ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Business Management => Topic started by: doboman on September 20, 2008, 03:37:51 pm
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Hey guys, i was just wondering if you can help me improve my answers- or alternatively tell my if my answers were good.
Warning- there may be spelling/grammar errors- it was typed fast. :D
Define the term ‘Organisations’
An organization is any type of company that has workers who strive to meet the company’s objectives. An organization can be in existence to make profit, can be government owned, a government business enterprise or a non-profit organization. Further, organization can be classified as either large, medium, or small, and can operate in either the private or public sector.
List 3 features of an LSO
200+ employees
200 million dollars worth of assets
Can anyone think of anything else?
Discuss a public company: Public companies are owned by, as their name suggests, the public. They are located on the ASX and shareholders are the rightful owners of the orgniasation. Most public companies aim to make a ‘buck’. An example of a public company is BHP Biliton.
Private company: A private company- in contrast to public companies- can be owned by private investors. Private companies can have as little as one owner- or be a joint group of 50 part owners. It is important to note that shareholders do not own this company, and if the company were to go bankrupt- the owner of the organization would be liable for the expenses.
Macro, operation and internal environments:
The macro environment is the large-scale environment – which is also referred to as the large-scale global environment of the organization. This environment, and it complex and dynamic nature means that managers have very little/ no power over it. An example of and aspect in the macro environment is the recent technological advances and change in society’s attitudes. More relevant to this day and age are the economic conditions (globally)
The operation environment is still the external environment, but managers have some kind of control over this specific environment. The operating environment is the environment that contains aspects of the business such as ‘suppliers and traders’ ‘customers’ and competitors.
Finally, the internal environment is a term used to describe the environment present between the four walls of an organization. Aspects of an organization, such as ‘employees’, ‘space’, ‘culture’ ect` are all apart of the internal environment and managers have the most control over this environment.
Identify and outline two (2) factors that may affect the macro environment:
The macro environment is apart of the external environment of an n organization- and presents organizations with opportunities and threats. It represents aspects such as ‘societies attitudes’, “technology”, “economic conditions” and “education. To gain a better understanding of the impact macro environments can have on an organization- we can look at the car industry in Aust. The rising petrol process have forced ‘big cars’ out of demand in Aust. Family households- (thus changing societies attitudes_ and as seen by Toyota and Honda- technology advances to make alternative methods for fuel have come about- things such as ‘fuel cell batteries’ and cars being made to run on lpg (Holden commodore).
Provide two examples of factors or pressures (from any level) that might affect BHP Billiton.
BHP Billiton is an LSO and has prominent market share. Two factors that might affect BHP, though, are competition (operating) and Societies attitudes (macro)
BHP is the worlds largest Iron-ore extractions company. Earlier this year, it was in talks for a take over/ or the combining with the second largest company in its specific trade- Rio tinto. Competition is a big factor in BHP for continued success and thus the reason why they want to take over Rio tinto. The termination of Rio tinto would allow BHP to consume greater market share and thus- bugger profits/contracts.
However, with such a massive market share, society and general perception towards BHP could change dramatically. This is because BHP would solely be able to ‘fix’ the prices to the value they want- and thus kill of any smaller businesses. If society rejects the move, BHP would be in huge financial trouble-.
Describe the context of Nor-for-profit (NFP) organizations.
An NFT organization is an organization that doesn’t intend to make a profit and whatever surplus is created does not enter the comp the organization. There are two types of such organizations. A government department and a charity organization. Government departments do not make a profit, but rather, the money they collect gets put back into a system to aid the country for some other projects. Moreover, a charitable organization is an organization that is out to provide a service. This service and be either tangible or non-tangible an. An example for this can be the Salvation Army. They raise funds for those in need- and help out the community ect with the money collected.
List three factors or pressures of the operating environment:
The operating environment is apart of the external environment and it is known that manager have some control over its proceedings. Three factors can be Customers, competitors and Suppliers.
Customers are one of the most pertinent stakeholders in an organization and the organization is only successful when customers buy/use their serviced or product. If customers don’t invest into the organization, then the company would not be successful. In paradox, if the customers enjoy the service/goods, then the organization would be highly successful.
Competitors are another factor of the organization. Competitors are organizations that provide similar good/services to the general public, if the competitor’s service/good are better, then they competitors can steal market share of the organization and could lead to its demise. This can be seen when Tucker bag closed as a result of insufficient market share in the late 1990’s. However, competitors also give a means of benchmarking.
Suppliers are another crucial factor to the organization- and its endeavor to reach its objectives. Of supplies are good quality and on time, then the organization is likely to be successful. Has not delays or conflict would arise. However, if suppliers are poor, For eg- if Holden had poor suppliers- the production would be late and parts can be faulty- thus leading to serious inefficacy.
