Professional Documents
Culture Documents
FINANCE
The focus of this topic is the role of interpreting financial information in the planning and
management of a business.
investigate aspects of business using hypothetical situations and actual business case
studies to:
calculate key financial ratios
assess business performance using comparative ratio analysis
recommend strategies to improve financial performance
examine ethical financial reporting practices
Strategy of a business:
1. Decide on goal
2. Set business objectives based on goal
3. Develop strategic plan (10 years)
4. Develop tactical plan (5 years)
5. Develop operational plan (12 months)
Objectives:
Strategic plan:
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Long term goals are achieved through short term, specific objectives
Objectives are LPEGS- Liquidity, profitability, efficiency, growth and
solvency
Liquidity:
Profitability:
Efficiency:
Ability to minimise costs and manage its assets so that maximum profit
is achieved at the lowest possible level of assets
Relates to operations or revenue-producing activities
Inventory, cash and accounts receivable must be monitored
Growth:
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Solvency:
Short-term objectives:
Long-term objectives:
Apple:
Marketing – Provide various secondary market research data such
as sales analysis, to determine future marketing strategies
Human resources – Consider costs of replacing dissatisfied staff, e.g.
recruitment and training
Operations – Design and develop future models based on funds
allocated for R&D and production
pg. 3
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Debt: Short-term
1. Bank overdraft
- Allows the bank account to be overdrawn up to a specific limit
- Are flexible and have lower interest rates than other short-term
borrowing (higher than long term), interest paid daily
- Assists short- term liquidity problems
2. Commercial bills
- Amount and interest are not paid until the end date of the bill
3. Factoring
- Accounts receivable are sales that haven’t been paid for yet
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- “Without recourse”: responsibility of sales not being paid for is with the
factoring company
Debt: Long-term
Equity
pg. 5
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Equity finance increased by 5% in 2013 (shares and sales and retained profit)
1. Debt
- Liability, tax deductible, readily available, greater risk, significant
costs, can cause solvency problems
2. Equity
- Business’ funds, attractive to creditors and lenders, not tax deductible,
no repayment or interest, control, increased to reduce gearing (debt
to equity ratio)
Banks:
Finance companies:
Insurance companies:
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Superannuation funds:
Provide funds to the business sector often for long term investment
Tax incentives and compulsory superannuation introduced by the
government has helped these funds grow
The source of these funds in the investments from superannuation
contributions (employers)
The ASX
Unit trusts
Mutual funds
Take funds from a large number of small investors and invest them in
assets- short-term money market, shares, mortgage, property, public
securities, gold, silver, oil, and gas.
pg. 7
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Company tax:
Availability of funds:
Interest rates:
global market influences have a big impact on Qantas and its profitability. Prior to 2009,
Qantas benefited from a strong global economy, increasing demand for its services
pg. 8
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record net profit of $970 million (2008). The GFC caused rapid revenue declines- there was
less demand for air travel 88% fall in net profit (2009). Qantas cut flying capacity and
replaced Qantas with Jetstar on some routes.
Financial needs:
Financial plans:
They include:
- Capital expenditure
- Planned investments
- Shareholder returns
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- R&D expenditure
- Marketing expenses
- Sources of funds
Financial information is needed to show that the business can generate
an acceptable return for the investment being sought
Developing budgets:
Operating budgets:
Project budgets:
Include information about the purpose of the asset purchase, life span
of the asset and revenue it would generate
Financial budgets:
Record systems:
Financial risks:
pg. 10
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Financial controls:
Financing:
Debt finance:
Equity finance:
pg. 11
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pg. 12
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In millions ($USD)
Cash Inflows
$53,666 $50,856 $37,529
Operating activities
Cash Outflows
($33,774) ($48,227) ($40,419)
Investing activities
($16,379) ($1,698) $1,444
Financing activities
The accounting equation shows that the assets of the business may be
financed by either the owners or by parties external to the business
The balance sheet shows the outcome of the accounting process
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Equations:
o Assets= Liabilities + Owners equity
o Owners equity= Assets- Liabilities
o Liabilities= Assets- Owners equity
Liquidity:
Current ratio
Formula: current assets/ current liabilities
Shows the short-term financial stability of a business (its ability to meet
its short-term financial commitments)
It is generally accepted that a ratio of 2:1 indicates a sounds financial
position
Apple:
2015 2014 2013
1.08:1 1.68:1
1.11:1
Gearing:
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The higher the ratio, the less solvent the firm (the higher the ratio of
debt to equity, the higher the business risk)
Apple:
2015 2014 2013
107% 67.6%
143%
Qantas is highly geared due to the capital intensive nature of the industry. Qantas’
source of funds include a mix of cash, equity, debt and lease finance. Two equity
raisings 2001 and 2002, the decision to lease planes, the high value of the Australian
dollar and improved profitability helped decrease Qantas’ gearing from 2004-2007.
However, a period of low interest rates and the favourable operating environment
and a fleet renewal program caused Qantas to increase its gearing from 2008.
Profitability:
39% 38%
40%
Net profit ratio
Formula: net profit/ sales
Represents the profit or return to the owners
A firm will be aiming for a higher net profit ratio. A low net profit ratio
indicates that expenses should be examined to look for possibility of
reduction
2013
2015 2014
22% 22%
23%
Return on equity ratio
Formula: net profit/ total equity
Shows how effective the funds contributed by the owners have been in
generating profit and so the return on investment
The higher the ratio or percentage, the better the return for the owner
2015 2014 2013
35% 30%
45%
Efficiency:
Expense ratio
pg. 15
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9.9% 9%
9.6%
5.8 7 times
6.5 63 days 52 days
56 days
pg. 16
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Financial reports are only as good as the detail that comes with them
and have some scope to be creative or misleading
Users of financial reports must look in to all of these possibilities
Limitations of Qantas’ financial reports maybe occur if the comprehensive notes
attached to the reports aren’t read by stakeholders- helps them understand better
and gives more clarity to financial position. Special circumstances may distort analysis
of results- for example natural disasters (in 2011- cyclone Yasi, Christchurch
earthquake, Japan tsunami) affect Qantas’ profitability. Financial reports don’t give
an entire picture of their debt as it doesn’t disclose when they have to be repaid. It
can also be difficult to value Qantas’ assets because they change over time.
