Business Studies Year 11 Term 1 Test

Front 1

What are the roles of business (acronym)

Back 1

WIPES ICEQ

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WIPES ICE Q

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Roles of business

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WIPES ICEQ

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Wealth, income, profit, employment, services, innovation, choice, entrepreneurship, quality of life,

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The three geographical spread of business

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Local, National, Global

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Local, National, Global are related to

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Geographical spread

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How can business be classified

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Size, geographical spread, Industry, Legal,

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Small business are classified by

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fewer the 100 employees, manufacturing goods

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medium business are classified by

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20 and 199 employees

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Large business are classified by

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has over 200 employees

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What are the industry sectors

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Primary, secondary,tertiary, quaternary, quinary

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Primary

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Business that are involved in the accusation of raw materials including natural resources

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Secondary

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Business that use raw materials combined with labour, capital and equipment to create finished products

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tertiary

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Businesses who's prime function is related to providing a service

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Quartinerary

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Businesses that provide information services to their customers e.g. banks and media

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Quinary

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Business's that provide services that are traditionally preformed in the home e.g. take away food restaurants

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What are the types of legal structure

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Sole trader, partnership, Private company, public company, government enterprise

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what is a sole trader

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An un-incorperated business with one owner, They operate a business on there own have unlimited liability

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What is a partner ship

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An unincorporated businesswith more than one owner.

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What is a company

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Limited liability which means they are legal entities to there owners

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What is a private company

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A businessthat has limited liability andbetween one and 50 owners. (can be spotted as Pty Ltd)

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What is a public company

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Businessthat is listed on the AustralianSecurities Exchange andhas ownership open to allmembers of the public.Public companies havelimited liability. Seen as (LTD)

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What are government enterprises

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ask someone

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What are cooperatives

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Company in which which owners buy share in the cooperative and receive deadness

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What are Trusts

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A trust is an organisation that is responsiblefor managing the assets on behalf of anindividual or a group of individuals. Allocation of assets are determined by professionals.

Front 25

What is an overview of the business environment

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The business environment refers to the surroundings that a business must operatewithin

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What are the two catergoies of the business environment and there acronyms

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Internal environment: PLMBR

External environment: MCPIGSLEFT

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MCPIGSLEFT

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Market, Competitve situation, political, Instiuional, Geographical, social, legal, economic, financial, technological

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Market

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Businesses need to produce quality goods at a competitive pirce-bussnines begin to foucs on 1 core function and outsource the rest, They need to adapt to the changing market

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Competitive situation

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The competitive situation is influenced by thenumber of competitors and the ease of entryinto the marketplace.

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Political

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election leads to business uncertainty orbusiness confidence, depending on the winningparty’s policies. Effects it through changes in policy i.e GST, Trade agreements, privatisation

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Institutional

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Institutions that effect the company such as Environment Protection Authority (EPA), Australian Taxation Office (ATO), The Australian Securities and InvestmentsCommission (ASIC), The Australian Competition ConsumerCommission (ACCC), Trade unions, Employer associations

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Geographic

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Changes to thedemographics of Australia’s population have resulted in geographic changes. Geographicinfluences on Australia include:uIts locationin the Asia-Pacific region Rural-urbanmigration Sea changers Increasedaverage are Heat seekersuIncrease inrefugees and migrants Rapid economicgrowth of neighbouring countries Increasedinternational recognition

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Social

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Businessesneed to be aware of community needs, opinions and attitudes and respond tochanges in their tastes and expectations. Businesses cankeep a link with the community though contributing to the communities qualityof life e.g. sponsoring spot teams

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Legal

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Parliamentchanges law through the judicial system and common law. The governmentregulation of business aims to cover environmental and consumer protection,competition, OHS and industrial relations

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Economic

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The economiccycle refers to the changes in consumer and business spending over a period oftime. It influences: The level ofemployment and investment in an economy Theprofitability of businessuThe amount ofgoods and services producedEmployment is the key to any economy

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Financial

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Deregulation, debtfinance (provided by banks), Equity finance (provided by owners)

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Technology

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Developmentsin technology lead to increased efficiency and productivity Create newopportunities for invention and innovationuIncreased theavailability, quality and price of goods and services Not alladvancements are advantageous Can lead tonew laws, new training needs and costs.

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What is plmbr

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Product,Location,mangant,Business culture,resources

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Product

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impact the way a business acquires, storesand distributes its product.

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Location

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Actual location (How close to target market and cost), visibility (attracts customers), proximity to competitors, proximity to support services closer to delivers cases lest sot

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Business culture

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The informal,unwritten rules andprocedures followed in abusiness. It is a business’sway of doing things. Forexample, a business mayhave a generally accepteddress code of smart casual.

