Interdependence of Business Functions and Responsibilities

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26 Terms

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Interdependence of business functions

The way key functions (operations, marketing, finance, HR) rely on each other to achieve business goals

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Operations

The process of transforming inputs into goods or services

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Marketing

The process of identifying and satisfying customer needs profitably

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Finance

The function responsible for managing the financial resources of the business

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Human Resources

The function responsible for recruitment, training, and managing staff performance

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Assess the interdependence of business functions

Consider how each function supports and relies on the others, and judge how this affects the business success

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Internal stakeholders

People within the business: owners, managers, employees

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External stakeholders

People or groups outside the business: customers, suppliers, government, society

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Corporate Social Responsibility (CSR)

Acting in an ethical and sustainable way towards all stakeholders

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Triple Bottom Line

A business approach focusing on profit, people, and the planet

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Analyse business responsibility to stakeholders

Break down how the business meets or fails to meet its obligations to internal and external stakeholders

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Contemporary business issues

Current trends or challenges affecting business operations (e.g. technology, sustainability)

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Primary research

Original data collected directly by the business (e.g. surveys, interviews)

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Secondary research

Data collected by others and used by the business (e.g. ABS reports, websites)

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SWOT analysis

A tool for identifying strengths, weaknesses, opportunities and threats in a business

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Plan an investigation into a business issue

Outline the steps and methods to research a relevant and recent issue affecting businesses

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Evaluate information in business decision-making

Make a judgement on how reliable or useful data is for a particular business decision

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Business feasibility

How realistic and sustainable a business idea is in a given market

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Financial forecast

A prediction of future revenue, costs and profit based on data

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Cost-benefit analysis

Weighing up the benefits and costs of a business decision

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Risk vs reward

The balance between the chance of loss and potential gain in business decisions

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Communicating in a Viva Voce

Presenting spoken responses clearly and confidently using business terms

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Business report format

A structured way of presenting business information: headings, subheadings, analysis, recommendation

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NESA directive verbs

Action words like explain, analyse, assess, evaluate that guide how to respond in exams and assessments

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Explain vs Analyse

Explain = show how/why something happens. Analyse = examine in detail to show relationships and impacts

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Assess vs Evaluate

Assess = make a judgment based on evidence. Evaluate = make a judgment about value, supported by criteria and evidence