year 12 business studies nsw

• Market segmentation is the process of dividing a market into smaller groups based on specific characteristics.
• There are four factors which influence customer choice- psychological, sociocultural, economic, and governmental.
• There are three business approaches- the production approach, the sales approach, and the market approach.
• the types of markets- resource, industrial, intermediate, consumer, mass and niche.
• mcdonalds is a consumer market- caters to individuals, household members, providing products to consume.
• niche markets cater to small groups of consumers with specialised needs that require customisation.
• mass markets have large numbers of customers with similar needs who buy standardised products at low prices.
• industrial markets sell goods and services to other businesses rather than individual customers.
• intermediate markets involve selling goods and services to wholesalers and retailers.
• mass markets cater to large numbers of people who have similar wants or needs.
• resource markets supply resources such as land, labour, capital, technology, and information to firms.
• Strategic role of operations management:

  • Cost leadership
  • Good/service differentiation
• Goods and/or services are present in different industries
• Operations management is interdependent with other key business functions
• Influences on operations management:

  • Globalisation
  • Technology
  • Quality expectations
  • Cost-based competition
  • Government policies
  • Legal regulation
  • Environmental sustainability
• Corporate social responsibility:

  • Legal compliance vs ethical responsibility
  • Environmental sustainability and social responsibility
• Operations processes: process 1- inputs

  • Inputs:
  • Transformed resources: materials, information, customers
  • Transforming resources: human resources, facilities
• Transformation processes are influenced by volume, variety, variation in demand, and visibility (customer contact)
• Sequencing and scheduling:

  • Gantt charts
  • Critical path analysis
• Technology, task design, and process layout impact operations processes
• Outputs of operations processes:

  • Customer service
  • Warranties
• Operations strategies:

  • Performance objectives: quality, speed, dependability, flexibility, customisation, cost
  • New product or service design and development
  • Supply chain management: logistics, e-commerce, global sourcing
  • Outsourcing: advantages and disadvantages
  • Technology: leading edge, established
  • Inventory management: advantages and disadvantages of holding stock, LIFO, FIFO, JIT
  • Quality management:
  • Control
  • Assurance
  • Improvement
• Overcoming resistance to change:

  • Financial costs
  • Purchasing new equipment
  • Redundancy payments
  • Retraining
  • Reorganising plant layout
  • Inertia
• Global factors:

  • Global sourcing
  • Economies of scale
  • Scanning and learning
  • Research and development
• • Quality management:
  • Control
  • Assurance
  • Improvement