Business Management Unit 2: Exam

staff

are the people who work for businesses in exchange for payment

staff performance

is the degree to which staff are working to their best ability

types of business objectives

to make a profit, increase market share, to meet shareholder expectations, to fulfil a market need, to fulfil a social need

staffing needs

are the requirements a business has for employees

labour intensive

is when a business uses a high degree of employee involvement during its production process.

capital intensive

is when a business uses a high degree of machinery and equipment during its production process.

technological developments

are the inventions and innovations of tools that solve problems and enhance processes.

software

is the programs used on computers and other electronic devices.

artificial intelligence (AI)

is software that is able to mimic the behaviour of humans

robotics

are programmable machines that are capable of performing specified tasks.

job analysis

is the process of identifying the essential duties, tasks, and responsibilities of a specific role.

job description

is the summary of the duties, tasks, and responsibilities of a specific role

job specifications

are the necessary skills, knowledge, and qualifications for a specific role.

job design

is the process of organising several duties, tasks, and responsibilities into one specific role.

internal recruitment

is the process of filling job vacancies with existing staff at the business.

intranet

is a private computer network used to share information within a business.

word of mouth

is the verbal communication of information between individuals.

external recruitment

is the process of filling job vacancies with individuals outside of a business.

websites

are a collection of web pages and content, published on at least one web server, that is identifiable by a common domain name.

online recruitment agency

are a business that works on behalf of an employer to find suitable job candidates.

social media

is the online platform that can be used to connect with others and share content.

interviews

are a meeting that occurs between an employer and a job candidate to determine whether they have the necessary knowledge, skills, and ideas to fulfil the position.

online selection

is the process of choosing an employee based on online forms completed by a job applicant.

National Employment Standards (NES)

are the minimum entitlements an employer owes its employees, which are set out in the Fair Work Act 2009.

The Fair Work Commission (FWC)

is Australia's independent workplace relations tribunal that has a range of responsibilities outlined by the Fair Work Act 2009.

Awards

are legal documents that outline the minimum wages and conditions of work for employees across an entire industry.

Agreements

are legal documents that outline the wages and conditions of employees and are applicable to a particular business or group of businesses.

An employment contract

is a legal document that outlines the wages and work conditions of an employee within a business.

Loyalty

is when an employee is committed to supporting the business achieve its objectives.

Terms of notice

are written communications that an employee must provide to a business within a certain amount of time before leaving their position.

Conditions of employment

are what an employer has agreed to offer the employee in return for the work they complete.

Remuneration

is the money an employee receives from an employer in exchange for the work they complete

Job security

is the likelihood of an employee keeping their job.

Work-life balance

is the division of a person's time between the demands of their job and their personal life.

Occupational health and safety

is the management of risks to ensure the protection of the health and safety of everyone in the workplace, including customers, employees, and suppliers

Equal employment opportunity (EEO)

is the fair treatment and participation of all individuals in the workplace.

Employee induction

is the process of introducing a new employee to the business.

Corporate social responsibility (CSR)

is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

Overseas recruitment

is the process of filling job vacancies with individuals who are not currently located in Australia.

Marketing

is the process of implementing strategies to price, promote, and distribute products to current and potential customers.

Customer base

is a group of consumers who continuously purchase goods and services from a business.

Business objectives

are the goals a business intends to achieve.

Internal environment

involves factors within a business that a business has control over.

Corporate culture

is the shared values and beliefs of a business and its employees.

Operating factors

are the primary external factors impacting a business which it has some control over.

Macro factors

are social, legal, technological, and economic conditions that a business operates in and has no control over.

Market research

is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

Methods for collecting primary data

survey, observation, experimentation, focus groups

Methods for collecting secondary data

company records, government agencies, internet search

Market dimensions

an idea of the total number of potential customers who could purchase a product from a business.

Market segmentation

is the process of dividing a market into different groups of consumers that share similar characteristics.

Target market

is a specific group of consumers that a business aims its marketing efforts towards

Consumer behaviour

is the actions of those who purchase goods and services for consumption.

