Hi everyone,
Could someone explain to me what a Modern Award is?
Thanks.
Can someone break down the mathematical aspects of FIFO and LIFO --> eg how to calculate inventory if they are given a scenario ( sorry i dont have an example to give )
I understand the definitions of each and how it works i guess, i just dont understand the maths behind it
Thanks
If an essay question says evaluate the effectiveness of finance/ops/hr/marketing strats( or one of the others) what would our criteria be?
Isaac how do you seem to know everything in so much detail? Its so hard to remember everything omg..
Also, can someone please explain to me the ethical part of marketing (influences) and price discrimination for the consumer laws?
Isaac how do you seem to know everything in so much detail? Its so hard to remember everything omg..
Also, can someone please explain to me the ethical part of marketing (influences) and price discrimination for the consumer laws?
Could someone explain greenfield enterprise agreements?
Can someone please explain Performance management as a human resource strategy, its confusing.
Hi! Could someone please help me? I don't know how the critical path works! I keep getting different answers along the lines of "it's the shortest path" or "the longest path"... Someone even started a poll on Facebook, and it seems almost 50/50!
I would upload the photo of an example, but it won't let me unless it's in another format...
Hey!
I was just wondering what does it mean if a loan is secured over its assets/property and is guaranteed against title, like for a mortgage its secured by the property of the borrower?
Hi Elena,
If a loan is secured over its assets/property etc, it means that if the business is unable to repay the loan; whatever is used as collateral (property, capital) is now the property of whoever is owed money. This is because it has a monetary value and can be sold to repay part of what is owed.
I.e. with a mortgage, the bank owns the house until you repay the whole debt and interest. If you forfeit on your loans then the bank will usually sell the house and take whatever is left of the debt and give you the rest. Thus, there is an asset as security and is much safer, hence a lower rate of interest than an unsecured loan/note.
Hope this helps :)
option A- by looking at country B, star cars market share was the same, but the amount of sales increase, meaning the total car market increased. Therefore it is not this answer.
option B- in 2010 star cars has 10% markets share and 10 mill cars. therefore there is 100 mill cars overall. in 2011, they have 12 mill cars and 12% market share, therefore there is still 100 mill cars overall. Therefore the total car market stayed the same, it did not increase.
option c - in 2010 Star markets market share for country B was at 10% at 10 mill, therefore there was 100 mill cars overall. In 2011, 10% = 12mill cars. Therefore there is now 120 mill cars in the total market share. This increased, therefore it is incorrect
option D - the market share obviously decreased from 10% to 6%. in 2010 10 mill =10%, therefore there was 100 mill cars in the total market. in 2011, 8 mill = 6% ..........therefore total car market = (100/6) x 8 =133.33 million cars in the total car market. Therefore the total car market increased. Therefore this is the correct answer. This would've tricked a lot of candidates. 8)
Just wondering would we be required to know the freeze model ? ( kurt lewin )
Just wondering would we be required to know the freeze model ? ( kurt lewin )
Hey guys, just gathering personal opinions. As there is likely to be multiple 4-6 mark questions tomorrow and they give us a measly 8-12 lines to write on, will you:
A -Generally write down as much quality knowledge as you can regarding the question and continue writing on extra writing paper.
Or B- Find its better to essentially answer the question on the recommended lines and keep your answer rather 'short and sweet' even though you know you can write heaps more?
I had this issue yesterday in pdhpe and I feel it will reoccur again tomorrow and I'm curious to see what you's all think.
Thanks!
Hey guys, just gathering personal opinions. As there is likely to be multiple 4-6 mark questions tomorrow and they give us a measly 8-12 lines to write on, will you:Haha I'm the person that does A. But it's up to you. If you want to get maximum marks for short answers you might want to take your time. I only got 33/40 for SA which is really annoying however, I was able to get 90%+ for the other sections.
A -Generally write down as much quality knowledge as you can regarding the question and continue writing on extra writing paper.
Or B- Find its better to essentially answer the question on the recommended lines and keep your answer rather 'short and sweet' even though you know you can write heaps more?
I had this issue yesterday in pdhpe and I feel it will reoccur again tomorrow and I'm curious to see what you's all think.
Thanks!
On a scale of 1 - 10, how prepared is everyone for business?2.
Hey guys, just gathering personal opinions. As there is likely to be multiple 4-6 mark questions tomorrow and they give us a measly 8-12 lines to write on, will you:
A -Generally write down as much quality knowledge as you can regarding the question and continue writing on extra writing paper.
Or B- Find its better to essentially answer the question on the recommended lines and keep your answer rather 'short and sweet' even though you know you can write heaps more?
I had this issue yesterday in pdhpe and I feel it will reoccur again tomorrow and I'm curious to see what you's all think.
Thanks!
On a scale of 1 - 10, how prepared is everyone for business?
What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)
What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)
What is the difference between social responsibility and environmental sustainability? (Operations)
What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)
Hey can someone help break this down for me
Right now ethical issue i got is environment , would the legal issue be production methods and outdated tech?
Would conflict resolution - grievance procedure/other forms of ADR be correct in satisfying the employee and employers conflict ( also bring in pay since there is over pay and plan to outsource )
And how would i answer the last bit ?
Would i take about increasing environmental conscience of the community and how the business' lack of regard for environment can damage their reputation and consequently sales ?
Thanks
Isaac how many case studies are you doing for the essay tmrw? I did 1 in trial and got 20/20, but scared if I only use 1 tmrw and dont end up with 18+
I don't understand price points, can someone please help
To be perfectly honest with all of you, I have not memorised any, as I feel like I can make some up on the spot that would better suit whatever the question is. As a case study might not perfectly fit a curveball question. Although in my previous exams, I had trouble making up names of businesses that sounded legitimate. So I made a list of businesses that sound real ahaha. I have read some case studies in my last minute cramming just to see what kind of integration would be necessary. What is your case study anuu?
I don't understand price points, can someone please help
Price points is a pricing strategy were products are set at predetermined prices. This strategy is typically used in retail stores, an example being Target selling most of their T-shirts are for $15. Although the T-Shirts might have cost Target prices ranging from $5-9, the T-Shirts are still listed at $15 therefore different products have different profit margins. The benefits of this strategy is that it makes it easier for customers to find the product they want and according to "business studies in action", it enables the business to also encourage customers to "trade up" to more expensive models (or in Target's case, more expensive shirts).
Hope that cleared up some confusion.
adding on to this, a good example is buying coffee.
where you can buy a small $3 , medium $4 or large $5. It offers a range of similar products that still caters for different customers (those who want a little bit of coffee and those who want lots of coffee) :)
Just my two cents to the price points strategy which i have a bit of a hard time conceptualising as well, zachary's example on price points is how i think of price points as well. Adding to it using price points is an effective pricing strategy because it stimulates demand for a variety of 'target markets' which you can link back to factors affecting consumer choice - social class. Furthermore, by using price points in a competitive market gives consumers more choice in their decision making which can provide them a competitive advantage leading to increased profits ( this might be a stretch )
Just wanted to have a go explaining to try consolidate my own knowledge on it, hope i provided more information rather than repeating what Zachary and Rikahs said
Hi there,
On the other thread, this question was asked, and here are the answers that some of our fellow business students came up with.
Hope this clears things up, let us know if you are still confused!!
Thanks! Also, is a high accounts receivable turnover ration good or bad?
Solutions to MC?
I got
D,D,C,C,C,D,D,A,,C, A,B,B,D,C,C,A,C,D,A,B
Isaac did you state rank or nah?
Ahaha you can never be sure, I did the best I could do. I wasn't aiming for a state rank. Just hoping for the best. Don't worry guys, I'm not some business genius; I'm just another kid who can read a textbook ;)
Hi, I've got a question that I have no clue how to approach:
Referring to an example, explain how decisions made in the operations function can affect each key business function.
How do I answer this???
Hi, I've got a question that I have no clue how to approach:The business functions include the HR, Operations, R&D and Marketing functions.
Referring to an example, explain how decisions made in the operations function can affect each key business function.
How do I answer this???
If it's not a 10mark question your answer doesnt have to be detailed as this. Even if it is, it doesnt have to be as long as this. Also i know im in a different state but arent the exams already done? Mine was done on october 30th
Hope that helps
Thank you thank you thank you for answering my question! However I have another one :[
Outline the notion of perishability with respect to services.
Argh I started writing then realised I was talking about goods, not services. How do I answer this?
Hey Guys! I have an assessment nearing where I have to write a report in class that can assess anything within operations. I know my syllabus and content. In my reports, the only bad thing is that sometimes I don't address the verb to the extent to get full marks. What should I do so I can recover this issue? Thanks guys 8)
Hey SSS,
That's awesome that you know your syllabus and content, you're miles ahead of other students (including myself in your position last year!) Some pointers that could help you would definitely be to memorise and understand the BOSTES glossary of terms which can be found here. Make sure you know the difference between what an explain question and a recommend question as it is a very common mistake to not do what the question tells you and can mean a whole lot of marks lost.
Also ensure that you can answer all of the outcomes and learn to dot points for the operations part of the syllabus that apply to a business report such as "recommend possible operations strategies for one hypothetical business"
If you are struggling to understand the requirements of each directive term such as explain, outline, assess, recommend - just take a look at previous hsc exam papers for sections 2, 3 and 4; and look at the answers of students who earned a band 6 for those questions here (this only has 2012 but most libraries have a copy of exam workbooks which contain band 6 answers to past hsc papers)
And lastly, practice as much as you can!! Feel free to post you responses here and I or someone else can mark it and give you feedback :)
Hope you smash it, good luck!
Thanks so much!! Your advice is amazing and I will do it over the next two weeks. Just one question that with the outcomes, I don't understand how they are incorporated into our questions [or are they not?]. Thanks so much for the advice and support!
Hey SSS,
Sorry for the confusion, basically an outcome is what the board of studies hopes you to demonstrate or to be able to achieve in your work. So something like H3 - discusses the social and ethical responsibilities of management could definitely be one of the dot points that they ask you to do in a business report (it would be phrased more like 'discuss the social and ethical responsibilities that influence business XYZ). Or H5 explains management strategies[insert strategy e.g. leading edge technology] and their impact on [business XYZ] is a likely business report question; some of these can show up in section 4 as well!
Outcomes like H9 - communicates business information, issues and concepts in appropriate formats will definitely not be the question but should still apply in the marking criteria so make sure you have really good definition, explanations, structure and use plenty of business terminology!!!
Hope this helps, good luck!
How do i stop recieving notifications? I pressed the notifty than un notifiy button but its not working
Try going to your Profile, then clicking Modify Profile -> Notifications, you should be able to adjust it there. See if that works! ;DThanks
Hello! I was wondering if anyone knew any past HSC questions about logistics through supply chain management? I wanted to do some essays/long responses/short answer on it
Thanks!! :D
Hey! I don't know if it helps at all, but I'll link you to a nice collection of HSC Papers, Trial Papers, and internal assessments for Business Studies; you might be able to find something there? Hopefully someone else can point you to something a bit more specific ;D
Hi! Could someone please help me? I don't know how the critical path works! I keep getting different answers along the lines of "it's the shortest path" or "the longest path"... Someone even started a poll on Facebook, and it seems almost 50/50!
I would upload the photo of an example, but it won't let me unless it's in another format...
Hi :)
Could somebody please help with understanding FIFO, LIFO and JIT in operations inventory management???
I just need some simple definitions and an example...
My teacher makes it sound soooo confusing..
Thanks heaps ;D
Hi :)
Could somebody please help with understanding FIFO, LIFO and JIT in operations inventory management???
I just need some simple definitions and an example...
My teacher makes it sound soooo confusing..
Thanks heaps ;D
Hey guys! How should we prepare for case study essays? I feel pretty weak in them in comparison to reports. Any advice appreciated! Thanks
Just a general question... In the HSC exam, how many businesses/case studies should you include in the business report? Also, is it okay to use the same business as an example in more than one short answer question? Or should each question have a different business case study? Thank you
Hi :)
So for the HSC extended response questions, is one of them a report and the other an essay? Also, is it true that you can write the essay question as a business report? I was told this but am unsure if it is a good idea...
Thanks!
Hi,
I was wondering as to what the difference between government policies and legal regulations are in operations. Both seem quite similar and I'm hoping for some clarification.
Thanks :)
OH alright I see what you mean. If there was a question asking to compare and differentiate between government policies and legal regulations, how would you answer?
Gantt>CPAGantt<CPA
- shows taskprogression and consequently is more useful for time management than CPA
- More used for scheduling than sequencing to which CPA is preferred
- Useful for business operations as the critical path can be found
- highlights relationships between different processes
hello,
could you pelase explain to me how sources of finance is an influence? i dont really get how does your source of finance influences a business
Hey, can someone explain to me how information and customers are an input to a business? Based on what I've studied in class the inputs are those that are converted in the operations process. How exactly is information converted? Also, I understand that the needs of the customer will drive the business, but how are the customers a transformed resource? It all seems very confusing ...
Hey Rodero,
Duuude, don't get me started on this dot point!! I spent countless hours quizzing my teacher about this cos it was supppeerrr confusing.
I've learned to accept it not as a physical or literal sense but more that customers inform the business on the kind of product that they need to make, informs augmentations to the product, colour, features, size, demand etc. I.e. their opinions are converted in the transformation process to create the product.
Information on the other hand is conducted internally (by the business itself by analysing past business performance through lead times, warranty claims, KPI's etc.) or externally (industry reports from external bodies) which can be used in the transformation process to influence operations decisions. In particular how inputs are used, where they are drawn from, which suppliers and supplies are available.
Hope this helps :)
Is it better to have one case study that applies to quite a few dot points, or better to have multiple case studies?
Hello! I had a a question from operations processes- influences on the transformation process. In the first influence (4 V's), I have two different explanations for influence of visibility in two books.
One textbook says that visibility is the extent to which customers can see the operations in action (so service hasn't high visibility).
The other textbook says that visibility is when customer feedback affects the transformation process (Surveys, questionnaires etc.) and this affects the transformation process because feedback shapes what the businesses make.
So which one is right?! Thanks in advance
Is it better to have one case study that applies to quite a few dot points, or better to have multiple case studies?
Hello! I had a a queation from operations processes- influences on the transformation process. In the first influence (4 V's), I have two different explanations for influence of visibility in two books.
One textbook says that visibility is the extent to which customers can see the operations in action (so service hasn't high visibility).
The other textbook says that visbility is when customer feedback affects the transformation process (Surveys, questionnaires etc.) and this affects the transformation process because feedback shapes what the businesses make.
So which one is right?! Thanks in advance
However, the way that got around this is by making up my case studies on the spot, which is allowed by BOSTES (i checked with various HSC markers to see if it was allowed). This allowed me to tailor each case study that I made up into whatever argument I wanted to make which I found easier than trying to fit a set case study into the essay I was writing..
Hello!
could you please help me in differentiating between government policies and legal regulations as influences on operations. they legit seems the same thing i cant tell the difference between the two
Thank you heaps! :)
Hey I was wondering what you meant exactly by making up a case study on the spot. Did you mean it is fine to create my own hypothetical business? Or did you mean to come up with a common real life example (eg. Woolworths practicing loss leader with milk)?
Hi Guys, I have an assignment for marketing and I'm required to explain the elements of a marketing plan. However the textbook isn't very clear on what should be in the marketing plan and when I look it up I get different answers. So could someone please clarify what should be included in a marketing plan.
Thank you 😊
Hello!
How is the best way to approach a marketing essay where the question is given on the day? We have been told to memorise the marketing section in the Apple case study and know the syllabus and we'll be fine. Just wondering how else I could prepare (I've done 2 practice questions).
Thanks in advance
Hi there, I am just unsure of what to know for product life cycle; is the last stage that we should know post-maturity or should we just remember decline? In my textbook it says decline but my teacher is telling me post-maturity, I wonder if either is acceptable... Thanks :)
Your preparation sounds good just keep on practising and get them marked to ensure that you are on the right track, with the syllabus just make sure you also remember the sub points, e.g consumer laws - deceptive and misleading advertising, price discrimination, implied conditions and warranties because if a question is asked in relation to the dot point it is expected that you also write about the sub points.
Good luck! ;D
HELLO EVERYONE!
I'm struggling like legit struggling to find case studies on finance. i have gone through the apple and qantas books but they don't really help in case studies for sources of finance (in particular) etc. Is there anyone who could please help me out? Desperate case here
Thank you very much! :)
Hey Kiaaa,
I posted some case studies I had a while back - as in last year when I sat the HSC (note they may be out of date). I've just copy pasted them into the spoiler below because I forgot how to hyperlink :P
Also, I didn't do case studies as a giant block which covered the whole syllabus.. I just found a case study for each dot point as you can see below :)SpoilerInfluences of Financial Management
Hi Dylan,
The question was pretty vague in terms of what parts of the finance syllabus you need a case study for. So here are all the ones that I've prepared. This is by no means a definitive list, so you can definitely add your own or make up a realistic example on the day.
I haven't included any on the objectives of financial management as these can be easily made up, e.g. QANTAS stated in their financial review that they were focussing on increasing their net profit by 15% in the next 2 years etc.
Internal Sources of Finance
Retained profits - ZARA utilises its retained profits to re-invest ($1 billion each year) back into the business each year which generated over $3 billion more than the previous year
External Sources of Finance
Overdraft - Woolworths uses overdrafts to buy stock which can be repaid after it is sold - maintaining liquidity and profitability as overdraft does not exceed $200,000
Factoring - Turkish Rugs Manufacturers used factoring to grow their exports. In order to improve their liquidity, they sold their accounts receivable to a factoring company which helped the firm meet their short term financial obligations as well as decrease their accounts receivable turnover ratio by 5%
Mortgage – Woolworths took out a $4m mortgage. This has allowed Woolworths to open new distribution centres around NSW to reach further locations whilst maintaining product quality due to closer proximity
Leasing – WiseTech Global has an office layout organised into many work stations. As a result, the business uses operating leases for its computers so instead of buying them and end up becoming obsolete and losing value, the business can lease and constantly update its equipment when required. This improves the business’s solvency as well.
Rights Issue – Boral, a major supplier of building products wishes to restructure its operations. As part of these plans Boral wishes to raise $440m through a $4.10 rights issue.
Share Purchase Plan – AMP used a share purchase plan where shareholders could buy shares at $4.82 which was at a 5% discount. This allowed AMP for the expansion of its operations.
ASX – IN 2009, Australia’s largest chain of department stores, Myer, went public and entered the Australian Securities Exchange. It raised approximately $2.3b from the Initial Public Offering. The ASX allowed Myer to raise large amounts of capital so that Myer could fund its aggressive expansion. This included increasing the number of stores and improving their flagship stores.
