Podcast
Questions and Answers
What is the primary objective of a marketing plan?
What is the primary objective of a marketing plan?
Which of the following is a benefit of overseas suppliers?
Which of the following is a benefit of overseas suppliers?
Which factor is essential when conducting market research to define a customer base?
Which factor is essential when conducting market research to define a customer base?
What is one potential disadvantage of using overseas retailers?
What is one potential disadvantage of using overseas retailers?
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What is meant by increasing market share?
What is meant by increasing market share?
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Why is it important to ensure a product is of value to customers?
Why is it important to ensure a product is of value to customers?
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What is the primary focus of green marketing?
What is the primary focus of green marketing?
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What is a potential issue faced by overseas suppliers?
What is a potential issue faced by overseas suppliers?
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Which HR management responsibility primarily involves overseeing the entire employment cycle?
Which HR management responsibility primarily involves overseeing the entire employment cycle?
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How can treating staff well positively influence business objectives?
How can treating staff well positively influence business objectives?
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When defining supplier selection criteria, which aspect is most crucial?
When defining supplier selection criteria, which aspect is most crucial?
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What might be a consequence of having underperforming staff?
What might be a consequence of having underperforming staff?
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Which aspect is crucial for a business to determine its staffing needs?
Which aspect is crucial for a business to determine its staffing needs?
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Why is human resource planning important for businesses?
Why is human resource planning important for businesses?
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Which of the following is NOT a potential business objective?
Which of the following is NOT a potential business objective?
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What impact does effective management strategy have on staff performance?
What impact does effective management strategy have on staff performance?
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What is a potential consequence of poor employee selection?
What is a potential consequence of poor employee selection?
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What is one advantage of conducting interviews during the selection process?
What is one advantage of conducting interviews during the selection process?
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Which selection method is useful for assessing a candidate's performance in a work setting?
Which selection method is useful for assessing a candidate's performance in a work setting?
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What is a primary disadvantage of psychological testing in the selection process?
What is a primary disadvantage of psychological testing in the selection process?
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What is an advantage of using multiple selection methods in recruiting?
What is an advantage of using multiple selection methods in recruiting?
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What step in the selection process occurs immediately after applications are received?
What step in the selection process occurs immediately after applications are received?
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How does human bias affect the interview selection process?
How does human bias affect the interview selection process?
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Which of the following is NOT a type of selection method mentioned?
Which of the following is NOT a type of selection method mentioned?
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Study Notes
Business Name
- A title used to identify a business.
- Customers use it to identify a business.
- Registration is required for an online business using an address or name.
- Choose a name, check with ASIC, follow steps, apply for a trademark.
Website Domain
- The website address of a business.
- Businesses should search online to check if a chosen domain name is available or trademarked.
Trade Practices Legislation
- Laws governing business interactions with customers and competitors.
- Australia has laws to protect businesses and consumers.
- Industry-specific legislation exists to ensure fair interactions.
- The Competition and Consumer Act 2010 governs Australian business practices.
- The ACCC (Australian Competition and Consumer Commission) enforces these laws.
Business Tax Compliance
- Different businesses have different tax requirements.
- All businesses are required to pay tax.
- The Australian Taxation Office (ATO) administers and collects taxes.
- Taxes are imposed on income, capital gains, and goods and services (GST).
- State and federal governments collect taxes.
Taxation Compliance
- Tax is how governments fund their expenses.
- Businesses (sole traders, partnerships, and companies) need a tax file number (TFN) separate from personal TFNs.
Work Safe Insurance
- Laws (Occupational Health and Safety Act 2004) are in place to protect health and safety.
- Reducing workplace injuries is the goal.
- Insurance and cost benefits are provided.
- Compensation and legal costs are covered.
- Employers can be prosecuted for failing to meet health and safety standards.
Professionals in Business
- Freelancers - Independent workers who work per job, e.g. photographers.
- Bookkeepers - Record financial matters for businesses.
- Accountants - Manage, update, analyze and report financial information.
- Financial advisors - Provide expert advice on personal finances and investments.
- Recruiters - Handle the hiring process for businesses.
- Marketing advisors - Provide expert advice on promoting and selling products.
- ICT specialists - Develop and maintain technology systems for data storage and retrieval.
- Legal advisors - Provide legal advice to businesses.
- External professionals - Highly skilled individuals hired by businesses for expertise.
Bank Accounts
- Businesses should have separate bank accounts for their transactions.
- This makes expenses and income more manageable.
- Businesses should consider factors like interest rates, bank fees, overdraft, and customer service.
Financial Control Systems
- Used to monitor business finances.
- Helps businesses make informed decisions and prevent risks.
