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Business Studies

Extracts from this document...

Introduction

Business Studies Topic 1: Business management and change 1. The Nature of management: The nature of management > Large companies have shareholders, they employ people to run the business > Successful managers coordinate the work activities of employees to ensure everyone is working towards a common objective The importance of effective management > Effective management is achieving the goals of business and not wasting resources > In international markets it has been essential for Australian businesses to increase their efficiency to be competitive Management roles Interpersonal > Way managers deal with/interact with people > Based on effective communication > Leading involves; setting standards, fostering workers loyalty, establishing goals, encouraging and motivating workers to achieve their potential Informational > Must be aware of what is happening in the business > Receiving, collating and analyising information and giving it to the appropriate people > Concerned with monitoring information > The control process needs to develop standards, measure performance, and make comparisons to see whether corrective actions need occur such controls include: * Input controls: these controls are set up before production takes place to prevent problems occurring- may insure the correct number of inputs and standards of quality. * Concurrent controls: occur while work in progress. Ie direct supervision * Feed-back controls: checking the final product to compare to the planned final product > Differences from the expected/planned result need to be analysed, adjustments made to better achieve the desired result > Management needs to monitor the external environment and stay up-to-date to establish opportunities and threats Decisional > Managers make important decisions > May need to negotiate decisions with people Incorporating the business roles > A typical example of filling all 3 roles Skills of management > Moved away from Autocratic[ET1] and rigid hierarchical structure - People skills > People skills advantage of competitors - Strategic thinking > Have a clear vision of the future - developing strategies to achieve this - Vision - Flexibility and adaptability to change > The need to be able to adapt to change - Self-managing teamwork, > Teamwork - cooperation between individuals to achieve common goals. ...read more.

Middle

for consumers to access the product Post maturity stage: -Final phase of the business life cycle, key decisions will be made that will determine the long term - Increased competition and changing consumer demands may create a need for change - Paths the business can take: * Decline * Renewal * Steady state * Cessation Decline stage: - The business faces a marketplace with increased competition and changes in the business environment - If the product no longer meets consumer needs/expectations it is considered outdated - Marketing strategies implemented would aim at revitalising the product Renewal stage - TO restrict the impact of increased competition, reinvent itself with a competitive advantages - The business may alter the product's features or packaging as it seeks to revitalise the products image - Business may develop new promotional strategies aimed at sustaining interest in a particular brand or new strategies that take the new product to a new audience Competitor analysis > Competitors are a significant influence on the marketing strategies > Influences the way a business promotes and prices its products and areas it distributes to > Important competitors strategies are analysed to determine the effectiveness of its marketing mix > Competitor analysis can be described as the process of investigating and assessing the marketing strategies of competitors and examining their impacts > competitor analysis involves: - Identifying competitor objectives - Identifying competitor strategies - Analysing competitors strengths and weaknesses > Identifying competitors objectives assists in explaining the strategies used and could provide insight into new areas of the market > Identifying competitor strategies allows managers to measure efficiency of their existing strategies against competitors > Could provide insight into new methods of marketing and allow the business to look at the effectiveness of such strategies > Analysing competitors strengths and weaknesses offers the business the opportunity to develop areas where competitors are perceived to be strong and have an advantage > Analysis should include a description of areas a business can exploit based on the ...read more.

Conclusion

or the globe > Businesses need to consider the environment in the future when making decisions > Businesses may invest profits into environmental restoration > International agreements protect the earth's natural resources eg) Kyoto Protocol [ET1]Authoritarian, an autocratic manager dominates the decision making process [ET2]Subcontract a task to another business that operates on your behalf [ET3]Inability to change or move to a new system [ET4]Someone who helps bring about change [ET5]Involves a business 'hiring' the assets it needs for a period eg) a year. The business has the right to use the asset without having to buy it. A fee must be paid every week or period of time [ET6]A type of long term debt finance that a business can acquire by offering a prospectus to the general public in the stock exchange. The business is offering an investment opportunity to people who want a good return from a more risky investment [ET7]An asset that does not physically exist but adds value to the business [ET8]Valued according advantage or reputation of a business that it has acquired over time [ET9]Strategy involves the business selling non-current assets to another firm and leasing it back [ET10]Assessment of the businesses ability to repay loans based on past financial performance and past repayments on loams. They are usually expressed as letter grades eg) A+, A and A- [ET11]A tool to evaluate the performance of the business by comparing actually results with planned results [ET12]Fixed costs do not change when a business produces more goods or if it sells more goods/services [ET13]Do wary as sales and inputs change [ET14]Involves a business placing emphasis on strategies aimed at convincing consumers of the need to buy a product [ET15]People hired to communicate virtues of their employees product, differentiating them from competitors [ET16]Unfavourable, harmful or undesirable effects on the business [ET17]Document issued by the bank to the seller of goods that has specific instructions from the buyer giving authorisation for the seller to draw money from the buyers account under certain conditions ...read more.

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