Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Year 11 Business > EXAM Revision UNIT 1 > Flashcards

EXAM Revision UNIT 1 Flashcards

1
Q

Difference between goals and objectives

A

Goals refers to what the business wants to achieve; whereas objectives are the plans that provide direction for achieving goal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The internal environment factors (4)

A
  • owners/managers
  • employees
  • organisational culture
  • organisational structure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

internal env- owner/mangers

A

direct influence on the business’ operations requiring effective mgt and leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

internal env - employees

A

business’ most important asset, need appropriate employees, business success relies on employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

internal env - organisational culture

A

refers to the values, beliefs, expectations, attitudes and behaviours of business. This determines how mgt and employees interact with business situations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

internal env - organisational structure

A

outlines the roles and responsibilities of each employee and shows the communication lines/channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

External operating environment factors (4)

A
  • Customer
  • Competitors
  • Suppliers
  • Interest groups
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

external oper - customers

A

have a direct influence on the business’ operations as they are a necessity to business and a positive relationship must exist to develop a strong customer base and customer loyalty as they provide revenue/income and certainty for their future – improves profit and reputation of business. Need to have an effective customer service policy and high customer satisfaction will improve profit and reputation. (inc in an explain response)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

external oper - competitors

A

they are any business in the same or similar industry which offers the same or similar product or service. These have a significant impact on how a business operates and how successful it will be eg pricing, competitors might provide a cheaper alternative( explain response included)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

external oper - suppliers

A

this group provides resources (raw materials or parts needed) the business needs to operate
Businesses will usually have a number of suppliers to allow shopping around to negotiate best price or to use another if goods can’t be obtained within a time frame.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

external oper - interest groups

A

an organisation which shares a common interest and a desire to work together to protect and promote a specific industry. This group includes: professional groups, trade unions and public interest groups such as Animal Rights, Gun Lobbists as well as including these subgroups defined

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

External macro environment factors (STEEPLE - 7)

A
  • socio-cultural
  • technology
  • economic
  • environmental
  • political
  • legal
  • ethical
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

external macro - socio-cultural

A

refers to the customers, the ageing population, family structure, family size and income, education levels, diversity in gender, workplace and ethnicity. The influences the business through the product price and service, what is provides, how it operates and if it succeeds. The business needs to respond quickly in order to capture the market & increase sales and profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

external macro - Technology

A

the incorporation of technological advancements into developing or enhancing product, distribution/delivery to customers and running business operations efficiently. The advancements could involve automating the process to reduce time and production costs or as part of research and development into new products and innovations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

external macro - economic

A

aspects of economic environment that influences the business are level of consumer confidence, inflation rates and interest rates. These can impact the business as customers/target audience/market could have less money to spend on products or services and will reduce spending to only necessities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

external macro - environmental

A

looks at the environmental or ecological factors that influence the operations and processes in business and how the business balances the protection of resources while operating efficiently. Consideration of climate change, waste disposal & recycling, pollution, greenhouse gas emissions, power usage and environmental sustainability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

external macro - political

A

levels of government (local, state and federal) that impose regulations and policies that businesses need to comply or must follow. These can be associated with trade regulations, industry regulations and taxes. Includes rezoning of land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

external macro - legal

A

any regulation or law that covers consumer laws, health and safety law or employment law governs how a business operates and prevents lawsuits. Aspects or characteristics are guidelines for service standards, faulty products, label requirements on packaging, discrimination laws, award rates and conditions of employment, WHS requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

external macro - ethical

A

consists of a set of standards and values that the business operates under which allows for the practices to be right and socially acceptable and responsible. These can cover Fair Trade (wages and conditions for workers within an industry) and sustainability (preserving the natural resources for future generations)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Legal ownership

A
  • sole trader
  • partnerships
  • Company - private or public
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

sole trader (8 dot points)

A
  • One owner
  • All capital is from the one owner
  • Owner can trade or do business under their name otherwise, the owner will need to register the business name
  • All decisions made by the owner
  • All responsibility for actions and legal responsibility regarding debts is on the owner
  • Simplest and cheapest form of ownership
  • Can employ other people to work in the business
  • Unlimited liability- liability to funds invested in the business, can use owner’s personal assets to repay debts
22
Q

Partnership (3 dot points)

A
  • 2-20 owners
  • owners share profit, responsibilities, debt, losses
  • unlimited liability
23
Q

Private company (8 dot points)

A
  • 2-50 owners
  • Limited liability
  • Business is legally separate to its owners, the business can incur debt, sue and be sued
  • Pty Ltd in the business name
  • Pty- Proprietary- ownership/shareholders is for selected people
  • Not listed on the stock exchange
  • More costly to form then partnership or sole trade
  • More suited to medium to large businesses
24
Q

Public company (6 dot points)

A
  • no limit of owners
  • Company listed on the stock exchange
  • Shareholders- general public
  • Limited liability
  • Ltd in the company name
  • Business is run by a board of directors
25
Q

what is a stakeholder?

