Unit 2 AOS 1
What is the main purpose of establishing a separate business bank account?
To keep personal and business finances separate for easier record-keeping and compliance.
How does marketing support business objectives?
By increasing brand awareness, sales, and customer loyalty, helping achieve objectives like profit and market share growth.
What are the two key elements of job analysis?
Job description (duties and responsibilities) and job specification (skills, qualifications, and experience).
What is employee induction?
The process of introducing new employees to the business, their role, and workplace culture.
What do I do when I'm asked to 'outline'?
Brief description, what are the main points.
What is the purpose of registering a website domain for a business?
It protects the business’s online identity and ensures customers can find the official business site.
What are two types of data used in market research? In your response provide an example of each.
Primary data (collected firsthand) and secondary data (existing information).
What is the difference between internal and external recruitment?
Internal fills jobs from within the business; external seeks new applicants from outside.
What is the purpose of a business policy?
To provide consistent guidelines for decision-making and compliance.
What do I do in an 'explain' question?
Cause (meaning) and the effect
Why might a business owner hire an accountant when starting their business?
To assist with tax registration, financial planning, and compliance.
Identify all of the 7Ps of marketing?
Product, Price, Place, Promotion, People, Physical Evidence, and Process.
What is the difference between an award and an enterprise bargaining agreement?
Award - A legally binding document outlining minimum pay and conditions for an industry.
EBA - A negotiated agreement between an employer and a group of employees about pay and conditions, approved by the Fair Work Commission.
What are two ways markets can be segmented?
Demographic (age, gender), geographic (location), psychographic and behavioral
What do i do when discussing ?
Consider both sides of an issue relating to business information, theories and ideas. This might mean writing about the advantages and disadvantages, the strengths and weaknesses, or the benefits and costs
What is one limitation of using suppliers that meet CSR objectives?
They may charge higher prices, increasing business costs.
What is a crisis public relations strategy?
A plan to manage and communicate during unexpected negative events that could harm the business’s image.
What is Equal Employment Opportunity (EEO)?
Ensuring all individuals have fair access to employment and advancement without discrimination.
Why is analysing consumer trends important in marketing?
It helps businesses adapt to changing preferences and maintain relevance in the market.
What do I do when asked to 'justify'?
Show how a suggestion that you have made in relation to management strategies to improve business performance is correct. Provide evidence to show why your suggestion will work.
Explain why it is essential for a business to establish both effective financial control systems and clear legal compliance policies before commencing operations.
Because together they ensure financial stability, accuracy, and legal compliance, reducing the risk of fraud, penalties, and business failure.
How can CSR can enhance a marketing campaign.
CSR initiatives, such as sustainability or charity partnerships, improve brand image and attract ethically minded consumers.
Explain how CSR-focused staffing can benefit a business.
Ethical hiring builds reputation, loyalty, and attracts socially conscious consumers and employees, enhancing long-term success
Why is ‘physical evidence’ important for service businesses?
It provides tangible proof of quality—such as clean facilities or branded materials—to reassure customers.
What do i do when I 'evaluate'?
Consider both sides (e.g. strengths and weaknesses) of a theory or management strategy, then provide an overall concluding judgement related to the overall suitability or value of the theory or strategy