Qantas’ long term assets are depreciated over time but the value of these assets
may not always reflect their true market value.
Normalised earnings:
This is the process of removing one time, or unusual, influences from the
balance sheet to show the true earnings of a company
For example the removal of a land sale, which would achieve a large
capital gain
Users want to know what the normal earning are without the unusual
occurrences
Capitalising expenses:
This is the process of adding capital expenses (such as R&D or the “on
costs” of buying a non current asset- like stamp duty on land) to the
balance sheet as an asset, rather than to the income statement as an
expense
It spreads out the cost and attempts to match the cost with the benefit
gained from extra sales generated by the expense.
This is achieved through depreciation of the capitalised expense over
several years
Valuing assets:
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Timing issues:
Debt repayments:
Apple paid little tax in Australia compared with its global situation. E.g. IN
2012 $40 million from revenue of $6 billion
Tax minimisation strategies such as reporting higher costs of goods sold.
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Audit accounts:
Record keeping:
GST obligations:
The introduction of GST was to make it more difficult for businesses and
individuals operating in the cash economy to avoid tax
Businesses have an ethical and legal obligation to comply with GST
reporting requirements
This includes a quarterly business activity statement (BAS) in which GST
collected, less input tax credits claimed, are reported and the balance
of GST is paid to the ATO
Reporting practises:
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Apple Inc experienced a steady improvement in its cash flow from 2011 to
2013 due to:
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pg. 21
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Inventories:
o Stored goods- raw materials, work-in-progress, components parts
or finished goods
o Need to respond to customer demand- too little means lost sales
and too much means excess storage costs
o Inventory policy- sets out where, what and how many units are
stored. Usually computerised
o Just-in-time- inventory is supplied just in time to be used. No
storage costs and obsolete or damaged goods
Leasing:
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Cost controls:
Fixed costs do not vary with outputs/ level of activity in the business
Variable costs increase with outputs/ effected by the activity level
Changes in the volume of activity need to be managed in terms of the
associated changes in costs
Design new models with cheaper components, source cheaper
suppliers, change outsourcing partners to reduce labour costs
Cost centres:
Expense minimisation:
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Revenue controls:
Marketing objectives:
– Exchange rates
– Interest rates
– Methods of international payment – payment in advance, letter of credit,
clean payment, bill of exchange
– Hedging
– Derivatives
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fuel, lease and loan payments and overseas capital expenditure. Australians are less
likely to travel overseas but overseas tourists are more likely to travel to Australia.
Interest rates:
Payment in advance:
Allows the exporter to receive payment and then arrange for goods to
be sent
Used if the other party is a subsidiary or when the credit worthiness of
the buyer is uncertain
Exporter: least amount of risk- none
Importer: exposes them to risk (will they get their goods?)
Letter of credit:
Occurs when the payment is sent to, but not received by, the exporter
before the goods are transported
Easiest and quickest method
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Bills of exchange:
Hedging:
pg. 26
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Derivatives:
pg. 27
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Operations
The focus of this topic is the strategies for effective operations management in
large businesses.
investigate aspects of business using hypothetical situations and actual business case
studies to:
describe the features of operations management for businesses in a tertiary industry
assess the relationship between operations and the other key business functions in two
actual businesses
explain how operations strategy can help a business sustain its competitive advantage
recommend possible operations strategies for one hypothetical business
Operations:
Customer focus:
Cost leadership:
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pg. 29
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pg. 30
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Intermediate goods:
pg. 31
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2. Influences
Globalisation:
pg. 32
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Government:
Legal regulations:
The range of laws with which a business must comply are collectively
called compliance
The regulations that shape business practices and procedures must be
followed at the risk of penalty
Compliances are the expenses associated with meeting the
requirements of legal regulations
Some regulations include:
o Occupational Health and Safety:
Safe and healthy working conditions
Appropriate safety training/ protective equipment
Changed to WHS in 2012
o Training and development:
Use and application of technology
o Fair work and anti-discrimination laws:
Requiring that employees be treated with dignity and
respect
o Environmental protection:
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Environmental sustainability:
Technology:
Quality expectations:
pg. 34
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pg. 35
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It involves businesses doing more than just complying with the laws and
regulations
Formerly called the triple bottom line (profit, environment, people)
The Apple website in the section of Apple’s supplier responsibility states
“workers everywhere should have the right to safe and ethical working
conditions. 6 areas of focus: accountability, empowering workers,
labour and human rights, health and safety, environment and audited
results”.
