Interdependence of Business Functions and Responsibilities

Interdependence of business functions

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

Operations

The process of transforming inputs into goods or services

Marketing

The process of identifying and satisfying customer needs profitably

Finance

The function responsible for managing the financial resources of the business

Human Resources

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

Assess the interdependence of business functions

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

Internal stakeholders

People within the business: owners, managers, employees

External stakeholders

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

Corporate Social Responsibility (CSR)

Acting in an ethical and sustainable way towards all stakeholders

Triple Bottom Line

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

Analyse business responsibility to stakeholders

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

Contemporary business issues

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

Primary research

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

Secondary research

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

SWOT analysis

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

Plan an investigation into a business issue

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

Evaluate information in business decision-making

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

Business feasibility

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

Financial forecast

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

Cost-benefit analysis

Weighing up the benefits and costs of a business decision

Risk vs reward

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

Communicating in a Viva Voce

Presenting spoken responses clearly and confidently using business terms

Business report format

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

NESA directive verbs

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

Explain vs Analyse

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

Assess vs Evaluate

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