HSC Business Studies Question Thread

[Opengangs]

Could you please, if that is not a hassle!

Amazing comments btw much appreciated

Hi, ekhan_01!
Sure, no problem
I'll be writing them in chunks, so these will be under separate posts to keep myself motivated haha.

Performance objectives:
These are the key areas of the operations process, and these vary based on the industry and its operation process. Typically, when a business sets its performance objectives, they are considered as a part of its competitive strategy. Thus, in this way, these enable a business to differentiate from its competitors, and as a result, gain a competitive advantage. Such performance objectives from the HSC syllabus include:

• Quality: this refers to having the "highest quality" of goods and services within the operations process. We regard this notion of "high quality" as surpassing the expectations of customers. Furthermore, a desired and "high quality" good and service will yield the best possible outcome in terms of its costs -- these products prevent additional costs from repairs and recalls made under its warranty.
  
  That's the "goods" side of things. Now, let's quickly explore the "service" aspect. We can talk about this in a way that a "high quality" outcome represents a process within its operation that gets it done right in its first attempt -- again, this saves money and resources, since value is added at each stage of production (this is modelled by the supply chain management).
  
  Thus, maintaining and achieving the quality objective can lead to an increase in the business' reputation, as the quality of the goods and service is the basis of customer expectations, and thus, this ultimately leads to a competitive advantage for the business.
  
  
• Speed: refers to the productivity within the business in the operations management. If the business is able to deliver within a desired amount of time, this again leads to a competitive advantage as a faster speed in the management of operations can reduce lead time between the customer and delivery. This improves the customer service aspect.
  
  It must be noted that a faster speed, however, doesn't necessarily mean that the quality will follow. By increasing the speed of production, it can often lead to a decrease in quality.
  
  
• Dependability: refers to the reliability of the good or service. This works alongside "quality". That is, how well the product is maintained and developed will affect how long it works to the expectations of the customers.
  
  Similarly, we should also note that the dependability of the services is essential to the success of the product. For instance, how well does the business distribute the goods and service to the market within its specified time?
  
  
• Flexibility: this is the ability of the management of operations to switch and adapt quickly to new models. The market needs are seldom static. Thus, by managing how adaptable and flexible the operations of a business is is crucial to the success within the everchanging markets.
  
  In a similar stance, it is important to be able to express the flexibility in volume of products. A business needs to ensure that their operations is able to change from producing one or two products to many products.
  
  Furthermore, a business simply needs to be flexible to match the increase (and decrease) demand of the market to prevent stock-out.
  
  
• Customisation: this is concerned with the speed of modification of a product in order to match the desires of the customers. Similar to the marketing process, businesses with a focal point on customisation will need to closely communicate with the customers to understand and redefine their design specifications to match their needs.
  
  As a result, this usually leads to a higher price. (see McDonald's "Create Your Taste")
  
  
• Cost: this is concerned with minimal use of costs. Commonly used include: cost leadership, which is aimed at gaining a competitive advantage by setting the cost lower than the lowest-cost manufacturer within the industry.
  
  Lower costs will mean that there will be an improved profit margin on each product sold, leading to more revenue (profit) for the business.
  
  We can categorise this into two areas:
  1. fixed -- these do not change as the output changes (ie they are fixated at that particular cost, and  cannot be lowered).
  2. variable -- these change as the output changes (ie they are sent through different channels, and within each stage, value is added).

[droodsh]

HEY BK!!!

thanks so much for that website!! u absolute legend!!!

alll the best evry1!!!!

[TheFreeMarketeer]

Hey guys, what are the strategic goals of business?

EDIT: I'm attempting this question: Evaluate the effectiveness of marketing strategies in achieving the strategic goals of business.

[Opengangs]

Hey guys, what are the strategic goals of business?

EDIT: I'm attempting this question: Evaluate the effectiveness of marketing strategies in achieving the strategic goals of business.

Hi, TheFreeMarketeer!

