HSC 2015-2016 Business Studies Marathon (archive) (2 Viewers)

[swagmeister]

There wasn't a business studies marathon for this year (if so sorry, didn't see it) so I thought I would start one, the one on the economics thread has been really useful. For those that don't know, answer a question and ask another one. Gonna start with a bit of a kicker:

Differentiate between a bill of exchange and a letter of credit as methods of international payments, suggesting which one exporters and importers would prefer (4 marks)

 

[mreditor16]

Re: 2015 Business Studies Marathon

BUMP!

 

[astroman]

Re: 2015 Business Studies Marathon

BUMP

 

[aanthnnyyy]

Re: 2015 Business Studies Marathon

There wasn't a business studies marathon for this year (if so sorry, didn't see it) so I thought I would start one, the one on the economics thread has been really useful. For those that don't know, answer a question and ask another one. Gonna start with a bit of a kicker:

Differentiate between a bill of exchange and a letter of credit as methods of international payments, suggesting which one exporters and importers would prefer (4 marks)

Bill of Exchange is a written order that requires the importer to make a specified payment for the goods while..

Letter of Credit is a letter from one bank to another bank guaranteeing payments to be made to the exporter, all conditions are handled by the bank.

Thus letter of credit is preferred by the exporter as they are guaranteed the payment (less risk) while the importer is made sure no payments until goods received.

For a Bill of exchange since there is a set date on the payment, the exporter does not prefer this method of payment because goods may not arrive. Importer prefers as they can enjoy the full credit period before due.

 

[swagmeister]

Re: 2015 Business Studies Marathon

Bill of Exchange is a written order that requires the importer to make a specified payment for the goods while..

Letter of Credit is a letter from one bank to another bank guaranteeing payments to be made to the exporter, all conditions are handled by the bank.

Thus letter of credit is preferred by the exporter as they are guaranteed the payment (less risk) while the importer is made sure no payments until goods received.

For a Bill of exchange since there is a set date on the payment, the exporter does not prefer this method of payment because goods may not arrive. Importer prefers as they can enjoy the full credit period before due.

2/4

Good answer but a few things:
-there is a date set on the payment for a bill of exchange
-you haven't really differentiated from them that well

I'm still researching this topic right now but the thing I have come up with is that a letter of credit is a payment mechanism (bank just guarantees the transaction will occur) whereas a bill of exchange is a payment instrument (money is all ready to be transferred once conditions are met)

 

[BLIT2014]

Re: 2015 Business Studies Marathon

There wasn't a business studies marathon for this year (if so sorry, didn't see it) so I thought I would start one, the one on the economics thread has been really useful. For those that don't know, answer a question and ask another one. Gonna start with a bit of a kicker:

Differentiate between a bill of exchange and a letter of credit as methods of international payments, suggesting which one exporters and importers would prefer (4 marks)

Okay I may be a tad rusty. I'll have a look to see if I've answered this question before in a practice paper or something later.

Letter of Credit
This refers to a document which is issued by a bank to the seller (exporter) of goods that has specified instructions from the purchaser of goods(importer) giving the seller(exporter)
authorisation to draw a specified sum of money from purchasers (importer) bank account once certain conditions have been met (e.g goods have arrived,receipt of shipping transaction etc).

Bill of Exchange
The bank acts as an intermediary for the exporter and their representative releases the exports when the importer meets all the conditions laid down in the shipping documentation. The bank ensures that the importer receives its goods and the exporter is paid.



This has pretty good definitions for this dot point -Methods of international payment-payment in advance, letter of credit, clean payment, bill of exchange

http://cws.cengage.co.uk/madura_fox/students/glossary/glossary.pdf

 

[aanthnnyyy]

Re: 2015 Business Studies Marathon

2/4

Good answer but a few things:
-there is a date set on the payment for a bill of exchange
-you haven't really differentiated from them that well

I'm still researching this topic right now but the thing I have come up with is that a letter of credit is a payment mechanism (bank just guarantees the transaction will occur) whereas a bill of exchange is a payment instrument (money is all ready to be transferred once conditions are met)

Thanks for feedback ye I read that somewhere too that letter of credit isn't an actual payment but a mechanism whole bill of exchange is a payment

 

[swagmeister]

Re: 2015 Business Studies Marathon

Thanks for feedback ye I read that somewhere too that letter of credit isn't an actual payment but a mechanism whole bill of exchange is a payment

Ok let's move on to the next one, something a little bit easier.

