Business Management and Enterprise flashcards

What this deck covers

• Unit 3: Strategic international business growth (11 cards, 4 dot points)

  • Change management (Lewin, Kotter) and cultural considerations: WACE BME Unit 3 (2)
  • Drivers of global business, trade incentives and free trade agreements: WACE BME Unit 3 (5)
  • Financial risk in export markets and feasibility of foreign expansion: WACE BME Unit 3 (1)
  • Standardisation vs adaptation, global strategic alliances and innovation: WACE BME Unit 3 (3)
• Unit 4: Global business operations (11 cards, 5 dot points)

  • Ethics, economic factors and financial institutions: WACE BME Unit 4 (2)
  • Features and traits of successful management: WACE BME Unit 4 (3)
  • Porter's five forces and competitive advantage: WACE BME Unit 4 (3)
  • Technology in global markets: e-commerce, digital marketing, supply chains and cyber risk: WACE BME Unit 4 (1)
  • The strategic planning process, SWOT analysis and strategic plans: WACE BME Unit 4 (2)

Sample cards from this deck

1. Definition · Drivers of global business, trade incentives and free trade agreements: WACE BME Unit 3

   Define Government support

   Austrade advice and market intelligence; Export Market Development Grants that reimburse part of eligible export promotion costs; Export Finance Australia for finance and guarantees.

2. Fill the gap · Features and traits of successful management: WACE BME Unit 4

   A ___ approach says the best style depends on the situation, the staff and the task.

   A contingency approach says the best style depends on the situation, the staff and the task.

3. Fill the gap · Standardisation vs adaptation, global strategic alliances and innovation: WACE BME Unit 3

   A ___ is an agreement between independent businesses to work together while remaining separate.

   A strategic alliance is an agreement between independent businesses to work together while remaining separate.

4. Fill the gap · Porter's five forces and competitive advantage: WACE BME Unit 4

   A ___ lets a business outperform its rivals over time.

   A competitive advantage lets a business outperform its rivals over time.

5. Key fact · Financial risk in export markets and feasibility of foreign expansion: WACE BME Unit 3

   Tell me about Feasibility of foreign market expansion

   Businesses may reduce risk with a staged entry: exporting or online sales first, then a local office, partner or outlet. Exporters face exchange rate, payment, political and market risks.

6. Key fact · Ethics, economic factors and financial institutions: WACE BME Unit 4

   Tell me about Ethical practice in a global context

   Ethics means doing what is morally right and fair, not only what is legal. Operating across countries raises extra ethical questions because laws and standards differ.

7. Key fact · Change management (Lewin, Kotter) and cultural considerations: WACE BME Unit 3

   Tell me about Factors driving change in a global market

   Technology, global competition, changing consumer demands, trade agreements and regulation, economic conditions (exchange rates, recessions), mergers and alliances, and expansion into new markets.

8. Key fact · The strategic planning process, SWOT analysis and strategic plans: WACE BME Unit 4

   Tell me about SWOT analysis

   A SWOT is only useful if the business acts on it: build on strengths, fix or work around weaknesses, pursue opportunities that match its strengths, and prepare for threats. Its limitations include being a snapshot in time, being subjective, and listing points without ranking their importance.

9. Key fact · Technology in global markets: e-commerce, digital marketing, supply chains and cyber risk: WACE BME Unit 4

   Tell me about Risks and challenges

   Technology lets businesses sell and operate globally through e-commerce, digital marketing, cloud communication, supply chain tracking, automation, data analytics and online payments. Benefits include wider reach, lower costs, better decisions and competitive advantage.