Business Studies Marathon (2 Viewers)

[sophia711]

Exam not far away! Let's do some last minute practice with a marathon.

For those who don't know, you answer the question from the person above you. After your answer give a new question for the next person.

I'll start us off


A business has decided to replace its labour-intensive manufacturing process with a
new automated system.
Outline TWO management skills that could be used in implementing this
change

 

[TomTom123]

PAV PETS

PEOPLE SKILLS interact with those employees whilst implementing
and
strategic thinking covert or even overt action may transpire as a result of this change, as employees may feel threatened by this change take this opportunity to possibly offer flexible hours to distract or deter such possible acts

 

[TomTom123]

What are the legal and ethical aspects of marketing?

 

[TomTom123]

consumer law, sngging and ecological sustainability as well as environmentally friendly products

 

[kaur154]

Discuss strategies to improve the current ratio of a business.

 

[pwettigurl]

Outline 2 types of rewards to motivate employees and assess its impact on one efficiency ratio.

 

[TomTom123]

current ratio = CA over CL basically liquidity

Factoring
Leasing
Sale and lease back
Management of debtors
e.g. incentives for early repayments
Management of inventory
e.g. JIT system = less stock wastage. Keeping stocks level to a minimum

Acquire short term finance e.g. bank overdrafts overdrawing on your current balance or acquire venture capital if idea is unique.

 

[pwettigurl]

Discuss strategies to improve the current ratio of a business.

Cash - sale-lease back..a business can lease its non current assets to a firm that specialises in selling assets. the cash received from the sale can be put into the business' bank account which increases the value of the current asset.
Accounts receivables- factoring- speeds up cash in flow in to business
Inventory- JIT management system. a business should ensure it does not have too much cash invested in raw material hence they can access stock only when they need it.

Liabilities:
accounts payable- stretch accounts payable by paying its invoices on the last possible day they are due so that the business keeps enough money at hand to pay more urgent liabilities.
overdrafts- a business must ensure that all money recived is promptly deposited into their overdraft account to reduce the amount owing.

 

[krnofdrg]

Outline 2 types of rewards to motivate employees and assess its impact on one efficiency ratio.

(non financial) fringe benefits- company car, education expenses, medical plan, discounts, holiday expenses and others

Monetary benefits (financial)- bonus, share options or offers, profit sharing, pay rise.

More expenses incurred from rewards , impacting expense ratio (business's expenses increase). Expense ratio goes up.

 

[TomTom123]

Outline 2 types of rewards to motivate employees and assess its impact on one efficiency ratio.

Financial rewards
monetary bonuses
family programs
Non Financial rewards
Apparisall/recognition

Accounts receivable turnover ratio = sales over avg total of receivables

This ratio determines the efficiency of creditors collecting from debtors. The the ratio the more efficient the business it is therefore able to ensure liquidity and meet short term obligations as well as enable the business to rewards its employees

 

[mitchh81]

evaluate the change from collective bargaining to enterprise agreements on the productivity of the business?

 

[Kingportable]

evaluate the change from collective bargaining to enterprise agreements on the productivity of the business?

Shifting from collective bargaining to enterprise agreement as it is facilitated by Fair Work Australia has evolved workplace relations and dialogue into a more efficient system. Rather than running into workplace issues before it is acted upon, this method of work place negotiations through Enterprise Agreements fleshes out all the key issues and needs of a workplace rather than waiting for them to arise. Enterprise agreements minimise the probability of workplace issues and need of having a collection of collective bargaining or lobbying or the need of work place disputes before an ideal workplace arrangement is formed.

 

[Kingportable]

Explain how human resources is interdependent with other key business functions using a case study.

 

[s8891]

This should be the most appropriate thread to ask my questions..

1. Explain TWO product strategies that a business could use to help improve sales.
Is it just branding and packaging? or are there others?

2. Discuss methods that a business can differentiate its product from competitors.
What are the 'methods/ways'? Better quality, unique features?

 

[mike12345678]

1) there are heaps of strategies for product. if you look at a case study like qantas they use scheduling features, comfort based features, branding and the frequent flyer scheme
you can also use product differentiation which is your next point.

2) functionality (how well it works), appearance (how good it looks/tidiness), customer service levels, dependibility/reliability (for Qantas - arriving on time), environmental sustainability of their products (ie can be recycled, uses less packaging), augmented features (any bonuses- with a phone you get a car charger), added features (new smartphones with new apps)

so theres heaps that you can talk about

 

[atar90plus]

Finally a thread where I can ask my questions

1. Discuss the balance between cost and quality in operations strategy?

2. Explain why corporate social responsibility is a key concern in operations management?

 

[findx]

Finally a thread where I can ask my questions

1. Discuss the balance between cost and quality in operations strategy?

2. Explain why corporate social responsibility is a key concern in operations management?

1. You talk about the cost-quality interaction. Higher costs = Better quality. Thats the perception a customer usually has
2. Talk how Consumers are now more aware of issues associated with the product e.g. recyclable materials etc

 

[Examine]

Explain the benefits of conducting performance appraisals

 

[ThePeachState]

what is the difference between outsourcing and contractors??? I don't understand

 

[Kingportable]

Contractors are separate businesses (external) hired to do work for the business, while outsourcing is people situated internally in the businesses either through overseas operations or directly from another business, nation or part of the country.