Finance companies – Apple has a scheme set up where they lease Mac, iPads, iPhones etc over 24 months to business. To do this, Apple has utilised a finance company called BOQ Finance to help fund their Apple Financial Services. As a result, the business has been able to increase the number of sales from businesses.
Influence of Government
Company Taxation – Apple has an income of about $6.1b, but only $247m of that was taxable income. It paid $74m tax.
ASIC – The CBA will refund around 8400 customers approximately $7.6m after it failed to apply fee waivers and ongoing benefits to AgriAdvantage Plus package holders over a number of years. This problem was reported to ASIC under its breach reporting obligations. The problem was actually reported by CBA themselves. As a result, CBA was able to avoid any potential fines and damaged reputation if they tried to cover up the issue.
Global Market Influences
Economic Outlook – In 2009 the GFC caused rapid revenue declines especially in international markets leading to an 88% fall in net profit for QANTAS in 2009. It also reduced its flying capacity, reduced orders for new planes and replacing some parts of Qantas with Jetstar.
Availability of Funds – Since the GFC supply has been lower both in Australia and overseas for Qantas due to the closure of many financial institutions and lending criteria becoming stricter. Qantas was assessed to be riskier for lenders due to its reduced profits in 2014 and this affected Qantas’ availability of funds – their credit rating was higher and therefore more interest.
Interest Rates – Qantas is exposed to movements in interest rates both in Australia and overseas. An increase in interest rates increases the interest repayments Qantas pays on its borrowings. Qantas has a number of operations overseas and it was more cost effective to fund them from overseas banks due to lower interest rates.
Processes of Financial Management
Planning and Implementing - Qantas
- Assessing the current financial information by collecting financial data
- Using the information to frame the business plan
- Preparing financial reports
- Interpreting financial reports by comparing actual to forecast results
- Adjusting financial controls to minimise risks and losses
Monitoring and Controlling
Cash Flow Statement – Qantas produces cash flow statements in its Annual reports for each year. Usually it has around $3000m cash at the end of the financial year.
Balance Sheet
Current assets - $4932m
Non-current assets - $17318m
Current liabilities - $7525m
Non-current liabilities $2866m.
Income Statement
Sales revenue is usually around $15,000m
Fuel costs $4461m.
Net profit 2014 – -$2843m
2013 - $6m
2012 - -$244m
2011 - $249m
Financial Ratios
QANTAS
Net Profit ratio – 2014- -4.2%, 2013-1.2%, 2012, 0.6%, 2011-3.7%. Profitability in the airline industry is relatively poor on average. The airline industry is both highly capital intensive and extremely competitive. Lots of costs.
Return on Owner’s Equity – 2014- -22.5%, 2013 – 3.2%, 2012 – 1.7%, 2011 – 9%
Liquidity ratio – 0.66:1 – 2014. 2010 – 0.93:1. Qantas operates on a negative working capital position, like most other airlines. Qantas holds very little cash reserves and uses the cash received to pay long term debt. Other Airlines – Air NZ – 0.98:1, Singapore 1.4:1.
Gearing – 2014 – 163%, 2013 – 83%, 2012 – 96^, 2011 – 113%, 2010 104%.
COCA COLA AMATIL
Gearing – 2001 – 60%, 2002 – 50%, 2003 – 55%. Their solvency has improved in recent years. The company used much of the revenue from the sales of its Philippines business to pay off debt.
Efficiency – Company’s expense ratio rising from 39% to 40% from 2000 to 2003 due to investment in plant and machinery, so theoretically their efficiency will increase in the future.
Limitations of financial Reports
Notes to the financial statements – Qantas attaches comprehensive notes to its financial statements. These help stakeholders better understand the financial reports and give more clarity to Qantas’ financial position. Some information may include the term of loans, where certain assets are coming from etc. Qantas uses UNDERLYING PBT as its measure of profitability.
Debt Repayments – Qantas’ financial reports don’t give a full picture of their debt as it does not disclose when these debts have to be repaid.
Normalised earnings – Some special circumstances may distort the analysis of Qantas’ results. For example, in 2011 natural disasters and major weather events like Cyclone Yasi, the Christchurch earthquake and japan Tsunami effected Qantas’ profitability.
Valuing assets – It is difficult to value Qantas’ assets because they change over time. Qantas’ long term assets are depreciated over time but the value of these assets may not reflect their true market value.
Ethical Issues related to Financial Management
Here you can say any business undergoes regular review through audits and through bodies such as ASIC to ensure accurate financial reports
Financial Management Strategies
Cash Flow Management
Discounts for early payment – Harvey Norman encourages customers to pay the full amount for expensive goods such as fridges and TVs using discounts for early payment otherwise customers are charged interest for a loan or they have to sign up to an alternative credit card.
Factoring - Turkish Rugs Manufacturers used factoring to grow their exports. They were in a panic situation in their cash flow as they had run out of money and had to chase their customers aggressively to get paid. In order to improve their liquidity, they sold their accounts receivable to a factoring company.
Working Capital Management
Leasing – Leasing more aircraft, building and plant and equipment. Leasing has freed cash that can be used elsewhere in the business. Debt market trends, tax depreciation, deterioration in aircraft residual rates and the need to provide greater fleet flexibility have increased the attractiveness of leasing. (Qantas)
Sale and lease back – Qantas is one of the few airlines in the world to own its own terminals and is considering selling and leasing them back to improve its working capital.
Control of current assets (inventory) – The value of APPLE’s inventory is calculated using the FIFO method. The value of inventory increased by 123% in 2013. This was due to the reduced demand for the iPhone 5C suggesting demand was lower than expected. As a result, Apple significantly reduced production for the 5c.
Profitability Management
Cost Controls – Expense Minimisation (Qantas)
Qantas has reduced its cost by 20% over the last 10 years by
- Cutting flying capacity and cutting services back
- Cancelling orders for new planes
- Restructuring
- Fuel conservation
- Reforming employment relations – increased use of technology, casualisation
- Outsourcing more business functions
- Encouraging more sales through the internet.
Revenue controls – Marketing Objectives (Qantas)
- Setting clear sales objectives
- Setting up a sales reporting system that reports sales figures regularly and breaks them down into business segments
- Discounting of airfares to maintain loads in a shrinking market
- Targeting different markets through Jetstar
- Increasing revenue through other services such as travel, catering and freight
- New business class services, self-service kiosks, next generation check in, new advertising campaign.
Global Financial Management
Exchange Rates (Qantas)
Qantas is exposed to various financial risks in international businesses.
- Changes in foreign exchange rates – expenditures of jet fuel, lease payments and interest repayments are usually made in a foreign currency.
- Qantas generates about 38% of revenue from other currencies.
APPRECIATION – Qantas pays less for fuel, lease repayments, loan repayments and overseas capital expenditure.
DEPRECIATION – Qantas pays more for fuel, lease repayments, loan repayments and overseas capital expenditure.
Interest Rates (Qantas)
Qantas is exposed to movements in interest rates both in Australia and overseas. An increase in interest rates increases the interest repayments Qantas pays on its borrowings. Qantas has a number of operations overseas and it was more cost effective to fund them from overseas banks due to lower interest rates.
Hedging and Derivatives (Qantas)
Forward Cover and Options – Qantas uses these to hedge future fuel purchases, future interest payments and future capital expenditure payments.
Qantas has hedged about 94% of its fuel needs for 2015. Most of these hedges are in the form of options.
Swap Contracts – Qantas earns revenue in many currencies and incurs costs especially fuel, maintenance and leasing in other countries. Swaps is another derivative used by Qantas which involves foreign currency denominated costs being paid out of revenue in the same currency. Qantas also denominates some borrowings in net surplus currencies to provide a natural hedge.
Methods of International Payment (Noventus Pty Ltd)
Payment in Advance – For its computing/electric products as it guarantees cash inflows. Noventus does this as it recently lost $10,000 in exporting products overseas without payment which had significant impact on its profitability management and liquidity which could have been used to repay debts.
There is no international legislation or body that regulates payment overseas.
Bill of exchange against payment – MIR-AUS is a company specialising in installation of ink systems for printers. They import a large amount of ink from overseas companies and therefore it can be risky if payment is sent before the quality of the ink is checked. When the business picks up the ink, a bill against payment is used so that MIR-AUS can inspect the ink delivered before accepting and paying for it.
Sorry, that was a bit excessive. But I hope this was of some help to you :) Good luck[/list][/list]
Hi all
i was wondering if anyone knew any good sites to get past papers for half yearlies. I school doesn't release that many
thank you in advance :)
Hey kiiaaa!! Pop "THSC" into Google, it should be the first result, a HEAP of past Trials and assessments for practically every subject! ☺
hey famm
i have my business studies half yearly in a week and i legit don't know anything. do you guys have any tips on how to embed all the content in my brain? I'm like desperate for help? I have made notes but i think i should focus on practicing right? Pleaseee help.
thank you :)
hey famm
i have my business studies half yearly in a week and i legit don't know anything. do you guys have any tips on how to embed all the content in my brain? I'm like desperate for help? I have made notes but i think i should focus on practicing right? Pleaseee help.
thank you :)
Hello,
I was wondering if someone could please help me understand the difference between pricing methods and pricing strategies?
Thank you so much,
Yasmine
I've just got a question about section IV of the HSC paper (extended response/essay). Say for example, the question was:
"To what extent to the influences on operations affect business performance?"
Is it necessary to talk about all 8 operations influences or can you just choice 2-4 and discuss those in detail?
Thankyou!!
Hey! I'm currently working on an assignment; I am required to develop a marketing plan for IKEA based on research and assumption.
Does anyone have any relevant material that I can use or any recommendations on how to tackle this task? Thanks ;D
Can anyone give me a brief overview of the "sequencing and scheduling – Gantt charts, critical path analysis" dotpoint in the operations syllabus?
Also, I've never managed to get my head around why you need to find the longest possible path for the critical path analysis to find the shortest possible completion time?
Thanks :D
Anyway, that's my input :) I hope it's not too confusing
Hey guys, can someone explain the difference between quality control/assurance/improvement? Is it just the stages at which product quality is assessed?
Hey guys, for the stakeholders dotpoint in HR, specifically government organisations, my textbook is waffling on about the key roles of business, statutes, tribunals, etc. I don't quite understand this dotpoint. Can someone please help to clarify it?
Thanks!
Thank you so much, Rodero! That was incredibly helpful :)
Just another question for you guys. How do I structure a response for section 4 of the business exam? We haven't gone through it in class yet, and our exam is tomorrow...
Thanks again!
I need help with interdependence of operations and marketing. How do I show that it is evident in a stimulus case study? Thanks :)
I need help with interdependence of operations and marketing. How do I show that it is evident in a stimulus case study? Thanks :)
Hi, can someone explain the parts that I need to cover in this report question in the pic? Thanks!!
Hi could someone please explain to me how is inventory management a stragetgy and when would i recommend it in a business report and what is the deal with all this LIFO FIFO. like a get the JIT but the the whole calculation stuff of LIFO FIFO confuses me in how is it strategy.
thanks heaps!
Hi could someone please explain to me how is inventory management a stragetgy and when would i recommend it in a business report and what is the deal with all this LIFO FIFO. like a get the JIT but the the whole calculation stuff of LIFO FIFO confuses me in how is it strategy.
thanks heaps!
I've hit this road block as well and noticed that this question still hasn't been answered. If anybody has some idea of this dot point please let us know! :DThe concept of JIT is more working in favour of the business itself. It carries benefits such as allowing for smaller warehouse spaces and better quality products.
Hello everyone
Could someone please help me understand what market segmentation is exactly? and all that stuff relating to the secondary target market. Like i get that you have specific people you aim your product towards but the rest i dont get.
Thank you!
Hi! First of all market segmentation has three ways of segmenting according to the syllabus.
-Mass market (everyone)
-Segmented market (a certain group)
-Niche market (a certain group in that group)
There are four ways to segment a market.
-Demographic (age, income, etc)
-Behavioural (attitude towards product)
-Psychographic (health and environment consciousness)
-Sociocultural (culture, society values)
For example, Coca-Cola.
They saw that their sugary drink sales were in decline due to shifts in the public's awareness to health. Most of their female customers had stopped purchasing their sugary drinks. The public has become more "health-conscious" to products that may damage health (in the syllabus). This is why Mount Franklin was introduced by Coca-Cola. It was designed to appeal to health-conscious young women aged between 14-35 (actual stat).
Now to your second question...
A secondary target market is a group of customers that the product may also appeal to but isn't the business' main focus.
As with Coca-Cola, their main target market for Mount Franklin is young women. However, another segment, such as athletes and middle-aged people, may also find bottled water appealing and willing to buy it. It wasn't Coca-Cola's main focus but people are willing to pay for it.
I hope this clears things up :)
Hi could you please just explain what price points are as part of a pricing strategy? Im looking at 2 different explanations so im a bit confused. Thanks.
In class we are working on a plan for a past hsc essay question. But I don't where to start. The essay question is "Assess strategies that management may use to respond to influences on operations." Any help would be greatly appreciated. ;D
The key word here is "assess", meaning basically you need to provide a judgement. On what? The question mentions strategies that may be used in response to operations influences. So you need to plan to assess operations strategies (how good they are likely to be or what they are useful for) but you also need to know about the influences on operations management and how the two relate. As always with business studies, the syllabus is your friend, so revise strategies and influences relating to operations for the HSC course in this document: https://www.boardofstudies.nsw.edu.au/syllabus_hsc/pdf_doc/business-studies-st6-syl.pdf
As for planning, I believe the question is not a report (on a hypothetical business), so use a typical introduction/paragraph/paragraph/paragraph/conclusion format. Each paragraph should focus on a key point (maybe an influence) and the number you choose to use will depend on the length of time provided for the task.
Has anyone done a operations study into apple?
If so could you advise any useful sources?
Thanks :)))
Hi all
Anyone got any case studies for limitations of financial reports
Hey, could someone help me with these questions please? Thanks!
(http://i.imgur.com/Brj6F2b.png)
I have a gap in my understanding of costs vs expenses that I need to fill.
COGS is costs related to the purchase and transformation of inputs into outputs.
Expenses are other costs (typically fixed) - selling, administrative and financial.
The question I have is, where exactly is the line drawn? For example, if a business employed a ton of casual staff (pretty much a variable cost), this is still counted as a selling expense, right? Also, would say rental fees for a factory or a warehouse be counted as a selling expense or included in the COGS because it's directly related to transforming inputs? Apart from the purchase of inputs and perhaps logistics, what else would be included in the COGS?
COGS does not include expenses such as labour.
The only thing included in COGS is the cost to purchase raw materials used to make the goods.
This is why there are two sections on the P/L statement to state COGS and Expenses separately.
For example:
-I receive $500000 in total sales (Price*Quantity) after selling 1000 units for $500 each.
-Those 1000 units cost $200 in raw materials to make each unit.
Gross Profit is Sales minus COGS
$500000-$200000=$300000
-It cost me $150000 to employ all the labour, pay rent, have insurance, etc. This is the expenses section.
Net Profit is Gross Profit minus Expenses
$300000-$150000=$150000
-Net Profit is $150000 after COGS and Expenses are subtracted.
Hope this helps :) COGS only relates to the cost of raw materials.
I think the labour expense is referring to services maybe? There are some services like lawyers and analysts where the labour is the only COGS since you're selling expertise.
Hi! I did a quick google search and found some stats on McDonald's ad spending in the US and in Australia.
US:
-$98.7 million on ads (2014)
-$113.8 million on ads (2015)
-$88.8 million on ads (2016)
Source here!
Aus: $55 million on ads
(Date unknown)
Different websites show very different monetary values because some say 1 billion whereas others say ~100mil for the same year.
Hope this helps your friend ;D
What's a good way of remembering the differences between marketing approaches and marketing strategies?
I know approaches is mass market, market segmentation and niche march approaches, but how can I remember that this doesn't refer to marketing strategies?
Hey!! I'm just having a bit of trouble interpreting this question from the CSSA 2016 trial paper:
Discuss one marketing strategy that a business can use to differentiate its products. Support your answer with an example
So would promotion be considered a marketing strategy? Also, when a question asks for an example, do you have to refer to a specific case study (e.g. McDonalds uses social media marketing...) or just use social media marketing as the example?
Thank you!
How many marks was it? I'd say yes, provide a case study as that's what the syllabus mandates. Like it's saying to refer to a strategy (SMA) and then provide an example (McDonalds). I don't think it means to simply give the broad strategy and then a specific strategy.
I get what you mean about referring to a dot point or a - point. I think it needs to be a - point, like "In promotion, SMA means does xxx. McD uses SMA because yyy." This shows that you know the syllabus in depth.
Thank you!! It is a 4 marker so I guess a more specific example would be better
Explain how profitability management strategies contribute to the objectives of financial management?
This is for an assessment task, can anyone suggest how to approach the question?
Explain how profitability management strategies contribute to the objectives of financial management?
This is for an assessment task, can anyone suggest how to approach the question?
i'm having a lot of trouble with Finance topic.. I don't really know why.. can someone brief me on the equations and what to do for each? I know how to apply it but I just donno how to apply it to real life business financial reports
Does anyone have/know where to find examples of past band 6 responses (for sections III and IV)? Thank you!
Any tips on how to handle questions making use of financial statements? Our upcoming assessment has given us 3 that we can use while preparing for the task
Hello,
I had some questions about operations that I would really appreciate if someone could explain please
What is the difference between government and legal influences?
What is visibility? (as an influence in the transformation process)
How does critical path analysis (CPA) work? Very confused about this!
Thats all for now!! Thanks
I have an exam on operations marketing and hr next week so I'm spazzing out D;
Thank you!!
Would a current ratio of 1.35:1 and 1.08:1 be sound financial positions?
Hey there! :D
The syllabus dot point on "Influences on Operations" has government policies and legal regulations.
Government policies are to do with things like taxes and bans, whereas legal regulations are to do with workplace issues like OH&S, anti-discrimination, and minimum wages.
The term "visibility" refers to how much of the operations process can be seen and tracked by the customer.
-For example, Subway has high visibility because they make the sandwich right in front of you when ordered. However, McDonalds has low visibility because their burgers are pre-made hidden at the back of the store.
Critical Path Analysis is a diagram showing the shortest time it takes for all tasks in an operations process to be completed. To find the critical path, you have to look for the longest path in terms of time it takes to complete. Once the longest task is done, everything else has already finished, thus being the time it takes to complete all tasks. It is used to measure the sequencing and scheduling of the processes and to reduce bottlenecks, which can paralyse the entire operations if one tasks takes longer than expected.
Hope this helps ;)
What exactly do you mean by your request?
