Lesson 3
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The document discusses the different types of stakeholders that have an interest in a business, including owners, managers, investors, employees, suppliers, customers, government, and local and international communities. It notes that while stakeholders rely on each other, their interests can sometimes conflict, such as when a pay rise for employees concerns managers. The document directs the reader to identify and discuss four specific stakeholder types on page 11.
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Lesson 1
Small, medium, and large businesses contribute to the economy by providing goods and services. Businesses are responsible for production, employment, careers, investments, and enterprise within the economy. Production is the process of manufacturing products or providing services for sale, with large organizations enjoying economies of scale that allow them to produce large amounts at a cheaper price due to market power and increased efficiency.
Pp 8
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Lesson 2 pp2
The document discusses different types of finance for businesses including short term, medium term, and long term finance. Short term is 3 years or less, medium is 3-10 years, and long term is over 10 years. The longer a business borrows money, the more interest they will pay the lender, so businesses aim to pay debts off quicker. Businesses must determine what type of finance, whether equity from owners or debt through borrowing, best suits their needs. The document also mentions questions from pages 354 and 355 in the textbook.
Lesson 7
The document discusses different types of communication, negotiation strategies for HR managers, negotiation outcomes, and steps for successful negotiation. It focuses on the importance of non-verbal communication, how negotiation is now a vital part of an HR manager's role including wage setting and dispute resolution, the benefits of a "win-win" negotiation outcome, and steps such as creating the right environment, researching objectives, and following up after negotiation to ensure further action is no longer required. The document prompts creating a workplace conflict scenario and discussing strategies and follow up to resolve the dispute.
Lesson 11
The external environment consists of the operating environment and broader macro environment and includes factors such as:
- Customers, suppliers, competitors and special interest groups
- Cultural/social factors like community attitudes and buyer values/beliefs
- Technology which transforms inputs to outputs and impacts costs, production time, communication and competition
- Economic factors such as consumer spending, unemployment, inflation, investment and interest rates which impact standards of living and business
- Political/legal factors such as laws impacting enterprises like building regulations, anti-discrimination, competition policy and health/safety laws
Lesson 4
The document outlines the employment cycle that HR departments follow, including HR planning, staffing, training and development, performance appraisal, remuneration, and release. It then discusses the recruitment process and how recruitment can be internal or external. Internal recruitment draws from current employees but may have fewer new ideas, while external recruitment considers outside candidates but with less reliable information. The document also touches on training and development to improve job performance, appraisal to measure performance, and remuneration as a way to reward workers.
Lesson 8
Private companies have between 1 to 50 shareholders and cannot raise capital from the public by listing on the stock exchange. They have the designation of Pty Ltd. Private companies provide shareholders with limited liability and separate legal status from owners while the company pays taxes. However, private companies are expensive to set up and maintain due to registration fees, annual fees, tax returns, and corporate affairs requirements.
Lesson 10
This document discusses business ethics and social responsibility. It provides examples of how businesses demonstrate social responsibility, such as through community sponsorship, employee policies, and environmental protection. The document asks what value responsible ethics and social responsibility provide businesses and suggests examining a diagram for conclusions. It directs working in pairs to complete questions from a reading on business ethics and social responsibility.
Lesson 2
The organisation continued operating its core business activities while also pursuing new opportunities for growth. It invested in training programs for employees to develop their skills and take on greater responsibilities. Additionally, the company outsourced some non-core functions to other businesses in order to focus internal resources on its main areas of operations.
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Lesson 1
Small, medium, and large businesses contribute to the economy by providing goods and services. Businesses are responsible for production, employment, careers, investments, and enterprise within the economy. Production is the process of manufacturing products or providing services for sale, with large organizations enjoying economies of scale that allow them to produce large amounts at a cheaper price due to market power and increased efficiency.
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Lesson 2 pp2
The document discusses different types of finance for businesses including short term, medium term, and long term finance. Short term is 3 years or less, medium is 3-10 years, and long term is over 10 years. The longer a business borrows money, the more interest they will pay the lender, so businesses aim to pay debts off quicker. Businesses must determine what type of finance, whether equity from owners or debt through borrowing, best suits their needs. The document also mentions questions from pages 354 and 355 in the textbook.
Lesson 7
The document discusses different types of communication, negotiation strategies for HR managers, negotiation outcomes, and steps for successful negotiation. It focuses on the importance of non-verbal communication, how negotiation is now a vital part of an HR manager's role including wage setting and dispute resolution, the benefits of a "win-win" negotiation outcome, and steps such as creating the right environment, researching objectives, and following up after negotiation to ensure further action is no longer required. The document prompts creating a workplace conflict scenario and discussing strategies and follow up to resolve the dispute.
