ROLE
The business function concerned with transforming inputs into outputs.
What is operations?
These five factors influence consumer choice in Marketing.
What are psychological, sociocultural, economic, government and legal factors?
Name the four Ps of the Marketing mix
Product, price, promotion and place.
Name the three broad stages of the Operations process.
Inputs, transformation processes and outputs.
Current assets are $200,000 and current liabilities are $100,000. Calculate the current ratio
2:1.
This competitive advantage involves producing at the lowest possible cost.
What is cost leadership?
Name the five major influences on Human Resource
Stakeholders, legal, economic, technological and social influences.
Name four monetary rewards that could be used as an HR strategy.
Wages/salary, bonuses, commissions and profit sharing.
Name the four stages of the Human Resources process
Acquisition, development, maintenance and separation.
A business reduces its introductory price to quickly gain market share. Identify the pricing strategy.
Penetration pricing.
This form of competitive advantage involves making a product or service distinctive from competitors.
What is product differentiation?
Name all six major influences on Operation
Globalisation, technology, quality expectations, cost-based competition, government policies and legal regulation, and environmental sustainability.
Name the three approaches to quality management in Operations.
Quality control, quality assurance and quality improvement.
Name the seven steps in the Marketing process
Situational analysis, market research, establishing marketing objectives, identifying target markets, developing marketing strategies, implementation, and monitoring and controlling.
Explain one way outsourcing could improve Operations performance.
It may reduce costs and/or provide access to specialist expertise, improving efficiency.
Operations has this relationship with other key business functions because decisions in one function affect the others.
What is interdependence?
Name the six major influences on financial management.
Internal sources of finance, external sources of finance, financial institutions, influence of government, global market influences and economic outlook.
Name the major categories of financial management strategies.
Cash flow management, working capital management, profitability management and global financial management.
Name the four major financial management processes.
Planning and implementing, monitoring and controlling, financial ratios, and limitations of financial reports.
A business has rising sales but falling profits. Identify two financial ratios that could help investigate the problem.
Gross profit ratio and net profit ratio
A business sacrifices some flexibility to achieve lower unit costs through high-volume production. This reflects this operations objective.
What is cost?
This influence may affect workplace safety, environmental practices and product standards.
What is government policy and legal regulation?
Name one syllabus strategy from each of the four business functions.
Example: Operations – lean production; Marketing – product differentiation; Finance – working capital management; HR – training and development.
Name the major processes for all four key business functions
Operations – inputs, transformation, outputs; Marketing – situational analysis, market research, objectives, target markets, strategies, implementation, monitoring/control; Finance – planning/implementing, monitoring/controlling, ratios, limitations; HR – acquisition, development, maintenance, separation.
A business has falling profits, high staff turnover, customer complaints and increasing production costs. Identify the four functions affected and one appropriate strategy for each.
Finance – profitability management; HR – training/rewards; Marketing – customer service/product strategy; Operations – lean production/cost management.