A

Stakeholders are anyone who has an interest or concern in a business and how it operates. They can be in the form of individuals, groups or organisations and can be internal or external to the business. The business operations can be influenced by stakeholders or influence stakeholders. Stakeholders range from customers, suppliers, investors, owners, managers, employees, society/community, government. For example, the Qld WHS dept, farmers to supermarkets (suppliers), general public (when Woolies changed milk prices), customers

26
Q

what are the 4 different types of business?

A
  1. profit based business
  2. not for profit business
  3. government owned corporations
  4. government business enterprise
27
Q

What are the 6 business goals?

A
  1. market share
  2. profitability
  3. employment
  4. societal needs
  5. sustainability
  6. growth
28
Q

business goal - market share

A

the share of the market, how competitive or dominant is the business. Consideration is given to demographic and industry benchmarks. To increase market share to be achieved by introducing new products at a cheaper price than usual.

29
Q

business goal - profitability

A

making a profit where income is greater than expenses, it is a critical for this goal to be achieved in order to remain in business. For eg,to increase profit by reducing operating costs by restricting jobs to improve workflow

30
Q

business goal - employment

A

key to the growth of the business, which focusses on having a strong capable staff with regards to training, morale, staff retention and productivity of staff eg to provide professional development programs, provide training in an area eg the use of EXCEL

31
Q

business goal - societal needs

A

goal to meet the needs and wants of society eg to meet the needs and wants of customers through building a better relationship through communication and feedback

32
Q

business goal - sustainability

A

goal to generate profit, improve societal and environmental conditions. A business must incorporate sustainable practices in what it provides and how it produces the product or service. Eg to be more water efficient by implementing water saving devices

33
Q

business goal - growth

A

goal for the business to move forward to increase its market share in order to grow profits and meet stakeholder satisfaction. For eg to promote growth in the market through increasing customer focus culture by creating a customer loyalty program

34
Q

what are the 4 key functions of a business?

A
  1. Marketing
  2. Finance
  3. Operations
  4. Human Resources
35
Q

business function - marketing

A

identifying potentially successful products and then promoting them. Need to understand the customers’ needs and wants. Eg research markets, product development, promotional aspects and pricing strategies.

36
Q

business function - finance

A

– acquisition, management and use of financial resoures in a business to meet the objectives eg sources of finance, investment, accounting information

37
Q

business function - operations

A

revolves around the production process (input, process and output). It is concerned with ensuring the production process is efficient. Eg the manufacturing process

38
Q

business function - human resources

A

refers to the management of people within the business (owners, managers and employees). This includes the management of employees, the recruitment process, training of staff, communication, payroll and maintaining processes ensuring compliance with legislation eg training staff in the use of EXCEL

39
Q

6 leadership styles

A
  1. transformational
  2. transactional
  3. authoritative
  4. authentic
  5. charismatic
  6. bureaucratic
40
Q

5 management styles

A
  1. autocratic
  2. persuasive
  3. participate
  4. consultative
  5. laissez-faire
41
Q

leadership - transformational

A

leader who inspires team members with a shared vision. This shared vision is a result of the leader having a team orientated approach or a team focus.

42
Q

leadership - transactional

A

leader who is focussed on rewards and punishments in order to enforce standards. This leader is focussed on results.

43
Q

leadership - authoritative

A

leader who are in complete control, very regiment and organised. Employees will feel resentful, undervalued, unmotivated.

44
Q

leaderhsip - authentic

A

genuine leader, takes the initiative and leads by eg. They lead with their heart and not just their minds. This will gain trust and has open communication with staff. As a result, the team members feel valued and see the leader as real who trusts them.

45
Q

leadership - charismatic

A

a leader who encourages others through their personality. They show high energy levels and are very powerful. This type of leader may be more focussed on themselves and own ambition rather than the team – which can be detrimental.

46
Q

leadership - bureaucratic

A

leaders focus is on following every rule. Lacks compassion and understanding of reasons for results/actions rather the rule has been broken.

47
Q

management - autocratic

A

the manager makes decisions on his/her own without input from others. Total power and is likened to dictatorship.

48
Q

Management - persuasive

A

manager makes decisions alone and explains why. They persuade others to follow their way of thinking. Total control over decision making.

49
Q

management - participative

A

where the manager and employees make the decision together

50
Q

management - consultative

A

where the manager makes the decision after considering input from others. Here the feedback or thoughts are taken on board before making the decision. While mgr makes the decision, employees’ opinions are value and seen as important.

51
Q

management - laissez-faire

A

where the manager lets the team work without direction and team makes the decisions as the manager delegates decisions to employees and doesn’t provide feedback.

Year 11 Business (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions