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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