Business Goals
Define a manager.
Someone who coordinates the business’s limited resources in order to achieve specific goals.
Describe the contingency management approach.
Stresses the need for flexibility and adaptation of management.
What is the correct order of the operations process?
Inputs, which then get transformed and then we have outputs.
What are the 4 P’s of the marketing mix?
Product, price, promotion and place.
What are the 4 key business functions
Marketing, Operations, Finance and Human Resources
Am example of an environmental goal.
Reduce waste/emissions.
No plastic.
No animal testing.
Name 3 skills that managers need.
Interpersonal, communication,strategic thinking, vision, problem solving and decision making, flexibility and adaptability, and conflict reconciling.
Inputs include all of the…
Inputs include all of the resources to make a product! This includes physical resources like materials and equipment, but also intangible resources like money and information.
Explain the difference between a mass market and a niche market. Give an example for each.
Mass market sells to a large range of customers – eg water/gas/electricity/internet.
Niche sells to a small range of customers – eg magazines/custom clothing/pet products.
What is a SWOT analysis, and what does it involve?
A SWOT analysis is a strategic planning tool used to identify and evaluate a business's Strengths, Weaknesses, Opportunities, and Threats. It involves:
What does the acronym SMART goals represent?
Specific Measurable Achievable Realistic and Time-bound.
A business introduces a new policy where all parents, not just mothers, can take one year of parental leave.
What management approach are they most likely using?
The behavioural management approach is all about motivating employees. Increasing parental leave is a major win for employees and acts as a motivating force whereby employees feel respected and valued.
Describe quality control.
It involves the use of inspections at various points in the production process to check for problems.
How does market research benefit businesses?
Market research provides businesses with valuable insights into consumer preferences, market trends, and competitive dynamics. By gathering and analysing data, businesses can make informed decisions regarding product development, pricing strategies, and marketing campaigns. This helps reduce risks, identify new opportunities, target the right audience, and ultimately improve customer satisfaction and business performance.
In a just-in-time system, inputs are ordered…
In a just-in-time system, inputs are ordered only when they're needed. This saves the business money because they're not storing or ordering inputs that aren't needed!
What is the primary financial goal for a business?
Maximise profits
A military contract business needs to make business decisions quickly under immense stress.
Which leadership style will management likely use?
In high stress environments, an autocratic leadership style will be used in management to improve the speed with which decisions are made and action is taken.
What are transformed resources
Transformed resources are the inputs that are changed or converted during the production process to create goods or services. They typically include raw materials, components, and information. For example, in a bakery, flour and sugar are transformed resources that are mixed and processed to create bread.
What aspects are involved in the promotion mix?
The promotion mix involves decisions surrounding advertising, personal selling, sales promotion and publicity. Be careful not to confuse this with the marketing mix, which is made up of the four P's of marketing - price, place, product and promotion!
What are the three elements of the triple bottom line?
Economic, social and political are the three elements of the triple bottom line.
An example of a social goal.
Community service.
Provision of employment.
Social justice.
Name 2 leadership styles that align with the classical management approach.
Autocratic
Authoritarian
Persuasive
A factory manager is walking around the factory floor to inspect clothing pieces for faults.
Which quality management strategy is shown here?
A factory manager inspecting clothes for faults is known as quality control. Remember, this approach is all about consistently inspecting work to look for mistakes!
Lynx deodorant develops a new unisex flavour called 'Vanilla'.
What is their target market approach?
Lynx would be selling to a mass market. They are trying to sell 'Vanilla' deodorant to as many people as possible and are selling a generic product to people with a wide range of demographic variables.
Kelly's Burgers makes the largest burger in Australia. As a result the local newspaper writes a newspaper article about Kelly's business.
What type of promotion is this?
Publicity - is any form of free promotion, such as a newspaper article!
Give 2 examples of financial goals.
Maximising profits.
Increasing market share.
Maximising growth.
Improve Share Price.
Name 2 leadership styles that align with the behavioural management approach.
Participative
Democratic
Laissez Faire
The manager at a food manufacturer trains employees in all areas of the business to ensure quality in their food products, marketing materials and workplace practices.
Which quality management strategy is shown here?
Total quality management is about all employees taking responsibility for the quality of their outputs. This includes employees from all areas of the business ensuring quality in all areas of the business–from operations to finance, marketing and human resources.
List the 4 segmentation variables
Demographic Segmentation: This involves dividing the market based on demographic factors such as age, gender, income, education, occupation, and family size.
Geographic Segmentation: This variable considers the physical location of potential customers, including regions, cities, countries, or specific areas. It can also include urban versus rural distinctions.
Psychographic Segmentation: This focuses on the lifestyle, values, interests, and personality traits of consumers. It helps businesses understand the motivations behind consumer behaviours.
Behavioural Segmentation: This variable looks at consumer behaviours and patterns, such as purchasing habits, brand loyalty, usage rates, and benefits sought from products or services.
What are transforming resources in operations management?
Transforming resources are the inputs that a business uses to convert raw materials and other inputs into finished products or services. These resources typically include human resources (staff and their skills), facilities (buildings and equipment), and technology (machines and software). Transforming resources play a crucial role in the production process because they enable the transformation of transformed resources (like raw materials) into final offerings that meet consumer needs. For example, in a restaurant, the chefs (human resources), kitchen equipment (facilities), and cooking software (technology) are all transforming resources that help create the final dishes served to customers.