Login

Welcome, Guest. Please login or register.

November 11, 2024, 05:53:25 pm

Author Topic: VCE Business Management Question Thread!  (Read 243638 times)  Share 

0 Members and 2 Guests are viewing this topic.

31415926535

  • Trailblazer
  • *
  • Posts: 27
  • Respect: 0
Re: VCE Business Management Question Thread!
« Reply #675 on: November 05, 2017, 04:54:10 pm »
0
Good idea. I'd recommend 10 mark, 8 mark, then any case study questions. Don't worry too much about the 1 mark defines or even any 2 markers until the end. By then, you'll be more then confident to smash them out. Good luck!

Good luck to you too, but I don't think you'll need it seeing the quality of your answers!!

anon_1

  • Fresh Poster
  • *
  • Posts: 3
  • Respect: 0
Re: VCE Business Management Question Thread!
« Reply #676 on: November 05, 2017, 04:57:21 pm »
0
Hi, do we need to use an example of an Australian business, or ca we talk about McDonald's and Cadbury???
Thanks

GuZz

  • Trendsetter
  • **
  • Posts: 120
  • Socially and Ethically responsible.
  • Respect: +8
Re: VCE Business Management Question Thread!
« Reply #677 on: November 05, 2017, 04:58:37 pm »
0
Hi, do we need to use an example of an Australian business, or ca we talk about McDonald's and Cadbury???
Thanks
The study design does not specify if the examples need to be Australian. Therefore any example from the last 4 years should be accepted.
“If you define yourself by your power to take life, your desire to dominate, to possess, then you have nothing.” – Obi-Wan Kenobi


VCE
2017: Business Management [39]
2018: Biology [29], English [39], Further Maths [36], Legal Studies [35], Religion & Society [33]
ATAR = 84.10
2019 - UoM Bachelor of Arts

kjade

  • Adventurer
  • *
  • Posts: 16
  • Respect: +2
Re: VCE Business Management Question Thread!
« Reply #678 on: November 05, 2017, 07:02:24 pm »
0
I decided to leave studying to the weekend before the exam (Great idea, I know) and as a result have decided to cut some corners with the key knowledge.

Is it safe to assume all the new content to the study design will be featured at some point in the exam? (Such as Porter's generic strategies, Learning Organisation etc) Because I'd rather spend more time on the newer information than waste time on old stuff that will barely be mentioned on the exam

Here's to laziness and average performance!!

Jigsaw

  • Forum Obsessive
  • ***
  • Posts: 208
  • Respect: +97
Re: VCE Business Management Question Thread!
« Reply #679 on: November 05, 2017, 07:04:35 pm »
0
I decided to leave studying to the weekend before the exam (Great idea, I know) and as a result have decided to cut some corners with the key knowledge.

Is it safe to assume all the new content to the study design will be featured at some point in the exam? (Such as Porter's generic strategies, Learning Organisation etc) Because I'd rather spend more time on the newer information than waste time on old stuff that will barely be mentioned on the exam

Here's to laziness and average performance!!

As an estimate, I feel its pretty safe to assume that VCAA will more likely examine new content in the study design, over content that it has tested previously. That's not to say that 'old' content that featured on previous study designs (and is on the current study design) won't come up, but if you're pressed for time, then I would recommend studying the new areas in the study design!

Good luck for tomorrow!
« Last Edit: November 05, 2017, 07:06:19 pm by Jigsaw »
2017: | Business Management [47] |
2018: | Legal Studies [50] (Premier's) | English [48] | Accounting [41] | Japanese SL [38] | Maths Methods [32] |

ATAR: 99.40 2019 Onwards: Laws (Hons)/Arts @ Monash

Cactus Jack x Huncho

  • Adventurer
  • *
  • Posts: 12
  • Respect: 0
Re: VCE Business Management Question Thread!
« Reply #680 on: November 05, 2017, 07:45:06 pm »
0
Quite a rough answer. I think I nailed the first part of the question (forces) but found it a little tricky to smoothly include and explain the second part. Please provide any feedback :)

During 2017, Foxtel lowered the price of their Foxtel Now service and closed their streaming service Presto. In order to initiate and implement this change, Foxtel had to combat restraining forces; the people, activities and structures opposed to business change and improvements and maximise their driving forces; the people, activities and structures in support of business change and actively work to make change possible.

One driving force that acted upon Foxtel is managers. The managers of Foxtel were in support of the changes, after monitoring a loss of profit and market share, particularly due to the increased popularity of rival steaming services Netflix and Stan. Therefore, the managers acted as an enabler for change, actively supporting, leading, influencing and directing stakeholders whilst the changes were explored and implemented. Another driving force that acted upon Foxtel was competitors. Foxtel's main competitors were Netflix and Stan, both of which were increasing their market share, reducing Presto's competitiveness and subsequent profitability. Foxtel responded with change, by closing the service and amending their current service Foxtel Now, as they did not believe that their current business model was successful.

