HSC Business Studies Question Thread

[emilyygeorgexx]

If you're asked to reccommend a source of finance for $5M factory expansion, what would you choose?

Personally, I would go with long-term debt finance through the source of leasing. This is mainly because the repayments are tax deductible and if the business ever wanted to make upgrades/changes to the factory the onus would be on the lessor to make the changes rather than the lessee

[Tristan1]

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.

[fantasticbeasts3]

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!

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!

[Mada438]

Hey!

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!

FB3 pretty much nailed it. But to add on..
Could you also look at E-marketing? i know it's not specifically under "global mktng strategies" but it still applies in the situation i reckon
Also, don't forget about promotion, there is also global branding to consider.
And to also add onto place.. global pricing also applies as it involves Adapting pricing methods and strategies to suit the local market . You can have customised pricing, mkt customised pricing or standard worldwide pricing

[joemassoud]

Hey Guys,

I have attached the description of a company I have to write a business report on.

If someone can suggest what I can write and in what structure that would honestly be awesome.

Thanks in advance!

[jiliaaan]

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!

[emilyygeorgexx]

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!

Hey!

So I would break down this essay question into 2 parts, the marketing strategies and the strategic goals.

Essentially, we know that the strategic role of marketing is to achieve profit maximisation, so basically the question is saying what strategies can business implement to achieve profit maximisation. So thats that bit covered.

When talking about the strategies there are so many listed on the syllabus so you probably want to be selective in the ones that you choose to use. So from the syllabus the marketing strategies are:
* Market segmentation
* Product/service differentiation and positioning
* Product
* Place
* Promotion
* Price
* People, processes and physical evidence
* E-marketing --> this can always be linked to promotion strategies such as social media advertising
* Global strategies

The easiest strategies to attack are probably always going to be the 4P's so if you're really stuck then maybe go with those as the 3 or 4 strategies that you decide to use.

The next part is finding case studies to support your paragraphs. As you need to assess the effectiveness of the strategies, you need to find businesses that have successfully implemented your chosen strategies, using statistics and judgement in your response to back these up. This will then allow you to satisfy the effectiveness bit of the question. REMEMBER TO ALWAYS LINK IT BACK TO PROFIT MAXIMISATION AS THAT IS THE STRATEGIC ROLE!

Hope this helps!

[Mada438]

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!

Hey!
So Emily is on the ball here and I'm gonna add onto it.
Now assessing the effectiveness is saying: How effective is it? Present your evidence (case study) to deem how effective it is
My teacher kinda edited ALARM scaffolds for business studies. It goes like this
Name, define, describe
Action
Results
Significance
When you break it down it would look something like this:
Strategy A ----> Name, define, describe[/i] (Emily listed the marketing strategies)
How effective is it?---->Case study

• What strategy do they use and how do they use it (Action)
• How effective is this strategy in achieving their strategic goals (results)

What is the overall significance?

Repeat for 3-4 body paragraphs

Now results and significance kinda blend together a bit. Adding the significance part is what gives you the complexity required for an A. Given the question, the results/significance part is where you are doing the assessing using real-life statistics and evidence to back yourself up.

Good luck! 

[jiliaaan]

Thank you so much for help!

[Razeen25]

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!

[isaacdelatorre]

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

[MisterNeo]

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
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!

[Razeen25]

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

Woah, THANK YOU SO SO MUCH!!. Bless your soul :'').

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!

AHH, it can be really specific, thank you so much for your advice!! I'm going to implement it this week : )!

[emilyygeorgexx]

Hey!

Just looking for a quick clarification. When talking about EEO, is it a legal requirement that businesses must implement affirmative action measures within 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!

[Opengangs]

Hey!

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!

Hey, emilyygeorgexx.

By law, employers are required to provide a workplace that's free from discrimination under the Equal Employment Opportunity Act (1987). However, employers may be exempt if they have shown that they have implemented all of the steps to prevent discrimination from occurring within the workplace.

Hopefully this helps!