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Business Studies > Business Planning and Management > Flashcards

Business Planning and Management Flashcards

1
Q

What are the 5 keys to Success?

A
  1. Flexibility
  2. Reputation
  3. Market Niche
  4. Access to Information
  5. Entrepreneurial Ability
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2
Q

What are the sources of Information a business can use to support their success?

A

Government Organisations, The Internet, Other people/ Business owners, Books/ Manuals, Trade Association and Industry Bodies, General Media

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3
Q

Types of Staff Payment?

A

Wage -Hourly Rates
Salary- Yearly Pay, (in increments)
Award- minimum legislated entitlement

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4
Q

What are some Non-Wage Costs?

A
  • Equipment
  • Insurance
  • Commission
  • RDO’s
  • Rewards, Bonuses and Incentives
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5
Q

What are the factors to consider when buying a SME?

A

Location: Popularity, Competition, Logistics
Goodwill: Past and Future performance, culture and reputation, $ value
Potential Issues: Socioeconomic climate, transport, accessibility, zoning and legal

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6
Q

What does a SWOT Analysis Include?

A

Strengths, Weaknesses, Opportunities, Threats

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7
Q

What is the segmentation of Target Market?

A

Demographic- Age, Gender, Income
Geographic- Location
Psychographic- Lifestyle and Personality
Behavioural- Interactions with Product and Service

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8
Q

What records are monitored in relation to accounting and finance?

A
  • Sales
  • Expenses
  • Borrowings
  • Assets
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9
Q

What are the main sources of finance?

A

-External Lenders: Banks, Credit
- Sale of Shares
- Investors

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10
Q

What are the 2 types of finance?

A
  • Debt Finance
  • Equity Finance
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11
Q

What is Revenue?

A

Money Entering the business through sales or investors

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12
Q

What are expenses?

A

Money exiting the business through bills or purchases

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13
Q

What is Profit?

A

Financial Gain, The difference in revenue and expenses

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14
Q

What are Assets?

A

Items of Value, either current (short term) or non-current (long term)
Current- Stock, computers
Non Current- Building, Vehicles

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15
Q

What are Liabilities?

A

Items which are owed to others, either current (short term) or non current (long term)
Current- Product
Non Current- Mortgage

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16
Q

Vision vs Mission Statements

A

Vision- What they see in the future for the business
Mission- More realistic, precise and accurate -Current, aim of business, actual activity

17
Q

What is Marketing Mix?

A

The 4 P’s
Product, Price, Promotion, Place

18
Q

How do we Forecast?

A
  • Market Research
  • Sales History
  • Expert Opinion
  • Past Experience
  • Competitors
  • Technology
19
Q

What are the Management approaches?

A

Classical: Hierarchy, Rules
Behavioural: Team Based, Employees Involved in Decision Making
Contingency: Flexibility and Adaptation to suit circumstances

20
Q

What are the purposes of Management?

A

Management as:
Planning/Organising/Controlling, Leading, Motivation, Communication, Working as a team

21
Q

What are the leadership styles?

A

Autocratic- Controlling
Democratic- Inclusive

22
Q

What are the 9 Skills of Managers?

A

Vision, Decision Making, Strategic Thinking, Interpersonal Skills, Problem Solving, Communication, Flexibility, Adapt to Change Reconciling the conflicting interest of stakeholders

23
Q

Factors that lead to change?

A
  • Economic Cycle
  • Seasons
  • Employees/ Ownership
  • Demand and Supply
  • Consumer Preferences
  • Technology
24
Q

What can poorly managed change lead to?

A

-Overall Business Decline
-Employee Resistance
-Decreased Profit
-Deceased Productivity
-Increased Employee Tensions
= Business Failure/ Closure

25
Q

Changes can be ____ and _____

A

Internal and External

26
Q

What are Ethics?

A

Standards of behaviour or moral position, influences decisions and what is seen as wrong/ right and the values of management

27
Q

What are the Key Business Functions?

A

Operations: Process of Inputs and Outputs
Marketing: Sell the outputs, determines outputs, cogs and employee needs
Human Resources: Combines skills of owners and employees to perform tasks
Finance: Financial resources to operate the business

28
Q

Tangible Vs Intangible?

A

Tangible: Outputs you can touch
Intangible: Service/Process that completes a need/want but isn’t always visible as an output

29
Q

Inputs vs Outputs?

A

Inputs: Resources used in the operations process
Outputs: The End Product

30
Q

Inputs–> ________ _____–>Outputs

A

Transformation Process

31
Q

What is the Transformation Process and How do we Transform?

A

Conversion/ Change of Resources into products, operations process is to add value to the input.
How do we transform?
1. Labour Intensive: Manual Labour
2. Assembly Line: Mass Production
3. Automated: factories, robots

32
Q

What is Value adding?

A

Equipment, Labour, Materials, skills and ability, money/cash flow, access to resources/facilities, vision, knowledge

33
Q

What is Quality Control and Assurance

A

Purpose to minimise waste and cost, create a consistent product
Having a quality system in place to meet standards

34
Q

Financial Objectives of a Business?

A

INCREASED SALES, DECREASE COSTS, MAXIMISE PROFITS
Advertising, Budgets, Efficiency, Growth, Product Development, Liquidity, Solvency

35
Q

Debt vs Equity Finance?

A

Debt: External Sources- borrowed from banks, investors, other firms. Involves contractual agreement that specifies interest and repayment
Equity: Internal Sources- provided by owners. Business capital or shares. Also Net Profit reinvested

36
Q

3 Statements for Financial Information

A

Cash Flow Statement
Balance Sheet
Revenue Statement

37
Q

What are the HR Functions?

A
  • Hiring
  • Performance Management
  • Learning and Development
  • Career Planning
  • Total Rewards
  • Employee Communication
  • Heath and Safety
  • Wellbeing
  • HR Strategic Planning
  • HR Operation
  • Industrial Relations
38
Q

Types of Pricing?

A

Cost Plus Margin
Market Price
Competitors Price
Discount Price

Business Studies (2 decks)

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