Business Studies - HSC Course - created from Mind Map

Operations 30 hrs Roles of operations management Influences Operations processes Operations Strategies

Marketing 30 hrs role of marketing influence on marketing marketing process marketing strategies

Human Resources 30 hrs Role of HR management key influences processes of HR management Strategies in HR management effectiveness of HR management

Finance 30 hrs role of financial management influences on financial management processes of financial managemnt financial management strategies

Source from the Board of Studies NSW-Stage 6 Syllabus - Prepared by Lydia Le 2013

The Focus:  -to examine the strategies of Operations for large businesses - to discuss and analyse  processses of Operations from input points ( such as raw materials, and  other overheads) to outputs of delivering finished goods or services to the markets and consumers

-Strategic roles of operations management: cost leadership, good/service differentiation -Goods and/or services in different industries -Interdependence with other key business functions

-Globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability -Corporate social responsibility: + the different between legal compliance and ethical responsibility + environmental sustainability and social responsibility

*Inputs:      - Transformed resources (materials, information, customers)      - Transforming resources (humance resources, facilities)*Transformation processes     - the influence of volume, variety, variation in demand and visibility (customer contact) - Gratt charts, critical path analysis      -sequencing and scheduling *Outputs:       -customer service       -warranties

*Performance objectives: quality, speed, dependability, flexibility, customisation, cost *New product or service design, and development *Supply chain management: advantages, disadvantages of holding stock, LIFO (last-in-fist-out), FIFO (first-in-first-out), JIT (just-in-time) *Quality management:         -control         -asurrance         -improvement *Overcoming resistance to change: - financial costs, purchasing new equipment, redundancy payments, retainig, reorganising plant layout, inertia *Global factors: - global sourcing, economies of scale, scanning and learning, research and development

*strategic role of HR *interdependence with other key business functions  *outsourcing:        -HR functions        -using contractors: domestic, global

*stakeholders: employers, employees, employer associations, unions, government organisations, society *legal:     -the current legal framework     -the employment contract: common law (rights and obligations of employers and employees), minimum employment standards, minimum wage rates, awards, enterprise agreements, other employment contracts     -OHS (occupational health and safety), and workers compensation     -antidiscrimination and equal employment opportunity *economic *technological *social: changing work patterns, living standards *ethics and corporate social responsibility  

*acquisition *development *maintenance *separation

*leadership style *job design: general or specific tasks *recruitment: internal or external, general or specific skills * training and development: current or future skills *performance management - developmental or administrative *rewards: monetary or non-monetary, individual or group, performance pay *global: costs, skills, supply *workplace disputes     -resolution -negotiation, mediation, grievance procedures, involvement of courts, and tribunals      

*strategic role of financial management *objectives of financial management    -profitability, growth, efficiency, liquidity, solvency    -short-term, and long-term *interdependence with other key business functions    

*internal sources of finance - retained profits *external resources of finance    -debt - short-term borrowing (overdraft, commercial-bills, factoring), long-term borrowing (mortgage, debentures, unsecured notes, leasing)    -equity - ordinary shares (new issues, rights issues, placement, share purchase plans), private equity *financil institutions - banks, investment banks, finance companies, superannuation funds, life insurance companies, unit trusts and the Australian Securities Exchange *influence of government - Australian Securities and Investments Commision, company taxation *global market influences - economic outlook, availability of funds, interest rates          

*planning and implementing - financial needs, budgets, record systems, financial risks, financial controls   -debt and equity financing - advantages, disadvantages of each   -matching the terms and source of finance to business purpose*monitoring and controlling - cash flow statement, imcome statement, balance sheet*financial ratios   - liquidity - current ratio (CAs  / CLs)   - gearing - debt to equity ratio (total liabilities / total equity)   -profitability - gross profit ratio (gross profit / sales), accounts receivable turnover ratio (sales / accounts  receivable)   -comparative ratio analysis - over different time periods, against standards, with similar businesses *limitations of financial reports - normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to the financial statements *ethical issues related to financial reports    

*indicators:   -corporate culture   -benchmarking key variables   -changes in staff turnover   -absenteeism   -accidents   -levels of disputation   -workers satisfaction

*cash flow management   -cash flow managements   -distribution of payments, discounts for early payment, factoring*working capital management      -control of current assets - cash, receivables, inventories    -control of current liabilities - payables, loans, overdrafts  

*strategic role of marketing goods and services *interdependence with other key business functions *production, selling, marketing approaches *types of markets - resource, industrial, intermediate, consumer, mass, niche

*factors influencing customer choice - psychological, sociocultural, economic, government *consumer laws   -deceptive and misleading advertising   -price discrimination   -implied conditions   -warranties *ethical - truth, accuracy, and good taste in advertising, products that may damage health, engaging in fair competition, sugging

*situational analysis - SWOT, product life cycle *market research *establishing market objectives *identifying target markets *developing marketing strategies *implementation, monitoring and controlling - developing a financial forecast, comparing actual and planned results, revising the marketing strategies

*market segmentation, product/service differentiation and positioning*products - goods and/or services   -branding   -packaging*price including pricing methods - costs, market, competition-based   -pricing strategies - skimming, penetration, loss leaders, price points   -price and quality interaction*promotion   -elements of the promotion mix - advertising, personal selling, and relationship marketing, sales promotions, publicity and public relations   -the communication process - opinion leaders, word of mouth*place/distribution   -distribution channels   -channel choice - intensive, selective, exclisive   -physical distribution issues : transport, warehousing, inventory *people, processes, and physical evidence *e-marketing *global marketing    -global branding,    -standardisation    -customisation    -global pricing    -competitive positioning      

Business Studies - HSC Course

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