Operations
What is the main role of operations management?
What is: To transform inputs into outputs.
What are the four elements of the marketing mix?
What is: Product, Price, Promotion and Place
What are the two main sources of business finance?
What is: Debt and equity
What legislation created the NES
What is: The Fair Work Act 2009
What two ratios measure financial efficiency?
What is: Expense ratio and Accounts Recievable turnover ratio
What performance objective refers to consistently producing goods or services that meet customer expectations?
What is: Quality
What is a group of customers with similar characteristics toward whom a business directs its marketing efforts?
What is: Target Market
What financial statement shows a business’s revenue and expenses over a period of time?
What is: Income Statement
Name the 4 stages of the Human Resource Cycle
A business introduces a new perfume at a high price to promote it as a high quality, luxious product.
What pricing strategy is the business using?
What is: Price skimming
What inventory management approach involves receiving supplies only when they are needed for production?
What is: Just in Time (JIT)
What pricing method involves adding a profit margin to the cost of producing a product?
What is: Cost-based pricing
What is: Payment in advance
What Human Resources stakeholder group would represent businesses during negotiations about changes to pay and working conditions?
What is: Employer associations
Name the 6 peformance objectives that operations managers aim to achieve
What is: Flexibility, Cost, Customisation, Dependability, Speed, Quality
What operations strategy involves contracting an external business to perform a non-core business function?
What is: Outsourcing
What stage of the marketing process involves identifying the business’s strengths, weaknesses, opportunities and threats?
What is: Situational Analysis
Explain how factoring can improve a business’s cash flow.
What is: It is the selling of accounts recievable and improves the liquidity of the business
What is are four workplace dispute resolution processes
What is: negotiation, mediation, conciliation and arbitration
How can technology can help a business achieve both cost leadership and quality.
What is: Technology can automate production, reduce labour costs,minimise waste, increase speed, supporting cost leadership. It can also improve precision, consistency and quality control, leading to higher-quality outputs.
Explain one way global sourcing can improve a business’s operations.
What is: It can provide access to
low cost inputs,
specialised suppliers,
improved quality or resources unavailable domestically.
A company reviews the ABS for data to identify emerging market trends and consumer behaviour patters.
What type of market research is this company using?
What is: Secondary research
What is: Overdraft, accounts payable and short-term loan
If a business has a liquidity ratio of 2:1 what doees that mean?
What is: For every $1 of current liabilities the business has $2 in current assets to pay the short-term debt as it falls due, therefore the business is liquid
Which of the following would be the most effective strategy to improve cash flow for a business?
A) short-term high interest loans
B) Increasing inventory levels to improve sales capacity
C) Offer customers discounts for early payment of invoices
D) Expand credit terms offered to customers to boost revenue
What is: C) Offer customers discounts for early payment of invoices