Lesson 11
The external environment consists of the operating environment and broader macro environment and includes factors such as:
- Customers, suppliers, competitors and special interest groups
- Cultural/social factors like community attitudes and buyer values/beliefs
- Technology which transforms inputs to outputs and impacts costs, production time, communication and competition
- Economic factors such as consumer spending, unemployment, inflation, investment and interest rates which impact standards of living and business
- Political/legal factors such as laws impacting enterprises like building regulations, anti-discrimination, competition policy and health/safety laws
Lesson 4
The document outlines the employment cycle that HR departments follow, including HR planning, staffing, training and development, performance appraisal, remuneration, and release. It then discusses the recruitment process and how recruitment can be internal or external. Internal recruitment draws from current employees but may have fewer new ideas, while external recruitment considers outside candidates but with less reliable information. The document also touches on training and development to improve job performance, appraisal to measure performance, and remuneration as a way to reward workers.
Lesson 8
Private companies have between 1 to 50 shareholders and cannot raise capital from the public by listing on the stock exchange. They have the designation of Pty Ltd. Private companies provide shareholders with limited liability and separate legal status from owners while the company pays taxes. However, private companies are expensive to set up and maintain due to registration fees, annual fees, tax returns, and corporate affairs requirements.
Lesson 10
This document discusses business ethics and social responsibility. It provides examples of how businesses demonstrate social responsibility, such as through community sponsorship, employee policies, and environmental protection. The document asks what value responsible ethics and social responsibility provide businesses and suggests examining a diagram for conclusions. It directs working in pairs to complete questions from a reading on business ethics and social responsibility.
Lesson 2
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Lesson 3 pp3
The document discusses several financial planning techniques used by investors, including break even analysis, payback period, and net present value. It provides examples of calculating break even points based on fixed costs, variable costs, selling price, and desired profit. Payback period is defined as the amount of time it takes to recover the initial financial investment based on estimated receipts. The document prompts the reader to consider practice questions related to these techniques.
Lesson 5
The document discusses the two dimensions of organizational performance: effectiveness and efficiency. Effectiveness refers to an organization's ability to achieve its objectives, while efficiency means achieving objectives through the optimal use of resources like money and time. An organization's performance can be evaluated using key performance indicators and benchmarks that measure goals. The document also covers the differences between for-profit and non-profit organizations.
Lesson 8
HR managers must ensure organizational change occurs harmoniously. Globalization, new technologies, and industrial reforms constantly impact businesses, necessitating changes to how they operate. Recently passed industrial relations laws removing work choices are the latest changes affecting Australian companies. HR's role is to manage this change effectively to minimize potential ugliness and maximize buy-in from employees.
Lesson 4
1) Business goals include profit and meeting community needs and wants.
2) A mission statement captures what a business does and how it works, while a vision statement looks ahead to where the business will be in 5 years.
3) Goals and strategies are developed to implement the mission and achieve the vision over time.
Pp 9
The document discusses the importance of establishing target market segments when marketing products. It identifies three common types of market segments: demographic based on attributes like age and family; behavioral based on loyalty, purchase frequency and needs; and geographic based on location and region. Finally, it outlines the key components of an effective marketing plan, including market and customer analysis, objectives, product description, pricing, promotion, and ongoing evaluation.
Lesson 1
Human resource management (HRM) plays a critical role in business success. HRM aims to attract and maintain the best staff possible, which are the greatest asset of any business. As the business environment changes, an organization's attitudes must change as well. HRM helps improve staff productivity, quality of work and life, and ensures legal compliance through functions like planning job roles, staffing, performance reviews, training, and maintaining relationships. Proper HRM is crucial for maintaining a motivated workforce and competitive advantage.
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This document discusses key aspects of marketing management including the concept of marketing, the nature of marketing and its orientations, the marketing environment, and consumer behavior. It directs the reader to pages in the text and presentations that provide further information on the nature of marketing, marketing orientations, the marketing environment, and factors that influence consumer behavior.
Lesson 10
This document discusses the different types of maintenance for equipment: preventative maintenance involves regularly maintaining equipment to keep it in good working condition through proactive planning and replacement. Corrective maintenance only fixes equipment when a break occurs, which can lead to delays. The overall goal of maintenance is to keep all equipment at its optimal level through preventative and corrective processes.
Lesson 6
There are 5 main types of manufacturing processes: project-based, job shop, batch production, assembly line, and continuous flow. Production managers must balance output from the production line with customer demand. When choosing facilities and location, considerations include meeting organizational needs, proximity to transportation and suppliers, regional factors, cost, access, proximity to competition, and suitability of existing buildings. Current economic slowdowns have impacted mining output.
Lesson 6
This document discusses several topics relating to human resources and industrial relations, including:
1) The relationship between workers and employers, and the role of HR managers in ensuring harmony and compliance with changing laws.