Explain two advantages and two disadvantages of outsourcing production overseas- 6 marks

 

[FlameLash]

Re: 2015 Business Studies Marathon

Ok let's move on to the next one, something a little bit easier.

Explain two advantages and two disadvantages of outsourcing production overseas- 6 marks

Outsourcing production overseas can lead to cost savings as labour laws in other countries may be less strict. This means the business can become more competitive on a global scale and possibly cost leadership due to the lower cost of goods sold.

Outsourcing can also entail better quality products because there may be better quality resources and better skilled workers in the region. Again, this can lead to the business becoming more competitive due to the provision of a better value for money product.

However, a disadvantage of outsourcing is the lack of ability the business has in monitoring and controlling the production processes. This can result in poor practices and procedures within the production process going unnoticed by domestic management, and thus can lead to a worse quality product.

Finally, outsourcing to regions with less labour regulation can bring up the issue of unethical business practices. This can result in poor publicity, and due to the increasing importance of marketing and corporate social responsibility, can affect the business reputation causing a loss in sales.


Distinguish between legal compliance and ethical responsibility, using examples to illustrate your answer - 4 marks

 

[swagmeister]

Re: 2015 Business Studies Marathon

Legal compliance refers to policies that the business must adhere to in order to avoid breaking the law, while ethical responsibility refers to the responsibility of business' to act in a positive way, even if they are not legally obliged to. For example, legal compliance might require a business to dispose of waste in a certain way, while ethical responsibility may be to minimise carbon emissions.

"Explain the strategic role of marketing" (3 marks)

 

[FlameLash]

Re: 2015 Business Studies Marathon

The strategic role of marketing is primarily concerned with profit maximisation by communicating with consumers. This is established in a marketing plan which outlines the strategies the business will implement in order to meet its objectives. In marketing, the business will attempt to persuade consumers to purchase their products, and in doing so, can also increase the probability of repeat sales. Thus, the business can expand, leading to an eventual increase in profitability and therefore long term success.

Explain two benefits of economies of scale arising from growth in business operations (4 marks)

 

[swagmeister]

Re: 2015 Business Studies Marathon

The strategic role of marketing is primarily concerned with profit maximisation by communicating with consumers. This is established in a marketing plan which outlines the strategies the business will implement in order to meet its objectives. In marketing, the business will attempt to persuade consumers to purchase their products, and in doing so, can also increase the probability of repeat sales. Thus, the business can expand, leading to an eventual increase in profitability and therefore long term success.

Explain two benefits of economies of scale arising from growth in business operations (4 marks)

Firstly, achieving economies of scale will result in lower production costs for business'. This means that their profitability will increase, and also provides the opportunity to lower prices while maintaining the same level of profitability. Secondly, as achieving economies of scale results in increased output, greater specialisation occurs because workers are likely to have less jobs, as it will take more time to do their current ones. This can also lead to increased quality and less errors in the transformation process.

(not too sure about the second one)

"Describe the features of operations management for businesses in a tertiary industry" (6 marks)

 

[kevinsta]

Re: 2015 Business Studies Marathon

Bump!

 

[Flop21]

Re: 2015 Business Studies Marathon

bump

 

[obliviousninja]

Re: 2015 Business Studies Marathon

Explain the relationship between the 4 business functions using 5 case studies (20mkr)

 

[swagmeister]

Re: 2015 Business Studies Marathon

Explain the relationship between the 4 business functions using 5 case studies (20mkr)

This question (without the 5 case studies bit) would actually be pretty interesting.

I'm not sure how I would end up structuring it - probably not split it up in terms of the business functions but in terms of the case studies but it would definitely be really weird to structure it...

 

[astroman]

Re: 2015 Business Studies Marathon

Anyone recommend a good business for HR info?

 

[Traxoom73]

Re: 2015 Business Studies Marathon

Anyone recommend a good business for HR info?

Qantas

 

[astroman]

Re: 2015 Business Studies Marathon

Qantas

No fuck Qantas, so boring

 

[BLIT2014]

Re: 2015 Business Studies Marathon

No fuck Qantas, so boring

David Jones