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Description
Flashcards by daniellemareeone, updated more than 1 year ago
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Created by daniellemareeone
over 9 years ago
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| Question | Answer |
| Role of Operations management | 1. Strategic role of operations management -Cost leadership, good/service differentiation 2. Good and or services in different industries 3. Interdependence with other Key business functions |
| Influences of Operations Management | 1. Globalisation, Technology, Quality expectations, cost based competition, government policies, legal regulation, environmental sustainability. 2. Corporate social responsibility -The difference between legal compliance and ethical responsibility -Environmental sustainability and social responsibility |
| Operations processes | 1. Inputs - Transformed resources (materials, information, customers) -Transforming resources (Human resources, facilities) 2. Transformed processes - The influence of Volume, Variation in demand and Visibility - Sequencing and Scheduling (gantt charts critical path analysis) -Technology, task design, process layout - Monitoring, control and improvement 3. Outputs -Customer service -Warranties |
| Operations strategies (Part 1) | 1. Performance objectives - Quality, speed, dependability, flexibility, customisation, cost. 2. New product or service design and development 3. Supply chain management - Logistics, ecommerce, global sourcing 4. Outsourcing - Advantages and disadvantages 5. Technology -Leading edge, established |
| Operations strategies (part 2) | 6. Inventory management -Advantages and disadvantages of holding stock, LIFO, FIFO, JIT 7. Quality management - Control, assurance, improvement 8. Overcoming resistance to change - Financial costs, purchasing new equipment, redundancy payments, retraining, reorganising plant layout, inertia. 9. Global factors - Global sourcing, economies of scale, scanning and learning, research and development |
| Role of Marketing | 1. Strategic role of marketing goods and services 2. Interdependence with other Key business functions 3. Production, selling, marketing approaches. 4. Types of markets - Resource, industrial, intermediate, consumer, mass, niche |
| Influences of marketing | 1. Factors effecting consumer choice - Psychological, sociocultural, economic, government 2. Consumer laws - Deceptive and misleading advertising - Price discrimination - Implied conditions - Warranties 3. Ethical - Truth accuracy and good taste in advertising, products that may damage health, engaging in fair competition, sugging |
| Marketing Process | 1. Situational analysis - SWOT, Product life cycle 2. Market research 3. Establishing marketing objectives 4. identifying target markets. 5. Developing marketing strategies 6. Implementing, monitoring and controlling - Developing a financial forecast, comparing, actual and planned results, revising the marketing strategy |
| Market strategies (part 1) | 1. Market segmentation - Product/service differentiation and positioning 2. Products - Goods and services, branding, packaging 3. Price including pricing methods - Cost, market, competition based. -Pricing strategies (skimming, penetration, loss leaders, price points) - Price and quality interaction |
| Market strategies (Part 2) | 4. Promotion - Elements of the promotion mix (advertising, personal selling, relationship marketing, sales promotions, publicity an public relations) - The communication process (opinion leaders, word of mouth) 5. Place/distribution - Distribution channels - Channel choice (intensive, selective, exclusive) - Physical distribution issues (transport, warehousing, inventory) |
| Marketing Strategies (part 3) | 6. People, processes and physical evidence 7. emarketing 8. Global marketing - Global branding, Standardisation, customisation, global pricing, competitive positioning. |
| Role of financial management | 1. Strategic role of financial management 2. Objectives of financial management - Profitability, growth, efficiency, liquidity, solvency. - Short term, long term 3. Interdependence with other key business functions |
| Influences of financial management (Part 1) | 1. Internal sources of finance - Retained profits 2. External sources of finance - Debt - short term: ( overdraft, commercial bills, factoring) Long term: ( mortgage, debentures, unsecured notes, leasing) - Equity- Ordinary shares: (New issues, rights issues, placements, share purchase plans), Private equity |
| Influences of financial management (Part 2) | 3. Financial institutions - Banks, investment banks, finance companies, superannuation funds, life insurance companies, unit trusts and ASX 4. Influence of Government - ASIC, Company Taxation 5. Global market influences -economic outlook, availability of funds, interest rates. |
| Processes of Financial management (Part 1) | 1. Planning and implementing -Financial needs, budgets, record systems, financial risks, financial controls. (Debt and equity financing -advantages and disadvantages of each. matching the terms and source of finance to the business purpose) 2. Monitoring and controlling - cash flow statement, income statement, balance sheet |
| Processes of financial management (Part 2) | 3. Financial Ratios - Liquidity - current ratio ( current assets / current liabilities) -Gearing - debt to equity ratio (total liabilities/ total equity) - Profitability- Gross profit ratio (Gross profit/sales) Net profit ratio (Net profit/sales) Return on equity ratio (net profit/total equity) -Efficiency- expense ratio ( total expenses/ total sales) accounts receivable turnover ratio (sales/ accounts receivable) - Comparative ratio analysis (over different time periods, against standards, with similar businesses) |
| Processes of financial management (Part 3) | 4. Limitations of financial reports - Normalised earnings, capitalising expenses, valuing assets, timing issues, debt repayments, notes to the financial statements) 5. Ethical issues related to financial reports |
| Financial management strategies (part 1) | 1. Cash flow management - Cash flow statements, distribution of payments, discounts for early payments, factoring 2. Working capital management - Control of current assets (cash, receivables, inventories) -Control of current liabilities (payables, loans, overdrafts) - Strategies (leasing, sale and lease back) |
| Financial management strategies (part 2) | 3. Profitability management -Cost controls (Fixed and variable, cost centres, expense minimisation) - Revenue controls (marketing objectives) 4. Global financial management - Exchange rates, interest rates, methods of international payment (payment in advance, letter of credit, clean payment, bill of exchange), hedging, derivatives. |
| Role of Human Resource Management | 1. Strategic role f human resources 2. interdependence with other key business functions 3. Outsourcing - Human resource functions - Using contractors (Domestic, global) |
| Influences of Human resource management (part 1) | 1. Stakeholders - Employers, employees, employer associations, unions, government organisations, society. 2. Legal - the current 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 - Work health and safety and workers compensation -Anti discrimination and equal employment opportunity |
| Influences of Human resource management (Part 2) | 3. Economic 4. Technological 5. Social (Changing work patterns, living standards) 6. ethics and corporate social responsibility |
| Processes of Human resource management | 1. acquisition 2. development 3. maintenance 4. separation |
| Strategies in human resource management | 1. Leadership style 2. Job design (general or specific) 3. Recruitment (internal/external, general/specific) 4. Training and development (current or future skills) 5. Performance management (developmental or administrative) 6. Rewards (monetary, non monetary, individual or group, performance pay) 7. Global (cost, skills, supply) 8. Workplace disputes - Resolution (Negotiation, mediation, arbitration, grievance procedures, involvement of courts and tribunals) |
| Effectiveness of Human resource Management | 1. Indicators: - Corporate culture - Benchmarking key variables - Changes in staff turnover - Absenteeism - Accidents -Levels of disputation - Workers satisfaction. |
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