Operations
Quality management strategy that relies on continuous improvement is all business aspects.
Total Quality Management (TQM)
Cost advantages that can be created as a result of an increase in scale of business operations.
Economies of scale
Form of debt financing which involves a business selling its accounts receivable to a firm that specialises in collecting unpaid accounts.
Factoring
What is the accounting equation?
Assets = Liabilities + Equity
Promise made by business to repair or replace faulty products within certain time period
Warranties
SWOT, product life cycle are part of?
Situational analysis
A government organisation that is in place to prevent/settle industrial disputes between employees and employers.
Fair Work Commission
A business's leadership style will be the same in every function?
False
Business aims to have the lowest costs or to be the most price-competitive in their market
Cost Leadership
Human resources and facilities are what inputs?
Transforming resources
Long-term finance - Issued by a company for a fixed rate of interest and for a fixed period of time, that can be backed by a general charge over assets or simply by the company's creditworthiness.
Debentures
The extent to which a business can meet its financial commitments in the short-term (a period of less than 12 months).
Liquidity
Information sourced for a specific purpose. E.g. surveys, observations and experiments.
Primary Market Research
Deceptive and misleading advertising, price discrimination, implied conditions, warranties... Are?
Consumer laws
Glenn works as a project manager. He manages Team A, which is currently designing a new product and B, which is a team of inexperienced workers building their first prototype.
Which leadership style should Glenn adopt?
Contingency approach
What are the bare minimum terms and conditions of employment?
National Employment Standards
How consistent and reliable products/services are, how well designed and made they are and whether they meet expected consumer standards.
Dependability
Process used to identify the series of necessary tasks that determine a project's overall length
Critical path analysis
Ben's Bakery has an accounts receivable turnover ratio of 10.
Ben's accounts receivable are repaid on an average of how many days?
36.5 days
An Australian manufacturing company plans to delay an upgrade of its production facility due to projections of an upcoming contraction in major international trading economies.
Which global market influence is directly affecting this financial decision?
Global economic outlook
Selling existing goods and services to new customers by opening in another location or diversifying advertising.
Expand existing markets
A retail supermarket intentionally prices staple goods below cost to increase total store foot traffic.
Which pricing strategy does this scenario illustrate?
a - cost-plus pricing
b - price skimming
c - penetration pricing
d - loss leader pricing
d - loss leader pricing
A specific tasks approach to job design results in higher job satisfaction. True of False
False - A specific tasks approach to job design results in lower job satisfaction because employees are consistently focusing on one repetitive task. This reduces their engagement and satisfaction.
Seychelles Seafood restaurant has developed an employment contract specifically for all their employees.
Which type of employment contract is shown here?
Enterprise Agreement
Finding suppliers who have cheaper, better quality products and more advanced technology, wherever they are in the world.
Global sourcing
Why do owners and managers primarily resist change?
Owners and managers usually resist change because of financial factors. They might fear that by changing things up the business would increase its costs too rapidly or too highly, eliminating profitability.
A global financial management strategy used to eliminate or reduce the financial risk of exchange rate fluctuations.
Hedging
The 5 objectives of financial management
Profitability
Growth
Efficiency
Liquidity
Solvency
Name a tactic that is an example of relationship marketing
Loyalty programs / cards
Elements of the promotion mix
Advertising, personal selling and relationship marketing, sales promotions, publicity and public relations
Jarrod worked on a factory assembly line but was recently notified that his job was no longer required. After consulting with his human resources manager, it was clear that there was no other work available elsewhere in the business.
On what basis must Jarrod leave the business?
Retrenchment. Jarrod became redundant when his job was no longer needed, and retrenched when it was clear that there was no other work for him to do in the business.
Is the continuing commitment by companies to behave ethically and contribute to economic development, while improving the quality of life of stakeholders.
Corporate Social Responsibility
There 9 operations strategies a business can apply to achieve their goals - Name 5
Performance objectives
New product or service design and development
Supply chain management
Outsourcing
Technology — leading edge, established
Inventory management
Quality management
Overcoming resistance to change
Global factors
What action best exemplifies a business pursuing a cost leadership strategy?
a - investing heavily in premium package to build brand prestige
b - standardising component parts to achieve economies of scale
c - customising every order to match individual client specifications
d- offering extensive after-sales support
b - standardising component parts to achieve economies of scale
Written order from the seller requesting the importer pay a certain amount at a specified time
Bill of exchange
Name the 4 financial management strategies
Cash flow management, working capital management, profitability management and global financial management
The 5 aspects of global marketing
Global branding
Standardisation
Customisation
Global pricing
Competitive positioning
An upscale boutique hotel in Sydney implements an automated mobile check-in system that allows guests to bypass the front desk and go straight to their rooms. The hotel also introduces a 24/7 digital concierge app to handle guest room service requests efficiently and without delay.
Which element of the extended marketing mix has this hotel primarily modified to improve its customer experience?
Processes
Julia is a HR manager and is currently deciding how to update the training and development process to improve effectiveness.
Which type of performance management would be used here?
To update the training and development process, administrative performance management would be used. This form of performance management is undertaken to assist with HR planning.
Jerry recently reported to his boss that he believed the accounting department had been acting fraudulently. As a result of his claim, he was dismissed.
How could Jerry rectify this case of unfair dismissal?
Make a claim to the Fair Work Commision