-Ê 1- --Ê-/1 - sciencepress · 1. main topic statement from syllabus. 1.1 syllabus requirement....

Science Press

i OperationsDot Point HSC Business Studies

© Science Press 2012First published 2012

Science PressPrivate Bag 7023 Marrickville NSW 1475 AustraliaTel: (02) 9516 1122 Fax: (02) 9550 [email protected] www.sciencepress.com.au

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Science Press

iiiDot Point HSC Business Studies Contents

ContentsIntroduction vVerbs to Watch vi

Dot Points

Operations viiMarketing ixFinance xiHuman Resources xiii

Questions

Operations 1Marketing 43Finance 95Human Resources 159

Answers

Operations 209Marketing 221Finance 235Human Resources 253

Science Press

iv Dot Point HSC Business StudiesContents

Notes

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Science Press

vDot Point HSC Business Studies Introduction

Introduction

What the book includes

This book provides questions and answers for each dot point in the Board of Studies syllabus for the following topics in the Year 12 Business Studies course.

Format of the book

The book has been formatted in the following way:

1. Main topic statement from syllabus.

1.1 Syllabus requirement.

1.1.1 First question for this syllabus requirement.

1.1.2 Second question for this syllabus requirement.

The number of lines provided for each answer gives an indication of how many marks the question might be worth in an examination. As a rough rule, every two lines of answer might be worth one mark.

How to use this book

Completing all questions will provide you with a summary of all the work you need to know from the syllabus. You may have done work in addition to this with your teacher as extension work. Obviously this is not covered, but you may need to know this additional work for your school exams.

When working through the questions, write the answers you have to look up in a different colour to those you know without having to research the work. This will provide you with a quick reference for work needing further revision.

Science Press

vi Dot Point HSC Business StudiesVerbs to Watch

account, account for State reasons for, report on, give an account of, narrate a series of events or transactions.

analyse Identify components and the relationships among them, draw out and relate implications.

apply Use, utilise, employ in a particular situation.

appreciate Make a judgement about the value of something.

assess Make a judgement of value, quality, outcomes, results or size.

calculate

clarify Make clear or plain.

classify Arrange into classes, groups or categories.

compare Show how things are similar or different.

construct Make, build, put together items or arguments.

contrast Show how things are different or opposite.

critically (analyse/evaluate) Add a degree or level of accuracy, depth, knowledge

quality to an analysis or evaluation.

deduce Draw conclusions.

State the meaning of and identify essential qualities.

demonstrate Show by example.

describe Provide characteristics and features.

discuss Identify issues and provide points for and against.

distinguish Recognise or note/indicate as being distinct or different from, note difference between things.

evaluate Make a judgement based on criteria.

examine Inquire into.

explain Relate cause and effect, make the relationship between things evident, provide why and/or how.

extract Choose relevant and/or appropriate details.

extrapolate Infer from what is known.

identify Recognise and name.

interpret Draw meaning from.

investigate Plan, inquire into and draw conclusions about.

justify Support an argument or conclusion.

outline Sketch in general terms; indicate the main features.

predict Suggest what may happen based on available data.

propose Put forward a point of view, idea, argument or suggestion for consideration or action.

recall Present remembered ideas, facts or experiences.

recommend Provide reasons in favour.

recount Retell a series of events.

summarise Express concisely the relevant details.

synthesise Put together various elements to make a whole.

Verbs to Watch

Science Press

vii OperationsDot Point HSC Business Studies

1. Role of operations management 31.1 Strategic role of operations 3

management – cost leadership, good/service differentiation.

1.2 Goods and/or services in 5 different industries.

1.3 Interdependence with other 6 key business functions.

72.1 Globalisation, technology, quality 7

expectations, cost-based competition, government policies, legal regulation, environmental sustainability.

2.2 Corporate social responsibility. 102.3 Legal compliance and ethical 11

responsibility.2.4 Environmental sustainability and 12

social responsibility.3. Operations processes 133.1 Inputs. 133.2 Transformed resources (materials, 15

information, customers).3.3 Transforming resources (human 16

resources, facilities).3.4 Transformation processes. 17

variation in demand and visibility (customer contact).

3.6 Sequencing and scheduling – 20 Gantt charts, critical path analysis.

3.7 Technology, task design and process 22 layout.

3.8 Monitoring, control and improvement. 253.9 Outputs. 263.10 Customer service. 273.11 Warranties. 28

4. Operations strategies 294.1 Performance objectives – quality, 29

customisation, cost.

