Business Studies Q&A by dot point

Operations strategies - global factors - global sourcing, economies of scale, scanning and learning, research and development; supply chain management - logistics, e-commerce, global sourcing

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

Operations strategies - quality management - control, assurance and improvement (including TQM, ISO standards, Six Sigma, benchmarking, continuous improvement)

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

Ethical and legal aspects - consumer laws (deceptive and misleading advertising, price discrimination, implied conditions, warranties); ethical aspects of marketing - truth, accuracy, good taste in advertising; sex, religion, gender; products that may damage health

Marketing strategies - global marketing - global branding, standardisation, customisation, global pricing, competitive positioning

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)

Ethical and legal aspects of financial management - audited accounts, record keeping, reporting standards, GST, taxation; the role of ASIC, APRA and the ATO; ethical responsibilities of financial managers

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

Financial management strategies - profitability management (cost controls - fixed and variable, cost centres, expense minimisation; revenue controls - marketing objectives); global financial management - exchange rates, interest rates, methods of international payment, hedging, derivatives

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

Effectiveness of human resource management - indicators (corporate culture, benchmarking key variables - including levels of staff turnover, absenteeism, accidents, levels of disputation, worker satisfaction, quality of output)

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