Legal requirements require that a business follows the letter of the law
Ethical responsibility is meeting all of their legal obligations and taking it
further by following the intention and spirit of the law
Complying with legislation incurs compliance costs
In demonstrating ethical responsibility, a business is demonstrating that
it values something more than just earning maximum profits because it
is allocating money over and above what it costs to comply with the
law
Sometimes businesses seek to avoid compliance by using outsourcing
as a business strategy
Ethical business enterprises recognise that variations in laws between
countries can undermine social and ethical responsibility
Therefore they may seek independent sources, such as the ILO
(International labour conference) and lobby groups, to create ways of
applying ethical standards across the operations function
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3. Operations processes
3.1 Inputs
Inputs:
Input classification:
Transformed resources:
Are considered the resources that give the operations process its
purpose or goal
Materials
o Are the basic elements used in the production process and
consist of two types: raw materials and intermediate goods
o Raw materials are unprocessed (natural or raw) states and
usually come from mines, forests, oceans or recycled waste
o Materials can also refer to intermediate goods, which are goods
manufactures and used in further manufacturing or processing
Information
o Information is the knowledge gained from research,
investigation, and instruction, which results in an increase in
understanding
o Information can come from two sources: internal and external
o Information acts as a transformed reousce when it is used to
inform how inputs are used, where they are drawn from, which
suppliers and supplies are available and so on
o External information
Market reports
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Transforming resources:
pg. 38
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pg. 39
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How much variation in demand will there be- how can the operations
processes respond to changes in demand
o An increase in demand will require increased inputs
o Increase in demand may be hard to meet if:
Suppliers cannot supply quickly enough
Labour is not flexible enough, skilled or available
The adopted machinery cannot adjust to increased
capacity quickly, either because it is not designed to or
because it breaks down
Increased energy and power are not able to be readily
sourced
o A decrease in demand will also require operational flexibility as
staff may need to have their hours reduced, production may
need to slow to avoid inventory build up and suppliers may put
on pressure due to contractual agreements
o All businesses will try to forecast demand so that adjustments can
be anticipated and a business can act accordingly
o In 2012 the demand for the iPhone 5 exceeded the initial supply
during the launch. The ability to produce more in a short period
of time depended on the suppliers and their ability to adjust
operations.
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Warranty claims
Letters
Wikis
Verbal contact
o Indirect contact
Review of sales data- gives an indication of customer
preferences
Market share data- observation of peoples’ decision
making processes and customer reviews
The iPhone 4 has 2 versions with many problems in the 4 fixed in the 4S. This is
due to customer feedback.
Scheduling and sequencing tools are used to identify all steps in the
operations process and organise them into the most efficient order to
complete
Gantt charts
o Created by Henry Gantt in 1917
o Outlines the activities that need to be performed, the order in
which they should be performed and how long each activity is
expected to take
o Gantt charts are used for any process that has several steps and
involves a number of different activities that need to be
performed
o Advantages include:
They force the manager to plan the steps needed to
complete a task and to specify the time required for each
task
They make it easy to monitor actual progress against
planned activities
Critical path analysis (CPA)
o Scheduling method that shows PERT- programme evaluation and
review technique
o What needs to be done, how long they take and what order is
necessary to complete those tasks
o The critical path is the shortest length of time it takes to complete
all tasks necessary to complete the process or project
o Some tasks can be performed simultaneously
o Because each activity on the schedule must be completed to
make the final product the critical path is the shortest path
through the process
o Scheduling enables a manager to see what needs to be done
and allows the timing of tasks to be considered
o With this information a business will be able to see in what order
activities need to be done and also be able to see which tasks
can be done at the same time
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Comparison
o Gantt charts are useful in business production and operations
activities are not too complicated
o In production operations where there are numerous activities-
some which cant start until the preceding operations and
production activities have been complete
o The PERT network figure outlining the critical path is then used to
schedule and plan the operations and production
o PERT allows operations and production management to obtain
an overview of the relationship between the activities in a
complex operation, evaluate progress and take any necessary
corrective action early on
Technology
pg. 42
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Task design:
Task design involves classifying job activities in ways that make it easy
for an employee to successfully perform and complete the task
Task design overlaps the employment relations functions of job analysis,
job description, and person specification
Task design is breaking down the work into a series of jobs in which
each contributes to the final goal
Task design job description person specification recruitment
selection
pg. 43
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Process layout
pg. 44
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o This approach also lends itself to “job lots”- that is, the
manufacture of parts in small quantities
o Many small to medium-sized manufacturers employ this process
o In service businesses, process layout is used to accommodate
the handling of customers with different needs
o A feature of this approach is creation of work cells or work teams
o Cellular or team-based work arrangements can be used to
create combinations of machinery and equipment to produce a
single product or a range of similar products
Product layout:
o Product production (mass production) is characterised by the
manufacturing of a high volume of constant quality goods
o An assembly line is the most common layout for this type of
production because it aims to achieve the best possible
combination of personnel and machine use- “assembly line
balance”
o This type of layout is referred to as product layout where the
equipment arrangement related to the sequence of tasks
performed in manufacturing a product
o Work stations are arranged to match the sequence of
operations, and work flows from stations to station
o Emphasis is placed on sequencing the flow from one work cell to
another
Fixed position layout:
o Project production deals with layout requirements for large-scale,
bulky activities such as the construction of bridges, ships, aircraft
or buildings
o With project production, it is more efficient to bring materials to
the site; workers and equipment come to the one work area
o A fixed position layout is where a product remains in one location
due to its weight or bulk
Office layout:
o Typically an office space is organised around discrete
workstations
o Office layout is tailored to meet the needs of a business
o Enables the work to be performed efficiently in a safe office
environment
o Designed in a way that allows for smooth workflow; it should also
provide a space that enables employees to take a break from
the work environment if required
Apple suppliers use a product layout for their manufacturing. Machines
and equipment is arranged according to the sequence in which the
iPhone is assembled.
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Monitoring
Controlling
Apple suppliers have a high level of supervision as many workers are unskilled.
Tasks need continual monitoring and control checks to improve time
management, improve quality, etc.