If you're looking for the business studies syllabus, it's here.
If you're looking for business studies notes, you can find them in the notes section. :)
Just a bit of a weird request... Just wondering if anybody had a recording of the business studies syllabus/notes???
Hey! This is my first post ever on a forum so I'm not sure how this will go.
I just need a quick explanation regarding how to calculate the critical path in a critical path analysis. All the textbooks, videos and notes I've read stress that it's the shortest time taken for all tasks to be achieved, but the answer is always the longest time and seems to skip tasks as well. Am I missing something glaringly obvious?
Thanks in advance, love the site ;D
i am absolutely awful at explaining stuff, so here goes. when looking at a critical path analysis, remember that some tasks can be done simultaneously. the critical path is the shortest amount of time it takes to do something, while also incorporating every other small task.
example for q14 in 2012 hsc (link to paper because uploading a screenshot doesn't work): https://www.boardofstudies.nsw.edu.au/hsc_exams/hsc2012exams/pdf_doc/2012-hsc-exam-business-studies.pdf
answer:Spoilerthe answer is c (17) because although there's a huge block of time with tasks c and g which both go for 14 days, it covers everything else.
hope this helps!
That actually makes a lot more sense now, I understand it much clearer. Thank You!!
Hey! This is my first post ever on a forum so I'm not sure how this will go.
I just need a quick explanation regarding how to calculate the critical path in a critical path analysis. All the textbooks, videos and notes I've read stress that it's the shortest time taken for all tasks to be achieved, but the answer is always the longest time and seems to skip tasks as well. Am I missing something glaringly obvious?
Thanks in advance, love the site ;D
We don't need to remember any specific cash flow/income/balance sheet statements from particular case studies, do we? Same for financial ratios - do we need to know any?
Hey there, I'm really struggling to write an executive summary. Like I know how to write one and what to put in it but mine always seems to be like 3 lines. Any recommendations?
Thanks :)
Hi :)
How would I go about answering this question structure-wise?
"Evaluate the importance of economic in human resources management in a business."
Hi,
Can someone please mark my responses?
1. Discuss the balance between cost and quality in operations strategy [4 marks]
Cost and quality are both profoundly considered as factors which can contribute to the success of the business. Spending on cheaper costs of production process through choosing different suppliers with cheaper supplies or raw materials help the business to minimise its expenses. While producing high quality products can ensure the business in increasing in sales, brand loyalty and lead the business to success. Therefore, in the aim of sustain the business competitive advantage, ensuring the quality of the products is the main focus which means producing high quality products demand for higher costs in the production process. As a result, these two objectives need to be balanced in the strategy to sustain and achieve the roles of cost leadership and products differentiation of the business.
2. Explain potential conflicts between short-term and long-term financial objectives [4 marks]
Both long and short term objectives are carried out in the aim of achieving the business goals and objectives, leading the business to succeeding against its competitors. However, the desire of expanding the business in the long run requires the business to saves on overall costs of labours, equipment, production process and using the profits to invest in the expansion of the business. As a result, this conflicts with the short term objectives of the business to increase its profitability which means the profits are going to be saved and spent within the next few years of the business life cycle.
Correct me please if I am wrong somewhere :)
Hi,
Can someone please mark my responses?
Hi!
Can you pls edit my answer and give me a few pointers on how to increase my marks to get a 6/6 // and hypothetically what mark would you give this answer
Thank you!
heyy i was just wondering what is a simple essay structure to use for both a business essay and report
hey guys,Price points can be beneficial to the consumer as it allows assurance and consistency of pricing towards the items. For instance, since the pricing of the watches are consistent regardless of warehouse pricing, it allows the customer to feel less offending when prices fluctuate over the economic peaks and troughs.
If I want to recommend price points as a strategy in a business report as a pricing method for a new range of watches being the scenario - what are the benefits of this method? like the textbook and all these notes say the same thing that
-Price points are selling products only at certainly predetermined prices
- Used by retailers, especially clothing stores and boutiques
- Price will be set regardless of how much they cost at wholesale
I cant find any benefits to say to use in my recommend answer to justify my choice
could you please help me?
EDIT: I also have another question being seen a lot of questions asking for factors to be considered during the acquisition process and I was wondering what are these factors? I've never heard of these and I am really confused
thank you
thank you :)))
Hey,
2nd Attempt! Could you please check it once again?
1. Discuss the balance between cost and quality in operations strategy
Can you also please suggest a relevant case study for this question as well? I just couldn't think of anything! Thank you!! :)
Hi, :DImportant to note: Price strategies are not the same as pricing methods!! Don't get them confused :)
Thank you, Issac for marking my response!!
Anyways, can anyone please help me with pricing strategies? Especially price points!!! :'(
Hey there, so my teacher told the class that one of the extended response questions in the trials is going to be about HR influences, specifically about global influences. Any tips on how to prepare for it? Thanks!
Important to note: Price strategies are not the same as pricing methods!! Don't get them confused :)
Pricing strategies: There are four main pricing strategies a business can implement: price skimming, price penetration, loss leader, and price points.
Price skimming: refers to the implementation whereby a business sets the introductory price at its highest. This is used to maximise the profit from early customers, and after the satisfaction of these early investors are met, the price is lowered in order to attract new customers. Apple and other technological companies use this strategy, so that's why it's relatively expensive in the product's introduction stage.
Price penetration: refers to the implementation whereby a business sets the introductory price at its lowest. This is used to rapidly increase and reach a wider market share, and is used as a way to entice customers into their product, due to its price.
Loss leader: refers to where a product's price is at or less than its manufacturing costs. For instance, if a book costed $10 to make and is sold for $7, this strategy is known as "loss leader". Businesses usually use this strategy in order to entice and attract customers, and they are usually used alongside extra purchases. A common example of this strategy would be at phoning companies selling phones for free. Initially, this idea of free phones is a strategy called loss leader, and is used as a way to attract these new customers. On top of these, marketers will attempt to sell other goods and services, which can lead to a profit to the business.
Price points: is a pricing strategy where marketers will set the product's price at a predetermined level. This is regardless of the economic standpoint, as well as the manufacturing price. This ensures that customers are aware of the prices, and the consistency of these prices are enticing to the customers in their own rights. Clothing stores selling clothes at $49.99, $59.99, etc. are all examples of price points, ensuring that the wide range of pricing is attractive to these customers.
Marketers often use this as a simple mechanism for analysing trends within the product, because the pricing's factor is always constant.
Hi there :)
I'm just planning out dot points for several essay questions. How would you go about this question? 'assess operation strategies that can help a business achieve its operations objectives'. Are the operation objectives just to gain a competitive advantage??
Thank You
also...i would be eternally grateful to anyone who could explain 'HEDGING' to me in the most simplified way possible....thanks heaps in advance
legends.....atvb in business tomorrow :D
Derivatives and hedging are very similar to each other :D
A derivative is a financial instrument between two parties about an underlying asset or assets. It is a contract made between two parties, and the value of this contract varies proportional to the derivation of such asset(s). So, for instance, if the value of Asset A is $5, the contract, or derivative, is worth $5. Much like a hedge, derivatives reduce the risk of fluctuations within an economy. We can use derivatives within investment trades, such as bonds, commodities, and stocks.
A hedge is a financial strategy that limits the financial risk within a business, due to fluctuations within the economy. In essence, using a hedge protects the investment from the economic standpoint of a particular business. This can be advantageous to a business as it is like a form of security if the economy doesn't go well, but at the same time, it can be disadvantageous if the economy booms. For a hedge, we use a futures contract.
Hopefully, this helps and if you have any questions with the financial strategies, feel free to ask :)
thanks so much opengangs.... :D ;DHi, ~BK~!
that helps.... but kinda also highlights how much i don't know.... >:(
i understand hedge a lot better than derivatives.... ???
How would we incorporate graphs in our B.S reports? what sort of things could be shown in a graph for business?Hi, olliesfield!
Thanks
Can someone please explain how the increase and decrease of the Australia dollar affects imports and exports! ThanksHi, janemurray!
Hi there :)Hi, ekhan_01!
I'm just planning out dot points for several essay questions. How would you go about this question? 'assess operation strategies that can help a business achieve its operations objectives'. Are the operation objectives just to gain a competitive advantage??
Thank You
3 cheers for opengangs :D......some awesome responses....thank you so muchi agree marcorabbito!! ;D ;D
Hi, ekhan_01!
Operations: management and process of its resources in the creation of the good or service.
The operations strategies includes all of the activities within the production of goods and services. These strategies help to support the business' strategic goals, which in turn gives the business a competitive advantage. Some things you could talk about include:
- performance objectives -- quality, flexibility, customisation, speed, dependability, cost
- quality management -- control, assurance, improvement
- supply chain management -- logistics, e-commerce, global sourcing
If you would like, I could go into more depth about each of these aspects and how it relates to the objectives of operations.
Could you please, if that is not a hassle!Hi, ekhan_01!
Amazing comments btw much appreciated
Hey guys, what are the strategic goals of business?Hi, TheFreeMarketeer!
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.
HEY BK!!!
thanks so much for that website!! u absolute legend!!!
alll the best evry1!!!! :)
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?
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.
Hi, ekhan_01!
Sure, no problem ;D
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).
Can someone give me a brief run through for e-marketing and the selective and intensive distribution channels?
Thanks.
Can someone give me a brief run through for e-marketing and the selective and intensive distribution channels?Hi, TheFreeMarketeer!
Thanks.
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...
Hey!!Hi, diesxel!
I have a quick question, can someone please explain to me what exactly the strategic goals of a business are? I keep seeing it everywhere, does it just mean profitability? A bit confused about this and a quick clarification would be awesome!
Thanks!!!
Hi, diesxel!
When we say strategic business goals, we refer to them as the long term goals of a business from future planning, which are then divided into specific goals and tasks within the business.
Profitability is just one strategic goal of a business, because in the long run, the business aims to make a profit. Along with profitability, businesses also try to increase their market share in order to grow as a business.
Hopefully, this helps with tackling questions referring to strategic business goals. :)
Thanks so much this really helped!Hi, diesxel!
I have another question, I'm studying the HR influences and I was confused about legal influences for the dotpoint about employment contracts.
When talking about common law, minimum employment standards, awards etc. are these all TYPES of employment contracts??
Thanks
Why is factoring considered a debt finance?
Does it depend if it is with or without recourse?
Hi ;D
Could I have some feedback on my sect.3 exec summary?SpoilerThis report will assist management at Fly Easy Airlines in addressing the concerns of expanding into the foreign global market, appropriate methods of financing new equipment, and the outsourcing of maintenance.
The strategies recommended will include:
-The use of marketing strategies and penetration pricing to establish market share.
-The advantages/disadvantages of debt and equity relating to the matching principle.
-The advantages/disadvantages of outsourcing.
These recommendations are to assist Fly Easy Airlines to effectively deal with their management concerns and maximise business success.
Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?
Assess the effectiveness of HR management strategies
Thank you!
Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?Remember your directive term is assess. So your response should include some essence of a judgement of the quality/value/outcomes etc. So just focusing on the strategies alone probably won't fulfill the criteria/directive term. Your second option sounds better, as long as you do still make a judgement.
Assess the effectiveness of HR management strategies
Thank you!
Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?Hi, julia_warren13!
Assess the effectiveness of HR management strategies
Thank you!
hey...
i'd don't know if anyone uses this thread, :o but, i was just wanting to know-
what are some global factors that need to be considered when outsourcing?
thanks in advance! ;)
I would say:
-Increased cost of logistics, storage and distribution
-Managing different regulatory conditions between nations
-Increased complexity of overall operations when sourcing from diverse locations
Hello,
Can someone please mark my response? Let's say it's out of 8 marks.
1. Asses the relationship between operations and the other key business functions in THREE actual businesses
The interrelationship between operations and other key business function is crucial in the aim of efficiently and effectively achieving the business’s main goals and objectives. Operation is the main key business function which involves in the process of transforming inputs into outputs and has the responsibility in producing quality goods and services. Therefore, there are needs for the operation function to be closely interrelated with the other functions. Marketing is to provide the business with information about the changes in tastes and preferences of the customers, the supplies and demands in the market, identifying target markets, help in promoting and designing products to satisfy the customers need and wants-. These factors determine the operation function to produce goods and services to meet the fluctuate changes and demands, designing favourable products to look more appeal to the target market and the potential target market and collect information to develop strategies to create an effective marketing plan for a business. For example, QANTAS does market research about the times of the year that everyone loves to travel and therefore, promote their company with special discounted prices to specific destinations or specific times of the year especially in Christmas Season. As a result, this promotion plan appeals to attract more customers in that time of the year every year. In relation to Finance, it needs to allocate adequate funds from different sources of finance in purchasing new equipment, budgeting funds into different operation activities, invest into more technological equipment to sophisticate the transformation process leading to an improvement in productivity and eliminating wastage of resources to achieve the objective of efficiency. These will reduce the cost of production which will have impact on the prices of final goods or services, resulting in the operations management to achieve its role in cost leadership. For example, Google raised US $23 billion in equity funds to purchase the Android mobile operating system in 2005 and YouTube in 2006. Google was also significantly increase its Research and Development budget, resulting in the creation of products such as Google Maps and Gmaill. Therefore, this feature helps to differentiate google or gmail in particular from its competitor Yahoo. While relating the operations with human resources is necessarily focusing on the recruitment of relevant and skilful employees who has the potential to work in the transformation process of the business. They need to be trained with skills that are needed in the process and works towards to improve the worker productivity in the operations process. This increases will help in producing goods in a high volume which will allow the business to meet their customers needs and demands quickly. For example, Apple recruited people from China to reduce their cost of labour which is seen as an additional expense for the business. Also, the supply of employees with skills and relevant experience was huge which easily allow the business to produce their products in a high volume with quality. As a result, this has allowed Apple to sustain its competitive advantage against the competitors through cost leadership that derives from reduction of expenses and products differentiation in terms of quality, flexibility and availability of the products in the market. Therefore, the understanding of the relationship between operations and the other key business functions are highly effective in the aim of helping the business to sustain its competitive advantage and improve in business performance.
Hi All,
Does anyone have any predictions for this years essay questions?
HEY GUYS!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
HEY GUYS!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
HEY GUYS!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
what influences do you think you'd want to talk about in that essay?
HEY GUYS!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
HEY GUYS!Hey there!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
HEY GUYS!
For HR- i was wondeirng which strategies can be used in responce to which influence?
I have an essay question 'Assess strategies that management may use to respond to key influences on human resources' but idk which strategy can fix which influence on hr
Thank you
Can someone please explain what is meant by the developmental and administrative model of performance management (under HR strategies) - I don't really understand the definitions given in my textbook :( Thanks
Can someone please explain what is meant by the developmental and administrative model of performance management (under HR strategies) - I don't really understand the definitions given in my textbook :( Thanks
Hello,
To write a sufficient amount of an extended response, how many (strategies/influences/processes etc.) should I include? (IF THE QUESTION IS A BROAD ONE like access the effectiveness of Marketing strategies? or something like that?) Thanks!
Hello,
To write a sufficient amount of an extended response, how many (strategies/influences/processes etc.) should I include? (IF THE QUESTION IS A BROAD ONE like access the effectiveness of Marketing strategies? or something like that?) Thanks!
Hello,
To write a sufficient amount of an extended response, how many (strategies/influences/processes etc.) should I include? (IF THE QUESTION IS A BROAD ONE like access the effectiveness of Marketing strategies? or something like that?) Thanks!
can you send the whole q? is that the whole q or is that part of like a report q?
Hello,Bottom line is -- keep your points relevant to the case study material you prepared. Your case studies are essentially the filling to your burger; without these case studies to enhance your points, your extended response doesn't flow as well. You should also be aware of how much you can write under pressure timed, so keep your points succinct and only include information that is relevant to the question.
To write a sufficient amount of an extended response, how many (strategies/influences/processes etc.) should I include? (IF THE QUESTION IS A BROAD ONE like access the effectiveness of Marketing strategies? or something like that?) Thanks!
Hello,
To write a sufficient amount of an extended response, how many (strategies/influences/processes etc.) should I include? (IF THE QUESTION IS A BROAD ONE like access the effectiveness of Marketing strategies? or something like that?) Thanks!
Is one case study sufficient for the extended response or would it be worth knowing 2?
do you only have this one case study embedded throughout your notes/essays? it's fine to only have 1, but having a few (say, like 2 or 3) shows broader knowledge on your part, and gives your response more variety! i personally reference case studies twice a paragraph, but from paragraph to paragraph i like to change case studies :-)
Yes, we were given the case study of McDonalds by our teacher to read through. I sort of remember the main points for all points except for Finance - there's too many figures. I normally just reference the case study in the extended response wherever I can, but it's probably essential to do so to illustrate each sub-dot point on the syllabus.
awesome! the maccas case study is pretty good aye? don't worry if you can't remember the figures for finance... just make them up - the markers can't exactly whip out google every time they see a figure, right? 😜 yea that sounds good; every time you're writing about a syllabus point, try and integrate a case study :-) best of luck for your hsc!
Thank you all for replying!
Anyways, one more thing I just want to know if my way of writing a paragraph in an extended response is okay/correct (I know there's no right or wrong answer to this but I just want to be on the safe side) :)
So, for example if the question is about marketing strategies then I'd start the first sentence by defining it then explaining it and then link that strategy back to the question (i.e if the question is asking about how does it help to improve the performance). After that, I'd include my case studies then I'd talk about those case studies and link them back to how they can help the businesses to blah blah etc.
Yep, you're definitely on the right track. For my intro, I would normally create a thesis, introduce the strategies that I'm going to discuss, introduce the case study and then link back to the question. For the body paragraphs, would illustrate each point with a case study and then link back to the question and also the marketing objectives.Ohh nice, I've never introduced case studies in my intro. That's a new good way of approaching it :) Thank you! Good luck by the way!!
For example your intro could start off as:
The marketing strategies implemented by a business are crucial to improving business performance. Marketing strategies include ... which result in ... The (Case study, e.g. Maccas) is a key global business through which one can see the importance of using a selection of marketing strategies.
Ohh nice, I've never introduced case studies in my intro. That's a new good way of approaching it :) Thank you! Good luck by the way!!
Hi! Could someone please help me? I don't know how the critical path works! I keep getting different answers along the lines of "it's the shortest path" or "the longest path"... Someone even started a poll on Facebook, and it seems almost 50/50!
I would upload the photo of an example, but it won't let me unless it's in another format...
