Operations
what are the dash points under 'role' for operations?
- Strategic role of operations management - cost leadership, good/service differentiation
- Goods and services in different industries
- Interdependence with other key business functions
Outline the 3 main objectives of marketing managment
- Increase marketshare
- Expand product range
- Maximising customer service
- Overall goal is profitability and profit maximisation
What are the objectives of financial managment
Profitability, solvency, liquidity, efficiency, growth
Define human resource managment
To acquire, develop and maintain staff and implament strategies such as non-monetary reawrds to maintain staff and avoid separation.
What are the types of markets
Resourse, industrial, intermediate, consumer, mass, niche
Define and name the types on inputs in the operations process
- Transformed resources (materials, information, customers)
- Transforming resources (Human resources and facilities)
Transformed resources are converted or changed in some way within the operation process, whereas transforming resources are those that carry out the transformation process.
What does a SWOT analysis tell the business, provide 2 examples
The business' internal strengths and weaknesses (the business can control this) as well as the external opportunities and threats which are out of the businesses control. For example, a new competitor opening up next door is a threat, whereas low interest rates are an opportunity for a business.
explain the limitatations of financial reports
Normalised earnings, timing issues, capitalising expenses, valuing assets, debt repayments, notes to the financial statements
What are the HR stakeholders
employers, employees, employer associations, unions, government organisations, society
what are the 7 P's of marketing
product, place, price, promotion, people, process, physical evidence
- When a business goes above what is expected of them legally and is a good corporate citizen. For example a workplace such as Quantas commitment to sustainability through being the second airline in the world to commit to net zero emissions by 2050.
What does implamenting, monitoring and controling involve
1. Developing a financial forecast
2. Comparing actual and planned results
3. Revising the marketing strategy
Define short and long term finance, provide ALL examples
Short term finance: shorter than 12 months (Bank overdraft, commercial bills, factoring)
Long term: longer than 12 months (Mortage, debenure, unsecured notes, leasing)
Recite the syllabus for Role of HR management
- Strategic role of human reosurce managment
- Interdependence with other key business functions
- Outsourcing - (Human resource functions, use of contractors - domestic and global)
What are the methods of international payments
Bill of exchange, letter of credit, clean payment, payment in advance
Name all 2 dashpoints of influences for operations management
- Globalisation, technology, cost based competition, quality expectations, legal regulations, government policies, environmental sustainability
- Corporate social responsibility (the difference between legal compliance and ethical responsibility, environmental sustainability and social security)
What government body enforces consumer laws and under which law. Name all 4 consumer laws.
Australian Competition and Consumer Commision (ACCC) under the Corporations Act 2010
Warrenties, implied conditions, price discrimination, deceptive and misleading advertising
What is factoring, provide one advantage and one disadvantage.
When a business sells its accounts recievables to a factoring company and receives a discounted amount in return e.g. a business factors $1000 and receives $800 in return.
Advantage: Fast way to obtain necessary funds
Disadvantage: Do not receive the full amount in return
Name 5 HR strategies
leadership style
Job design – general or specific tasks
Recruitment – internal or external, general or specific skills
Training and development – current or future skills Performance management – developmental or administrative
Rewards – monetary and non-monetary, individual or group, performance pay
Global – costs, skills, supply
Workplace disputes – resolution – negotiation, mediation, grievance procedures, involvement of courts and tribunals
What are ethical considerations for marketing
Truth, accuracy in advertising, good taste in advertising, products that may damage health, engaging in fair advertising, sugging
Name all 9 operations strategies
- Performance objectives - quality, speed, dependability, flexibility, customisation, cost
- New product/ service design and development
- Supply chain management - logistics, e-commerce, global sourcing
- Outsourcing advantages and disadvantages
- Technology - leading edge, established
- Inventory management - advantages and disadvantages of holding stock (LIFO, FIFO, JIT)
- Quality management - Control, assurance, improvement
Name ALL 3 dashpoints under 'place/distribution' in marketing strategies AND define the points of channel choice.
- Distribution channels
- Channel choice (selective, intensive, exclusive)
- Physical distribution issues (Transport, Warehousing, Inventory)
Name all the dashpoints under financial ratios (hint there's 5)
- liquidity – current ratio (current assets ÷ current liabilities)
- Gearing – debt to equity ratio (total liabilities ÷ total equity)
- Profitability – gross profit ratio (gross profit ÷ sales); net profit ratio (net profit ÷ sales); return on equity ratio (net profit ÷ total equity)
- Efficiency – expense ratio (total expenses ÷ sales), accounts receivable turnover ratio (sales ÷ accounts receivable)
Comparative ratio analysis – over different time periods, against standards, with similar businesses
Outline all of the indicators for Human resource management
corporate culture, benchmarking key variables, changes in staff turnover, absenteeism, accidents, levels of disputation, worker satisfaction
what are the points for monitoring and controlling
cash flow statement, income statement, balance sheet