One restraining force that acted upon Foxtel is its employees. During times of change, employees whilst critical to the implementation of change, may be confused as to why the change is implemented or feel as if their security is threatened. In the case of Foxtel's closure of Presto, many employees were opposed to the change due to the inevitable restructuring that would occur due to the loss of jobs. Another restraining force that acted upon Foxtel was organisational inertia. This is a businesses failure to respond to the external environment, instead opting to continue in its entrenched way. Due to the fact that Presto had been active for several years and heavily marketed, it was difficult for the managers of Foxtel to scrutinise the product and understand that change was necessary for Foxtel's overall competitiveness and longevity.

By implementing these changes, Foxtel was exploring new business opportunities domestically and globally through research and development. In doing so, Foxtel conducted a through investigation, ensuring that the change would benefit the competitiveness of the business and aid in the achievement of future business objectives. Subsequently, Presto was closed and development ensued to ensure Foxtel Now was at a high standard of quality for consumers. By implementing Lewin's three step change model, Foxtel was able to build momentum towards the change, ensure a smooth transition whilst the change was implemented and ingrain the change in their culture and business model. Firstly, Foxtel had to challenge the status quo. This was achieved by preparing their employees for change, particularly the employees of Presto who were most effected by the proposed changes. Foxtel ensured that its employees were aware of the changes importance and the steps that would be taken to achieve said changes. Secondly, Foxtel began the unfreezing stage. This was evident when Foxtel announced the closure of their Presto service and began implementing amended Foxtel Now packages for consumers. During this stage, support was provided for employees that found the change difficult and needed guidance. Finally, Foxtel began the refreezing stage. This stage saw the total closure of the Presto streaming service and the reduction in price for Foxtel Now. These changes became the norm and were ingrained in Foxtel's culture and business model. Additionally, Foxtel remained open to the possibility for future adjustments if necessary, highlighting an increased focus on proactive change in the future. Foxtel also continued to support its employees, especially those who were retrenched, through the implementation of outplacement services, assisting employees in finding alternative roles outside of Foxtel.
you destroyed this. GG.

RubyH

  • Fresh Poster
  • *
  • Posts: 4
  • Respect: +2
Re: VCE Business Management Question Thread!
« Reply #681 on: December 03, 2017, 12:14:48 pm »
0
Hey guys,
Our school does a headstart thing for the new year for two weeks and I already want to drop french. I'm going into y11 and the only subjects that work with the blocking are things like art or physics, both of which I hate. Others are all year 12 subjects, one of which is business management. From your own experience do you think I could manage without the 1 and 2. I am also doing year 12 bio and I am of reasonable intelligence, I'm just wondering if I would already be too behind? Also any general info on the subject and what it covers would be much appreciated. :)

Jigsaw

  • Forum Obsessive
  • ***
  • Posts: 208
  • Respect: +97
Re: VCE Business Management Question Thread!
« Reply #682 on: December 06, 2017, 10:40:10 pm »
+1
Hey guys,
Our school does a headstart thing for the new year for two weeks and I already want to drop french. I'm going into y11 and the only subjects that work with the blocking are things like art or physics, both of which I hate. Others are all year 12 subjects, one of which is business management. From your own experience do you think I could manage without the 1 and 2. I am also doing year 12 bio and I am of reasonable intelligence, I'm just wondering if I would already be too behind? Also any general info on the subject and what it covers would be much appreciated. :)

Having completed busman this year without undertaking the 1/2 units, I can confidently say that you can definitely manage business management 3/4, without having completed the 1/2 units! Everything that you are required to know for the final examination is taught in the 3/4 course, so you will not need to catch up on any information taught in the 1/2. Furthermore, units 1/2, whilst somewhat related to units 3/4, the 3/4 course does not explicitly build on such knowledge, rather, it introduces new content; so you won't be disadvantaged in that regard.

Business management, I believe, is a great subject to study in year 12. You'll learn about different types of businesses, management styles, different motivational theories, numerous stakeholders and their role within the business, and the notion of change and how this can impact businesses; to name a few. More information can be found in the study design; give it a read if you want more information.

If you have any more questions, feel free to ask them. :)
2017: | Business Management [47] |
2018: | Legal Studies [50] (Premier's) | English [48] | Accounting [41] | Japanese SL [38] | Maths Methods [32] |

ATAR: 99.40 2019 Onwards: Laws (Hons)/Arts @ Monash

vceme

  • Trendsetter
  • **
  • Posts: 133
  • Respect: +20
Re: VCE Business Management Question Thread!
« Reply #683 on: February 04, 2018, 04:41:37 pm »
0
Hey guys,
Just wondering if anyone can answer my question:
Why is having a large market share important to a business?
Thank you in advance  ;D :)
Graduated in 2018. Top 5%.