How do we express our answers for each financial ratio? Would we mainly use percentages? Also, which ratio requires us to answer in both a ratio and percentage?Ratio form:
Ratio form:you can write all calculations in percentage and in ratio form. my business teacher personally stood up this year at a teachers meeting and asked that q. both are accepted
-Debt to equity ratio
-Current ratio
-Accounts turnover ratio
-Return on equity ratio
Percentage form:
-Gross Ratio
-Net Ratio
-Expenses Ratio
The things you find on a balance sheet are usually written in ratio form, whereas the things on an income statement are written as percentages. :)
How do we express our answers for each financial ratio? Would we mainly use percentages? Also, which ratio requires us to answer in both a ratio and percentage?
you can write all calculations in percentage and in ratio form. my business teacher personally stood up this year at a teachers meeting and asked that q. both are accepted
Anyone have any ideas about this? https://atarnotes.com/forum/index.php?topic=168311.msg985563#msg985563
I'm pulling my hair out trying to figure out where I've messed up ???
Hey there!
Would someone be able to explain how the answers to a gross profit ratio or expense ratio work? So, what I mean by that is, if I get a percentage of 30% using the gross profit ratio, does that imply that the business has made an improvement or is it a loss? I know that generally, if ratios are higher, it is considered better for a business but I'm stuck on this question on a past paper and the answers say that the gross profit has risen?
I'm working on the 2015 Business HSC paper - multiple choice questions 16 and 17 (connected question). I'm not sure if what I've written makes a lot of sense but I'm so confused aha. Some help would be greatly appreciated!
Which paper is this from? It could have been an error, or there is some bizarre trick to the wording of the question. :-\
Hey there!
Would someone be able to explain how the answers to a gross profit ratio or expense ratio work? So, what I mean by that is, if I get a percentage of 30% using the gross profit ratio, does that imply that the business has made an improvement or is it a loss? I know that generally, if ratios are higher, it is considered better for a business but I'm stuck on this question on a past paper and the answers say that the gross profit has risen?
I'm working on the 2015 Business HSC paper - multiple choice questions 16 and 17 (connected question). I'm not sure if what I've written makes a lot of sense but I'm so confused aha. Some help would be greatly appreciated!
So with the formulas, you would have got 33% GPR for 2014 and a 50% GPR for 2015. A higher Gross Profit Ratio is an improvement because you get more gross profit compared to the value of sales, which indicates low COGS expenses.Ohhhh that makes so much more sense now! Thank you so much!
The expenses in 2014 were 13% compared to 10% in 2015, which is an improvement because you use less expenses to achieve the value of sales.
It was some trial I got sent so the answer could be wrong. Thanks for looking at it though, if my working seems right to you it probably means that my answer's right ;DThank you so much for your help - makes a lot of sense now haha :)
To determine whether a ratio indicates a good result or not, we use comparative ratio analysis (syllabus term). So you compare it to a previous reading, the industry average or a competitor's result. Higher reading indicates improvement for the gross profit ratio but not for the expense ratio (make sure you revise them). My notes say a GPR of 40% is good but generally the papers will get you to compare to a given figure or one you must calculate.
Looking at the 2015 paper, in 2014 the GPR is (50/150) = 0.333333... and the ER is (20/150) = 0.133333...
In 2015 the GPR is (100/200) = 0.5 and the ER is (20/200) = 0.1. Therefore, by comparative ratio analysis the GPR has increased (improvement) and the ER has decreased (also an improvement - lower is better for the expense ratio).
Hey xLIFO - last in first out, as the name suggests, the stocks that is received last , is sold first,...
Does anyone know a good way of remembering the difference between LIFO, FIFO and JIT? Get hella tripped out by it. Also provide an example of each please.
Hi,
If the question is asking you about the monitoring and controlling process of the financial management, then you will need to talk about how they construct cash flow statements, income statements and balance sheet right? or there are more to consider in this dot point? (please tell me about it if there are more to consider)
And this question appeared in my trial and i was explaining all the three statements and how they help the businesses and obviously I exceeded the lines that were given and my teacher told me that i was wasting my time on that question as she said i could have just mentioned one statement or something, so I just wanna know can i not talk about everything when it comes to that kind of question? Same goes to extended response, if they ask you about financial management strategies and for example, i want to write about cash flow management and working capital management and there are lots of dash points underneath each of them. So, DO I NEED TO TALK ABOUT EVERYTHING or what? because USUALLY I WRITE ABOUT EVERYTHING AND END UP NOT HAVING ENOUGH TIME. Thank you :)
Hii, thank you so much!
First of all, I apologise for having sooo many questions to ask but I just want to pass my hsc! :(
Okay so, for the 2016 extended response it says 'evaluate the response of operations management to external influences' and by saying 'response' do they mean, strategies? like how does the operations function response to its external influences by using some of its strategies? Thannnkkkk you :D
hi, guys,
I got this question saying
Describe the factors that should be considered in the acquisition of new suitable stuff
I'm really confused on what these factors are and were wondering if you could please explain it to me?
Thank you :))
Hey guys
I’m still struggling with the idea of derivatives and all this stuff on swap/future contracts. Is it a form of hedging? Could you explain how it works using an example? Thanks :)
Any predictions for the 2017 paper?
Is it okay to only use one case study in the extended response? I would use IKEA if it was ok - thoughts or suggestions? Thanks.
Is it okay to only use one case study in the extended response? I would use IKEA if it was ok - thoughts or suggestions? Thanks.I think it's best if you can incorporate at least one more case study. If you solely focus IKEA, I don't think it shows the marker that you have a wide understanding of the concepts since you will be basically writing a response that shows "How IKEA responds to influences" or "How IKEA incorporates business strategies".
Is it okay to only use one case study in the extended response? I would use IKEA if it was ok - thoughts or suggestions? Thanks.
Hey guys! Could somebody please explain hedging and derivatives to me? I get that it's to reduce risks of exchange rates changing but I don't really understand how
Can someone clarify the strategic role for all 4 key business functions? Every source if find gives a different explanation.
Hello, Can someone please explain CSR in Operations, HR and Marketing? I understand that CSR is about the business strives to achieve the triple bottom line but don't you need to be able to differentiate/focus on something more important than the other when it comes to a particular topic?
Also, can someone please explain ... in any methods that you possibly can to make me understand about the limitations of financial reports? I've asked soooo many people and read so many textbooks too but still :'(Hey :)
What are four aspects of the operations strategies syllabus that I can talk about that is impacted by globalisation? - all i have is economies of scale & global sourcing that really work.
Thanks!!! :)
Hi,
Could someone explain options contract for derivatives and letter of credit for methods of int payment?
Also, how likely will they pair hr and finance for the essay questions? I've noticed that they've never done it before....im only confident in operations, marketing and kinda on hr. Thanks!
Hey :) Could someone please explain how best to answer questions about interdependence?? And what specific examples could be used? I understand that all KBFs rely on each other, work together etc. but I always get stuck when actually answering those questions. Thanks!!
Hey :) Could someone please explain how best to answer questions about interdependence?? And what specific examples could be used? I understand that all KBFs rely on each other, work together etc. but I always get stuck when actually answering those questions. Thanks!!
Hey :) Could someone please explain how best to answer questions about interdependence?? And what specific examples could be used? I understand that all KBFs rely on each other, work together etc. but I always get stuck when actually answering those questions. Thanks!!Always make sure when answering them to include how BOTH help each other.
Hi sorry to add to the pile of unanswered questions already on this thread, but I'm unsure about the leadership styles that may be examined. 5th Edition Business in Action lists 6 main styles: democratic/participative, directive, affiliative, pacesetting, coaching, visionary.
I've heard people talk about the 'three main' leadership styles -- which are these, or, should I just focus on knowing the above six?
Thanks for the help, good luck to everyone on Thursday.
Hi guys,
Could anyone tell me what the difference is between an essay & a report for Section III? Or can you only write a report for section III, not an essay?
I'm a bit confused as I don't know what I'm currently writing, although I've only ever scored in the top band... - I'm using subtitles but then just adding an intro and conclusion. If anyone could please tell me whether this is an essay/report & what the difference is please reply! :)
Hi there =)
Intro, conclusion and subtitles, it sounds like a report.
Reports and essays contain the same content except essays use lead in sentences for the next paragraph (and no subtitles/ sections) and reports do use subtitles/sections.
I can't answer your first question, but I have always done reports and essays a little differently.
Just a heads up, I'll be making a whole thread with (my best) explanations for some of the harder content to help y'all out in the coming days in the lead up to the BS exam. Let me know if you want to request any specific topics.
Hey :) Could someone please explain how best to answer questions about interdependence?? And what specific examples could be used? I understand that all KBFs rely on each other, work together etc. but I always get stuck when actually answering those questions. Thanks!!
I've been writing some practice essays, and was wondering what financial management strategies I could link that as a response to financial management influences??
To answer a question:
'Evaluate financial management strategies in response to external influences'
Thankyou!!!!!!
Hi (again!!)
Just wondering if there is a recommended length for the business report and essay? I usually get to spend 1hr on each so write quite a bit (around 12000 - 15000 words for each) but I'm not sure if thats too much?
Thanks :)
Hi sorry to add to the pile of unanswered questions already on this thread, but I'm unsure about the leadership styles that may be examined. 5th Edition Business in Action lists 6 main styles: democratic/participative, directive, affiliative, pacesetting, coaching, visionary.
I've heard people talk about the 'three main' leadership styles -- which are these, or, should I just focus on knowing the above six?
Thanks for the help, good luck to everyone on Thursday.
Hi guys,
Could anyone tell me what the difference is between an essay & a report for Section III? Or can you only write a report for section III, not an essay?
I'm a bit confused as I don't know what I'm currently writing, although I've only ever scored in the top band... - I'm using subtitles but then just adding an intro and conclusion. If anyone could please tell me whether this is an essay/report & what the difference is please reply! :)
I definitely think that around 12,000 is a good length purely because you might be spending too much time on it if it's any longer and might be detracting from the other sections. However if you can smash those sections and give yourself an hour for sections 3 and 4 then by all means write as much relevant information as you can.
Hi Isaac...
just clarifying in the above post that you meant 1200 and 1500?!
i really really hope so *fingers crossed*
thanks...and btw expect to see a lot of questions on here once my maths is done and i can finally start focusing on business!!
sooo... thanks in advance
No, minimum 10,000 words
Jokes that was a mistake ahah thanks for notifying me!! Will modify my post :D
i definitely mean 1200 and 1500 ahaha a12000 would be almost impossible
hahaha, woah, i only read the first line and just about fell off my chair... i thought you were being honest...Doing a Ph. D. thesis in business studies without having even done first year uni accounting. Seems legit.
that was, until i read down!! :P ;D
thanks for that... i was thinking we'd hafta be writing about 30 pages!!
Doing a Ph. D. thesis in business studies without having even done first year uni accounting. Seems legit.
ok, ok, but my standards are about 1200 words limit!!
Dont worry, especially for business reports - subheadings and diagrams really spreads out your report over a few pages - ends up looking longer than it did :D
true, and maybe i'll write in BIG FONT
haha, always helps to spread it out! ;)
with regard to diagrams, what sort of diagrams did you draw in your report??... this is something i've always struggled with!
true, and maybe i'll write in BIG FONT
haha, always helps to spread it out! ;)
with regard to diagrams, what sort of diagrams did you draw in your report??... this is something i've always struggled with!
Hey guys!The answer cant be C, as there would be an increase in involuntary separation during a recession since Employers struggle to remunerate staff due to prevailing economic conditions.
Could someone explain to me how D is the correct answer here? I'd be more inclined to think that C would be the answer, as a recession would urge HRM to retain the employees and their skills. Then again, the question is asking for the most likely answer,
so I must be missing something here. Could anyone lend a hand?
Cheers :
(https://i.imgur.com/uK5xLKO.jpg)
Hey guys!
Could someone explain to me how D is the correct answer here? I'd be more inclined to think that C would be the answer, as a recession would urge HRM to retain the employees and their skills. Then again, the question is asking for the most likely answer,
so I must be missing something here. Could anyone lend a hand?
Cheers :)
(https://i.imgur.com/uK5xLKO.jpg)
1. Analyses business functions and processes in large and global businesses? Can someone please help me with this question?
In my perspective, with this question I'd talk about the ethics and csr as the business needs to take care of those stuffs when they are involving themselves in the global market etc?
Hey guys! Could somebody please explain the difference between intermediate and industrial markets?? Thanks:)
definitely - i had super big writing - like 7 words a page.
IN terms of diagrams:
it really depends on the question:
some that i remember were business cycles, business life/product life cycles, break even point, this was a bit like desperate but I even included a diagram of the 4 HR processes in like a cycle ahahah was a bit weird but I did it.
If you draw the diagram, make sure you explain it though. so refer to the diagram, put points A/B/C if needed and explain how it relates to the business scenario.
Hi Isaac,Hey ;D
Are diagrams necessary to get a 19-20/20? Or at least, do markers prefer responses with diagrams?? What type of questions lend themselves to the inclusion of a diagram, and which don't? Also, would I put them in just section 3 or also section 4, or?
I did ask someone earlier, but they too were a student and I wanted to get your perspective given your incredible mark of 95. My teachers have never mentioned the word diagram, graph, or table all year, however none of them have ever marked the HSC.
Thanks so much!
Hey,
Which one of the international payments is the most risk for the exporter? All the notes I've looked at have different answers, particularly the bill of exchange and clean payment. Which one is the definitive answer?
Hey ;D
Not having a diagram won’t lock you out of a 19-20, but it does make it a lot harder to reach that range. Using a diagram allows the marker to see that you know your syllabus dotpoints, which you may not have a chance to include elsewhere as it could be irrelevant. In my trials Section 4 (20/20), I was talking about training as part of HR management, and I included a diagram showing current skill/future skill and onsite/offsite branched out from training. I wouldn’t have had time to address each of those topics, so I just put them into a mind map to show the marker that I knew my stuff. What you include in a diagram can just be the relevant syllabus dotpoints branched out in a mind map. Personally, I’d definitely include at least one diagram in each report, but it’s up to you. :)
Hi Isaac,
Are diagrams necessary to get a 19-20/20? Or at least, do markers prefer responses with diagrams?? What type of questions lend themselves to the inclusion of a diagram, and which don't? Also, would I put them in just section 3 or also section 4, or?
I did ask someone earlier, but they too were a student and I wanted to get your perspective given your incredible mark of 95. My teachers have never mentioned the word diagram, graph, or table all year, however none of them have ever marked the HSC.
Thanks so much!
Hey guys,
Since the Business Studies syllabus was made in 2010, do you think the exams would still use the Occupational Health and Safety Act 1991, or would they update it to the Work Health Safety Act 2011?
Hi,
can someone differentiate the differences between government policies and legal regulations in operations and also could you please give me examples of the policies/rules that fall under each of them?
Also, do I have to only use Australian case studies?
Hey ;D
Not having a diagram won’t lock you out of a 19-20, but it does make it a lot harder to reach that range. Using a diagram allows the marker to see that you know your syllabus dotpoints, which you may not have a chance to include elsewhere as it could be irrelevant. In my trials Section 4 (20/20), I was talking about training as part of HR management, and I included a diagram showing current skill/future skill and onsite/offsite branched out from training. I wouldn’t have had time to address each of those topics, so I just put them into a mind map to show the marker that I knew my stuff. What you include in a diagram can just be the relevant syllabus dotpoints branched out in a mind map. Personally, I’d definitely include at least one diagram in each report, but it’s up to you. :)
does anyone have a tip on how to best nail the MC...??Use a highlighter, or underline key words.
they always seem to be about random, specific content that we haven't necessarily covered in class... ::)
thanks in advance for the tips
Hey guys,
Since the Business Studies syllabus was made in 2010, do you think the exams would still use the Occupational Health and Safety Act 1991, or would they update it to the Work Health Safety Act 2011?
Use a highlighter, or underline key words.good plan...
I can't tell you how effective using a highlighter is. Highlight directive terms, key words from the syllabus, then eliminate two answers that are completely incorrect/irrelevant.
Hey guys,
Are outsourcing and contracting the same thing? The textbook seems to give virtually identical definitions of them. I was wondering if there's any distinct features that separate the two.
Help needed... <yep, again>
could someone pls explain to me why the answer to the attached question is A??
i am really bad at financial questions ???
tia.
Help needed... <yep, again>Hi BK,
could someone pls explain to me why the answer to the attached question is A??
i am really bad at financial questions ???
tia.
Hi BK,
I probably won't be much help... but you just simply work out the ratios provided for each business (A and B)!
The Net profit ratio determines a business's profitability... the high the ratio the more profitable therefore business A
The Accounts receivable turnover ratio determines a business's efficiency, the higher the ratio the more efficient the business... therefore business B
so the answer is A as business a is more profitable but business b is more efficient...
does this make sense at all...??
it might be an idea to look up what each of the ratio determine....!!
it's okay to ask for help :-) in steps of answering the question, the answer is A because:
1. when you do the net profit part of the question, it eliminates answers B and D.
2. the accounts receivable turnover ratio is given, but do 365÷(sales/accounts receivable). when you sub the values in, Business A ends up being 45.6 days, with Business B on 32 days - so the answer is A!
hope this helps!
Hey... fantasticbeats3...!!
i noticed that you did the accounts receivable turnover rate in days.... is that the only ratio that we have to do in days..?? how do you write an answer to a financial ratios questions..??
thanks
Yo
So within MC in past papers there is generally a couple questions asking what kind of legislation applies to situations. Just wondering what legislation/laws/acts we need to know cause I have nothing on it in my notes. E.g q1 and 5 in the 2016 paper.
Hey, is it okay to make up case studies for the final section of the paper?
hi! whether it's business, legal, whatever it is definitely okay to make up stuff - it's better than having nothing. :-)to add to that, our teacher was just saying today that if you do have to make something up, its better to make up an entire case study than do a made-up stat/fact about a well-known business (qantas, ikea etc.)>> markers may know ;)
Helloo,Internal influences: business culture, management, resources, location, and product.
If they ask to implement marketing strategies in response to changes internal and external influences? How would you all talk about it?
Also, could you please give me some fake names? I couldn't think of at least 2 :'(
Internal influences: business culture, management, resources, location, and product.
External influences: political, social, technological, economic, financial, geographic, legal, institutional, competition, markets.
Internal influences: business culture, management, resources, location, and product.
External influences: political, social, technological, economic, financial, geographic, legal, institutional, competition, markets.
Marketing strategies: market segmentation, product/service differentiation and positioning
products -- branding, packaging
price -- skimming, penetration, loss leader, price points
promotion -- advertising, personal selling, relationship marketing, sales promotions, publicity and public relations, opinion leaders, word of mouth
place -- distribution channels, channel choice, physical distribution issues
people, processes and physical evidence
e-marketing
global marketing -- global branding, standardisation, customisation, global pricing, competitive positioning
where did you get those influences from?!
