Marketing
This approach focuses on developing relationships with customers to create customer loyalty rather than just making a single sale.
What is relationship marketing?
The overarching operational goal focused on maintaining low operational costs while delivering goods and services efficiently.
Cost leadership
What is strategic human resource management?
The strategic management approach that views employees as assets to achieve long-term business goals, involving outsourcing and contractor usage.
What are the different sources of finance?
Internal sources of finance (retained profits) versus external sources of finance (debt vs. equity).
What is my son's name?
Lennon Fox
Information collected for the specific purpose for which it is to be used, gathered via surveys, observations, or experiments.
What is primary market research data?
What are the main influences on operations management?
Globalisation, technology, quality expectations, cost-based competition, government policies, legal regulations, and environmental sustainability.
What are the processes of human resource management?
The four main stages of the HR process: Acquisition, Development, Maintenance, and Separation.
Name all of the financial objectives
Profits, liquidity, efficiency, growth, solvency, short term. long term
Where did Ms. Berryman go to school?
St Johns the Evangelist
Name a direct and indirect distribution channels?
The two main distribution channel choices: using intermediaries (like wholesalers/retailers) vs. selling directly to consumers.
What are the influences on transformation processes?
The four V's that shape transformation processes: Volume, Variety, Variation in demand, and Visibility (customer contact).
What is an Enterprise Agreement?
Collective agreements negotiated directly between an employer and a group of employees (often represented by a union) at a specific workplace.
Calculated as Sales divided by Accounts Receivable, this efficiency ratio shows how quickly a business collects cash from its credit customers.
How many minutes of Business Studies have we completed over the two years?
around 19, 000
Name the three main types of markets that deal directly with businesses buying products for production, resale, or institutional use.
intermediate, industrial, and institutional markets
What are the different types of inventory management strategies?
Just-In-Time (JIT), LIFO (Last-In-First-Out), and FIFO (First-In-First-Out) used to control stock levels
What are the National Employment Standards (NES)?
The 11 minimum employment entitlements set out under the Fair Work Act 2009 that apply to all national system employees in Australia.
What is the Current Ratio (or Working Capital Ratio) and what objective does it refer to?
Current Assets divided by Current Liabilities used to measure a business's short-term liquidity.
Give an example of interdependence scenario with all 4 KBFs
When a business introduces a new eco-friendly product line, Marketing requires funds from Finance, Operations alters its production inputs, and HR hires specialists. This concept describes how all four business functions rely on each other.
Name all of the 7Ps
Price, product, place, promotion, people, processes, physical evidence
Name the two process layout and scheduling strategies/tools
Gantt charts and Critical Path Analysis (CPA)
Name all the strategies of Human Resources, there are 8
Leadership style, job design, recruitment, training and development, performace management, rewards, workplace disputes, global
What is factoring?
The financial strategy of selling unpaid customer invoices to a third-party business at a discount to receive immediate cash.
What is Ms Berryman's married name?
Gwilliam