2) The functions of trade unions in negotiating wages and resolutions on behalf of workers through collective bargaining, conciliation, arbitration, and direct actions like strikes.
3) The differences between collective agreements negotiated through bargaining between unions and employers, and awards which are set by state or federal governments for employees not covered by agreements.
Lesson 5
This document discusses several topics related to human resource management including workplace health and safety, affirmative action, anti-discrimination, types of discrimination, and questions for individuals. It outlines key legislation related to each topic, such as the Workplace Health and Safety Act of 1995, Anti-Discrimination Act of 1992, and Racial Discrimination Act of 1975. The role of HR managers is to ensure businesses comply with these laws to avoid penalties and promote equal opportunity and a positive work environment free of discrimination.
Lesson 3
Job analysis is an important part of HR planning that involves selecting jobs to analyze, gathering relevant data, processing the information, describing the job duties and requirements, and evaluating the analysis. It allows businesses to determine required employee skills and develop appropriate pay scales. Job analysis provides job descriptions that specify tasks, conditions, and requirements. It can also involve job design, enlargement, rotation, or quality control circles to make jobs more challenging, move employees between roles, or form worker groups to improve practices.
Lesson 2
This document discusses reasons why people work and what motivates them. It covers expectations around job security, fair treatment, safe working conditions and satisfaction from the nature of work and pay. Motivation factors include money, recognition and advancement opportunities. Maslow's hierarchy of needs is referenced, which positions physiological, safety, social and esteem needs as motivators. The role of the HR manager is to understand motivations and apply theories like cognitive theories around equity and expectancy to maintain a motivated workforce.
Lesson 10 pp10
The company performed better than the industry in gross profit ratio and net profit ratio, but worse in liabilities to equity, current ratio, and quick ratio. To improve, the company could increase sales or decrease costs to raise profit ratios, sell assets to lower debt-to-equity, and boost current ratios by increasing cash flow from sales and reducing short-term expenses.
Lesson 9 pp9
The document discusses various financial ratios that can be used to analyze a business's financial stability and position. It defines current assets and current liabilities, and explains three key ratios: the liabilities to equity ratio, which shows the proportion of funds that are liabilities; the owner's equity to equity ratio, which shows the proportion of funds invested by the owner; and the current ratio, which shows how much current assets the business has relative to its current liabilities. The document instructs the reader to calculate and summarize these ratios to analyze a business's profitability and financial stability.
Lesson 8 pp8
The document discusses key performance metrics for businesses, including:
1) Short, medium, and long term goals that businesses set to determine performance.
2) Financial ratios that assist in determining profitability and stability, such as gross profit ratio and net profit ratio, which indicate money left over from sales.
3) Additional ratios like return on owner's investment and return on total assets, which measure business success and effectiveness in using assets to generate profit. These ratios are calculated using income statements and balance sheets.
Lesson 1 pp1
Financial management (FM) is required for organizations to achieve their goals and involves planning, controlling, analyzing, and reporting financial information. FM helps ensure liquidity, profitability, risk minimization, and growth. While objectives like investing for growth may initially hurt cash flow and profits, they can benefit the organization long-term. The economic environment and type of business organization can also impact financial management. Proper financial planning is needed to help businesses obtain financing for capital to support growth.
Lesson 9
The internal environment of a business organization includes key aspects such as its staff, corporate culture and business ethics, and organizational structures and policies. Corporate culture describes the shared values and beliefs of an organization's members and connects business objectives to individual values. Management can cultivate a desired corporate culture by setting a good example, recognizing desirable behaviors, communicating cultural priorities, and providing training that emphasizes ethics, customer service, and other objectives.
Lesson 7
A sole proprietorship is a business owned and operated by one individual where they retain all profits but are personally responsible for any debts. A partnership is between 2-20 people who jointly own and operate the business, with profits distributed based on ownership percentage but unlimited liability like a sole proprietorship. A private company limits liability and has more complex structures than a sole proprietorship or partnership.
Lesson 6
This document discusses the concept of corporate social responsibility and corporate culture. It explains that corporate social responsibility includes how a company considers the impacts of its actions on the community through pollution, community services, and donations. It also states that the environment has become critical for business survival and that corporate social responsibility relates to both the outcomes of a company's own activities and its general concern for society.
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Lesson 3
- 1. Stakeholders No. 3 Groups in society have an interest in the performance and activities of business. These groups are known as stakeholders
- 2. Main stakeholder types Lets discuss these each, then summarise them by going to page 10 Owners Managers Investors Employees Suppliers Customers Government Local Community International Community
- 3. Stakeholders Stakeholders rely on each other in many ways. However at times they can be in conflict, for example a pay rise may cause concern between the managers and the employees. Go to page 11 and do questions 1, 3, 5, 6