Operations
What are the two 'strategic roles of Operations'?
cost leadership, good/service differentiation
Identify the 5 'objectives of financial management' from the syllabus
profitability, growth, efficiency, liquidity, solvency
Identify the four 'factors influencing consumer choice' from the syllabus
psychological, sociocultural, economic, government
Identify the main piece of legislation that HR must comply with
Fair Work Act 2009
Identify two 'working capital management strategies'
control of current assets – cash, receivables, inventories
control of current liabilities – payables, loans, overdrafts
strategies – leasing, sale and leaseback
List two transforming resources
human resources, facilities
Identify two other things the 'solvency' ratio could be referred to as
Debt to equity ratio
Gearing ratio
Identify a main piece of legislation that the Marketing function must adhere to - you need the date also
Competition and Consumer Act 2010
What are the two 'social influences' in the HR syllabus?
changing work patterns, living standards
Identify the three types of Quality management from the syllabus and provide one sentence about how each is used
control
assurance
improvement
List the 8 influences on Operatioins
globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability, CSR
Identify two advantages of debt financing and two advantages of equity financing
Debt:
- Access to instant funds
- Maintain full control
Equity:
- Does not need to be repaid
- No interest repayments
Identify two pricing strategies and identify how each works
skimming, penetration, loss leaders, price points
List the 6 stakeholders in the syllabus
employers, employees, employer associations, unions, government organisations, society
List the six 'limitations of financial statements' in the syllabus
normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to the financial statements
Provide two advantages and two disadvantages of Outsourcing
Advantages
- Cheaper
- Business can focus on core activities
- Access to specialists
Dis:
- Loss of control over quality
- Possibility of unethical practices reflecting poorly on the business
Outline two ways comparative ratio analysis can be conducted
over different time periods, against standards, with similar businesses
Identify the three 'new' P's that have been added to the Marketing mix (Year 11 compared to Year 12) and provide an example of how each can be used in Marketing
people, processes and physical evidence
Identify three types of employment contracts and a benefit of each
Awards
Enterprise agreements
Common law contracts
Provide three advantages of internal recuritment
- Knowledge of the employee's strengths and weaknesses
- Motivating for employees who know they can be promoted
- The employee is already familiar with the workplace culture.
Identify three 'global factors' from the syllabus and describe how each might help improve the operations of a business
global sourcing, economies of scale, scanning and learning, research and development
Describe two ways that profitability management can occur (two strategies). You need to describe how they would change the profitability of a business
cost controls – fixed and variable, cost centres, expense minimisation
revenue controls – marketing objectives
Using real business case examples, show how three elements of the promotion mix have been used to achieve Marketing objectives
Advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
Identify three methods to resolve workplace disputes. Describe an advantage OR disadvantage of each.
negotiation, mediation, grievance procedures, involvement of courts and tribunals
Using real business examples, describe how employee maintenance can take place.
performance management – developmental or administrative
rewards – monetary and non-monetary, individual or group, performance pay