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Business Studies > year 11-HSC related > Flashcards

year 11-HSC related Flashcards

(80 cards)

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1
Q

What are the distribution channels

A

Producer to consumer
Producer to retailer to consumer
Producer to wholesalers to retailer to consumer

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2
Q

What are the channel choices

A

Exclusive
Selective
Intensive

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3
Q

Place

A

Activities that make the products available to customers when and where they want to purchase

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4
Q

Promotion

A

The methods used by a business to inform, persuade and remind a customer about its product

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5
Q

What are the 6 promotional strategies

A

Personal selling
Relationship marketing
Sales promotion
Publicity
Public relations
Advertising

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6
Q

Pricing methods

A

Cost based
Market based
Competition based

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7
Q

Pricing strategies

A

Price skimming
Price penetration
Loss leader
Price points

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8
Q

Product

A

Quality of product
Level of customer service
Packaging
Brand

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9
Q

Marketing mix

A

Product
Price
Promotion
Place

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10
Q

Why is it important to identify a target market

A

Efficient resource allocation
Competitive advantage
Customer satisfaction

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11
Q

3 main target markets

A

Mass market
Market segmentations
Niche market

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12
Q

Marketing

A

A process of planning, pricing, promoting and distributing products to present to potential customers

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13
Q

Benefits of quality management

A

Improved customer satisfaction
Increased efficiency and cost reduction
Enhanced reputation and brand imagine

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14
Q

3 Quality management

A

Quality control
Quality assurance
Quality improvement

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15
Q

Six sigma

A

Define
Measure
Analyse
Improve
Control

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16
Q

Quality management

A

The strategy a business uses to make sure it’s product meets expectations

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17
Q

Service outputs

A

Improved quality of life
Usually intangible, maybe tangible

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18
Q

Service transformation

A

Advice
Labour
Expertise
Experience
Time

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19
Q

Service inputs

A

Knowledge
Skilled
Information
Specialised work site

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20
Q

Manufacturing outputs

A

Tangible products

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21
Q

Manufacturing transformation

A

Mass production
Customised services
Automated

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22
Q

Manufacturing inputs

A

People
Skills
Vison
Knowledge
Capital
Cash flow
Resources

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23
Q

Transforming inputs

A

Human resources
Machinery
Facilities

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24
Q

Transformed inputs

A

Materials
Information
Customer

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25
Types Outputs
Good or service Customer service Warranties
26
Input
The resources used in the production process
27
Transformation
The conversion of inputs in to outputs
28
Outputs
The finished good or service
29
Operations
The process that involves transformation or production
30
Four key business functions
Operations Marketing Finance Human resources
31
Business goals
Profit Market share Share price Growth Social Environmental
32
Management
The process of working with and through other people to achieve business goals in a changing environment
33
Cash flow statement
A financial statement that indicates the movement of cash in and out of a business in a set period
34
Liquidity
The ability to pay off short term obligations
35
Income statement
A summary of the income earned and the expenses of a business over a period
36
How to calculate COGS
Opening stock - purchases - closing stock
37
How to calculate gross profit
Revenue - COGS
38
Net profit
Revenue - expenses - COGS
39
Balance sheet
A financial statement that reports a Business's assets, liabilities, and owners equity in a point in time
40
Human resources
The set of people who make up the work force of a business Aka industrial relations
41
Top expenses of a business
Staff Physical location Capital equipment
42
Human resources cycle
Acquisition Development/training Maintenance Seperation
43
Acquisition
Process of hiring an employee
44
What is the process of hiring an employee
Identify staffing needs Recruitment Selection
45
Training and development
The process of teaching staff how to perform their job more effectively and effectively by boosting their knowledge and skills
46
Leadership styles
Methods used to direct and control business
47
3 types of approaches
Classical Behavioural Contingency
48
Classical approach
Hierarchical Autocratic leadership style
49
Autocratic leadership style
Make all decisions Dictate working method Does not listen to employees
50
Behavioural approach
Flatter organisational structure Behavioural leadership style
51
Behavioural leadership style
Recognise the strengths and abilities of employees Actively listens to employees Value the contribution of employees
52
Contingency approach
Flexible between classical and behaviour approach
53
Why is staff involvement important for a business
Productivity Help make decisions More innovation
54
What do all employees get as part of their employment contract
11 NES and min wage
55
Awards
NES Min wage Enforced by FWC
56
Enterprise agreements
Negotiated with a group of employees Must last BOOT Enforced by FWC 3 types: Single enterprise Multi enterprise Greenfields
57
Individual common law agreement
Negotiated with one employee Must meet NES enforced by courts Used for: Extra conditions to the awards No award exists High income earner
58
Monetary benefits
Salary Bonuses Commission
59
Non monetary benefits
Paid leave Flexible working hours Discounts on products
60
Seperation
The ending of the employment relationship
61
Retirement
When an employee decides to give up full time or part time work, no longer working
62
Resignation
The voluntary ending of employment by the employee
63
Voluntary redundancy
When a business wishes to reduce the size of its workforce, employees can nominate themselves for voluntary redundancy
64
Dismissal
When the behaviour of an employee is unacceptable and it then becomes necessary for a business to terminate the employee's contract 3 types of dismissal: Summary dismissal Dismissal on notice Unfair dismissal
65
Retrenchment
when a business dismisses an employee because there is not enough work to justify paying them
66
Involuntary redundancy
Persons job doesn't exist anymore
67
Unfair dismissal
when an employee is dismissed and they believe the action is unjust
68
Dismissal on notice
Dismissed with a notice
69
Summary dismissal
Terminated on the spot for a serious offence
70
Ethical business behaviours
Principles and actions adopted by businesses that align with morals and socially responsible standards
71
Types of ethical behaviours
Honesty and transparency fair treatment of employees financial management customer privacy
72
Management and change
Responding to internal and external threats
73
Internal influences to change
Management Employees
74
External influences to change
competition legislation tech social
75
Reasons why resistance occurs
Purchasing new equipment Redundancy pay Retraining Reorganising plant layout Inertia- fear of the unknown
76
Strategies to overcome resistance
Management consultants Unfreeze-change-refreeze
77
Management consultants
Assist business by investigating existing problems and develop plans for improvement
78
Unfreeze-change-refreeze
Aims to understand why change happens and implement changes into day to day operations
79
Assets
Items of value owned by the business
80
Liabilities
Items of debt owed to other organisations

Business Studies (2 decks)

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