- Methods include budgeting (predicting financials) and cash flow management (ensuring enough cash).
Financial Performance and Reporting
- Businesses use financial reports (income statements, balance sheets) to track profit and loss and overall financial position.
Financial Planning and Reporting
- Financial reports are a way to summarize expenses and income
- They include the income statement, balance sheet and cash flow statements.
Auditing
- Testing and evaluating accounting processes and internal controls.
- Internal or external auditing can prevent fraud and financial mismanagement.
Cash Flow Management
- Ensuring enough cash to cover expenses and debts on time.
- Tracking outstanding debts and paying them promptly.
Inventory Control
- Keeping stock costs to a minimum through barcoding and stocktaking.
Record Keeping
- Maintaining financial documents (invoices, receipts, bank statements) for at least 5 years.
- Ensuring compliance with tax regulations.
- Original documents (source documents) summarized into journals.
Cash Book
- A record of cash receipts and payments.
Income Statements
- Summarize income and expenses to calculate profit or loss.
- Indicate whether the business' revenue is enough to cover expenses and make a profit.
Balance Sheets
- Snapshot of a business' assets, liabilities, and owner's equity.
- Used to evaluate the financial position of a business.
Supplier Selection
- Criteria for selecting suppliers include price, quality, reliability, proximity, corporate social responsibility, ethical staff treatment, and environmental practices.
Policies and Procedures
- Policies are broad guidelines followed by employees.
- Procedures are the actions that put policies into practice.
- This helps ensure consistency in handling issues (complaints, budgets).
Customer Database
- A collection of customer information, used for communication, better service, and loyalty building.
- Businesses gain insights into customer behaviour and preferences.
Overseas Suppliers
- Individuals or businesses selling raw materials or resources in other countries.
- Benefits - lower labour costs, cheaper resources.
- Disadvantages - public perception issues, time delays in delivery, compliance delays
Overseas Retailers
- Businesses selling goods or services directly to overseas customers.
Marketing Plan
- A plan for maximizing sales and profits, including planning, pricing, promoting, and distributing products.
- Customer profiling to understand customers' needs and preferences is done through market research and creating customer profiles.
- Marketing objectives (increasing sales, market share, business size) are determined.
Expanding Product Range
- Offering a range of products to cater to customers' diverse needs.
Establishing Objectives and Performance Indicators
- Businesses set goals and use measurements (sales analysis, market share analysis, marketing profitability analysis) to monitor progress.
Internal and External Environments
- Internal (staff, culture, policies) and external environment (customers, competitors, suppliers) influences to consider.
Market Segmentation
- Dividing a total market into groups sharing common characteristics (demographics, geography, psychographics, behavior).
Target Market
- The specific group a business aims to serve (primary/secondary/niche).
Product Life Cycle
- The stages a product goes through during its existence (Introduction, Growth, Maturity, Decline).
7Ps of Marketing
- Product, Price, Place, Promotion, People, Process, and Physical Evidence - Tools and approaches used to connect with customers and create a desirable product.
Pricing Strategies
- Various strategies to set prices, including recommended retail price (RRP), percentage markup, competitor pricing, market-driven pricing, or using quotes from service businesses.
Place (Distribution Channels)
- Channels through which customers access products. Retailers, wholesalers, or a direct-to-customer approach are options.
Promotion
- Communicating with customers to attract them. Including advertisements, promotions, and publicity.
People
- Staff, managers, and owners - they maintain and improve business reputation.
Physical Evidence
- The environment where customer interaction takes place. Businesses should have a welcoming environment. e.g. the shop-front look.
Process
- Customer interaction including wait times, payment methods and online ordering.
Legal Obligations
- Requirements (laws) that ensure neither staff nor customers are at risk in the workplace.
- Protecting staff and customers from potential risks, and ensuring fair practices.
Employee Induction
- Essential to introduce new employees to the business culture, history, policies, objectives, and relevant procedures.
Corporate Social Responsibility
- Emphasizing considerations like ethical sourcing, diversity in hiring practices, fair pay, safe working conditions, and reducing environmental impact.
Employe Expectations
- Expectations from employee to employer on how an individual would be treated during their employment.
- Business expectations include loyalty, respect, compliance.
Employer Expectations
- Expectations regarding employee behavior, work performance, and adherence to company policies.
Employee Induction
- Employee induction involves introducing new hires to the business, company culture, safety procedures, and their job roles.
National Employment Standards
- Minimum entitlements that employers must provide to their staff, as required by law.
Legal Obligations for Staffing
- Legal obligations regarding workplace safety, discrimination, no harassment, and gender equality are required by workplace laws.
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