Operations
What is the strategic role of operations?
Cost leadership
Differentiation
What is the formula for the current ratio?
Current assets / current liabilities
What are the processes of HR?
Acquisition, Development, Maintenance and Separation
What is market segmentation?
Dividing the market into groups based on characteristics like age or income.
What is the business lifecycle's second stage?
Growth
What is the difference between quality control and quality assurance?
Quality control is reactive through inspections, while quality assurance is proactive through standards.
What is the purpose of debt financing in businesses?
To raise funds by borrowing
What is the purpose of performance management in HR?
To assess and improve employee performance
What is the purpose of conducting a SWOT analysis in marketing?
To identify strengths, weaknesses, opportunities, and threats.
Define CSR
A business's commitment to ethical behavior and community involvement.
What are the 3 key aspects of operations that are influenced by global factors
Global sourcing, economies of scale, and scanning and learning
What is the main aim of managing working capital?
To ensure liquidity and smooth business operations
What is the difference between mediation and arbitration in resolving workplace disputes?
Mediation involves negotiation with a third party, while arbitration has a third party make a binding decision.
What is the importance of the positioning strategy in a competitive market?
Positioning strategy helps a business differentiate its product in the minds of consumers, creating a clear image or identity compared to competitors, which influences buying decisions.
What is the difference between equity and debt financing?
Equity involves selling shares, while debt involves borrowing money.
Name one benefit of JIT inventory management
Reduces storage costs or minimises waste
Explain the importance of the gearing ratio in financial management and decision-making.
The gearing ratio measures the level of a company’s debt compared to its equity. A higher gearing ratio indicates more reliance on debt, which can increase financial risk but may also provide opportunities for growth.
What is a redundancy and how does it differ from dismissal?
Redundancy occurs when a job is no longer needed, while dismissal is termination due to poor performance or misconduct.
What is the difference between consumer law and ethical marketing practices?
Consumer law refers to legal regulations designed to protect consumers from unfair practices (e.g., misleading advertising or unsafe products), while ethical marketing involves voluntary adherence to standards of fairness, honesty, and respect for consumers, often going beyond legal requirements to build trust and social responsibility.
How does hedging help businesses manage financial risks in global markets?
Hedging involves using financial instruments like futures or options to protect against risks such as currency fluctuations or commodity price changes. It helps businesses stabilise costs and revenues, reducing the uncertainty of operating in volatile global markets.
What is the impact of supply chain management on competitive advantage and efficiency in operations management?
Effective supply chain management can lower costs, improve speed to market, enhance product quality, and increase flexibility, thus providing a competitive advantage.
How do you calculate working capital
Current assets - current liabilities
Explain the role of workplace culture in employee retention and how businesses can foster a positive workplace culture.
Workplace culture influences employee satisfaction, engagement, and retention. A positive culture, characterized by trust, recognition, and opportunities for growth, can reduce turnover. Businesses can foster this by promoting clear communication, work-life balance, diversity, and employee development programs
Explain the differences between standardisation and customisation in global marketing strategies. Add a case study
Standardisation involves using the same marketing strategy and product offering across all markets to maintain consistency and reduce costs. Customisation tailors marketing strategies and products to meet the specific needs and preferences of local markets, increasing relevance but often at higher cost.
What are the four main methods of international payment used by businesses in global trade?