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
I'm not sure whether I could help you a lot in this but from my perspective to answer these questions you have to address the key directive terms 'explain' and 'compare'. So, now let's approach the questions
- 'explain' provide causes and effects of the issues. So here, you have to be able to identify which are the short and long term financial objectives of the business. Say for example profitability is more likely to be considered as SHORT TERM financial objective of the business. As the business wants to have enough money to allocate into different areas and improve its cash flow therefore it could be more profitable and attract shareholders etc. However, this short term objective is conflicted with the long term objective of growth as this objective requires the business to save their money on labours, production processes, minimise expenses on the use of resources etc and can even use the profits to reinvest the business in the long run. I know that it's not a good explanation but I hope I direct you somewhere now
- why goods and services are central to both marketing and operations? with this question i'd like to always think about the interdependence links between the two. We know that goods and/or services are the essential part of the business. Therefore, the business would do ANYTHING just to maximise the quality of their products to achieve a competitive advantage. But how do they do that? So, here comes the marketing function as it plays a very important role in providing essential information to the operation function such as the changes in consumer tastes and preferences, variation in demands, conduct market research to understand more about the buying behaviours of potential and existing target market etc. Therefore, with all of these information it then can determine the operation function on how to make the product, how much should they make, and how are they going to meet the changes in tastes and preferences and thus, can satisfy customer's needs. etc. Also, once the products are produced it also relies heavily on the marketing function to inform the market about the products, persuade them to buy the products etc.
- this one lol you can write an extended response about it! There are so many strategies that you can talk about, just pick 2 or 3 (the ones that you know best and obviously have good case studies about them). Say 'technology' - leading edge or established technology. Here you can talk about how advances in technologies can help the business to reduce human errors, improve the productivity and transformation process of the business, minimise the use of resources and wastage which therefore can minimise the business expenses etc. As a result, this can have impact on the prices, allowing the business to achieve their role of cost leadership and therefore achieve a competitive adv over its competitors
- the advantages would be the increase in cultural awareness between one another, increase in productivity, worker satisfaction etc.
- enterprise agreements refer to the collective agreements that are made at a workplace level between an employer and a group of employee. This agreement will include rates of pay and overtime, allowances etc stuffs that are listed under the awards but it must be approved by fair work australia to implement based on the better off overall test, must not include any unlawful terms, have specific expiry dates, include a dispute resolution procedure etc. ON THE OTHER HAND, individual contracts refer to the common law contracts that are made as individual workers are hired on a long term basis to complete a unique task or duty. With this type of contract, it will offer higher pay rates than those who are contracted under the agreements or modern awards and their responsibilities are unique and customised to the individual worker. for example, a professional lecturer etc.
I HOPE THIS HELPS!
ONE MORE DAYYYYY YAY
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