Operations
Which company does Apple outsource some of its operations too?
What are the 5 objectives of financial management?
PLEGS - profitability, liquidity, efficiency, growth, solvency
Define 'contractors'
an external provider of services to a business
what are the 7 P's?
Place, price, promotion, product, people, physical evidence, processes
Accounting equation
A = L + OE
Strategic role of Operations
Cost leadership and good/service differentiation
Name one short term and one long term external source of debt finance.
Short - overdraft, commercial bill, factoring
Long - mortgage, debentures, unsecured notes, leasing
What is the HR Process?
Acquisition, Development, Maintenance, Separation
What is the aim of the Competition and Consumer Act 2010?
To protect consumers against undesirable business practices and prohibit various unfair (restrictive) business practices.
Employer association
an organisation that represents and assists employer groups. They are usually respondents to the awards covering the employees of their members, and covering employers in the same or related industry.
List all of the influences of Operations
globalisation, technology, quality expectations, cost based competition, gov polives and legal regulations, enviro sustainability, CSR
List 3 limitations of financial reporting
Limitations: normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to the financial statement
What are the 3 main employment contracts?
award, entreprise agreements and common law contracts
What are 2 of the 4 consumer laws affecting marketing?
deceptive and misleading advertising
price discrimination
implied conditions
warranties
Foreign exchange market (Forex)
a market that determines the price of one currency relative to another
Name 4 Operation Strategies
Performance objectives (quality, flexibility, speed, customisation, dependability, cost), new product or service design and development, supply chain management, outsourcing, technology (leading edge and established), inventory management, quality management, overcoming resistance to change, global factors
Name 3 cash flow management strategies
Cash flow: cash flow statements, distribution of payments, discounts for early payment, factoring
List 3 strategies for HR
Leadership styles, job design, recruitment and selection process, training and development, performance management, rewards, global strategies, workplace disputes
names the 6 types of markets businesses operate in.
resource, industrial, intermediate, consumer, mass and niche
Opinion leader
a person who influences others
Name the 12 Transformation Processes
4 V's (volume, variety, variation in demand, visibility), sequencing, scheduling, technology, task design, process layout, monitoring, controlling, improving
If I wanted to analyse my business' efficiency, which ratios would I be using?
Double points for writing down the correct formula on the board.
expense ratio (total expenses/sales) and accounts receivables ratio (sales/accounts receivable. 365/X)
List the 7 indicators that measure the effectiveness of HRM
corporate culture, benchmarking key variables, changes in staff turnover, absenteeism, accidents, levels of disputation, worker satisfaction
List the 5 global marketing strategies
global branding, standardisation, customisation, global pricing, competitive positioning
Remuneration
The financial (e.g. pay) and non-financial (e.g. career security) benefits that employees receive in return for their work effort