Operations
This strategic role of operations management aims to gain a competitive advantage by having the lowest costs in the industry.
What is cost leadership?
This fundamental marketing approach divides a broad market into distinct groups based on shared characteristics like age, income, or lifestyle.
What is market segmentation?
This financial statement shows a business's assets, liabilities, and owner's equity at a specific point in time.
What is the Balance Sheet (or Statement of Financial Position)?
The four main stages of the Human Resource cycle are Acquisition, Development, Maintenance, and this final phase.
What is Separation?
Short-term financial goals generally focus on operational tactical plans covering a timeframe of less than this length.
What is 12 months (or 1 year)?
The operational process includes inputs, transformation processes, and these final results.
What are outputs?
Product, Price, Promotion, and Place make up this classic core framework of marketing strategies.
What is the Marketing Mix (or the 4 Ps)?
Calculated as Current Assets divided by Current Liabilities, this ratio measures a business's ability to pay its short-term debts.
What is the Liquidity ratio (or Current Ratio)?
These legally binding agreements set out minimum terms and conditions of employment for an entire industry or occupation in Australia.
What are Modern Awards?
This common internal analysis tool evaluates a business's Strengths, Weaknesses, Opportunities, and Threats.
What is a SWOT analysis?
Under performance objectives, this term refers to how quickly an operational process can adapt to changes in market demand or product mix.
What is flexibility?
This pricing strategy involves setting a deliberately high initial price to target price-insensitive consumers before gradually lowering it over time.
What is price skimming?
This source of short-term external equity or debt allows a business to sell its accounts receivable to a third party at a discount to gain immediate cash.
What is factoring?
High staff turnover, increased absenteeism, and frequent industrial disputes are all key indicators of low levels of this HR outcome.
What is employee morale (or worker satisfaction/engagement)?
The integration of operations and marketing often requires balancing production capacity with this primary marketing objective.
What is satisfying consumer demand?
his inventory management strategy relies on receiving goods only as they are needed in the production process to minimize holding costs.
What is Just-In-Time (JIT)?
Australian Consumer Law prohibits these types of claims that mislead consumers about a product's origin, performance, or benefits.
What is deceptive and misleading advertising?
The formula $(\text{Gross Profit} \div \text{Sales}) \times 100$ calculates this key profitability ratio.
What is the Gross Profit Ratio?
This industrial dispute resolution method involves an independent third party stepping in to make a final, legally binding decision for both employers and employees.
What is arbitration?
This macro-environmental influence includes exchange rates, interest rates, and economic growth levels (measured by GDP).
What are economic influences?
These two operational influences involve designing processes to reduce waste and carbon footprint, often balancing societal expectations with legal compliance.
What are environmental sustainability and corporate social responsibility (CSR)?
In services marketing, three extra 'P's are added to the traditional mix. Name all three.
What are People, Processes, and Physical Evidence?
This working capital management strategy involves selling assets to a financier and leasing them back over a fixed period to free up liquidity.
What is a sale and leaseback?
Performance pay, flexible working arrangements, and fringe benefits fall under this maintenance strategy designed to retain high-performing staff.
What are reward systems (monetary and non-monetary)?
When a business expands into international markets, it faces this specific financial risk arising from fluctuating foreign currency values.
What is foreign exchange risk (or currency exchange rate risk)?