Improving
Monitoring and control lead to improvements when there is a focus on
quality and standards
pg. 46
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3.3 Outputs
– Customer service
– Warranties
Outputs:
pg. 47
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Customer service:
Warranties:
Warranty claims are made against goods that have defects arising
from an issue in transformation
Operations managers need to trace the source of the fault in
manufacturing and rectifying it
Warranty claims therefore lead the business to improve the
transformation process
Apple suppliers have a high level of supervision as many workers are
unskilled. Tasks need continual monitoring and control checks to
improve time management, improve quality, etc.
Under Australian law all businesses must ensure that the goods they sell:
o Are suitable for the purpose of job they will be used for
o Match the product description in any advertising or promotion
o Are free from defects or faults
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4. Operations strategies
Quality:
Speed:
Speed refers to the time it takes for the production and the operations
processes to respond to changes in market demand
Goals for speed include: reduce wait times, shorter lead times, faster
processing times
Requires a reduction in procedural and technical bottlenecks and
smooth internal communications
The level of demand of a new iPhone cannot always be accurately
determined in advance, so once it is launched operations must quickly
respond to the new level of demand.
Dependability (reliability):
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Flexibility (adaptability):
Cusomisation:
pg. 50
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Cost:
Consumer approach:
Factors:
pg. 51
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Need to consider explicit and implicit services and if any goods will be
required to deliver the service
Logistics:
pg. 52
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o Location is important
o J-I-T can reduce the need for storage
o Warehousing can be expensinve, but it can also save money if
used well (stock moves in and out quickly)
o Distribution centers are used for long term storage, whereas
warehouses are used for short term storage
Material handling is an important aspect of logisitics- some products
need extra care during transportation and storage
Packaging of products assists in protecting the product during the
transportation and storage stages of distribution
These are government regulations surrounding materials handling and
packaging of dangerous goods (cleaning agents, chemicals)
In 1998, to ensure new I Macs were available at Christmas, Steve Jobs
paid $50 million to buy up all the available holiday air freight space.
E-commerce:
The buying and selling of goods and services via the internet
Regarding supply chain management, some orders for suppliers may
needs to be placed online, and hence e-commerce plays an
important part in supply chain management
E-procurement is using an online system to manage supplies. It allows
suppliers direct access to the business’s level of suppliers
When stock falls to a pre-determined point, the supplier will supply
even without a formal request from the buyer enabled by what is
called business-to-business arrangement (B2B)
The use of e-commerce has impacted on the supply chain- businesses
can sell directly to consumers online where they pay via a credit card-
business-to-consumer
A business that sells directly to consumers online must be able to
manage supplies
When apple.com was established, iPod sales took off. Apple realised it
was economical to ship them directly from Chinese factories to
consumer’s doors.
Global sourcing:
pg. 53
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Outsourcing examples:
Decisions:
Favourable location
Which vendor to use
Management of contract
Length of contract
KPI’s/ service objectives
Options:
pg. 54
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Advantages Disadvantages
Established technology:
Is the technology that has been developed and widely use and is
simply accepted without question
Includes the use of computers and various software packages in
managing business operations and functions
Functionally sounds and help to establish basic standards for
productivity and speed
pg. 55
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LIFO:
pg. 56
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FIFO:
Just in time:
– Control
– Assurance
– Improvement
Quality control:
pg. 57
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Quality assurance
Involves the use of a system to ensure the set standards are achieved
in production
Important aspects include:
o The notion of ‘fitness for purpose’- how well a product does
what it is designed to do
o The desire to achieve ‘right first time’ so that products do not
need to be reworked, which wastes time, energy and other
resources
Standards have been developed in response to globalization e.g. ISO
9000 (international organisations for standardization)
These standards are voluntary but enhance domestic and international
competitiveness
Quality improvement:
pg. 58
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Changes:
pg. 59
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Lewin’s model:
Unfreezing- break down the focus supporting the existing system and
prepare them for change
Change- new procedures and behaviours must be communicated
and implemented
Refreeze- requires that the manager offers positive reinforcement to
make sure the change lasts
Since Steve Jobs returned to Apple in the 80’s, executive staff have
been made redundant, new equipment has been procured, change
agents have been introduced and all current and new staff are
continually retrained in new technology.
Supply chains are continually reorganised and any sign of inertia from
suppliers/staff is not tolerated.
pg. 60
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Global sourcing:
Benefit:
Cost advantages
Access to new technologies
Expertise and labour specialisation
Operate over extended hours
Challenges:
Economies of scale:
pg. 61
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pg. 62
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Marketing
The focus of this topic is the main elements involved in the development and
implementation of successful marketing strategies.
1. Role of marketing
Marketing:
Strategic role:
pg. 63
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Marketing plan:
The marketing plan outlines the strategies to be used to bring the buyer
and seller together.
