
Q

Four key business functions

A

Operations
Marketing
Finance
Human resources

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31
Q

Business goals

A

Profit
Market share
Share price
Growth
Social
Environmental

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32
Q

Management

A

The process of working with and through other people to achieve business goals in a changing environment

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33
Q

Cash flow statement

A

A financial statement that indicates the movement of cash in and out of a business in a set period

34
Q

Liquidity

A

The ability to pay off short term obligations

35
Q

Income statement

A

A summary of the income earned and the expenses of a business over a period

36
Q

How to calculate COGS

A

Opening stock - purchases - closing stock

37
Q

How to calculate gross profit

A

Revenue - COGS

38
Q

Net profit

A

Revenue - expenses - COGS

39
Q

Balance sheet

A

A financial statement that reports a Business’s assets, liabilities, and owners equity in a point in time

40
Q

Human resources

A

The set of people who make up the work force of a business
Aka industrial relations

41
Q

Top expenses of a business

A

Staff
Physical location
Capital equipment

42
Q

Human resources cycle

A

Acquisition
Development/training
Maintenance
Seperation

43
Q

Acquisition

A

Process of hiring an employee

44
Q

What is the process of hiring an employee

A

Identify staffing needs
Recruitment
Selection

45
Q

Training and development

A

The process of teaching staff how to perform their job more effectively and effectively by boosting their knowledge and skills

46
Q

Leadership styles

A

Methods used to direct and control business

47
Q

3 types of approaches

A

Classical
Behavioural
Contingency

48
Q

Classical approach

A

Hierarchical
Autocratic leadership style

49
Q

Autocratic leadership style

A

Make all decisions
Dictate working method
Does not listen to employees

50
Q

Behavioural approach

A

Flatter organisational structure
Behavioural leadership style

51
Q

Behavioural leadership style

A

Recognise the strengths and abilities of employees
Actively listens to employees
Value the contribution of employees

52
Q

Contingency approach

A

Flexible between classical and behaviour approach

53
Q

Why is staff involvement important for a business

A

Productivity
Help make decisions
More innovation

54
Q

What do all employees get as part of their employment contract

A

11 NES and min wage

55
Q

Awards

A

NES
Min wage
Enforced by FWC

56
Q

Enterprise agreements

A

Negotiated with a group of employees
Must last BOOT
Enforced by FWC
3 types:
Single enterprise
Multi enterprise
Greenfields

57
Q

Individual common law agreement

A

Negotiated with one employee
Must meet NES
enforced by courts
Used for:
Extra conditions to the awards
No award exists
High income earner

58
Q

Monetary benefits

A

Salary
Bonuses
Commission

59
Q

Non monetary benefits

A

Paid leave
Flexible working hours
Discounts on products

60
Q

Seperation

A

The ending of the employment relationship

61
Q

Retirement

A

When an employee decides to give up full time or part time work, no longer working

62
Q

Resignation

A

The voluntary ending of employment by the employee

63
Q

Voluntary redundancy

A

When a business wishes to reduce the size of its workforce, employees can nominate themselves for voluntary redundancy

64
Q

Dismissal

A

When the behaviour of an employee is unacceptable and it then becomes necessary for a business to terminate the employee’s contract
3 types of dismissal:
Summary dismissal
Dismissal on notice
Unfair dismissal

65
Q

Retrenchment

A

when a business dismisses an employee because there is not enough work to justify paying them

66
Q

Involuntary redundancy

A

Persons job doesn’t exist anymore

67
Q

Unfair dismissal

A

when an employee is dismissed and they believe the action is unjust

68
Q

Dismissal on notice

A

Dismissed with a notice

69
Q

Summary dismissal

A

Terminated on the spot for a serious offence

70
Q

Ethical business behaviours

A

Principles and actions adopted by businesses that align with morals and socially responsible standards

71
Q

Types of ethical behaviours

A

Honesty and transparency
fair treatment of employees
financial management
customer privacy

72
Q

Management and change

A

Responding to internal and external threats

73
Q

Internal influences to change

A

Management
Employees

74
Q

External influences to change

A

competition
legislation
tech
social

75
Q

Reasons why resistance occurs

A

Purchasing new equipment
Redundancy pay
Retraining
Reorganising plant layout
Inertia- fear of the unknown

76
Q

Strategies to overcome resistance

A

Management consultants
Unfreeze-change-refreeze

77
Q

Management consultants

A

Assist business by investigating existing problems and develop plans for improvement

78
Q

Unfreeze-change-refreeze

A

Aims to understand why change happens and implement changes into day to day operations

79
Q

Assets

A

Items of value owned by the business

80
Q

Liabilities

A

Items of debt owed to other organisations

Business Studies (2 decks)

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