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Managment

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How the business how it is run and its resources

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Resources

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Financial resources, input resources, staff resources

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The stages of the business life cycle

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Establishment, growth, maturity, post maturity

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What are the sectors of the post maturity stage

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Cessation, decline, steady state, renewal

Front 46

What legal structure would a unincorperated business be

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Sole trader and partnership

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What lineal structure would an incorporated business have

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Public or private

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What are the natures of management

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Plaining, controlling, leading, interdepedndant

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What are the key results from effective management

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Increase, profitability, increase sales, growth of business, increase share price community involvement and environmental management

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What does effective management do to a business

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Business is successful in achieving its goals (minimising cost and maximising efficiency). And increase productivity

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How is productivity measured

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Total output over units of labour=x

Then divide x but time taken

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What are the features of effective management

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Interpersonal, communication, strategic thinking, Vision, flexibility, adaptability, resolving conflicting interests of stake holders

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Interpersonal

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change behaviour to suit the situation. Interact and communicate with individuals in organisational environment. Includes: verbal communication, body language, listening skills, negotiation, problem solving, decision making, Assertiveness

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Communication

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Able to give ideas clearly and understand through listening. Used in negations to achieve business goals.

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Strategic thinking

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Strategic thinking-long run 3-5 years

tactical planning- medium term usually 1-2 years. it is flexible and adaptable

Short term- specific details about th way in which a business will operate in short term

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Vision

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Consider future developments, have a common goal, chasing dreams expected to be long term to to 15 years

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Problem solving

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identify, explore, select, test, evaluate

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flexibility

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Ability to modify plans and establish contingency plans

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Adaptability

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Always look for answers to problems change has created also be able to identify the problem

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Conflicting interests in stake holders

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Be able to sought situations out with those within the business

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What is the acronynm of achieving business goals

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SMART

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what does SMART mean

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Specific, manageable, achievable, realistic, timely

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What areas does SMART relate to

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Profit, market share, Growth, share price, social goals, enviromental goals, staff involvement

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Profit

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management implements strategies to boost profit.

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Market share

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Is related to sales volume. A increase market share leads to an increase in profits. Market share is the % of total sales a business has compared rival business. Manger may decrease profits in the from of price per good in short term to boost market share.

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Growth

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Related to a business increase in profitability. Increase in size of business. Taking over companies. Taking over suppliers. Acquiring different business in other areas. exporting or investing overseas. increase inn growth leads to greater financial security.

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Share price

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value of shares indicates total value of business. High share price lead to a decrease in corporate raiding (can't buy a controlling share). Achieved in well managed business in areas such as low debt payments and high divid ends

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Environmental

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Accoutning for the environment by decreasing pollution. reducing carbon foot print.

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Staff involvement

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Innovation: Staff creating new products

Motivation: Staff work hard to achieve goals

mentoring: Providing surrport to the staff

Training: Ensurinring staff have skills they need

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What are the three types of Management approaches

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behavioural and classical and contigency

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What are the factors of classical management structure

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organising, leading, planning controlling

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What are some key features of Classical approach

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Very heighrarical, works on the idea the harder you work the employee the better the product and more output, workers are focused on specific task

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Planning in the classical approach

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manger determine direction of the business. Takes into account goals and objectives of the bussiness and the current position of the business, establish strategies. Strategic, tactical operational

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Organising in the classical approach

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what will be done

who will do it

who it will be done

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What does what will be done in the organising classical approach talk about

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Determine the work activities, which are broken down into smaller steps

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What does who will do it in the organising classical approach talk about

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classifying and grouping activités into specfifc departments and allocating appropriate employees and resources to each department

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What does how will it be done in the organising classical approach talk about

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assigning work to individuals annd dellegating authority to supervisors sot that employees work can be complete d

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What is involved int the controlling sect of classical structure

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Manger compare results achieved with what was planned, compare performance with goals and determine if objectives have not been met which may lead to change, they need to establish standards when comparing goals with results, tradition would use math to work what ouput should be

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What is a classical organisation structure

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have a chan of command pyramid shape, divide one task into many little jobs, bueracry collection of diescison making figures, autocratic leadership style

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Downside to classical approach

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Employees not motivated to work

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Strengths of classical approach

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Reduction waste high training employees matched to jobs

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behavioural aparoach over view

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Worked spread among teams, democratic style leader ship, employees can give and make suggestions, employees motivated, more time spent in hr, employees motivated to work

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What does behaviroal focus on

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leading

motivating

communcation

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Benefits of beahiroal approach

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Higher output for workers as augment takes in human aspect of work force which lead to an increase in productivity. high omunication

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motivating in beahviroal approach

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Motavtion int erms or prasie, rewardsacknowldegemtn provides motivitwates workers resulting in higher production rate and increase in self worth

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communication In behavioral

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Surports two way communication allowing for flow of ideas and employees feeling apart of the business. it includes workers in discussion making

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TEAMS IN BEAHVIORAL

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Involvs groups of people interacting regularly and working towards a common goal. Allows for a range of skill. Design making mor collaborative there fore employees feeling mor motivated

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What leadership style is behavioral

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democratic

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What is beahrioals leadership style and what does it mean

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Employees are incourged to share the opinion

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DONE

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DONE