The business needs to be able to identity: where the market is, who will
buy the product, why they will buy the product, and how often they
will buy the product
The core of marketing is satisfying existing customer wants, which
should lead to repeat sales
Marketing is the revenue-generating activity of any business. Nothing is
achieved until a sale is made
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1820’s-1920’s
Focused businesses on the production of goods and services
Emphasis on producing goods
Industrial revolution created a burst of industrial outputs- demand
exceeded supply
Production design was based more on the demands of mass
production techniques than on customer needs and wants
1920’s- 1960’s
Based on the belief that a business will be successful in selling a
product if it is able to promote the benefits of the products to its target
market
The skills of selling are considered the most important task
Supply started to meet the demands of the market
Production become more efficient and effective
Lead to an increase in competition for high-quality mass produced
products
Selling techniques were used to gain new customers and beat
competition
Emphasis on the hard sell- door to door knocking
1960’s-1980’s
Focuses on finding out what customers want- through market research-
and then satisfying that need
Began with the economic boom after WWII
Focus moved from production to the customer
Discretionary income refers to the disposable income that is available
for spending and saving after an individual has purchased the basic
necessities of food, clothing and shelter
This was a business opportunity as consumers were able to buy more
than the necessities of life
1980’s- present
Corporate social responsibility
o Stronger public focus on the environmental pollution and
resource depletion changed marketing strategies
o Stronger focus on ecologically sustainable products
Customer orientation:
o The whole business focuses on exceeding customer expectations
pg. 65
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Markets:
Resource markets:
Industrial markets:
Intermediate markets:
pg. 66
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Consumer markets:
Mass markets:
Niche markets:
Apple sells mainly to consumer markets but also have other intermediaries
such as JBHiFi selling Apple products
2. Influences on marketing
Psychological:
pg. 67
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Personality/ self-image:
o Collection of all the behaviours and characteristics that make up
that person. An individual’s self- image relates to how a person
views himself or herself
o Influences the type of products a person buys
o Most individuals desire to express their identity through their
purchases
o Celebrities and sportspeople are regularly used to endorse a
product, as people want their self- image to be a reflection of
those who are regarded as important or influential
Learning:
o Refers to changes in an individual’s behaviour caused by
information and experiences
o Brand loyalty occurs when a favourable attitude towards a single
brand results in repeat sales over time
o To market products successfully, a business must assist customers
to learn about them
The perception is that Apple products are cool and innovative, motive
is peer pressure, attitude is that Apple products are easy use, and
personality is usually those who love new gadgets. E.g. iPhone 5c in
various colours to attract teenagers (colour reveals your personality)
and iPhone5s for forward thinkers.
Sociocultural influences:
pg. 68
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Economic influences:
Government influences:
pg. 69
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– Price discrimination
– Implied conditions
– Warranties
pg. 70
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Price discrimination:
pg. 71
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Warranties:
2.3 Ethical – truth, accuracy and good taste in advertising, products that may
damage health, engaging in fair competition, sugging
Ethical influences:
pg. 72
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pg. 73
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Sugging:
3. Marketing process
pg. 74
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The aim is to understand the market place and the customer needs
and wants in that market place
Uses two tools- SWOT and product life cycle
SWOT:
Threats
Opportunities
Increased competition
New innovations and
technologies
pg. 75
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Market research:
pg. 76
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pg. 77
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Refers to the business’s share of the total industry sales for a particular
product
Is an important objective as small market gains often translate into
large profits
Develop extensive product ranges, using different brand names to gain
extra market share
Increase market share in China by 10% in the next 12 months
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Definitions:
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Businesses will divide the market into segments and direct efforts to a
particular one
This segment then becomes the target market
Enables a business to design a marketing plan that meets the needs of
a relatively uniform group
Marketing mix:
Refers to the combination of the four element of marketing, the four Ps-
product, price, promotion, and place- that make up the marketing
strategy
Business has control over them, and can use them to reach target
market
Has control over other business resources- information, finances, and
employees- that may also be used to achieve marketing objectives
Must determine what emphasis will be placed on each of the
variables- determined by the stage of the product in the product life
cycle
Determines such features such as what the product is, its quality,
packaging and labeling, design, brand name and guarantee
Customers buy products that not only satisfy their needs and wants but
also provide intangible benefits such as a feeling of security, prestige,
satisfaction or influence
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Price:
Promotion:
Place/ distribution:
Deals with the channels of distribution: the ways of getting the product
to the customer
Involves a number of intermediaries such as wholesalers and retailers
Apart from retailers, intermediaries are often invisible- customers know
little about their role and operation
Number of intermediaries chosen will determine how widely the
product will be distributed
Implementing:
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Sales analysis:
o Is the comparing of actual sales with forecast sales to determine
the effectiveness of the marketing strategies
o The more the sales figures are broken down the more clearer the
picture becomes
o Strength of sale analysis is that figures are relatively inexpensive
to collect and process
o Weakness is that data for sales revenue do not reveal the exact
profit level; such information can only be gleaned from further
investigation of total expenditure
Market share analysis:
o A business is able to evaluate its marketing strategies as
compared with those of its competitors
o Reveal whether changes in total sales have resulted from the
business’s marketing strategies or have been due to some
uncontrollable external factor
o Place a great deal of importance on analysising market share
statistics- a 1% fall in market share can represent millions of
dollars in lost sales
Marketing profitability analysis:
o Is a method in which the business breaks down the total
marketing costs into specific marketing activities
o Includes advertising, transport, administration, and order
processing
o Comparing the costs of specific marketing activities with the
results achieved can assess the effectiveness of each activity
o This helps in deciding how best to allocate marketing resources
in the future
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4. Marketing strategies
Market segmentation:
Involves dividing the total market into segments from which the target
market is chosen
The aim of market segmentation is to increase sales, market share and
profits by better understanding and responding to the desires of the
different target customers
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Differentiation:
Products that are made the same or similar are made to appear
different from and/ or better than those of their competitors
