Operations
The daily activities and processes a business undertakes to produce goods and or services
What is operations management?
The selling of accounts receivables for a discounted price to a finance or specialist factoring company.
What is factoring?
Management of the total relationship between employee and employer to maximise productivity to meet the strategic goals of the business
What is the strategic role of human resource management?
product, price, place, and promotion
What are the 4 P's?
The influence being considered when Apple produced its iPhone 5c in vibrant colours
Psychological influence - marketing
Quality, speed, dependability, flexibility, customisation, cost
What are operations strategies?
Ratio that shows the extent to which a business is relying on outside sources to fund the business.
What is the debt to equity ratio.
Outline two ways in which governments influence human resource management with an example
The government can influence human resource management via
-legislative change, fair work, SafeWork NSW.
a pricing strategy in which a firm charges a high initial price and then gradually lowers the price to attract more price-sensitive customers.
what is price skimming?
McDonalds only usually makes 7c from every dollar. What are they trying to achieve through this decision?
Cost leadership - operations
Providing greater customer value and making the business's product stand out from its competitors
What is Goods service Differentiation
Distribution of payments, discounts for early payment, factoring
Cashflow managment
Disagreement over an issues or group issues between an employers and employee, which results in employee ceasing work.
Industrial dispute
advertising, direct marketing, e-marketing, social media, billboards; the use of public relations generating interest, opinion leaders in the form of the players themselves
What is promotion?
In the production of Apples iPhone 5 Foxconn was responsible for a large amount of defects. Employees blamed this on
A lack of training and development
Plant, Process, Fixed position and Office.
Plant layout
A ratio that measures the profitability of a business
gross profit ratio (gross profit ÷ sales);
net profit ratio (net profit ÷ sales); r
Return on equity ratio (net profit ÷ total equity)
This is the correct order for workplace disputes
What is Resolution – negotiation, mediation, grievance procedures, involvement of courts and tribunals
these can be intensive, selective, exclusive
channel choice
McDonald's Leadership style
Mostly Autocratic
barcoding and point-of sales, computer-integrated manufacturing and computer aided design.
Established technology
helps reduce the level of uncertainty involved with international financial transactions.
What is hedging
CLAWBAC
Absenteeism - Worker satisfaction - Benchmarks - Accidents - Changes in staff turnover
developing a financial forecast; comparing actual and planned results, revising the marketing strategy
monitoring and controlling
Apple has decreased this by 6% since 2019
liquidity