Business StudiesQ&A by dot point

External business environments and the PESTEL framework - political, economic, social, technological, environmental and legal factors - and their influence on business creation in Australia

Business structures - sole trader, partnership, company (Pty Ltd, Ltd), trust - and the implications of each for liability, taxation, capital raising, regulatory compliance and ownership transfer

Ethical and socially responsible business practice - the distinction between legal compliance and ethical responsibility, corporate social responsibility (CSR), the triple bottom line, stakeholder management, and the implications of ethical or unethical practice for the business

Human resource management for business growth - recruitment and selection strategies, induction and training, employee retention strategies (rewards, career development, workplace culture, flexibility), and the role of HRM in supporting business growth

Marketing mix strategies for a growing business - the 7Ps (product, price, promotion, place, people, process, physical evidence) - and the integration of the elements to support growth objectives

Target market segmentation - demographic, geographic, psychographic and behavioural variables - the selection of target markets, and positioning the business in the chosen segments

Competitive markets - the structure of markets (perfect competition, monopolistic competition, oligopoly, monopoly); Porter's five forces (industry rivalry, bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat of substitutes); and the implications of competitive intensity for diversification

Financial ratio analysis to inform diversification decisions - profitability ratios (gross profit, net profit, return on equity), liquidity ratios (current, quick), efficiency ratios (asset turnover, accounts receivable turnover) and gearing ratios (debt to equity); interpretation of ratios in context

Market entry strategies for global diversification - exporting (direct and indirect), licensing, franchising, joint venture, foreign direct investment (greenfield and acquisition) - and the risk-return profile of each

Leadership styles during change (transformational, transactional, servant); stakeholder management during transformation including employee consultation, customer communication, supplier relationships and community engagement; the role of corporate communication

Drivers of repositioning - changing consumer trends, technological disruption, sustainability expectations, competitive pressure, regulatory change - and strategies for repositioning (rebranding, product portfolio change, market re-segmentation, channel shift)

Business transformation strategies, innovation (incremental and disruptive, product and process innovation), risk management during transformation (identification, assessment, treatment, monitoring) and the role of corporate social responsibility in transformation decisions