Name one financial and one non-financial KPI:
KPI or key performance indicators are like little checkpoints that are put in place to ensure/aid the organization in its endeavor to meet its required objectives. A finical KPI could be to increase profit by 10% this financial year.
A non-financial KPI can be to ensure that customers are happy with the products and services the organization if offering
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Define the term ‘Organisations’
An organization is any type of company that has workers who strive to meet the company’s objectives. An organization can be in existence to make profit, can be government owned, a government business enterprise or a non-profit organization. Further, organization can be classified as either large, medium, or small, and can operate in either the private or public sector.
Your definition is wrong. You've stated that an organisation IS a company, then said an organisation can be in existence to make profit (the definition of a company). An organisation does not necessarily have to be a company, as you've proved later in your definition. Rather, the definition I use is 'An organisation is an entity consisting of people working in a planned and coordinated way to achieve a common objective'. After that, I think it would appear to the examiner that you're pretty much just regurgitating all the theory you know on organisations, rather than providing an actual definition for the question. I reckon a better way to secure the mark would be to give an example of an organisation, and explain its relation.
List 3 features of an LSO
200+ employees
200 million dollars worth of assets
Can anyone think of anything else?
I've got 'Revenue is in the millions of dollars' (very vague, I know), 'Profit is in the millions of dollars' (Also not a very good one), 'Extent of operations: Operations are multinational or transnational' and 'Management structure: Clear distinction of power between owners and managers'. The last two are probably better, especially since they move away from the financial side of defining, and they're more specific too. Don't really like the first two...
Discuss a public company: Public companies are owned by, as their name suggests, the public. They are located on the ASX and shareholders are the rightful owners of the orgniasation. Most public companies aim to make a ‘buck’. An example of a public company is BHP Biliton.
Might be better to say at least 'partially' owned by the public. The one I usually say is that 'Public companies are companies which have floated on the sharemarket and thus are partially owned by members of the public.'
Private company: A private company- in contrast to public companies- can be owned by private investors. Private companies can have as little as one owner- or be a joint group of 50 part owners. It is important to note that shareholders do not own this company, and if the company were to go bankrupt- the owner of the organization would be liable for the expenses
Better to say they're 'only' owned by private investors/shareholders, not 'can'. It's also incorrect to say that 'shareholders do not own this company' as private investors are still shareholders; they're just not PUBLIC shareholders. Again, give an example - examiners love it. First example that comes to mind is RipCurl.
I'll check over the rest when I have time...
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Thank you so much AMA- you're awesome. Sorry about the fact that my answers are crap, lol
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Define the term ‘Organisations’
An organization is any type of company that has workers who strive to meet the company’s objectives. An organization can be in existence to make profit, can be government owned, a government business enterprise or a non-profit organization. Further, organization can be classified as either large, medium, or small, and can operate in either the private or public sector.
Your definition is wrong. You've stated that an organisation IS a company, then said an organisation can be in existence to make profit (the definition of a company). An organisation does not necessarily have to be a company, as you've proved later in your definition. Rather, the definition I use is 'An organisation is an entity consisting of people working in a planned and coordinated way to achieve a common objective'. After that, I think it would appear to the examiner that you're pretty much just regurgitating all the theory you know on organisations, rather than providing an actual definition for the question. I reckon a better way to secure the mark would be to give an example of an organisation, and explain its relation.
List 3 features of an LSO
200+ employees
200 million dollars worth of assets
Can anyone think of anything else?
I've got 'Revenue is in the millions of dollars' (very vague, I know), 'Profit is in the millions of dollars' (Also not a very good one), 'Extent of operations: Operations are multinational or transnational' and 'Management structure: Clear distinction of power between owners and managers'. The last two are probably better, especially since they move away from the financial side of defining, and they're more specific too. Don't really like the first two...
Discuss a public company: Public companies are owned by, as their name suggests, the public. They are located on the ASX and shareholders are the rightful owners of the orgniasation. Most public companies aim to make a ‘buck’. An example of a public company is BHP Biliton.
Might be better to say at least 'partially' owned by the public. The one I usually say is that 'Public companies are companies which have floated on the sharemarket and thus are partially owned by members of the public.'
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Private company: A private company- in contrast to public companies- can be owned by private investors. Private companies can have as little as one owner- or be a joint group of 50 part owners. It is important to note that shareholders do not own this company, and if the company were to go bankrupt- the owner of the organization would be liable for the expenses
Better to say they're 'only' owned by private investors/shareholders, not 'can'. It's also incorrect to say that 'shareholders do not own this company' as private investors are still shareholders; they're just not PUBLIC shareholders. Again, give an example - examiners love it. First example that comes to mind is RipCurl.
I'll check over the rest when I have time...
with the bolded part might be worth to add in that it is in the private sector