Operations
The physical raw materials and components used to make goods. It also refers to the skills, creativity and knowledge required to provide services.
Inputs
The process of developing a product that meets the needs of consumers and implementing a series of promotional, pricing and distribution strategies that will encourage consumers to purchase the product
The Marketing Mix (4Ps)
The revenue remaining after paying the cost of goods sold; that is, the expenses of purchasing the goods wholesale and transporting them to the business ready for sale.
Gross Profit
A problem that arises between an employer and either a group of employees or an individual employee at a workplace
Industrial dispute
A non tangible indicator of HR efficiency which attempts to describe the feeling of being in and interacting with a workplace, and the norms and traditions in that space
workplace culture
Either the steady, predictable levels of demand for a product, or changes and volatility
Variation in Demand
The different phases that a business's product/s will often go through over the course of its existence.
Product life cycle
A current asset that represents money owed to the business in the short term. This money is owed to the business by customers who are yet to pay for goods or services they have already recieved
Accounts Recievable
Written statement describing the duties, tasks, and responsibilities associated with a particular job.
Job description
McDonald's variation of a menu item to suit the needs and wants of customers in a particular country. E.g. Vegetarian options in India for Hindu customers
customisation
A scheduling tool used in an operation involving repetitive tasks, especially if the exact time each task will take is known. This finds the minimum time it takes to complete the overall process
Critical Path Analysis
A disguised marketing process that uses general questions in a survey or questionnaire to determine the interests and needs of a consumer and then offers the consumer a product that the business believes caters to the consumers needs
Sugging
How much debt finance the business has acquired to fund its operations compared to its use of equity finance
Gearing
The rate at which employees leave a business. This include voluntary and involuntary seperation
Staff Turnover
The final stage of the dispute resolution process. Layers will present the case to Fair Work Australia who will apply a legally binding decision
Arbitration
An assurance that a business stands by the quality claims of the products it makes and provides to the market
Warranty
A business giving preference to some retailers by providing them with stock at lower prices than are offered to the retailers' competitors
Price discrimination
A type of long term debt finance that a business can acquire by offering a prospectus to the general public on the securities exchange. The business is offering an investment opportunity to finance companies and other large firms who want a higher return from a more risky investment.
Debentures
Greater job variety, more flexible hours, increased status in the workplace, access to additional benefits and services.
Non-monetary benefits
HR, Finance, Marketing and Operations work together to achieve key business objectives
Interdependence of key business functions
When a business purchases a controlling interest in other businesses to ensure its supply chain
Vertical Integration
A pricing strategy that involves providing a limited number of goods at a price that generates minimal profit or even a loss to encourage consumers to purchase goods from the business (E.g. Kmart offering $3 kids t-shirts)
Loss Leader
Net Profit
_______
Total Equity
Return on Equity ratio
The manner and approach in which managers of a business interact with staff
Leadership style
A contract under which the buyer agrees to purchase something from the seller for a set price at a future point in time. It can be used to reduce financial risks such as the depreciation of currencies.
Derivative