4.2 New product or service design and 30 development.

4.3 Supply chain management – logistics, 31 e-commerce, global sourcing.

4.4 Outsourcing – advantages and 33 disadvantages.

4.5 Technology – leading edge, established. 354.6 Inventory management – advantages 36

and disadvantages of holding stock,

4.7 Quality management – quality control, 38 quality assurance, quality improvement.

4.8 Overcoming resistance to change – 39

equipment, redundancy payments, retraining, reorganising plant layout, inertia.

4.9 Global factors – global sourcing, 41 economies of scale, scanning and learning, research and development.

Answers to Operations 209

Operations

Dot Point Page Dot Point Page

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viii Dot Point HSC Business StudiesOperations

Notes

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ixDot Point HSC Business Studies Marketing

1. Role of marketing 451.1 Strategic role of marketing goods 45

and services.1.2 Interdependence with other key 46

business functions.1.3 Production, selling, marketing 47

approaches.1.4 Types of markets – resource, industrial, 48

intermediate, consumer, mass, niche. 51

psychological, sociocultural, economic, government.

2.2 Consumer laws. 522.3 Deceptive and misleading advertising. 542.4 Price discrimination. 552.5 Implied conditions, warranties. 562.6 Ethical – truth, accuracy and good 57

taste in advertising.2.7 Products that may damage health. 582.8 Engaging in fair competition. 592.9 Sugging. 603. Marketing process 613.1 Situational analysis – SWOT, 61

product life cycle.3.2 Market research. 653.3 Establishing market objectives. 663.4 Identifying target markets. 673.5 Developing marketing strategies. 693.6 Implementation, monitoring and 70

forecast, comparing actual and planned results, revising the marketing strategy.

4. Marketing strategies 714.1 Market segmentation, product/service 71

differentiation and positioning. 4.2 Products – goods and/or services. 734.3 Branding. 744.4 Packaging. 754.5 Price including pricing methods – 76

cost, market, competition-based.4.6 Pricing strategies – skimming, 77

penetration, loss leaders, price points.

4.7 Price and quality interaction. 784.8 Promotion. 794.9 Elements of the promotion mix – 80

advertising, personal selling and relationship marketing, sales promotions, publicity and public relations.

4.10 The communication process – 81 opinion leaders, word of mouth.

4.11 Place/distribution. 824.12 Distribution channels. 834.13 Channel choice – intensive, selective, 84

exclusive.4.14 Physical distribution issues – transport, 85

warehousing, inventory.4.15 People, processes and physical evidence. 874.16 E-marketing. 884.17 Global marketing. 894.18 Global branding. 904.19 Standardisation and customisation. 914.20 Global pricing. 924.21 Competitive positioning. 93Answers to Marketing 221

Marketing


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x Dot Point HSC Business StudiesMarketing

Notes

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xiDot Point HSC Business Studies Finance

97

solvency.

management.

1.5 Interdependence with other key business 101 functions.

103

2.3 Debt – short-term borrowing (overdraft, 105 commercial bills, factoring).

2.4 Debt – long-term borrowing (mortgage, 106 debentures, unsecured notes, leasing).

2.5 Equity – ordinary shares (new issues, 109 rights issues, placements, share purchase plans), private equity.

2.6 Financial institutions – banks, investment 110

funds, life insurance companies, unit trusts and the Australian Securities Exchange.

Securities and Investments Commission, company taxation.

outlook, availability of funds, interest rates.

115

and disavantages of each.

to business purpose.

statement, income statement, balance sheet.

3.5 Financial ratios. 1293.6 Liquidity – current ratio 130

(current assets current liabilities).

3.7 Gearing – debt to equity ratio 132 (total liabilities total equity).

sales); return on equity total equity).

expenses sales), accounts receivable turnover ratio (sales accounts receivable).

3.10 Comparative ratio analysis – over 138 different time periods, against standards, with similar busineses.

normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to

4. Financial management strategies 143

4.3 Distribution of payments, discounts 145 for early payment, factoring.

4.4 Working capital management. 1464.5 Control of current assets – 147

cash, receivables, inventories.4.6 Control of current liabilities – 148

payables, loans, overdrafts.4.7 Strategies – leasing, sale and 149

lease back.

cost centres, expense minimisation.

4.10 Revenue controls – marketing objectives. 152

4.12 Exchange rates. 1544.13 Interest rates. 1554.14 Methods of international payment 156

– payment in advance, letter of credit, clean payment, bill of exchange.