Factors include changes to packaging or labeling, top quality service,
convenience, features, value for money and environmental
Customer service:
o High levels are expected
o Pre-sale and after-sale services are important for expensive
purchases
o Includes the presentation of the premises, atmosphere and
range of products
Environmental concerns:
o People more concerned with physical environment
o Businesses that adopt a ‘green philosophy’ may increase sales
Convenience:
o Consumers are busy- select products that are convenient to use
Social and ethical issues:
o Consumers are becoming more ethically minded
o Actively purchase products or brands that they believe do not
exploit workers, producers or environment
o Provides businesses with opportunities to satisfy the demands of
this growing number of consumers
o Consumers are prepared to pay more for the guarantee of fair
labour practices ect. (Fair Trade Movement)
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– Branding
– Packaging
Products are goods or services that can be offered in exchange for the
purpose of satisfying a need or want
Product branding
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Branding strategies:
Have high appeal with customers because they are recognised across the
country, and widely available and offer reliability with consistent quality
Private/ house brand is one that is owned by a manufacture
Generic brands are products with no brand name at all
o They carry only the name of the product, in plan packaging
Packaging
Labelling
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Pricing methods
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Pricing strategies:
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o Makes it easier for the customer to find the type of product they
needs
o Makes it easier for the business to encourage the customer to
‘trade up’ to a more expensive model
4.4 Promotion
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Relationship marketing:
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4.5 Place/distribution
– Distribution channels
Distribution channels
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Are the routes taken to get the product from the factory to the
customer
Usually involves a number of intermediaries, that are often invisible
Traditional distribution channels:
o Product to consumer
No intermediaries
o Product to retailer to consumer
Retailer is intermediary- buys from producer, sells to
consumer
o Product to wholesales to retailer to consumer
Wholesaler buys in bulk, sells in smaller quantities to retailers
o Product to agent to wholesaler to retailer to consumer
Agents distribute to wholesaler but never own the product
Innovative distribution methods- non store retailing:
o Non- store retailing is retailing activity conducted away from the
traditional store
o Includes door-to- door selling, mail order catalogues, party-plan
merchandise and vending machines
o Businesses are beginning to exploit types of electronic marketing
(e-marketing) as alternative methods
o Telemarketing:
The use of a telephone to make a sale
Allows customers to purchase via their television or
personal computer
o Internet marketing:
Businesses are moving away from the telephone and onto
the internet for product communication
o As more people use the internet for shopping, the traditional
distribution channels will be modified
o Electronic post and parcel delivery channels will be used more
extensively to meet the increased demand
Apple uses traditional channels (producer to retailer to customer) and
innovative channels (internet marketing, e-commerce via producer to
consumer)
In 2013 30% sales were through direct channels (online and Apple
retailers), and 70% through indirect channels (network carriers and
other retailers)
Channel choice
Market coverage refers to the number of outlets a firm chooses for its
products
A business can decide to cover the market in one of three ways as
follows, the difference being the intensity of the coverage:
o Intensive distribution- when the business wishes to saturate the
market with its product
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Physical distribution:
People
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Process
Refers to the flow of activities that a business will follow in its delivery of
a service
Without tangible products, the processes must be highly efficient to
achieve customer satisfaction
Any business that has inefficient processes will lose customers and
damage its reputation
Online ordering system, free upgrade of iOS for existing customer, pre-
ordering
Physical evidence
4.7 E-marketing
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E-marketing technologies:
Web pages
o A web page is a display of information accessible on the wen
through a web browser
o A website is a collection of related web pages, usually
associated with a particular business or organisation
o A home page can provide detailed information about the
business
Podcasts
o Podcasting involves the distribution of digital audio or video files
over the internet
o If a particular podcast is aimed at the same audience as the
target customers of a business, podcast advertising can be a
very effective way of reaching customers
SMS
o Is the means by which text messages can be sent between
mobile phones
o Distinct advantage over email, as messages are delivered
automatically to one or more recipients without the need for
them to dial in or log on
o Use to alert regular customers of any special deals on offers and
notify suppliers of the arrival of a good shipment
Blogs
o A weblog or blog is an online journal that can be added to by
readers
o Allows for communication between the business and its existing
and potential customers
o It allows the business owner and employees to establish a
reputation for expertise, by providing detailed information on
products and services
o New ideas for products and services can be put to public to fain
comments and feedback
o Presents a human face to the public and builds trust
Web 2.0
o Refers to the transformation of the world wide web into a more
creative and interactive platform for information sharing rather
than just a means of retrieving information
o Networking sites can provide a powerful public relations tool- low
cost
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– Global branding
– Standardisation
– Customisation
– Global pricing
– Competitive positioning
Global branding:
Global pricing:
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Customised pricing:
o Occurs whenever consumers in different countries are charged
different prices for the same product
o Based on the cost + mark up method
Market-customised pricing:
o Sets prices according to local market conditions
Standardised pricing:
o Charges customers the same price for a product anywhere in
the world
Apple takes into account local market considerations when setting
prices such as freight charges, local taxes, import duties, competition,
local laws, etc. The price of the iPhone 5 varied from $649 in USA, $777
in Singapore, $844 in Australia and $892 in Germany and France ($US)
Standardisation:
Customisation:
Competitive positioning:
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marketing strategies are needed due to lower income levels and other
demographic factors. E.g. iPhone 5c.
Human Resources
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The focus of this topic is the contribution of human resource management to business
performance.
investigate aspects of business using hypothetical situations and actual business case studies
to:
explain the interdependence between human resources and other key business
functions
compare the process of negotiating enterprise/collective agreements with the
negotiation of individual contracts
discuss the advantages and disadvantages of outsourcing in the global market
evaluate the effectiveness of human resource management for one business and
recommend appropriate alternative strategies
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1.3 Outsourcing
Allows firms to focus more on their core business as they grow, while
experts in HR assist by planning for growth, development and
management of staff during this phase
May also be used to review business practices and implement
strategies to transform the business using independent consultants with
no perceived internal ‘agenda’
Qantas has increased looked to outsourcing to become more cost
effective and to simplify its business.