Jigsaw

  • Forum Obsessive
  • ***
  • Posts: 208
  • Respect: +97
Re: VCE Business Management Question Thread!
« Reply #684 on: February 04, 2018, 05:52:23 pm »
+4
Hey guys,
Just wondering if anyone can answer my question:
Why is having a large market share important to a business?
Thank you in advance  ;D :)

A business' marketshare is simply the percentage of the market they 'control.' A larger market share means that the business controls more of their industry in terms of sales, thus receiving a greater amount of sales over its competitors. This is important to a business, as a larger market share generally increases a business' profit levels, and thus, their survivability within their industry.
2017: | Business Management [47] |
2018: | Legal Studies [50] (Premier's) | English [48] | Accounting [41] | Japanese SL [38] | Maths Methods [32] |

ATAR: 99.40 2019 Onwards: Laws (Hons)/Arts @ Monash

lilyachty

  • Fresh Poster
  • *
  • Posts: 1
  • Respect: 0
Re: VCE Business Management Question Thread!
« Reply #685 on: February 16, 2018, 08:00:37 pm »
0
Hi guys, just wondering if someone could help me with these quick questions,
Why might a business want to become a public company? (that is they already are a business and are planning to convert to be public) (excluding the financial benefits of an increase in capital)
And what benefits does limited liability hold from the perspective of a business?
Thanks for your time! : )
« Last Edit: February 16, 2018, 08:05:07 pm by lilyachty »

snowisawesome

  • Forum Leader
  • ****
  • Posts: 613
  • lebron james the goat
  • Respect: +20
Re: VCE Business Management Question Thread!
« Reply #686 on: February 22, 2018, 06:01:45 pm »
0
What's the most efficient way to study for a busman sac?

And can someone please explain what the stakeholders "shareholders" are interested in?
Also, does anyone know how to improve the way you structure your answers, as it's something i'm weat at

Thanks :)
« Last Edit: February 22, 2018, 06:56:30 pm by snowisawesome »

Glasses

  • Victorian
  • Forum Leader
  • ****
  • Posts: 614
  • Disclaimer: I wear contact lenses now.
  • Respect: +186
Re: VCE Business Management Question Thread!
« Reply #687 on: February 23, 2018, 12:47:06 pm »
0
And can someone please explain what the stakeholders "shareholders" are interested in?

Shareholders will primarily be interested in the business returning a profit - as the profitability of the company generally results in them receiving greater dividends. That being said, however, some ethical shareholders may have other interests; for example, that the business behave in an environmentally friendly way. But ultimately, it's safe to assume that the primary interest of shareholders will be the business maximising its profit.
2015 - 2016 (VCE): Psychology, Religion & Society, Legal Studies, Business Management, Literature and English
2017 - Present: Bachelor of Laws (Honours)/Arts (Criminology & Psychology) @ Monash University

Aug 2016 - Sep 2018: VIC State Moderator

snowisawesome

  • Forum Leader
  • ****
  • Posts: 613
  • lebron james the goat
  • Respect: +20
Re: VCE Business Management Question Thread!
« Reply #688 on: February 23, 2018, 01:45:07 pm »
0
Shareholders will primarily be interested in the business returning a profit - as the profitability of the company generally results in them receiving greater dividends. That being said, however, some ethical shareholders may have other interests; for example, that the business behave in an environmentally friendly way. But ultimately, it's safe to assume that the primary interest of shareholders will be the business maximising its profit.
Thanks
Do know the best way to study/revise for a sac? And how to improve the structure and quality of your answers, especially for case study questions?

Omarrr_2163

  • Trailblazer
  • *
  • Posts: 40
  • Respect: +1
Re: VCE Business Management Question Thread!
« Reply #689 on: March 13, 2018, 12:54:56 am »
0
Hello,
My new business teacher (previous one left; sadly :'( ) decided that we must know the relationship between motivational theories and how they link to management styles and skills!? Im not sure, as it is not outlined in the study design, neither is it mentioned in our text book. Nevertheless, he is the one marking my SACS so i must conform to his  demands :/

Anyways, can someone kindly yet thoroughly explain to me the relationship between management styles/skills and motivational theories; if it exists...

I've kind of formulated a conjecture on that an autocratic manager would most likely opt for a goal setting theory as they are copiously task-oriented and place great importance on achieving the task following the established process. Additionally, they are more concerned with the achievement of the task rather than the motivation of employees, placing little value on the employees.


However, I notice you can justify other theories that will work just as well... Thoughts? ???

2018: Business Management {42} ~ Further Mathematics {41}
2019: Chemistry (~40) - Mathematical Methods (~42) ~ English (40) ~ Physics (~38)
ATAR Goal: 97