4.15 Hedging and derivatives. 157Answers to Finance 235

Finance


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xii Dot Point HSC Business StudiesFinance

Notes

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Science Press

xiiiDot Point HSC Business Studies Human Resources

1. Role of human resource management 1611.1 Strategic role of human resources. 1611.2 Interdependence with other key 162

business functions.1.3 Outsourcing – human resource functions 163

and using contractors (domestic, global). 165

2.1 Stakeholders – employers, employees, 165 employer associations, unions, government organisations, society.

2.2 Legal – the current framework. 1682.3 The employment contract – common 170

law (rights and obligations of employers and employees).

2.4 Minimum employment standards, 171 minimum wage rates, awards, enterprise agreements, other employment contracts.

2.5 Occupational health and safety 173 and workers compensation.

2.6 Anti-discrimination and equal 174 employment opportunity.

175 177

178 patterns, living standards.

2.10 Ethics and corporate social 180 responsibility.

3. Processes of human resource 181 management

3.1 Acquisition. 1813.2 Development. 1833.3 Maintenance. 1853.4 Separation. 187

4. Strategies in human resource 189 management

4.1 Leadership style. 189 190

4.3 Recruitment – internal or external, 191

4.4 Training and development – current 192 or future skills.

4.5 Performance management 193 – developmental or administrative.

4.6 Rewards – monetary and non-monetary, 194 individual or group, performance pay.

4.7 Global – costs, skills, supply. 1954.8 Workplace disputes – resolution 197

– negotiation, mediation, grievance procedures, involvement of courts and tribunals.

5. Effectiveness of human resource 203 management

5.1 Indicators. 2035.2 Corporate culture. 2045.3 Benchmarking key variables – 205

changes in staff turnover, absenteeism, accidents, level of disputation, worker satisfaction.

Answers to Human Resources 253

Human Resources


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xiv Dot Point HSC Business StudiesHuman Resources

Notes

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1 OperationsDot Point HSC Business Studies

DOT POINT

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2 Dot Point HSC Business StudiesOperations

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Science Press


1. Role of operations management.

Role of the operations function

Supply chain management

Quality controls

LogisticsInventory controls

Productioncontrols

Production

1.1 Strategic role of operations management.

1.1.1

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1.1.2 Outline the relationship between value adding and operations processes.

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1.1.3 List six aspects of the operations role.

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1.1.4

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1.1.5 Referring to an example, explain how decisions made in the operations function can affect each key business function.

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1.1.7 Classify the following types of cost as either input costs (IC), production costs (PC), stock costs (SC), labour costs (LC) or quality control costs (QC).

Costs of machinery ( )

Costs of quality testing ( )

Costs of wages ( )

Costs of storage ( )

Repairs to machinery ( )

Electricity and water costs ( )

Costs of shrinkage ( )

Warranty costs ( )

Overtime costs ( )

Costs of testing machinery ( )

1.1.8

Supplier rationalisation

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Economies of scale

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1.1.9 Distinguish between goods and services.

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1.1.10 Explain the term ‘differentiation’ with respect to services.

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1.1.11 Describe how goods can be differentiated.

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1.2 Goods and/or services in different industries.

1.2.1

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1.2.2 Referring to two examples distinguish between standardised and customised goods .

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1.2.3 Explain how services can be standardised.

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1.2.4 Distinguish between perishable and non-perishable goods.

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1.2.5 Outline the notion of perishability with respect to services.

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1.2.6 Describe why self-service is increasingly encouraged in the delivery of services.

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1.3 Interdependence with other key business functions.

Business goals

Operations management

Marketing(and sales)

Human resources management

Finance and accounting

Other business functions (IT, R&D)

1.3.1 Identify four key functions of business.

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1.3.2

Operations

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Marketing

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Finance

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Human resources management

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1.3.3 Explain the importance of a systems approach to understanding the interdependence of key business functions.

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2. Influences on operations.

2.1 Globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environmental sustainability.

Influences on operations management

Technology

Legal regulation Government policies

Environmental sustainability Cost-based competition

Globalisation Quality expectations

2.1.1

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2.1.2 Describe how globalisation can affect each of the following aspects of operations.

Sourcing of product

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Location of manufacturing

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Need for innovation

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Need to protect intellectual property

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2.1.3 Distinguish between technologies used in administration and those used in manufacturing.

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2.1.6 Explain how quality expectations shape the operations function.

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2.1.8 Describe how cost can affect price.

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2.1.9 Outline the effect of a low-cost business on competitors.

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-Ê 1- --Ê-/1 - sciencepress · 1. main topic statement from syllabus. 1.1 syllabus requirement....

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