WHAAAT? Do we have to know stuffs from year11?! I mean yes we do but those influences..please tell me no because there's only a day left
Can someone explain developmental performance management and administrative performance management?
Can someone explain developmental performance management and administrative performance management?
could someone pls help me understand why the answer to question 12 is B... as you can tell, i really don't like finance stuff!
how do i calculate the current ratio with the info given?!
tia. ;D
Hey BK ;)
think it is Current assets divided by the Current liabilites... so (15000+3000)... divide... (5000+5500)
which equals 1.7.... so i think that means there is 1.7 assets for every liability which is acceptable as the business is liquid enough to pay off the liabilities.... (short-term stability)
i think thats how u do it!
thanks heaps MA.. ;)The current ratio is 2:1.
so on the stock section (under current assets) with the ? does that just not count??
btw- never realised you had an account on here
ATVB tomorrow!
The current ratio is 2:1.ahhhhh... true true.. thanks heaps for that... seems quite a bit of working out for a MC!! :o
You have to find the "?" to be able to calculate the current ratio since it includes ALL current assets.
You would add the entire right-side of the balance sheet together (liabilities+equity), then subtract the entire left-sdie from it. A balance sheet must balance, hence you can find the value of stock with the "?".
Stock=[Liabilities(110500)+Equity(35500)]-[Assets(143000)]
There is $3000 stock.
After putting this into the formula (21000/10500), you get 2:1 current ratio, which is acceptable because it is higher than the industry average of 1.9:1.
thanks heaps MA.. ;)
so on the stock section (under current assets) with the ? does that just not count??
btw- never realised you had an account on here
ATVB tomorrow!
Hahahaha..... hmm i am very helpful!! opps... turns out there is such a thing as stock :o
sorry bout tht... thanks MrNeo!!
HAGD n ATVB BKL
Syt :o
Additionally, if someone could redirect or provide me with a business formula sheet, that'd be great.sorry couldnt help you out on the first point...
Could someone help me with 19 and 20, found here: https://imgur.com/a/N2gwE
Additionally, if someone could redirect or provide me with a business formula sheet, that'd be great.
hey!
our business teacher suggested that we have a statistic (or piece of valuable info) for each topic to put into an introduction, to make the intro worth a few marks (rather than just repeating the question in the intro and thus wasting time and marks) , they have to be broad enough so that it looks like you fully know what you are on about rather than just throwing anything in there.
does anyone have any ideas for stats or facts that i (and others) can use in this case?
Hey.
I'm not sure why the answer is C. I understand that this is true, however is Kim's employment not also subject to award conditions despite her being employed on an individual contract? Thanks
Hey... i wondered that it was C because she is an independent contractor (basically self employed) thus she is responsible for paying her own income tax which for a typical employee is generally paid by an employer?!
Right ok. Thankyou!
So are independent contractors not protected by any industry award(s)? I guess given they are self employed that would make sense. Thanks
Right ok. Thankyou!
So are independent contractors not protected by any industry award(s)? I guess given they are self employed that would make sense. Thanks
Also, the answer here was D, however I chose A.
I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.
Also, the answer here was D, however I chose A.
I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.
Also, the answer here was D, however I chose A.
I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.
can someone pls explain why the answer here is DEquity finance occurs when a business owner sells parts of their ownership to investors. In the long run, they lose parts of the business, but are not in debt. Hence, they will have a diluted business ownership.
thx in advance
can someone pls explain why the answer here is D
thx in advance
Equity finance occurs when a business owner sells parts of their ownership to investors. In the long run, they lose parts of the business, but are not in debt. Hence, they will have a diluted business ownership.
They have no maturation date, and no interest charged on top of it.
External equity finance refers to selling shares. If you sell shares, you have to pay dividends as well as sharing leadership responsibilities as shareholders have a say in how the business is ran. Thus, the ownership becomes "diluted"; more people having a say, less authority from one individual.thanks to both :D
thanks to both :D
i said c- but if i understand correctly from what you have said, it cant be that as they have less and less ownership in the business, thus it isn't fixed yeah?
hey marco... ;D
have you managed to find any stats/facts for the intro yet??
still can't seem to find any!? :'(
tia.
sorry was meant to add...no ways.... my teacher said the exact same thing yesterday!! ;) ;) ;)
my teacher also said it would be a great idea to include stats and facts in the intro and conclsion! :) :) ;D 8) 8) 8) :-*
what do you mean by facts/stats? like some numbers?yep, as in some numbers or something to represent changes in australian workplaces- something that will support our cause in the report!! ::)
hey BK,yeah, i think i have actually, i think we have watched it in class
have u seen the Honda Grrr ad??
i think it may be a good case study for marketing!!
what do you mean by facts/stats? like some numbers?
yep, as in some numbers or something to represent changes in australian workplaces- something that will support our cause in the report!! ::)
hey BK,
have u seen the Honda Grrr ad??
i think it may be a good case study for marketing!!
another good case study is ABC wholesalers... links to a lot of things!!are they the company that sells fans amongst other useless everyday items?
No way!?!?!? :) :) :)
I buy from ABC wholesalers the whole time!!!
they have very cool party fans etc!! :)
Thanks for the inspiration! i may use them as a case study!!
this is v coincidental... my teacher also said we should have some!?!? :o ???well i've been doing a lot of goooooogling trying to find stats and so on.... but i cant seem to find much...!!!
70 per cent of Australian workers believe flexible conditions would improve their work life balance... (according to heraldsun)....
flexible working conditions is a National Employment Standard (requests for flexible conditions)
dunno how relevant but ahwell!
Hey.A contractor is not an employee; don't be fooled. Thus, they don't have any entitlements that a normal employee would have.
I'm not sure why the answer is C. I understand that this is true, however is Kim's employment not also subject to award conditions despite her being employed on an individual contract? Thanks
well i've been doing a lot of goooooogling trying to find stats and so on.... but i cant seem to find much...!!!
can you use general statements like "customers are keen nowdays to have products reflect their particular needs and wants"... but this is probably too specific to what you are wanting.........!!
i think its based in South Africa...would it matter tho that they are based in SouthAfrica?
if im talking about the manager, would i need to mention his name?
I think its Richard jst btw! :D
Does anyone know how costs, skills, and supply can be used as HR global strategies?
So chuffed.. ABC wholesalers has new bruce lee wall decor!!! :D
That sounds abit waffly! :o our teacher always says not to waffle?!yeah that is my trouble always waffle.... my teacher has been very pedantic about it .... which is great coz its made me be more concise and more specific arguments.......!!!
you might have to specify the customer, on which days and their specific needs and wants!? otherwise its great erhulloollie!
no ways.... my teacher said the exact same thing yesterday!! ;) ;) ;)
i am looking for them so i'll definitely add some if i find them...
one for HR is: 25.9% of employees are part-time, a 5% increase with 2000
Another thing my business studies teacher says is that the business studies rule number 567 states "when answering a question, do not jst exactly repeat the words of the question"
Is this right?
Are these statistics in reference to the essay or short answers?
Are these statistics in reference to the essay or short answers?the essays... i'm not sure i would worry too much... our teacher has never done hsc marking or anything, i think its just a personal preference.. i got 20/20 for one of the extended responses in trials without putting in stats!! :D
hi
according to the Atarnotes business studies book- AWESOME BTW....
it refers to :
* more companies are entering international markets by exporting their products overseas.
*access to cheaper workforce that possesses the required skills with (sic) be a key consideration for a business
* the ability of labour to learn new skills will be affected by the country's education system
so.. what i gather is that it refers to the ability for a business to outsource and use skilled labourers overseas where labour and supplies are cheaper and widely available.
others will be able to add more :)
Thank you! Just needed something to talk about as it was a gap in my notes.a bit of context to this is jic you need it:
a bit of context to this is jic you need it:
Issues such as high domestic labour costs, a skills shortage, especially apparent in some industries, and a relatively small labour pool have made businesses re-think the management of human resources.
yeah that is my trouble always waffle.... my teacher has been very pedantic about it .... which is great coz its made me be more concise and more specific arguments.......!!!
thanks heaps MA165!!
Just in relation to drawing diagrams and tables etc... in the extended response.... i really want to do this coz my writing is kinda small... and to fill out a few more pages would be really satisfying...!
but... i am just still a little confused as to what diagrams to remember coz you could be asked anything.... !!??? what is everyone else remembering in the way of diagrams...
thanks !!
could someone pls explain to me what a unit trust is?Unit trusts are basically mutual funds that allow funds to be pooled into assets that provide profit, which are then given straight to the owners rather than the business. They are set up under, what we call, a trust deed, and the owner essentially becomes the "holder" or beneficiary of those funds.
tia.
could someone pls explain to me what a unit trust is?
tia.
Unit trusts are basically mutual funds that allow funds to be pooled into assets that provide profit, which are then given straight to the owners rather than the business. They are set up under, what we call, a trust deed, and the owner essentially becomes the "holder" or beneficiary of those funds.
HEY BK!!
yep!!
it is a trust controlled by a manager/trustee and units are offered to the public for investment. The trust then pools these sales and invests them in financial assets
thanks very much opengangs and droodsh!!
that does help to explain it...
i just never remember going over this content in class ::)
so in this case in the 2016 paper- the answer is C, however a unit trust isn't necessarily just a property investment is it?
Hey!! So I've always been told by my teacher to NEVER rewrite the question but someone just told me that I ALWAYS should... Any advice??so, our teacher also told us not to rewrite the q as it shows a lack of deep knowledge...
Can someone pls explain the dispute resolutions to me?
again going by the AN business studies book
it says: and i quote...
"the dispute resolution method used by a business depends on the willingness of stakeholders to cooperatively work together to reach a settlement where all parties are satisfied with the final outcome."
which involves: grievance procedures, negotiation (between the 2 parties), collective bargaining (within the organisation), mediation (a third party completely separate to the business), conciliation (fair work australia), arbitration (commissioner makes a final decision, which is legally binding)
Can someone pls explain the dispute resolutions to me?There are four you need to remember.
Hey!!Business reports should have no case studies. The business in the stimulus is your only case study
just a question...in the business reports we dont have to refer to any external case studies do we other than the stimulus given??
MT
There are four you need to remember.wow... amazing answer opengangs...
When we have a dispute in the workplace, the first thing we always do is to negotiate with the employer. This is the most efficient and least harmful method that is always the first step when attempting to resolve disputes. What this basically means is that an employee and employer privately attempt to resolve the issue internally. The employee may choose to raise questions which can be answered by the employer.
If that doesn't work, we move to a mediator, which (if you study Metropolis in English) is basically a third party member who doesn't side against any party. They listen to both sides, and attempt to suggest a solution to the dispute, in hopes to clear things up before taking legal action against the employer. The mediator is usually someone outside of the business.
If that doesn't work, the employee may choose to use a grievance procedure. This is a legal document stating a formal complaint against the employer about a misrepresentation of them within the business, and are immediately brought to the attention of the employer's supervisor. All incidences are required to be submitted within a specific timeframe following the incident. Basically, up to this point, nothing is made against the employer. The next step is where things get really serious.
If a grievance still hasn't been resolved, then we are looking into the courts and tribunals. Anything that the judge says has to be followed, is basically what has to happen at this point. The courts will decide on the outcome of the grievance, and all parties must accept the outcome to live with it.
There are two extras, not listed: arbitration and conciliation. Let me know if you want me to briefly give a rundown of either or both.
Hey!!
just a question...in the business reports we dont have to refer to any external case studies do we other than the stimulus given??
MT
does anyone have a tip on how to best nail the MC...??
they always seem to be about random, specific content that we haven't necessarily covered in class... ::)
thanks in advance for the tips
How would you structure the following:
1. explain the potential conflicts between short-terms and long-term financial objectives
2. explain why goods and/or services are central to both marketing and operations
3. explain how operations strategy can help a business sustain its competitive advantage
4. examine the advantages of a diverse, culturally competent workforce for a global business
5. compare the process of negotiating enterprise/collective agreements with the negotiation of individual contracts
Thank you so much !! xx
Hey guys,
Are outsourcing and contracting the same thing? The textbook seems to give virtually identical definitions of them. I was wondering if there's any distinct features that separate the two.
Yo
So within MC in past papers there is generally a couple questions asking what kind of legislation applies to situations. Just wondering what legislation/laws/acts we need to know cause I have nothing on it in my notes. E.g q1 and 5 in the 2016 paper.
Hey, is it okay to make up case studies for the final section of the paper?
Helloo,
If they ask to implement marketing strategies in response to changes internal and external influences? How would you all talk about it?
Also, could you please give me some fake names? I couldn't think of at least 2 :'(
Hi,
HR Processes - Development - Does it include training, development and performance appraisal?
Could someone help me with 19 and 20, found here: https://imgur.com/a/N2gwE
Additionally, if someone could redirect or provide me with a business formula sheet, that'd be great.
There are four you need to remember.
When we have a dispute in the workplace, the first thing we always do is to negotiate with the employer. This is the most efficient and least harmful method that is always the first step when attempting to resolve disputes. What this basically means is that an employee and employer privately attempt to resolve the issue internally. The employee may choose to raise questions which can be answered by the employer.
If that doesn't work, we move to a mediator, which (if you study Metropolis in English) is basically a third party member who doesn't side against any party. They listen to both sides, and attempt to suggest a solution to the dispute, in hopes to clear things up before taking legal action against the employer. The mediator is usually someone outside of the business.
If that doesn't work, the employee may choose to use a grievance procedure. This is a legal document stating a formal complaint against the employer about a misrepresentation of them within the business, and are immediately brought to the attention of the employer's supervisor. All incidences are required to be submitted within a specific timeframe following the incident. Basically, up to this point, nothing is made against the employer. The next step is where things get really serious.
If a grievance still hasn't been resolved, then we are looking into the courts and tribunals. Anything that the judge says has to be followed, is basically what has to happen at this point. The courts will decide on the outcome of the grievance, and all parties must accept the outcome to live with it.
There are two extras, not listed: arbitration and conciliation. Let me know if you want me to briefly give a rundown of either or both.
Business reports should have no case studies. The business in the stimulus is your only case study
yessss MA165 you absolutely do!! i learnt this the hard way- i got 10/20 in my trial exam due to complete lack of application of case studies throughout!!! but its ok you can usually use your case study ideas from the essay responses....Business reports should focus solely on the business at hand. In every business report question, they ask you to "apply the hypothetical business situation", which means that you should only be focusing on the business in the stimulus.
EDIT: ok now i am contradicting the boss: opengangs :-[
we need a dispute resolution here mediators ;D
Hi guys! In the HSC, are we provided with the equations for the financial ratios?
yessss MA165 you absolutely do!! i learnt this the hard way- i got 10/20 in my trial exam due to complete lack of application of case studies throughout!!! but its ok you can usually use your case study ideas from the essay responses....
EDIT: ok now i am contradicting the boss: opengangs :-[
we need a dispute resolution here mediators ;D
yessss MA165 you absolutely do!! i learnt this the hard way- i got 10/20 in my trial exam due to complete lack of application of case studies throughout!!! but its ok you can usually use your case study ideas from the essay responses....well..... sorry marcorabbitolol..... in the trial i got 17/20 and only used the stimulus.....!!!
EDIT: ok now i am contradicting the boss: opengangs :-[
we need a dispute resolution here mediators ;D
yep. as outlined here http://news.bostes.nsw.edu.au/blog/2013/6/21/official-notice-ratios-in-the-business-studies-hsc-examination
well..... sorry marcorabbitolol..... in the trial i got 17/20 and only used the stimulus.....!!!
does this help resolve anything...!
well..... sorry marcorabbitolol..... in the trial i got 17/20 and only used the stimulus.....!!!ok thanks guys.
does this help resolve anything...!
so, our teacher also told us not to rewrite the q as it shows a lack of deep knowledge...
however, i would suggest to use the directive terms and key words from the q in your intro!!
just a tip tho... others may have better suggestions. anyone?
btw-just noticed we do almost the same subjects!
Hey guys! What's the difference between redundancy and retrenchment? Thanks :)Redundancy occurs when the employer no longer requires the job function that the employee is hired as. For instance, journalism are becoming redundant as technological advancements slowly take over. Thus, we say that journalism jobs are redundant. Remember, the job is becoming redundant, not the employee.
Hellooo, can someone please help me distinguish between marketing and selling as an approach which appears a lot in MC. Like how would I be able to determine that a given example is a marketing approach rather than selling?Production approach was the first approach established that focused on the quality of the product as a means to advertise the product. They relied on the quality, rather than needs.
E.g. [ 2012 Past Paper MC Q.6 ] A business develops a shirt made from fabric which never stains or looks crushed. It then runs an advertising campaign to inform people about this product. What type of approach is this?
a. industrial
b. marketing
c. production
d. selling
Hi,I would think so, in case they do ask one
Are we required to know how to do LIFO and FIFO calculations?
I've never come across them until now :O
Thanks!
I would think so, in case they do ask one
Never heard of calculations for these. What are they? Thanks.
hiThe ART Ratio is calculated using Sales/AR, which gives you a number. The higher that number is, the better.
im so confused about financial ratios- as always
for this question the answer is A- could someone explain why this is the case. my answer was C- as the efficiency ratio for business A showed less days than business B- have i misinterpreted?
hi
im so confused about financial ratios- as always
for this question the answer is A- could someone explain why this is the case. my answer was C- as the efficiency ratio for business A showed less days than business B- have i misinterpreted?
You need to see which one collects their accounts receivable more often for efficiency. Sales/Accounts receivable for A = 8 times per year. 365 divided by this result is 45.6; 46 days. For B = 11.2 times per year. 365 divided by this result is 32.5; 33 days. Without doing the 365 divided by (x) calculation, you can already see Business B does more collections.
Therefore, Business B collects their accounts receivable more times than Business A in a year, making them more efficient.
The ART Ratio is calculated using Sales/AR, which gives you a number. The higher that number is, the better.ohh i get it!! thanks heaps!!
When 365 days is divided by that number, it gives number of days average to collect AR, which less is better.
Hey guys, could someone please help with this question from the 2013 paper?
So BOSTES says its B but the Excel book says A
Hi,
Are we required to know how to do LIFO and FIFO calculations?
I've never come across them until now :O
Thanks!
Never heard of calculations for these. What are they? Thanks.
Hello there, was wondering if anyone had any case studies for market segmentation, E-Marketing and Price? (For marketing Strategies)
Can someone please redirect me to an exemplar business report? I find trouble when writing one.
Hey guys
Can a Pty Ltd business issue shares?