When we say strategic goal, we mean the long term direction for the business. In order to achieve this status or goal, a business will need to use planned objectives, which are broken down into its four main departments which work together to achieve this strategic goal; thus, the interdependence of these departments are crucial to the successful "strategic goal" of a business.

[TheFreeMarketeer]

Hi, TheFreeMarketeer!

When we say strategic goal, we mean the long term direction for the business. In order to achieve this status or goal, a business will need to use planned objectives, which are broken down into its four main departments which work together to achieve this strategic goal; thus, the interdependence of these departments are crucial to the successful "strategic goal" of a business.

How would I paragraph this in an essay? My friend said that the strategic goals are stuff like profit maximisation, increased market share, etc..?

Thanks for the reply.

[~BK~]

HEY BK!!!

thanks so much for that website!! u absolute legend!!!

alll the best evry1!!!!

no problem droodsh....
the exec summary bit is really helpful ay!!

atvb tomorrow and can't waiiiiiittttt for the afternoon!!!

[~BK~]

btw- opengangs, i really appreciate your help!!! 
i think i need you to tell me everything in the exam.... hahaha

[kiiaaa]

How would I paragraph this in an essay? My friend said that the strategic goals are stuff like profit maximization, increased market share, etc..?

Thanks for the reply.

the strategic goal is a long term goal so a goal that will take 5+yrs for the long term fo the business. so like to maximize profit is the business's long term goal coz, in the long run, they want to make sure they have the maximum profit or have an increased market share as these are a goal you cant achieve in a short period and you want to maintain these for a while as a business.

under what context do you want to incorporate this in your essay?

[TheFreeMarketeer]

the strategic goal is a long term goal so a goal that will take 5+yrs for the long term fo the business. so like to maximize profit is the business's long term goal coz, in the long run, they want to make sure they have the maximum profit or have an increased market share as these are a goal you cant achieve in a short period and you want to maintain these for a while as a business.

under what context do you want to incorporate this in your essay?

Just in response to the question: Evaluate the effectiveness of marketing strategies in achieving the strategic goals of business. And in conjunction with a case study.

Thanks for your reply though.

[kiiaaa]

Just in response to the question: Evaluate the effectiveness of marketing strategies in achieving the strategic goals of business. And in conjunction with a case study.

Thanks for your reply though.

aah so you can do something like this:

- price skimming is extremely effective for a business striving to maximize their profits as part of their strategic goals. to price skim is when the business charges the highest possible price during the introduction phase to ensure the research and development costs are met and to make sure competition doesn't enter the market which is imperative as not being able to overcome the cost of the production can lead to loss thus failing to achieve this objective... the success of price skimming maximizing a business's profits is exemplified by Apple which price skims the prices for its latest product utilising their brand loyalty and established customer base .... ( add some figures on their profits perhaps)

thats how i would have started my answer. you'll defs have to add more to it but that ould start you off
Hope it helps

[ekhan_01]

Hi, ekhan_01!
Sure, no problem
I'll be writing them in chunks, so these will be under separate posts to keep myself motivated haha.

Performance objectives:
These are the key areas of the operations process, and these vary based on the industry and its operation process. Typically, when a business sets its performance objectives, they are considered as a part of its competitive strategy. Thus, in this way, these enable a business to differentiate from its competitors, and as a result, gain a competitive advantage. Such performance objectives from the HSC syllabus include:

• Quality: this refers to having the "highest quality" of goods and services within the operations process. We regard this notion of "high quality" as surpassing the expectations of customers. Furthermore, a desired and "high quality" good and service will yield the best possible outcome in terms of its costs -- these products prevent additional costs from repairs and recalls made under its warranty.
  
  That's the "goods" side of things. Now, let's quickly explore the "service" aspect. We can talk about this in a way that a "high quality" outcome represents a process within its operation that gets it done right in its first attempt -- again, this saves money and resources, since value is added at each stage of production (this is modelled by the supply chain management).
  
  Thus, maintaining and achieving the quality objective can lead to an increase in the business' reputation, as the quality of the goods and service is the basis of customer expectations, and thus, this ultimately leads to a competitive advantage for the business.
  
