Operations
These are the raw materials, labour and other things used to produce goods
Inputs
This refers to the group of customers a business aims its products at.
Target market?
Financial statement shows a business's financial position at a specific point in time by detailing its assets, liabilities, and owner's equity.
Balance Sheet?
This process involves finding and hiring new employees.
Acquisition/Recruitment
This term describes the mutual reliance of the four key business functions on one another to achieve success.
Interdependence
A business uses this strategy when it checks products to make sure they meet a set standard.
Quality Control
These are the 4Ps of marketing.
Product, price, place and promotion.
This accounting document measures a business's financial performance over a period of time by subtracting total expenses from total revenue.
Income Statement
This occurs when an employee leaves a business through resignation, retirement or dismissal.
Separation
If the marketing team runs a highly successful advertising campaign, it directly relies on this function to physically produce the extra volume of goods.
Operations
This operations strategy involves checking the final product at the end of the production line to ensure it meets required standards.
What is quality control?
This pricing strategy involves setting a lower price than competitors to attract customers.
Competitive pricing
This is the money a business earns from selling goods or services.
Revenue
This helps employees improve their skills and knowledge.
Training and development
Before the Human Resources function can hire highly specialised engineers to design a new product line, it must first check with this function to see if salaries fit the budget.
Finance
This business philosophy aims for zero defects or problems with a product at the end of production.
Quality assurance?
Strategies used to promote a product and attract customers.
Advertising
This is what remains after expenses are taken away from revenue.
Profit
A business allows employees to be flexible in the hours they work per week. What part of the HR cycle is this?
Maintenance
This overarching business goal (they want to increase) represents the fraction of total sales in an industry that a single business controls.
Market share
What we call the process of making goods.
Production
What type of market does Woolworths and Coles market its products to?
Mass Market
This term refers to the ability of a business to pay its short-term debts.
Liquidity
Name two obligations for employers when it comes to running a business.
Pay workers, provide adequate work, a safe workplace, follow laws, give reasonable instructions.
A business creates and releases a brand new product but needs to make consumers aware that it exists and is available. Which business function needs to be used?
Marketing