So, if a question asked “recommend/discuss a source of finance for the business.” and the stimulus is Pty Ltd, would you never recommend issuing shares? Do the stimuli always have Pty Ltd?
Hey guys
Can a Pty Ltd business issue shares?
So, if a question asked “recommend/discuss a source of finance for the business.” and the stimulus is Pty Ltd, would you never recommend issuing shares? Do the stimuli always have Pty Ltd?
“Distinguish between a rights issue and a share purchase plan.”
What would be the distinguishing factor? Those two are very similar and idk how to answer it .
Also, for operations legal regulations and government policies, what would be a common example of legal regulations? I know for government, it can be fiscal taxing of products, but not sure about legal in terms of operations
Thanks :)
“Distinguish between a rights issue and a share purchase plan.”In addition to what has been answered above:
What would be the distinguishing factor? Those two are very similar and idk how to answer it .
Also, for operations legal regulations and government policies, what would be a common example of legal regulations? I know for government, it can be fiscal taxing of products, but not sure about legal in terms of operations
Thanks :)
hi guys can someone please explain he difference between hedging/derivatives in finance and awards/minimum wage/enterprise/contracts in HR please t
thank you :)
Hi,Typically, yes. A discussion weighs out the positive and the negative aspects, which is then evaluated to deduce some sort of conclusion. In the case of this question, you'd then have to discuss the positive aspects in which Nike has managed their operations management in response to the influences of corporate-social responsibilities, as well as its negative aspects.
We have an assessment task due tomorrow, and one part is really confusing me. We have to give advice to a small developing business (in a business report) by helping them understand how Nike has managed their operations.
The specific section that I'm having trouble with is:
Discuss how Nike operations management has responded to the influence of CSR
Since it's discuss, do I have to provide advantages and disadvantages? What should I talk about?
Thanks!
Thanks very much for that. I'm kinda confused as to how CSR would influence Nike - what should I be talking about?
Thanks very much for that. I'm kinda confused as to how CSR would influence Nike - what should I be talking about?Keep in mind that when you're talking about CSR as an influence, be sure to talk about both legal complience and ethical responsibility because they are both very different terms.
Hi guys,Hello, cnimm2000.
I needed help on finding some strategies to improve the business solvency
Hey!
Does anyone know where I can find some case studies for operations?
Thanks :)
Hey!Agree with fantastic beasts here on everything he says!
Does anyone know where I can find some case studies for operations?
Thanks :)
Hey!
Does anyone know where I can find some case studies for operations?
Thanks :)
Agree with fantastic beasts here on everything he says!
QANTAS is definately a really good one.
My teacher also gives them to me. She gave us ones for apple,ikea,walmart,amazon,zara and a few others as well as qantas.
I'd recconmend doing some googling and look at the news too
and have the qantas one under your belt definatly!
Good luck!!
I've always used Aldi as my case study for operations. ;)
Supply Chain Management/Inventory Management
-Aldi is all about reducing costs so that they can pass the savings onto customers, which appeals to low-income demographics.
-One of the costs that they reduce is their inventory expenses because holding stock requires a storeroom (rent/power), security, and someone to put it out.
Hence, Aldi uses the Just-In-Time (JIT) method of inventory management so that stock can be brought in just in time, wheeled into the store, and put onto the floor like you see at Aldi.
-You need to be able to argue advantages and disadvantages of Aldi using this JIT method (depending on the nature of the question). JIT saves cost on inventory, however it has the risk of late stock which causes customers to go to competitors because you have no backup inventory.
-How do they do it so well? That's because of supply chain management. Under this dotpoint, there are logistics, e-commerce. and global sourcing. I would talk about the logistics and e-commerce for Aldi.
-Aldi, like every other shop, has stock with barcodes/RFID tags on them. This is an example of e-commerce because when their cashier goes BEEP on the machine, it automatically orders another of that item waiting to be shipped according to their JIT arrangement. This reduces the need to train staff to count the number of cereals left at the end of the day, which would cost a lot.
-Aldi also prefer local suppliers rather than non-local ones because they're closer, which reduces travel time and the risk of late or missing stock like if you were to order from Tasmania.
-Also be able to argue the advantages and disadvantages of holding stock for Aldi. Holding stock reduces the risk of losing customers if the demand is suddenly strong for a particular item, as it can lead to them going to competitiors. However, as mentioned earlier, holding stock has costs that could have been invested elsewhere or passed onto customers as cheaper products. Stock can also be stolen, damaged, become obselete, or spoil if they're perishable.
Technology
-Aldi uses RFID tags in their e-commerce as mentioned above.
-They have those really long conveyer belts that allow for faster customer service. Aldi have low profit margins but they can compete with Woolworths and Coles by selling it in massive volumes, so they must be quick because it also improves customer satisfaction.
-Aldi trolleys have those "Insert $2 and you get it back if you return me" things, which is a way they reduce costs in their trolley collection people because people value their $2. Trolley wheels have locking mechanisms that prevent them from leaving Aldi carparks (never tried, my teacher told me).
That's all I can remember from the top of my head. You could also talk about outsourcing and its use in reducing costs.
Hope this helps :)
hi!
i never had to find case studies because my teachers always sent them to me. this one's super overrated, but the qantas case study is updated every year, and you should be able to find a copy in your local library. the news is also a great source for a case study. and if you work, your place of work is a great example too! you work there, you know a little about how they work; an awesome way to show off some business knowledge. :-)
hope this helps :-)
Hi!Hey,
I was just wondering, when using case studies in a business studies essay, would it be better to use a case study throughout the entire essay (for example, with all the points that you talk about, use the same business to explain how it utilises/poorly utilises in each aspect), or would it be better just to use various businesses to give as an example?
So, let's say, if the essay asks about marketing strategies, would you use, for example, Qantas and Apple throughout the essay, as in for each point you talk about, you refer to Qantas and Apple and what there business does, OR would you use a variety of other businesses but not continuously refer back to them/have them throughout the essay?
Thanks in advance :))
Hi!
I was just wondering, when using case studies in a business studies essay, would it be better to use a case study throughout the entire essay (for example, with all the points that you talk about, use the same business to explain how it utilises/poorly utilises in each aspect), or would it be better just to use various businesses to give as an example?
So, let's say, if the essay asks about marketing strategies, would you use, for example, Qantas and Apple throughout the essay, as in for each point you talk about, you refer to Qantas and Apple and what there business does, OR would you use a variety of other businesses but not continuously refer back to them/have them throughout the essay?
Thanks in advance :))
Hey,
It's up to you and how you structure your response. Either works well given that you directly address what area of the business you're going to talking about.
A close case study will give you an edge because it's easier to remember but at the same time it hinders you from a broadened view of the topic at hand.
Again, it's entirely up to you and your capacity to memorise chunks of information as long as your case studies are relevant.
Hey!
Like Opengangs said, its entirely up to you!
Throughout my notes for each syllabus dot point I have my core case study Qantas and a supplementary case study. Again, using one case study throughout the essay shows you have a detailed understanding of that business and can make good reference to it. However, using different case studies shows that if many businesses have used the same strategy then it must have been effective. The strategy could have increased profitability, assisted expansion, help move out of decline, etc.
Different case studies also shows the marker you have put the time and effort to look into them. By choosing businesses that you like it will help when researching because you feel interested to look into who they are.
Hope this helped somehow!! :)
Hi there :)Hey, I suggest breaking down the marks into specific dot points based on the directive verb. Bold text means you've successfully achieved that mark.
I was wondering if I could get some feedback on my response to these short answer questions?Thank you!!
Q1) Distinguish between solvency and liquidity. (4 marks)
The difference between solvency and liquidity is that liquidity is strictly focused on the business's ability to meet its financial commitments in the short term, whilst solvency encompasses both the short-term and long-term time period, particularly on how the business is able to meet its debts in the long-run. In addition to this, liquidity focuses on a business's capability to convert their current assets into cash; on the other hand, solvency places more emphasis on the business's ability to sustain itself for the longer period of time.
- have I given enough information?
- have I repeated myself??
Q2) Explain the importance of business objectives for business success. (3 marks)
Business objectives are vital for the success of the business because they provide greater detail on the business's purpose and function, hence, they ensure the business has a clear idea into the direction it wishes to head in. Additionally, business objectives help break down the business's goals into smaller and more achievable outcomes, which assists the business in meeting their expectations, and results in their success.
- does my answer make sense?
- have I answered the question??
Hey, I suggest breaking down the marks into specific dot points based on the directive verb. Bold text means you've successfully achieved that mark.
(1): Distinguish means to note the differences, so be sure to be really succinct with how you approach their differences which you have successfully done! To get those other 2 marks, your best bet was to provide an example as to where each term would be use, so under what circumstances should we use liability and solvency. All in all, I think that was well done (4/4)
1 mark for defining what each term means
1 mark for outlining the main difference between the two
1 mark (each) for suggesting when you would use each term (what situation would liquidity/solvency be used?)
(2): Explain means to relate cause and effect. So, if they are so important, how is this achieved? Business objectives are essentially the year-long goals and expectations, leading towards improved profitability, growth within the business, etc. To really nail this question, you need to succinct and clear as to HOW these objectives help the success of the business, and this is through vision and expectations that the business will accomplish these tasks throughout the year. I think you're just missing the "effect" of it; you've clearly outlined how they cause businesses to succeed, but more on the effect of this will help to consolidate a 3/3.
1 mark for outlining what business objectives are
1 mark for describing how business objectives cause the business to succeed
1 mark for describing how these objectives then lead to the success of the business
Hopefully, this has been helpful to you!
Can anyone explain debentures to me? Looking at different sources, they seem to have different definitions and I can't get my head around it.Hey, so debentures are issued by companies for FIXED interest rates and time periods and they deal with security
Hi everyone,Hey, abhuiyan01!
I have an assignment which requires me to find three articles and relate it to three operations influences, each paired up with a business strategy. I've decided to work on globalisation, technology and cost-based leadership but I'm not too sure on what strategy to pair up with each influence. Can anyone suggest strategies I can work on and articles that I can relate to?
Hey, abhuiyan01!Hey. Just read what you sent and it was really helpful. I really appreciate it as I now feel more confident about my assignment. I also wanted to ask what strategies I can discuss for technology and cost-based competition.
Welcome to the forums, and I hope this community serves you well with your HSC ;D
Globalisation is a big deal when it comes to the influence on the management of operations; it may adversely hinder the business' management as raw products may become more expensive as the economic scale becomes more integrated. At the same time, it may be beneficial to the business because they can import and export goods and services to a wider market (leading to an improved marketing range). It's very difficult for a business to automatically go global because there are so many factors that come into play when we're discussing a global market.
We'll discuss a few influences globalisation has on the operations management, and then some strategies to overcome these hurdles.
Hurdle 1: Management
When a business goes global, they will need to maintain a high level of management - it's a lot different to just staying nationally as there are a lot more pressures with a global market (but it also provides an increased market). As a result, the whole management may need to be redesigned to suit the new environment of the global market. This is where businesses introduce a strategy, economies of scale. This strategy improves the production of means as it reduces costs as the total output increases. Businesses may choose to buy in "bulk", which is considerably cheaper than buying per unit as the total cost in bulk is spread across the total number of outputs.
To understand economies of scale, think of ordering items in bulk as opposed to single units. You may see that in a supermarket, there is a discounted price for fruits that are packed in packs of 3 that costs $4, while a regular fruit may cost $1.50. In the same way, the operations management may choose to use economies of scale to reduce the total costs by buying in bulk. In this way, there is an improvement in the operations management by reducing costs.
Hurdle 2: Keeping up
When a business starts out as a global business, they'll run into trouble with keeping up with enterprises and companies that have already established themselves in the global market. In this way, it's often very difficult for them to keep up with the global market and they may begin to lose money quicker than they earn. Businesses have since employed two specific strategies: scanning and learning and research and development.
Scanning and learning revolves around observation; being able to observe the management of well established companies is a big way for businesses to correct and facilitate their management so that they are able to keep up with the global market. It often involves bench marking their own production for a few years and then setting up goals. It allows the business to thrive within the global market.
On the other hand, research and development refers to the research of a business' market and then developing products based around consumer needs. Being able to know what sort of products they need to deliver at a global level allows them to be ahead of the other businesses in tailoring their production based around their own consumer market. In turn, it improves efficiency and management as it reduces cost and waste.
You can find some case studies on globalisation for: Coca-Cola, Apple (jump down to "The ideology of Apple" for more relevance with operations) and Qantas (although, this is a little outdated since it's 7 years old).
If you're confused about where to start with the other two, I suggest you start by thinking about how this influences the business as a whole. When you get a good idea of its effect on the business as a whole, you can begin to think a bit more specifically about how it directly affects the production of goods and services.
If you're still confused about anything, let me know and I'll be glad to answer it! Good luck :)
Hello! Could someone please tell me the most efficient way to study for the topic of finance and maybe any tips regarding the topic itself? Thanks :)
Hello! Could someone please tell me the most efficient way to study for the topic of finance and maybe any tips regarding the topic itself? Thanks :)
Is change management still a thing? I remember my exam was almost entirely change management which was so annoying.
I think the study guide changed o hopefully there's less emphasis on it this time around.
Yep! More of a focus in the Year 11 syllabus though.
Is change management still a thing? I remember my exam was almost entirely change management which was so annoying.For starters, there is no such thing as a study guide in NSW. What's called the study DESIGN in the VCE is considered a SYLLABUS in the HSC. Please do not provide misleading content in the future to any of the HSC students without fully understanding the situation.
I think the study guide changed o hopefully there's less emphasis on it this time around.
For starters, there is no such thing as a study guide in NSW. What's called the study DESIGN in the VCE is considered a SYLLABUS in the HSC. Please do not provide misleading content in the future to any of the HSC students without fully understanding the situation.
However you feel about change management is however you want to feel about it, and be it good or bad you're entitled to your own opinion.
That is definitely not sufficient to simply talk about the NSW syllabus, as though you're an expert on it, when you don't know its proper name.
Huh I have no idea this was the HSC forum lol.Hey there, just a handy tip - make sure to look at the board the topic is in to avoid this confusion in the future. All of them are marked either HSC or VCE. Another thing you can do is click "show unread VCE posts since last visit" which will cut out all the HSC things for you.
I thought it was VCE business management 3/4 don't know why I'm getting HSC forums on my feed.
You guys have it easy but I think you could have saved yourself some to d by looking at the uni I'm attending and just said I posted in the wrong forums and to disregard the above hahaha
Didn't know things were so serious on the HSC forum
Hey there, just a handy tip - make sure to look at the board the topic is in to avoid this confusion in the future. All of them are marked either HSC or VCE. Another thing you can do is click "show unread VCE posts since last visit" which will cut out all the HSC things for you.
how does globalisation affect marketing(management).Well globalisation is the sharing of goods and services worldwide brought about improved communications and technologies. As we now live in a globalised world, marketing must cater for consumers worldwide with their campaigns; this means acknowledging the differing opinions of politics, religion etc worldwide. As marketing is targeted at larger audiences they must cater their campaigns to suit and accommodate for specific differences of consumers worldwide.
how does globalisation affect marketing(management).
Hi all,Hi!
I'm currently doing my syllabus notes for marketing and I was looking for a case study to use. An obvious one to use is Qantas because they fit so much of the dot points, but apparently it's too common according to my Business teacher. Any other big companies which are good to use for marketing?
Thanks for the help.
Hi all,
I'm currently doing my syllabus notes for marketing and I was looking for a case study to use. An obvious one to use is Qantas because they fit so much of the dot points, but apparently it's too common according to my Business teacher. Any other big companies which are good to use for marketing?
Thanks for the help.
I didn't realise what thread we were posting in, nor that there wasn't a question thread.
Hey Rikahs,
A modern award is a legally binding document containing minimum terms and conditions of employment for an industry. It is a kind of employment contracted that acts in addition to the 10 National Employment Standards - i.e. giving more rights and entitlements to employees.
They are the most basic kind of employment contract created by the Fair Work Commission which apply to all businesses within an industry e.g. fast food industry award or educational services (teachers) award. If an individual business wants to make their own employment contract between them and their employees through an enterprise agreement, it must be approved by the Fair Work Commission and pass the Better Off Overall Test, in that the proposed agreements surpasses the minimum terms of the award. Thus, modern awards are seen to underpin the creation of other employment contracts.
Hope this helps!!
Can someone please outline how research and development is a strategy for globalisation?
Okay I'm a bit confused ???
When your talking about negotiating with your suppliers, do you use Supply Chain Management or Global Sourcing as your operation strategies?
Hey Legends!! ;D ;D
We have an extended response due soon...
And our 2 possible questions are:
1. Discuss the implications of debt and equity financing options for a business and the role that financial institutions play as a source for these funds.
2. Analyse the influence that sources of finance and the government have on the financial stability of the business.
So...I have created some plans. Basically I am wondering whether I am on the right track (as I haven't written an ER for a while!! :o :-[)
But- mainly I was wondering- what is a good case study to use for finance, I can make up hypothetical examples but it would be good to incorporate a real business too ;D
Here are the plans :D
1. Discuss the implications of debt and equity financing options for a business and the role that financial institutions play as a source for these funds.
Introduction
- answer question
- outline content of response
- outline case study to support ideas
Debt Financing
- Defintion
- Advantages
- Disadvantages
- Example of a financial institution (insert case study) in providing/sourcing debt financing (e.g. factoring, etc.)
Equity Financing
- Definition
- Advantages
- Disadvantages
- Example of a financial institution (insert case study) in providing/sourcing equity financing (e.g. private equity, etc.)
Conclusion
-recap ideas, link back to question
2. Analyse the influence that sources of finance and the government have on the financial stability of the business.
Introduction
- answer question
- outline content of response
- outline case study to support ideas
Internal Sources of Finance
- Definition
Retained Profits
- Definition
- positives
- negatives
- Case Study example showing influence of retained profits on financial stability
Owners Equity
- Definition
- positives
- negatives
- Case Study example showing influence of owners equity on financial stability
External Sources of Finance
- Definition
Debt
- Definition
- positives
- negatives
- Case Study example showing influence of one type of debt finance (e.g. factoring) on financial stability
Equity
- Definition
- positives
- negatives
- Case Study example showing influence of one type of equity finance (e.g.private equity) on financial stability
Influence of Government
- Definition
ASIC
- Definition
- positives
- negatives
- Case Study example showing influence of ASIC on financial stability
Company Taxation
- Definition
- positives
- negatives
- Case Study example showing influence of Company taxation on financial stability
Conclusion
-recap ideas, link back to question
Thanks so much for any help and ideas for good case studies :D ;)
Hey guys,
We have a business report coming up and one of the major aspects of it is interdependence between finance and marketing. My issue with this is I have no depth of knowledge and could only write a few sentences on it. If someone could help explain it to me I'd appreciate it.
