Definitions
Define 'CSR'
Managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions
What are the 7Ps of marketing?
Price, place, product, promotion, physical evidence, process, people
What are the 3 phases of the employment cycle?
Establishment, maintenance, termination
Name 1 type of external professional:
Recruiters, sales professionals, bookkeepers, freelancers, marketing consultants, IT technicians
What are the three types of business resources?
Natural, labour, capital
Define 'stakeholders'
Any group or individual who has an interest in, or is affected by, the activities of a business
What are the 5 phases of the product lifecycle?
Intro, growth, maturity, decline, extension
What are 2 types of selection methods?
Interview, work testing, psychological testing, online selection, application forms, tests, background checks, medical examinations
What are 2 types of financial control systems?
Budgeting, cash-flow management, control of accounts receivable, inventory control, auditing
What are 2 types of business locations?
Shopping centres, retail shopping strips, online presence, home-based business,
Define 'business opportunity'
A set of circumstances that presents itself as an avenue to success
What are 2 customer relations strategies?
Providing quality customer service, seeking customer feedback, complaints, returns and refunds, customer loyalty programs, the online presence, catering to a multicultural market
What are the 2 types of recruitment methods? Provide an example of each.
Internal: Promotion, reconsidering existing records/resumes, intranet posting, email, staff notice board, word of mouth/recommendation
External: Online recruitment agencies, advertisements, referrals/recommendations, private employment agencies, social media, job active, schools/uni, casual recruitment agencies, company websites
What are 2 types of record-keeping strategies?
Source documents, cash book, income statement, balance sheet, bookkeeping
Name 3 elements that make up the Internal, Operating, and Macro environment. Provide one from each.
Internal: Employees/managers, legal business structure, business models, business location, sources of finance, business support services
Operating: Suppliers, competitors, customers, special interest groups
Macro: CSR considerations, global issues, economic conditions, legal and government regulations, societal attitudes and behaviour, technological considerations
Define 'economy'
A system set up to determine what to produce, how to produce and to whom production will be distributed
What are 2 technological developments in marketing?
Social media, email marketing, search engine optimisation, artificial intelligence (AI)
What are 2 of the 10 National Employment Standards?
Hours of work, parental leave, offers and requests to convert from casual to permanent employment, flexible working arrangements, annual leave, person/carers leave, compassionate leave and family and domestic violence leave, community service leave, long service leave, public holidays, notice and redundancy pay
What are 2 factors to consider when choosing the right bank account?
Bank fees, interest rates, overdraft facility, credit cards, convenience and support
What are the 4 phases of the business cycle?
Expansion, Contraction, Peaks, Troughs
Define 'return on investment'
A positive or negative percentage that relates the money gained or lost on an investment to the cost of that investment. It is usually taken to mean that the return on the investment occurs over a 12-month period
What are the 5 main stages in developing a public relations campaign?
Establish the PR campaign's objectives, Identify the intended public, Develop PR strategies and tactics, Implement the PR campaign, Evaluate the results
What is the purpose of the Occupational Health and Safety Act 2004 (vic)?
Sets the standards that employers are legally obliged to follow to ensure safe workplaces. It also sets the rules for providing compensation to those who are injured at work.
What are 2 technological and global issues? Provide one of each.
Technological: marketing, manufacturing, admin, remote work, establishing customer data bases
Global: Overseas suppliers and resources, customers and overseas retailers
What are the 4 types of special interest groups?
Specific issue groups, business associations, unions, consumer groups