Consumer trends

are developed patterns in consumer behaviours, attitudes, and values.

Marketing considerations (product)

branding, design, quality, positioning, packaging

Price

is the amount that a customer pays for a good or service.

Pricing strategy (price)

cost-plus pricing, competition-based pricing, penetration pricing, price skimming, complementary pricing, psychological pricing

Place

is an element of the marketing mix relating to how a business distributes its product to customers.

Distribution channel (place)

producer to customer (direct), producer to wholesaler to customer (indirect), producer to retailer to wholesaler to customer (indirect)

Promotion

is the marketing communications used by a business to inform, promote, and remind its target market about its product.

Promotion strategy (promotion)

advertising, sales promotion, direct marketing, personal selling

People

are the individuals that influence a customer's perception of a business and its products.

Physical evidence

is the environment in which the business and customer interact.

Elements (physical evidence)

facilities, interior design, ambience, evidence of service being performed, digital world

Process

is the procedure set in place throughout the entire customer purchasing experience at a business.

Methods to improve customer experience

information, purchasing options, efficient service, knowledgeable staff

Product life cycle

is a series of stages that a product will pass through from the moment it is introduced to the market until it becomes obsolete or replaced.

Stages of product life cycle

introduction, growth, maturity, decline, extension

Customer relations

is the way a business creates, builds, and maintains customer relationships

Quality customer service

is a business consistently going above and beyond expected performance to ensure customers are satisfied with their experience

Customer loyalty programs

are marketing initiatives that enable customers to gain benefits for frequently purchasing from a business

Technological developments

are the invention and innovation of tools that solve problems and enhance processes.

Example of technological marketing

social media, email marketing, search engine optimisation, artificial intelligence, data analytics and management of data

Email marketing

is the process of sending personalised electronic messages to existing customers to promote a business's goods and services.

Management of data

is the practice of collecting, organising, using, and storing data securely so businesses can use this information to make effective decisions.

Examples of technological marketing:

social media, email marketing, search engine optimisation, artificial intelligence, data analytics and management of data

Groups of publics:

internal, general, local community, citizen action, media, government

Public relations (PR)

is communicating an intended message to the public to create and sustain a positive business reputation

How PR helps a business:

increased sales, increased market share, increased profits

Planned public relations

is a business proactively communicating intended messages to various publics.

Planned public relations strategies:

media releases, publications, events, sponsorship, social media

Crisis public relations

is a business reactively communicating to various publics in response to an issue that can negatively affect its reputation

Corporate social responsibility (CSR)

is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

Green marketing

is an advertising strategy that involves highlighting the environmental benefits of a good or service.

Customer Privacy

is the protection of sensitive, personal information that customers provide during their interactions and transactions with a business

Marketing adviser

is a professional who provides expert advice to businesses in relation to promoting and selling their products.

Legal adviser

is a professional who provides expert advice to businesses regarding their legal responsibilities.

ICT specialist

is a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data.

Financial adviser

is a professional who provides expert advice to individuals and businesses in relation to monetary matters, personal finances, and potential investments.

Accountant

is a professional who manages, updates, analyses, and reports a business's financial information.

Customer data base

is a collection of information about existing and potential customers.

External professionals

are highly-skilled individuals that businesses hire to provide expertise in a particular area of operation.

Business name

is the title that a business operates under and what customers use to identify the business

Trademark

is an exclusive right granted over a unique aspect of a business, such as a symbol, word, sound, or number that is used to distinguish the business or its products.

Website domain

is a website address that identifies a business's online site.

Trade practices legislation

is the law that governs how a business interacts with customers and competitors.

Guarantees

are promises that a business makes to customers regarding a good or service.

Warranties

are a type of written guarantee that a business will repair or replace a faulty product if required within a specific time period

Tax compliance

is the extent to which an individual or business meets tax obligations.

Income tax

is the tax individuals and businesses must pay which is calculated from their income.