Thanks :)
I wrote an essay on the interdependence of finance with all the other key business functions which got full marks lol. Would you like me to send you my marketing section? : )Yes please
Hellooo!
I'm confused. What's the difference between cash flow and working capital? Specifically in Financial management strategies, there is Cash Flow Management and Working Capital Management, and I'm kinda confused regarding when to know which to use. They seem the same to me :(.
Thank you!
Hellooo!
I'm confused. What's the difference between cash flow and working capital? Specifically in Financial management strategies, there is Cash Flow Management and Working Capital Management, and I'm kinda confused regarding when to know which to use. They seem the same to me :(.
Thank you!
Hi there!
I'm going to try my best to explain it (note to anyone reading this, if I've explained it wrong/my understanding of it is wrong, please let me know :) ). Cash flow relates to how much cash is coming into the business and how much cash is leaving the business (this can be seen by using the cash flow statement). So, cash flow managment, would be ensuring that there is an adequate amount of cashing coming into the business, and that not too much cash is leaving the business (as this will lead to cash shortages). On the other hand, working capital refers to the business's liquidity - that is whether the business will be able to pay back its short-term debts on time (this information can be gathered from the balance sheet). Thus, working capital management is ensuring that the business has enough assets to meet its liabilities, AS WELL as making sure that the business doesn't have too many assets left within the business either (as this will result in a very liquidity ratio, which will mean they have excess stock). Usually, the ratio 2:1 is what is aimed for.
Hope that helps :))
Hey!
Everything above that martinarena_ said was perfect! I also just might throw in some strategies that you might use to overcome issues regarding financial management. For cash flow management, strategies that you could undertake to ensure your cash flow is always positive is distribution of payments, discount for early payment and factoring.
Strategies to ensure business has high working capital, in other terms liquidity, is through leasing or sale and lease back. Good case study for this is Qantas as they have undertaken both these strategies. Otherwise any other strategies to improve working capital will be through controlling your current assets and your current liabilities, ensuring that you have enough (but not too many) assets to cover your financial obligations in the short term.
Hope this helps!
Thank you so so much!!
Thank you for these strategies too! My exam is on Monday, so this helps a lot. Appreciate :).
Ah good luck! Mine is next Wednesday (4th April).
What 2 topics have you covered?
GOOD LUCK on your half yearly too!!
My school has covered Operations and Finance so faar, although our exam was mostly finance smh. What about yours? : )
Congrats on doing your exam, I bet you did great!
We have covered Marketing and Finance. Our exam is supposed to be heavily finance based though, so hopefully it won't be too hard!
Only downside, my school is trying to model the actual HSC, so my business exam is the first 3 hour exam I will ever be sitting (opposed to all my other exams which as about 2 to 2.5 hours). Hopefully, I have enough time to do everything!!
Ahh thank you!! Hopefully I did decent :). Marketing and Finance, ahh. Well you seem well-prepared for the Finance content so I'm sure you'll do great :D! That 3 hour exam though oh my, your school really is going extra! BUT HEY 3 hours is plenty I'm sure to get everything done : ). Update how you went!!
Hey guys, does anyone have any case studies that i can use for a finance extended response please?
thank youuu!
What sort of case studies do you need for finance? Like specific syllabus dot points?
If you're asked to reccommend a source of finance for $5M factory expansion, what would you choose?
Hey! I have a question regarding this extended response; ‘Analyse the effect of global market strategies on the marketing mix’. And we have to answer by relating to McDonalds.
How would you tackle this question in the best possible way?
Thanks.
Hey!FB3 pretty much nailed it. But to add on..
First, recall the elements of the marketing mix - they can form the basis of your paragraphs. Then, you can match global market strategies to the marketing mix which you can talk about in your paragraphs! For example (I've put the marketing mix first then some strategies that could match each P):
1. Price - global pricing
2. Promotion - customisation, competitive positioning
3. Place - customisation
4. Product - standardisation, customisation
Once you've matched strategies to the 4 Ps, all you have to do is integrate the Macca's case study in your paragraphs :-)
Hope this helps!
Hello,
I have a business task and its a marketing essay. The question is "Assess the effectiveness of marketing strategies used by a business in achieving their strategic goals"
Im confused on what to really talk about, can anyone help me with it?
Thank you!
Hello,Hey!
I have a business task and its a marketing essay. The question is "Assess the effectiveness of marketing strategies used by a business in achieving their strategic goals"
Im confused on what to really talk about, can anyone help me with it?
Thank you!
Hii,
My business in-class assessment is this upcoming Monday, and we'll be given 2 extended response questions on marketing and have to choose one to use.
I haven't made notes for marketing yet, and am wondering on what the best method to study for this exam would be now, considering I have 3 days and only a mediocre understanding of marketing. Should I make notes or focus on essay questions/case study memorisation?
Thaank you!
Hii,
My business in-class assessment is this upcoming Monday, and we'll be given 2 extended response questions on marketing and have to choose one to use.
I haven't made notes for marketing yet, and am wondering on what the best method to study for this exam would be now, considering I have 3 days and only a mediocre understanding of marketing. Should I make notes or focus on essay questions/case study memorisation?
Thaank you!
Hey Razeen,
The way I would prepare for this is I would try to get a fairly good understanding of the content first by reading someone's notes if you dont have your own made (there are soo many in the notes section here. Then I would try to make essay plans for as many questions as you can. If you feel you have time, write a whole extended response to see if you are comfortable writing one in exam conditions.
Also, remember to look at a few case studies (QANTAS/apple etc.) and look at how the theory takes place in real life business just to see how you could and will incorporate them into your response.
Overall, I would just try to understand the content as much as possible so from the notes you read, try to make a mind map and see the topic from a macro perspective (look at how things relate i.e. influences and strategies etc.) and then try to apply that knowledge to many different practice questions so you can practice choosing which parts of the course to talk about.
Good luck with your exam :)
Hii
The way I prepared for the marketing topic and the others was to understand/memorise the syllabus dot points and each subheading so you know what the question is asking you to address and to keep information relevant. From my experience, the question could be from anything in the syllabus such as relate to the 3 extra P's only, so it would be very helpful to memorise at least the marketing section of the syllabus and to prepare ideas you could use to argue for and against/advantages and disadvantages on a certain action/strategy of the case study.
Also, writing draft executive summaries on different questions helped me a lot when I did the topic because it allows you to put ideas together for when the actual exam. For guidance, I believe there are a few essays in the notes section which I've used and found very helpful, so do check that out.
Best of luck! ;)
Hey!Hey, emilyygeorgexx.
Just looking for a quick clarification. When talking about EEO, is it a legal requirement that businesses must implement affirmative acton measures within to the business or is it more of an initiative businesses take to exhibit their CSR? I know that EEO and affirmative action are covered by statute law but I just wanted to double check.
Thanks!
Hii,Hey, Razeen25.
In a marketing extended response question which ends in "Assess... in achieving marketing objectives", to what extent would we need to talk about marketing objectives? Would stating the objectives in the introduction and then linking back to them after evaluating throughout the essay be enough? Also, in my exam I wrote profit maximisation and attaining a competitive advantage through implementation of strategies as marketing objectives, and I guess I failed because my teacher said those aren't really marketing objectives :(.
I wish marketing syllabus specified objectives like the Operations and Finance ones do :((.
Hii,Hey!
In a marketing extended response question which ends in "Assess... in achieving marketing objectives", to what extent would we need to talk about marketing objectives? Would stating the objectives in the introduction and then linking back to them after evaluating throughout the essay be enough? Also, in my exam I wrote profit maximisation and attaining a competitive advantage through implementation of strategies as marketing objectives, and I guess I failed because my teacher said those aren't really marketing objectives :(.
I wish marketing syllabus specified objectives like the Operations and Finance ones do :((.
Hey, Razeen25.
I would think that you would need to mention something about marketing obejctives throughout your response, and not just the intro. Just the intro is very risky, because it essentially gives the markers an impression that you've rote learnt your content rather than applied your understanding to the question. Obviously, you wouldn't need to dive deeply into the marketing objectives, but mentioning it periodically throughout your paragraphs should be solid enough to a marker.
Marketing objectives are more to do with promoting the business' products and services to its customers. Profit comes under finance, while marketing would be more related to:
- increase sales.
- brand awareness.
- improve market share.
- target new customers and expand existing customer base.
So, essentially anything to promote the products and services (obviously, there is more than just "promotion") would fall under marketing.
Hopefully, this helps clear anything up! :)
Hey!
If you mean the strategic role of marketing, then you need to look at your notes on the role of marketing as well as other peoples notes. For example, the ATAR Notes ones list profit maximisation, choice, standard of living, employment, brand awareness and market share as the 'strategic role of marketing goods and services'
On the other hand...When you say 'marketing objectives' aren't you just referring to 'marketing strategies'? If so, , then just look at the strategies on the syllabus!
If your teacher says that, then that's what I'm guessing she means. Otherwise, you need to ask her what she specifically means.
Perhaps this is just a regurgitation or contradiction of my earlier point, but when you have a question like that, I'm guessing they're asking about strategies. You would talk about how successful a particular strategy is in achieving a particular aspect of the strategic goal of marketing (USING A CASE STUDY).
I'd say definitely look at all aspects of the strategic role of marketing in your intro and link back in every single paragraph
Hope this helps! ;D
Hii,
In a marketing extended response question which ends in "Assess... in achieving marketing objectives", to what extent would we need to talk about marketing objectives? Would stating the objectives in the introduction and then linking back to them after evaluating throughout the essay be enough? Also, in my exam I wrote profit maximisation and attaining a competitive advantage through implementation of strategies as marketing objectives, and I guess I failed because my teacher said those aren't really marketing objectives :(.
I wish marketing syllabus specified objectives like the Operations and Finance ones do :((.
does visibility in operations mean ability to see the actual operations process taking place or customer contact through feedback which is then put back into the operations process? both tetxbooks that i've been using have different definitions so which one fits better?
does visibility in operations mean ability to see the actual operations process taking place or customer contact through feedback which is then put back into the operations process? both tetxbooks that i've been using have different definitions so which one fits better?Just to add onto Emily's answer (she's 100% right)
What are some good case studies for operation strategies- global factors specifically scanning and learning?
Hey guys,
Can someone please explain the critical path analysis please?
Is it the longest path taken to complete the entire project?
Hi everyone,Hey!
This seems like an extremely silly question and I really should know this, but I'd like a clear definition of what an asset is, what a liability is and how to find total equity (as seen in debt to equity ratio)
Thanks in advance! 8)
Hey!
So assets are what the business owns and liabilities are what a business OWES. They are both split into current and non current assets. Basically like short (current) and long term (non-current)
The debt to equity ratio is not to find total equity. It is found by the equation: TL÷OE
In other words: Total liabilities (so both current and non-current) divided by a businesses owners equity. It is used to find the solvency/gearing of a business and is described using a ratio or percentage.
It is found on the balance sheet by adding current and non-current liabilities together to form total liabilities and dividing that by whatever figure is listed under the heading owners equtiy
However if that heading is blank but the balance sheet does balance than you can find owners equity by rearranging the balance formula of A=L+OE or...Assests=Liabilities+Owners equity. To find owners equity from this you would rearrange it to be OE=A-L as then both the OE and L should equal the assets.
Hope this helps but let me know if you need any further clarifacation! ;D
anyone else not have a set and stone case study for business? i just try to remember random statistics on the spot which are real situations but each paragraph that i write has a different case study for different businesses so like a mixture of Woolworths, Qantas and then i talked about a small local business, is that cool?
I think in the HSC course we aren't allowed to use SME's/local businesses as case studies, as the focus shifts from SME's in prelim to global business in HSC.
Will any preliminary content be tested in the Business Studies HSC?
Hii, I finished my business trial but while studying for it there were a couple of things I was unsure about.
In Operations processes, the dotpoint about the 4 V's, I find it a little hard to understand the influence of visibility on the operations process. Because its customer contact, I'm still kinda confused how it impacts on operations.
Thank you!
Hey!
Just some questions from my trial paper if someone could explain:
What of the following is a transformed resource in a business manufacturing clocks?
A - Clocks
B - Customers
C - Employees
D - Facilities
THANKS HEAPS!!
Hey!Hey!
Just some questions from my trial paper if someone could explain:
What of the following is a transformed resource in a business manufacturing clocks?
A - Clocks
B - Customers
C - Employees
D - Facilities
What are examples of people, processes and physcial evidence for a restaurant?
A - A experienced manager, healthy food and reasonable prices
B - Friendly staff, detailed cooking instructions and effective lighting
C - Well trained wait staff, all diners are greeted as they enter and effective advertising
D - A knowledgeable chef, attractive table settings and a menu containing many choices.
THANKS HEAPS!!
This question messed me up too, I remember seeing it. The answer I'm fairly sure is B - customers because throughout the process of making the customers come to the business with a need/want and this is fulfilled with the creation of the product. Therefore the customers have transformed resources as they experience change through the provision of the product (clocks).Here's my 2 cents =)
Many people will put clocks but this is the finished product. A transformed resource I believe would be the wires that go into making the clock.
(This may be wrong but someone can correct me)
Here's my 2 cents =)
A - Clocks - Correct answer... clocks can be transformed into other things. You can have a basic clock that will be customised to be black or white or yellow! Businesses do have an area in factories for customisation of products.
B - Customers - NOT A transformed resource - Customers are not being changed. If this was a makeup or hairdressing business .. yes, but not in this case.
C - Employees - transforming resource - used to transform inputs and information into locks
D - Facilities - transforming resource - used to transform inputs and information into locks
..THUS, A is the obvious answer =)
I had this question in my trial as well and I got it right so answer is definitely B !!What was the teachers justification?
Hey guys,Cost based competition is when a business uses competing products in the industry as a benchmark, rather than considering the businesses own production costs or consumer demand.
What is the difference between cost leadership & cost based competition because reading over cost based competition has made me very confused.
Thankyou!
Also does a business report require both a recommendation & a conclusion?The way i see it, the recommendation at the end is the conclusion. Its the summary at the end of your report and in that paragraph, you'd include a recommendation
Also does a business report require both a recommendation & a conclusion?
Adding to what Mada438 said, I think it's important to integrate recommendations throughout your report. For example, if the question asks you to discuss e-marketing, you would write a few advantages and disadvantages and maybe chuck in a recommendation there. In my business reports I always put a recommendation after most things I talked about except for the questions that asked to define/explain.
I hope this makes sense :-)
Hey guys;Hey!
I have two questions -
1. What is the difference between e-commerce & global sourcing? They sound the same to me whenever I read over my notes.
2. When writing a business report & essay; can you incorporate diagrams in both? or just the business report?
Hey!
1: e-commerce is a global marketing strategy which involves marketing and advertising your products to a global audience through the internet. Whereas global sourcing is a operations strategy and part of supply chain management and involves sourcing and obtaining your inptuts/materials from different places around the world.
2: I'm not quite sure about this one. My teacher always said it was good to have diagrams, but im pretty sure she was talking about section 3, i'm really not sure about section 4. I don't see why you couldn't? But don't quote me on that
Thanks so much!!
What I meant was - what's the difference between econmies of scale and global sourcing.
So sorry, I was reading over e-commerce when I typed that question lols.
Thankyou!!
Hey guys,
3 questions:
1. What is a critical path analysis? How do they differ from gantt charts?
2. What are the effects of inflation?
3. How does the appreciation and depreciation of the Australian dollar affect competitons? Is this the opposite for currencies in other countries?
Thankyou so much!
Hey!
1. A CPA is basically a scheduling method/technique that shows what tasks need to be completed, what order they need to be completed in and how long it will take to complete all the tasks. When finding the CPA you want to ensure you take the SHORTEST PATH THAT COMPLETES ALL THE NECESSARY TASKS. So basically what you need to do is find the path on the CPA that has the most days, and that will generally be the CPA (confusing I know!). This is different to a Gantt Chart because that is a scheduling method/technique that shows the different tasks that are scheduled to be completed or already have been completed. This is more to see if you can do different tasks simultaneously or what tasks needs to be completed before you start the next one, and thus allows you to track the progress of something like a project.
2. Inflation is the sustained increase in the general level of prices in the economy. So the price of a good never stays the same because they rise with inflation. The inflation target in Australia is 2-3%, so that means prices increase as inflation increase. For example, a good that costs $10 in 2010 wouldn't cost $10 in 2018 but rather may be $11, and this is because of inflation. So really in summary, inflation causes prices to rise and can be bad for consumers and businesses as it would decrease consumer spending or business investment as the prices are too high.
3. An appreciation of the AUD would make Australia less internationally competitive. This is because as the AUD increases, our exports become more expensive and therefore, no other countries want to buy our goods. Essentially, this means that if someone living in the US wanted to buy an Australian good, they would have to convert more USD to AUD to buy that good. However, an appreciation of the AUD can be good if you have borrowed money from overseas as the amount you have to repay has now decreased.
A depreciation of the AUD would make Australia more internationally competitive. This is because as the AUD decreases, our exports become cheaper and therefore, more countries want to buy our goods. Essentially, this means that if someone living in the US wanted to buy an Australian good, they would have to convert less USD to AUD to buy that good. However, a depreciation of the AUD can be bad if you have borrowed money from overseas as the amount you have to repay has now increased.
Hope that helps ;D
Hey guys,Hey!
I was just going over finance -
what is the underlying difference between a right issue & a share purchase plan?
Hey!
The key is brokerage fees. As both are offering more shares to existing shareholders, but share purchase plans allow shareholders to purchase additional shares without these brokerage fees
Hi does any one have a PDF version of a case study document other than Qantas and Kathmadu, that I could integrate into my notes
Hey guys, I had a couple of questions
In this week upcoming to the business exam, would it be more beneficial to do full past papers? Or study by making essay/report plans and practicing MC/short answers? Also, what’s a good order of doing the exam? Because I realised in legal I lowkey messed up by leaving the 25 mark essays last, when if I did them in the beginning I could’ve secured those marks. Also, I’m someone who always underestimates time and ends up rushing things in the last 10 minutes of exams, so this is an issue :/.
Thank you!
Hey guys, I had a couple of questionsHey!
In this week upcoming to the business exam, would it be more beneficial to do full past papers? Or study by making essay/report plans and practising MC/short answers? Also, what’s a good order of doing the exam? Because I realised in legal I lowkey messed up by leaving the 25 mark essays last, when if I did them in the beginning I could’ve secured those marks. Also, I’m someone who always underestimates time and ends up rushing things in the last 10 minutes of exams, so this is an issue :/.
Thank you!