  
• Speed: refers to the productivity within the business in the operations management. If the business is able to deliver within a desired amount of time, this again leads to a competitive advantage as a faster speed in the management of operations can reduce lead time between the customer and delivery. This improves the customer service aspect.
  
  It must be noted that a faster speed, however, doesn't necessarily mean that the quality will follow. By increasing the speed of production, it can often lead to a decrease in quality.
  
  
• Dependability: refers to the reliability of the good or service. This works alongside "quality". That is, how well the product is maintained and developed will affect how long it works to the expectations of the customers.
  
  Similarly, we should also note that the dependability of the services is essential to the success of the product. For instance, how well does the business distribute the goods and service to the market within its specified time?
  
  
• Flexibility: this is the ability of the management of operations to switch and adapt quickly to new models. The market needs are seldom static. Thus, by managing how adaptable and flexible the operations of a business is is crucial to the success within the everchanging markets.
  
  In a similar stance, it is important to be able to express the flexibility in volume of products. A business needs to ensure that their operations is able to change from producing one or two products to many products.
  
  Furthermore, a business simply needs to be flexible to match the increase (and decrease) demand of the market to prevent stock-out.
  
  
• Customisation: this is concerned with the speed of modification of a product in order to match the desires of the customers. Similar to the marketing process, businesses with a focal point on customisation will need to closely communicate with the customers to understand and redefine their design specifications to match their needs.
  
  As a result, this usually leads to a higher price. (see McDonald's "Create Your Taste")
  
  
• Cost: this is concerned with minimal use of costs. Commonly used include: cost leadership, which is aimed at gaining a competitive advantage by setting the cost lower than the lowest-cost manufacturer within the industry.
  
  Lower costs will mean that there will be an improved profit margin on each product sold, leading to more revenue (profit) for the business.
  
  We can categorise this into two areas:
  1. fixed -- these do not change as the output changes (ie they are fixated at that particular cost, and  cannot be lowered).
  2. variable -- these change as the output changes (ie they are sent through different channels, and within each stage, value is added).

You're an absolute champ!!

[TheFreeMarketeer]

Can someone give me a brief run through for e-marketing and the selective and intensive distribution channels?

Thanks.

[kiiaaa]

Can someone give me a brief run through for e-marketing and the selective and intensive distribution channels?

Thanks.

basically, distribution channels are how saturated the market is with that product. let's say Pura milk. you legit can find it anywhere as there is legit a supermarket selling milk everywhere. that is intensive distribution. selective is that the product is in only selected places as the business know the consumer who wants it will go a bit out of its way to get it. eg. apple. while you cant find it in every supermarket yes you can find it in certain electronic stores such as JB HIFI or the apple shop. now exclusive distribution are for not that much budget products eg a Ferrari as the business know it is a waste of money to have show rooms in every second suburb as it is for such a niche market but know that if someone desperately wants one they will find it so they are exclusively located maybe only 3 showrooms in the whole of Aus ( that is a guess idk if that is correct)

[Opengangs]

Can someone give me a brief run through for e-marketing and the selective and intensive distribution channels?

Thanks.

Hi, TheFreeMarketeer!

e-marketing refers to a marketing strategy that uses the electronic means of communication in order to drive sales, using the Internet.
Examples of e-marketing include: podcasts, blogs, SMS, social networking, and applications.
It is advantageous as it is more efficient and provides a faster route for businesses to earn more revenue, as well as attracting new customers. It also enables a business to expand and reach out to a global audience.

The intensive and selective channel choices refer to specific number of outlets within a geographical area.
Intensive aims to provide coverage by using all of its available outlets, and most intensive channel choices are used by big businesses with a high reputation, such as Coca-Cola.

Selective involves a producer using a limited number of outlets within its geography. This channel choice works best when consumers have a preference for a particular brand. This means that the producer can choose the most appropriate and best-performing outlets to focus solely on them.
Examples: Holden, Apple.

[hansolo9]

How do I do this one report question?

"Analyse how understanding the influences on financial management can contribute to business success."

I can't really make a strong argument of the syllabus dot points...