Using contractors:
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2. Key influences
Employers:
Employees:
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Businesses hoping to retain and motivate skilled staff need to put extra
effort into developing staff career and training plans, rewards and
opportunities for greater employee involvement
Many unions have responded to worker fears and have made some
employment issues- such as job security and limitations on the use of
casuals- a priority in negotiating agreements
Enterprise bargaining/ workplace agreements has impacted on the
employee workplace
Employer associations:
Trade unions:
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Society:
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Common law:
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From 2010, the employee’s base rate of pay for ordinary hours worked
has been determined by:
o The award or agreement that covers the employee
o The national minimum wage
The main objective of the panel is to establish and maintain a safety
net of fair minimum wages
It must consider submissions from interested parties, and the following
criteria in changing the minimum wage:
o The performance and competitiveness of the national economy,
including productivity, business competitiveness and visibility,
inflation, and employment growth
o Promoting social inclusion through increased workforce
participation
o Relative living standards and the needs of low-income earners
o The principle of equal pay for work of equal or comparable
value
o Providing a comprehensive range of fair minimum wages to
junior employees, trainees and employees with a disability
The national minimum wage in 2017 July is $694.90 per week or $18.29
Awards:
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Enterprise agreements:
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Individual contracts:
o Exist when an employer and an individual employee negotiate a
contract covering pay and conditions
o Cover employees not on federal agreements or specific state
agreements, particularly for those earning over the limit of award
wages
o More common in the private sector and at the professional and
managerial level
o Many are informal and offer much less protection than other
agreements
o They are generally required to provide conditions that equate
with minimum provisions of related awards; if they do not, they
are in breach of the law
Independent contractors:
o Often known as consultants or freelancers, undertake work for
others; however, they do not have the same legal status as an
employee
o Generally undertake a contact, service or project for another
business and work for multiple clients
o Contractors tend to have a set term or specific project for their
contract, control their own work and may delegate some of their
work to others
o Submit an invoice on completion of a task, stage or project
o A contractor carries most of the risk on a job undertaken,
including covering their own superannuation, tax, insurances
and leave
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o Employers must take steps to ensure that people on-site who are
not employees are not exposed to risks arising from work being
undertaken
o Employees are required to take reasonable care for the health
and safety of others, to cooperate with employers and comply
with OHS requirements
o Employees who engage in bullying, skylarking or interfering with
machinery or any other behaviour that outs other employees at
risk are breaching their duties and could be fined
o Health and safety committees must be established at
workplaces with more than 20 employees if requested by a
majority of employees or if directed by WorkCover
o WorkCover is a government organisation who enforce WH&S in
the public sector
o WorkCover inspectors may inspect the workplace, collect
information, and issue improvement and prohibition notices
under the Factories, Shops and Industries Act 1962. This may in
some cases, mean that work ceases
o WorkCover must be notified of any deaths or serious injuries in the
workplace, ad any plans to carry out dangerous work
o Corporations may be fines up to $555000, $825000 if repeat
offenders, and individuals $10000 and $82500 respectively for
breaches
Six-step approach to OHS:
o Develop a WHS policy and related programs
o Set up a consultation mechanism with employees, through
meetings, workshops, suggestions boxes, surveys and
noticeboards- ensure input is gained from all staff
o Established a training strategy for new and existing staff at all
levels. This may include emergency procedure training, or
specific hazard training
o Establish a hazard identification and workplace assessment
process
o Develop and implement risk control. This will involve minimising,
rectifying, eliminating and reviewing workplace risk
o Promote, maintain and improve these strategies. Key to
successful programs is regular feedback, and advice from staff,
and evaluation of records
The Australian Council of Trade Unions conduct its own surveys
In best practice businesses, management undertakes regular safety
audits, benchmarks their performance and implements comprehensive
safety programs
Policy statements, safety signs and reminders are visible and there is
regular ongoing training for staff who are aware of safety rules and
prepared for emergencies
Qantas WH&S program has increased safety awareness and led ti an
80% reduction in employee injuries since 2001
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Workers’ compensation:
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Anti-discrimination
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management (up by 11% since 2007) and on the Qantas Board (up by
15% since 2007) and support those in executive roles.
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2.3 Economic
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Globalisation:
2.4 Technological
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In May 2010 part-time men was 17% and part-time women was 46%
In 2009 69% of part-time men and 45% of part time women wanted to
work full time/ full time hours
Indicates that the GFC in 2008 led to a lot of full time workers being
forced into casual and part-time work
Career flexibility and job mobility:
o Workers are taking more control over their own careers
o Around 14-16% of employees are considered job mobile
o Only 44% of full-time employees have worked for their current
employer for more than 5 years
o The most mobile employees are found in the retail or hospitality
industry
o Many leave full-time positions after developing specialists skills
and experience to become independent contractors or
consultants
o Many employees will find that they must learn new skills to adjust
to changes in their jobs
o Others will have to train themselves for new jobs that open up
when old ones disappear
Rising female participation rate:
o Women compromise 48% of the workforce, 69.9% part-time
workforce and 54.3% full time workforce (compared to men at
83.4%)
o Their influence on the workforce is reflected in increasing calls for
work-life balance, and in recent improvements in parental and
carer’s leave conditions
Ageing of the workforce:
o Likely to see a significant shortage of skills in the community over
the next few years
o Flexible working arrangements will be critical in utilizing this
ageing workforce- mainly in health, education and society and
culture
o Businesses and government will need to respond by upskilling the
population, creating incentives to encourage staff to postpone
retirement and implementing appropriate human resource
strategies to transfer skills to those remaining in the workforce
o Removing discrimination in the recruitment of older workers,
providing opportunities to update skills and offering targeted
health and safety programs will also be essential
Early retirement:
o The average age of retirement from full-time work has increase
and is 53 (58 for males and 47 for females)
o Participation in part-time work is much higher
o Older employees are using a gradual withdrawal approach to
retirement
o Reasons for this include eligibility for superannuation, health
reasons, financial reasons or to relieve boredom
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Living standards:
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Working conditions:
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During the boom years firms had to bid for staff in a ‘war for talent’
In the future, labour shortage looms due to the ageing Australian
population
Two major HR aspects need to be planned in all businesses:
o The short- term and long- term human resource needs for the
business, through a human resource inventory of the business
The needs will be influenced by business development
plans, business strategy, the nature and location of the
development, and external factors including government
policies, economic, technological, social trends and
organizational structure
o The strategy needed to meet these needs
This may include recruitment, downsizing, outsourcing or
specific programs to build new capabilities, improve
competitiveness, transform culture or quality
3.1 Acquisition
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3.2 Development
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Induction:
Training:
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Organisational development:
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Performance appraisal:
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3.3 Maintenance
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Employee participation:
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Benefits:
Benefits are often a litmus test of the workplace culture as they are
available to all staff
They may be monetary in value or non-monetary, and the extent of
benefits available will reflect the resources of the business and the
nature of its activities
Typical benefits include flexible working arrangements, paid training
opportunities, travel allowance, health insurance, subsidised gym
membership, housing and company car
Some benefits attract an employer paid fringe benefit tax
Benefits that may be considered for FBT include airline transport,
expense accounts, board and accommodation, housing loans, living-
away-from-home allowance, car parking, property and entertainment
allowance
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3.4 Separation
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Dismissal:
Unfair dismissal:
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Leadership styles:
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Job design is the process of designing the content of a job and how it
will interact with other jobs and employees, so as to motivate and
retain an employee and achieve the business’s goals
Job analysis is an ongoing process which is a detailed analysis of all the
tasks, responsibilities, personal attributes and reporting relationships
needed in a position
Employees are more motivated and likely to share ideas if they have
autonomy, have a clear task identity, are well trained and feel
competent, and receive feedback that allows them to be recognised
and develop further
Employees are more motivated when they are able to plan, schedule
and determine how to do a job
Organisation needs to be a strength for businesses like Qantas. The
more organised and efficient the different components of Qantas are,
the better its functions. There is a wide variety of tasks required in
Qantas from baggage handling to flying the superjumbo A380.
Well-designed jobs at Qantas can address problems such as work
overload, repetitiveness, shift work and occupational heal and safety.
Job design is an ongoing process at Qantas aimed at allowing
employee input, give employees a sense of accomplishment,
balances static and dynamic work and provides feedback about their
performance
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Involves jobs being broken down into specialist skills areas in order to
improve knowledge and skills, to increase outputs, to reduce errors and
labour costs, and to control quality
It rarely leads to greater challenges or job satisfaction, is repetitious
and boring, employees have little input, there is limited social
interaction/ sharing of ideas and there is no identifiable end product
It is believed to reduce the ability to absorb knowledge and may even
limit knowledge sharing- management assumes greater control
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costs. However, may lower the influx of new ideas and innovation +
employees may not be prepared or qualified for the vacancy
External – advertisements, contracts, head hunters, competitors ->
tends to increase selection accuracy and tends to bring in new ideas
and innovations. However, increases recruitment and selection costs
and takes longer to fill vacancies
General skills
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The job can then be customised to suit the recruits who can be trained
and developed according to the business’s needs
These behavioural ‘soft’ skills, are often critical in building a successful
workforce, and are not really ‘learned’, whereas specific skills can be
taught
Important because many jobs today require individuals to work
independently and undertake many different tasks
Generally indicate that the employee has a capacity and willingness
to learn
Specific skills
Most businesses are concerned about skill shortages and still need to
target employees with specific skills to fill gaps in their business
Sophisticated software is available to support workforces and
recruitment planning
Many businesses are recruiting overseas or using outsourcing and
overseas recruitment to overcome skills gaps in their businesses,
particularly through skilled migration programs
There is a significant shortage developing in more highly skilled and
professional areas including specialist project management skills
Employee poaching is the practice of enticing employees to work for
another business
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Development:
Administrative:
pg. 147
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pg. 149
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pg. 150
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pg. 151
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Resolution of disputes
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Negotiation
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Mediation
Grievance procedures
Industrial disputes that escalate to the level of courts and tribunals are
most likely to occur when disputes have passed their nominal expiry
date, bargaining has commenced towards a new agreement, and
negotiations have failed
Employees and employers then enter a period where industrial action
may be protected until a new agreement is developed
May require conciliation
o Conciliation is a process where a third party is involved in helping
two other parties reach and agreement
o FWA will appoint a conciliation member to hear both sides of the
dispute
o The conciliation member calls a conference and attempts to
help both sides reach an agreement
o The member may require all parties to continue negotiations on
some aspects, reduce the ambit of the dispute or develop other
strategies to resolve the dispute and then report back for
another conference
If conciliation fails the matter may be referred to arbitration, if it is in the
award or agreement, or if the parties agree
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The role of the HR manager is to decide how the employment relationship will
be best managed so that it is cost-effective, achieves the business’s goals
and contributes to the ‘bottom line’
5.1 Indicators
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– Corporate culture
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Quantitative measures:
Qualitative evaluation:
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– Absenteeism
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– Accidents
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– Levels of disputation
Overt manifestations:
o By employees- pickets, strikes, stop-work meetings, work bans
and boycotts, and work-to-rule
o By management- lockouts, stand-downs, dismissals,
retrenchments
Covert manifestations:
o By employees- absenteeism, high labour turnover rates, theft and
sabotage, higher defect rates, reduced productivity, lack of
cooperation
o By management- discrimination, harassment, lack of
cooperation, exclusion from decision making
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– Worker satisfaction
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pg. 164