Hey guys, I had a couple of questions
In this week upcoming to the business exam, would it be more beneficial to do full past papers? Or study by making essay/report plans and practicing MC/short answers? Also, what’s a good order of doing the exam? Because I realised in legal I lowkey messed up by leaving the 25 mark essays last, when if I did them in the beginning I could’ve secured those marks. Also, I’m someone who always underestimates time and ends up rushing things in the last 10 minutes of exams, so this is an issue :/.
Thank you!
Hey!
The way i tackle my business papers is...
Section 3/4
Section 2
Section 1
Section 3/4
This way i can do a big brain dump right after reading time for the reports and get SA out of the way. Then MC gives me a chance to rest my hand before tackling the last report.
Definitely, agree with FB. Even though i do it in a different order, you can still take some extra time in section 3/4. Like even though i do it third, i know that i will not need all the recommended time for MC, so i can already devote some of that time elsewhere.
Good luck! ;D
Just to pitch in another perspective!
I usually do:
* Multiple choice and short answer in 1 hour
* Business Report in 1 hour
* Essay in 1 hour
This definitely will change though, depending on the difficulty of the questions but I did this for trials and the half yearly and came out pretty okay ;D
Hi!
If you think time is going to be an issue during the exam, it might be worthwhile to do full past papers. It depends on the person :-)
With Business they give you waaaay too much time for the MC and short answers so make sure to take time out from those. I did the exam in order, but here's how I spread out my time:
- MC: you're recommended 35 minutes, but 15 minutes is sufficient
- Short answers: recommended 1 hour and 15 minutes (I think?), but at most, you'll need an hour. That already gives you an extra 35 minutes for your extended responses!
- Business report and essay: all up you've got 70 minutes (recommended) but add the 35 minutes you saved to 70 and you've got 1 hour and 45 minutes! This is already a lot of extra time so you should be able to have some time left over to check your answers. :-)
Hope this helps!!
For this essay question "Analyse the causes of workplace disputes and the strategies used to resolve them" how would you structure it? Would you have a new paragraph for each cause, each strategy, each dispute????
Hey guys,
(https://i.imgur.com/N6YZ8KD.png)
are the first two dotpoints under Working Capital Management considered strategies?
Thanks
Hey guys,
(https://i.imgur.com/N6YZ8KD.png)
are the first two dotpoints under Working Capital Management considered strategies?
Thanks
Hey guys,
(https://i.imgur.com/N6YZ8KD.png)
are the first two dotpoints under Working Capital Management considered strategies?
Thanks
Should we use case studies in every single question we can, or only when the question asks us to?
hey guys,
can i include diagrams in both report & essay?
hey guys,Yeah its a good thing to do if its really simple and helps to get your point across (e.g putting a diagram of the PLC or BLC)
can i include diagrams in both report & essay?
Yeah its a good thing to do if its really simple and helps to get your point across (e.g putting a diagram of the PLC or BLC)
I don't see why you shouldn't do it in both. They're both reports.
Of course section 4 CAN be written as an essay, but a report format helps keep you on track and markers always say report styles for section 4 get the better marks.
Hope this helps, good luck on friday! ;D
thanks so muchh!!I don't think they use any other names for them? Especially not for liquidity and solvency. I've not seen them use synonyms for them before.
i was also wondering, what are the other names they can use for the financial objectives. like other names for liquidity, solvency, etc?
thankyouuu once again!
Hi,
So at our school, our teacher made us write the non-stimulus question in business report format. I just recently found out that the format isn't specified by the HSC for that question and that the only one which you have to write in business report format is the stimulus question! So now I'm panicking! Is using business report format acceptable for the non-stimulus question? Or do I have to write it in an essay format (which I've never ever done for Business Studies before!) I don't want to change what I'm familiar with but will I get marked down for using business report format? What did you guys do??
Hi,Hey!
So at our school, our teacher made us write the non-stimulus question in business report format. I just recently found out that the format isn't specified by the HSC for that question and that the only one which you have to write in business report format is the stimulus question! So now I'm panicking! Is using business report format acceptable for the non-stimulus question? Or do I have to write it in an essay format (which I've never ever done for Business Studies before!) I don't want to change what I'm familiar with but will I get marked down for using business report format? What did you guys do??
Hey guys, I have a question.Hey!
Under the 'Factors influencing customer choice' dotpoint in Marketing, I was always under the impression that 'sociocultural' factors referred to of course a person's society/culture but also their socio-economic status based on their income etc which influenced their customer choice. And I thought that 'economic' factors referred to the state of the economy (boom, recession which obviously impacts on consumer choice).
But on HSC Discussion a lot of people seem to be arguing that influences such as a person buying a luxury car is an ECONOMIC influence instead of a socio-cultural (which is what I was taught smh). Also I did a past paper question and the answer also seems to conflict with what I was taught and now I'm honestly just confused.
If anyone could clarify this, it'd be great!
Hey!
So the way i see it, that is an economic factor
I look at it like this:
Psychological factors are ones that are internal (ones' self) influences. Meaning that an individuals buying habits are influenced by their own opinion
Socio-cultural is where they are external infuences from other groups and peers that influence someones buying behaviour
Economic deals with both the government and someones own socio-economic status
So i would agree with both the picture and the hsc disscussion people who say "a person buying a luxury car is an ECONOMIC influence, not a socio-cultural one"
Hope this helps!
Hi, I wanted to clarify something. Under Operations Strategies where it says performance objectives, then it has speed.Hey!
Does speed refer to the amount of time taken to complete the operations, or amount of time to respond to changes in market demand levels
Hi, I wanted to clarify something. Under Operations Strategies where it says performance objectives, then it has speed.
Does speed refer to the amount of time taken to complete the operations, or amount of time to respond to changes in market demand levels
Hey,You don't have to necessareily use the ones andrew uses. Its just an example of how it is done. You can make your own ones up as well and they'll do just a good a job!
I recently sat in one of Andrew's Business Studies lectures, I was curious to find out what his explicit abbreviations he used to remember sections of the syllabus.
P.S. His lecture was pretty sick, highly recommend, gutted he didn't have more of my subjects
Hi everyone,
I am in Year 12 now and not liking business at all :-\
it's almost the end of the summer holidays and I have done close to nothing for business because my heart really isn't in it. I'm not going to drop though because I genuinely want a band 6 in it.
Anyone have any tips for motivating myself? Or at least getting up and doing some study?
thanks :)
Hey!
I’m sad to see your heart isn’t with business at the moment but that’s okay! Everyone has these moments where they are just completely unmotivated and honestly just don’t want to do anything. Even for myself like business studies is literally my life but there were points during my HSC where I just couldn’t even look at the content because I was just not feeling it.
I think the best about business though is the flexibility to tailor it to yourself since it is only core topics. If you’re struggling with some of the concepts just sit yourself down with a clear mind and ask yourself “how can I break this down so I can fully understand this”. You can do this by taking a chunk of information and just simplifying it into a few dot points. Trust me it makes your life so much easier.
Another thing is in business you obviously need case studies for your essay and in some cases short answer. Research your favourite clothing brand, different businesses you like and by doing this you’re actually researching businesses that you’re interested in and want to know more about. It definitely takes the burden away of “Oh I just have to do this”.
Lastly, one of the things I did was make my notes look really pretty. When I had established a so called “theme” I wanted to use for my notes it made me motivated to continue doing my notes so they would be perfect for me! Maybe jazz up your notes, use lots of colour and even chuck a few pictures and diagrams in there.
That’s most of my tips, but if you want I have written an article that goes into depth on how to succeed in business studies. You can find it in the Articles section and it’s called “HSC Business Studies: Maximising Marks”.
I hope this gives you some slight motivation but always reach out if you need more help ;D
Hey everyone!
So I'm doing finance but I can't get my head around what commercial bills and debentures are in sources of finance! I've tried to look at some textbooks and online, but I would really appreciate it if someone put it in dummy terms :)
Hey!
A commercial bill and a debenture are honestly quite similar yet, just differ in their time difference.
A commercial bill is a short term source of debt financing that are usually issued for about 30 to 180 days. However, it is usually for larger amounts (ie. over $180 000) and the borrower promises to repay the loan with interest. The thing with commercial bills is they are very flexible and are able to be rolled over to each month until the amount is paid in full. For example, if the business is required to pay the money in January but can't due to poor liquidity, then the commercial bill rolls over to the next month (ie. February) and they repay the loan with interest.
A debenture is a long term source of debt financing where an individual/business borrows an amount of money for a fixed period and fixed rate of interest. The debenture is like a piece of paper (similar to a prospectus) in which the borrowers provide to the investors to show them that they will pay the loan on time with the interest.
Hope this helps ;D
HI everyone!
So school starts very soon and I was wondering if anyone would help me with how to properly answer short answer questions from business past papers. I tried speaking to teachers and other students about the format and the spacing based on the marks per question but i am still very confused.?
Someone please help out!!
Thanks ;D
Hello!
I was just wondering, for a business report, if the question just asks for strategies of 2 topics, how many strategies would we provide from each?
And also, how do I find the Q&A Thread with Emily for Business Studies earlier this year?
Thanks!
Hey all,
Just after any tips on how to write a Band 6 Business Essay and whats the key features that distinguishes an essay and a report.
I have 2 possible essay questions and was just after some thoughts and ideas of what you guys would include in the response.
Q1. Evaluate strategies that management may use to respond to key influences on marketing
Q2. Assess the importance of marketing strategies in achieving a competitive business advantage.
If you guys could give a rough break down of what you would include for each response that would be greatly appreicated.
Cheers
Hi all,
Just revising the Finance section for Business Studies and I came across this dot point
planning and implementing – financial needs, budgets, record systems, financial risks,
financial controls
– debt and equity financing – advantages and disadvantages of each
– matching the terms and source of finance to business purpose
Like I get most of it but the matching the terms and source of finance to business purpose is not making any sense.
So my question is what is this dot point mean? and how can it be applied to an exam question?
In business reports do we need to include case studies? I know that we need to in the business essay
And if we do how do we include it into the report and how many times. Also I saw a video where Andrew said that he drew diagrams. Is this essential and can it maximise my marks or is it more just to jazz up the report? thankyou!
Also what are some good terms to put in a business report.
Basically what I mean is like
This report will include...
The purpose of this report is to address concerns that.......
etc.
and instead of saying I recommend do I just say it is recommended..
hey so with the 2018 hsc pack, i dont get how q20 is B?
Hi all, I was wondering if anyone had any recommendations for study guides for HSC Business Year 12? Ideally something that will cover content for the entire syllabus?
Many thanks in advance!!
Hey everyone!
Can someone please explain what exactly a financial forecast is and why a business would it.
Thanks :D
Would someone be able to tell me what the short term and what are the long term financial objectives?
Also what are some potential conflicts? I do have info on conlficts but I came across a paper where it was 6 marks and I'm not sure what I would write about conflicts for 6 marks!
Thanks :) :D
Hi! Could someone please help me? I don't know how the critical path works! I keep getting different answers along the lines of "it's the shortest path" or "the longest path"... Someone even started a poll on Facebook, and it seems almost 50/50!
I would upload the photo of an example, but it won't let me unless it's in another format...
hey I've got two questions. What is the difference between a selling, marketing and customer approach.
Also which ratio indicates how solvent a business is. Is it the gearing ratio?
Hey!
So there are three main historical approaches which businesses have adopted to sell their products
The production approach focuses on mass producing an item, emphasis on quantity and reducing costs. It was assumed the customer would buy the item and that there would be demand however there was little consideration for what the customer actually wanted.
The selling approach used aggressive sales techniques to convince their consumers to buy their products and that their products were better than their competitors. The needs of the customer was still not taken into consideration
The marketing approach (also known as the consumer approach) accounts for the needs of the customer and put them at the centre of business activities. It was the businesses purpose to satisfy the customer. Research was undertaken to identify customer needs and then cater to those needs. Satisfied customer = increased sales. (this approach is used by majority of businesses today)
And yes the gearing ratio refers to the businesses solvency. Solvency is defined as a businesses ability to meet their financial obligations in the long term. The gearing ratio measures debt to equity so it shows the businesses ability to pay their debts based off the equity they have invested (or reinvested through retained profits) into the business.
Hope this helps! ;D
Yes helped so much! Thankyou. Would you be able to tell me the difference between domestic and global contractor? Thanks
Thankyou very much @emilyygeorgexx.
Another question (lol sorry for being so annoying). so i know the difference between LIFO and FIFO and how lifo undervalues inventory thus cogs are high and vice versa.
Do I need to know exactly how to calculate the value of the inventory? And if so would you be able to explain it to me :) thankyou very much
hey so for the life of me i dont get how to answer these types of questions (see attachment) someone pls help thanks x
Hey!
We start in January, in the blurb below the table they tell us the opening cash flow is $2000. So to find the closing cash balance for January you have to take the cash inflows (cash receipts + opening cash balance for that month) and minus the cash outflows (cash payments) which is
$2000 + $12000 - $8000 = $6000.
Therefore the closing cash balance for January will be $6000, this is also the opening cash balance for February. Now to find the closing cash balance for February we do the same thing. This will be
$6000 + $11000 - $5000 =$12000
So this means the closing cash balance for February was $12000 which is also the opening cash balance for March.
If you continue to do this with the remaining figures and i'm correct then the answer should end up being $7000 which is A
Hope this helped! :D
Hey! Can someone help with this multiple choice question?
A manufacturing business has recently changed its marketing strategy to include e-marketing. What external influence may have led to this?
A) increased staffing costs
B) underperforming retail sales
C) the recent employment of a computer expert
D) the inability to differentiate its brand from competitors
Thanks!
hey, me again! can someone pls help me with this question, i dont know what numbers go where? thanks so much and i promise this is the last question that i will ask regarding past papers! tysm xx
Will they give me financial ratios for the short/long responses. I see they do in the multiple choice. :)
Hi! i came upon this question and i'm not entirely sure how to answer this
Mainly part a)
Hey! Can someone help with this multiple choice question?
A manufacturing business has recently changed its marketing strategy to include e-marketing. What external influence may have led to this?
A) increased staffing costs
B) underperforming retail sales
C) the recent employment of a computer expert
D) the inability to differentiate its brand from competitors
Thanks!
I know I asked this question before but many people have told me different answers so I want to ask it again. Hope that is ok!
Hey!
This type of question it is best to work backwards. So lets get rid of what we know the answer can't be.
External influences regard the surrounding environment of a business in which they have little to no control over. Whereas internal influences come from within a business and they have the power to control these.
B is an influence that definitely could've contributed to the businesses choice, however it is within the business, therefore internal, so this cannot be the answer. Similarly with C, the acquisition of new employees is internal as the business made the conscious choice to hire this person.
This leaves us with A and D. Increased staffing costs is external as higher demand my have caused a surge in wages, or possibly changes to award conditions. However, this begins to take us into the HR function which is not really what this question is asking of us. This question comes under marketing strategies, specifically e-marketing. Marketing is all about developing a brand that customers want to purchase from. This leads me to think that D must be the answer. Marketing looks to generate sales by any means, not reduce costs (that is more so operations and finance). So through differentiating their brand in adopting an e-marketing strategy, this business can ultimately increase sales and achieve profit maximisation which is the strategic role of marketing.
I hope my reasoning makes sense and that this helps!
hey peeps how is the answer B? tysm x
Hey
This is a pretty typical finance question so its important to know how to answer it.
As we can see there is a missing figure for stock, which means we need to find out what that is.
The trick to Balance sheets is that both sides need to balance in order to be accurate.
This means that:
Total assets = Total liabilities + Total equity
So if we add assets we get
Total assets = $143000 + Stock
We add liabilities and owners equity we get
Total liabilities and total equity = $146000
$143000 + Stock = $146000
Therefore for the two sides to equal stock must be $3000
Now we can find the current ratio.
Total current assets = $21000
Total current liabilities = $10500
So:
21000:10500 simplifies to a ratio of 2:1
Meaning for every $1 of current liabilities (short term debt) the business has $2 of current assets
We can see the industry standard for this ratio is 1.9:1 and that this business is slightly above, but it is still acceptable. (also a lot of textbooks describe the ideal current ratio as being 2:1)
So as it is an acceptable ratio the answer will be B
Hope this helped you! ;D
so just to clarify,how did you get to $21000?
Hi!
Should we include definitions in our business reports? My teacher said that we don't have to provide definitions as the business manager, etc. already knows what the strategy or influence is.
hi would someone be able to explain to me the difference between legal and government policies? with examples of both. I don't really understand how they are different. so far i have that policies guide decision making and a legal regulation has the effect of law. but doesn't this apply to both?
Also examples of corporate social responsibility: doesn't it include community programs? wouldn't sponsoring s sporting event be an example? If anyone can answer both that will be greatly appreciated :)
Hey, I was wondering if anyone could help me with the following short answer and extended response questions? My new teacher refuses to help me respond to them and my old teacher didn't teach us anything in the first term of HSC, nor did he teach us anything the whole of the prelim year.
Short-Answer
Define the term ‘operations’. (2 marks)
Distinguish between inputs, transformations processes and
outputs in operations processes (6 marks)
What is meant by total quality management? (2 marks)
Demonstrate the main differences between quality control and quality assurance. (6 marks)
Identify the main advantages and disadvantages of holding stock. (3 marks)
What is the importance of inventory management? (5 marks)
Examine three examples of ethically and socially responsible issues that may arise in operations management. (6 marks)
Identify the main types of layout. (3 marks)
Deduce what an operations manager needs to consider when selecting the optimum facilities design and layout. (6 marks)
------
Define operations management (2 marks)
Explain why CSR is a key concern in operations management (4 marks)
Explain how one operations strategy can help a business sustain its competitive advantage (4 marks)
Discuss how improving operational processes may lead to better customer service (5 marks)
With reference to a business, analyse the relationship between cost and quality in the operations of a business. (6 marks)
Extended Response
Analyse the effect of globalisation on operations management (20 marks)
I've gone through all my study notes for operations and the Business in Action 6th Ed Text and none of it is getting me any closer to results.
All and Any Help will be appreciated!!!
Hey! I have just one question about section 4 of the HSC exam.
With these questions, is it better to use one or two large case studies (Qantas or Apple) or use multiple little case studies, each one completely different for every single dotpoint???
So far I have structured my notes in the latter way, however I'm not sure if this is okay. For example for the dot point psychological factors under marketing influences, I have "Apple markets itself as trendy and cool". I am not sure if this is sufficient to just include different tiny little case studies like this to support content in the report, or if it is better to have larger case studies and therefore have more info for each point rather than one single sentence memorised for each dot point.
I hope that makes sense haha... thanks for any advice. I hope multiple little case studies for each dot point are okay haha because I've already structured my notes that way...