Business StudiesQ&A by dot point

Influences on operations - globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability, and corporate social responsibility (the difference between legal compliance and ethical responsibility)

Operations processes - inputs (transformed and transforming resources), transformation processes (the influence of volume, variety, variation in demand, and visibility), and outputs (customer service, warranties)

Operations strategies, including performance objectives (quality, speed, dependability, flexibility, customisation, cost), new product or service design and development, supply chain management, outsourcing, technology, inventory management, quality management and overcoming resistance to change

The strategic role of operations management, including cost leadership and goods and/or services differentiation, and the interdependence with other key business functions

Factors influencing customer choice (psychological, sociocultural, economic, government); consumer laws (deceptive and misleading advertising, price discrimination, implied conditions, warranties); ethical aspects of marketing

Marketing strategies - market segmentation, product/service differentiation and positioning, products (branding and packaging), price (pricing methods - cost, market, competition-based; pricing strategies - skimming, penetration, loss leader, price points)

Marketing strategies - promotion (elements of the promotional mix - advertising, personal selling and relationship marketing, sales promotions, publicity and public relations); place/distribution (channel choice including intermediaries, intensity, physical distribution); people, processes and physical evidence; e-marketing; global marketing

The strategic role of marketing, production, selling and marketing approaches; the marketing process - situational analysis (SWOT, product life cycle), market research, establishing market objectives, identifying target markets, developing marketing strategies, implementation, monitoring and controlling

Financial management strategies - cash flow management (cash flow statements, distribution of payments, discounts for early payment, factoring); working capital management (control of current assets - cash, receivables, inventories; control of current liabilities - payables, loans, overdrafts; strategies - leasing, sale and leaseback)

Monitoring and controlling - financial ratios - liquidity (current ratio); gearing (debt to equity); profitability (gross profit ratio, net profit ratio, return on equity); efficiency (expense ratio, accounts receivable turnover); limitations of financial reports

Strategic role of financial management; objectives of financial management - profitability, growth, efficiency, liquidity, solvency, short-term and long-term; interdependence with other key business functions

Sources of finance - internal (retained profits); external (debt - short-term: bank overdraft, commercial bills; long-term: mortgage, debentures, unsecured notes, leasing; equity - ordinary shares - new issues, rights issues, placements, private equity); financial institutions; influence of government and global market

Processes of human resource management - acquisition (recruitment and selection); development (induction, training, mentoring, performance appraisal); maintenance (employee participation, organisational culture, change management); separation (voluntary - resignation, retirement; involuntary - retrenchment, redundancy, dismissal)

Strategies - leadership style, job design, recruitment, training and development, performance management, rewards - monetary and non-monetary, individual or group, performance-based; global - the costs, skills and supply of labour; workplace disputes - resolution of disputes through negotiation, mediation, grievance procedures, involvement of courts and tribunals

Stakeholders - employers, employees, employer associations, unions, government organisations, society; legal - the current legal framework (employment contracts, awards, minimum employment standards, enterprise agreements, work health and safety, anti-discrimination, EEO); economic; technological; social - changing work patterns, living standards; ethics and corporate social responsibility

Strategic role of human resources; interdependence with other key business functions; outsourcing - HR functions, using contractors