Hi everyone,
I'm really sorry your questions have taken me sooo long to get to... hopefully you all smash business and I promise to be on the forums answering a lot more over the next few days
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!!
Hi there,
I totally agree with everyone else on their explanations of interdependence; just thought I'd try to flesh it out a bit.
So interdependence means that each of the KBF must rely on each other and work symbiotically with everyone else in order for the business to work at all and to function most effectively.
This can be seen in the interdependence between marketing and finance
Finance is responsible for setting budgets and forecasting revenue; allocating and paying for marketing to conduct research and create promotional campaigns. In response, marketing correctly chooses the appropriate price and product features that will best support the business and is the only kbf that generates revenue for finance to allocate to other parts of the business.
Also, operations creates and produces products but requires labour to maintain, supervise and operate machinery. In turn, human resources fills this need by selecting, recruiting and training staff on how to use the machines appropriately. --> it is clear that these two funcitons must communicate between each other otherwise the wrong number and quality of staff may be chosen which may cause inefficiencies and delays.
Hope this helps
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!!!!!!
Hey there
Awesome to hear you are writing practice essays i'm sure you'll smash it!!!
as for financial management strategies in response to external influences - you would look at the external influences so have a look at maybe globalisation and global influences and have a look at how they influence financial managers of different companies. Then you would look at strategies that businesses could use in response to these influences.
(note this question is quite annoying since it says external influences which can be interpreted as outside the business, outside the country - lends itself to many different possible answers so it's not really clear and the way the syllabus is designed doesnt match this question. There is no real clear correlation between the influences and strategies)
For example, for global influences like interest rates which is closely linked to exchange rates (would change the value of interest that must be paid) --> a business could use hedging or derivatives in order to minimise exchange rate fluctuations.
Definitely try to focus on these global influences since global strategies link more closely than the others but if you wanted to here are some others (not as good):
Another one could be in response to declining global economic outlook - a company might start using discounts for early payment so that people that owe us money are encouraged to pay faster whereas they may put off their payments due to poor economic conditions
Due to the emergence of many different financial institutions (influence on finanical management) we could negotitate and bargain with a few different institutions in order to get the best deal and lowest interest rate. as well we might be able to distribute our payments so that we ensure we have adequate cash flow throughout the year.
Sorry I couldnt help more - this question is tricky given the syllabus but those are some of my ideas off the top of my head (they aren't amazing)
Hope you smash Business!!
Isaac
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 Julia
So for business reports and essays they should be around 800 -1000 words. I definitely think that around 1200 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. Avoid waffling as this tends to annoy the marker. But in saying this; I definitely wrote up to 1500 in one of mine since I had soo much time left over but wasn't allowed to leave the room. But make sure you cover your bases with multiple choice and short answer and spend time double checking those since it's much easier to grab marks in those sections than it is the increase your marks in the essays.
Hope this helps
modified since didn't read 12,000 properly ahhahaHi 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 Brad,
Don't worry about adding to the pile of questions - really sorry I havent been getting to these sooner - have been drowning in uni exams and wanted to give you guys the opportunity to help each other out
In terms of the leaderships styles tested under HR strategies you mainly look at autocratic, democratic, laissez faire and contingency.
These ones are looked at in the prelim course as well but if you need a refresher:
Authoritarian (autocratic) – management makes all decisions with no input from staff
Participative (democratic) – management includes employees in the decision making process
Delegative (laissez-faire) – employees make all decision with no input from management
Contingency - no set way to lead; changes depending on situation
Those are the main ones I looked at and would recommend - I was lazy and didnt wanna go into more detail as to other styles (if you are super interested you do that in the compulsory management course for UNSW business courses)
Good luck for Thursday and feel free to post any more of your questions on here
Isaac
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!
Hey there,
So the difference between section 3 and section 4 is that section 3 must be written in a business report format - this includes the proper structure (executive summary, body, conclusion), subheadings, number system, reference to business scenario.
In contrast, section 4 is an extended response which is normally written in an essay format.
However, there is an overlap since section 4 can be written in a business report format (some teachers prefer to show more business knowledge, some say it limits your expression) it is all up to you and your style on what way you write but you can definitely use subheadings in the essay - just make sure you consistently use it throughout your essay. One random subheading is gonna look weird and affect your logical/cohesive structure.
Lemme know if you need any clarification or examples - there should be some in the notes section
good luck for business studies exam!!
Isaac
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