Business Studies 2013 Marathon (2 Viewers)

[obliviousninja]

Post questions. Answer the previous one, then post your own below.
I'll kick things off:

Explain two type of rewards which can be used to motivate employees?

 

[nerdasdasd]

Explain how inventory counting methods can be misused in regards to producing financial statements (make reference to GAAP if possible ).

 

[Shazer2]

Post questions. Answer the previous one, then post your own below.
I'll kick things off:

Explain two type of rewards which can be used to motivate employees?

Monetary and non-monetary. E.g. a pay rise, or promotion

 

[rednellav]

Post questions. Answer the previous one, then post your own below.
I'll kick things off:

Explain two type of rewards which can be used to motivate employees?

Rewards management is a crucial aspect of effective Human Resource Management through which can be used to motivate employees while improving overall employee morale, therefore serving as a fundamental strategy through which managers can implement in order to improve employee performance and retain highly skilled employees. Rewards management strategies can also be utilised by businesses in order to reinforce the corporate values such as customer focus. Furthermore, there are two main branches of rewards management that could be considered by managers and employers: monetary rewards, and non-monetary rewards.

Monetary rewards are the strictly 'cash in hand' rewards where cash incentives such as pay rises or commissions are commonly used to motivate said employees by enabling them to make more than their base-salary through excelling and surpassing or reaching set objectives or targets. Monetary rewards are generally extrinsic in that they are not rewards derived from the job itself.

Non-monetary rewards pertain to both the fringe benefits and intrinsic rewards used to motivate and retain employees. Fringe benefits such as company cars and subsidized gym memberships are often associated with non-monetary rewards. Rewards derived from the job itself such as interesting work however also serve as rewards in themselves in that if an employee can obtain satisfaction from their role in the business, then they are more likely to have high levels of morale and business engagement, ultimately leading to increased overall business performance.

When developing a rewards system in order to sustain and induce high levels of employee motivation, employees and managers alike must choose between rewarding employees individually or as groups, whereby they must assess the advantages and disadvantages of each method in terms of the individual circumstances of the business itself. Individual based rewards systems are effective in increasing the performance of a large number of employees, however it must also be considered that this may cause competition between employees and may in fact reduce the overall efficiency of the business through a drop in communication between employees. Group based reward systems are effective in encouraging a team-based work culture at the expense of being unable to measure the performance of individual employees.

edit: critique and feedback pls

Describe 3 limitations of financial reports

 

[limerica]

Wow, maybe use the terms intrinsic and extrinsic? But wow..

Describe 3 limitations of financial reports
Financial reports may be limited in their presentation and communication of the financial situation of the business, as financial reports and ratios may present misleading information. Normalised earnings removes a one-off source of income due to unusual circumstances, for example the sale of a large asset, to present a more accurate representation of business earnings. The valuation of assets is also problematic- businesses must use either the historical cost method, using the price it was last sold at, or the discounted cash flow method, where businesses estimate the amount of future cash flows provided by the asset, and based upon this forecast estimate the current value of the asset. Capitalising expenses involves adding assets to the balance sheet which are usually regarded as expenses, such as research and development costs. This increases the businesses revenue rather than detracting from it, as expenses decrease net profit.

new question: Outline 6 main features of an award

 

[rednellav]

Wow, maybe use the terms intrinsic and extrinsic? But wow..

Describe 3 limitations of financial reports
Financial reports may be limited in their presentation and communication of the financial situation of the business, as financial reports and ratios may present misleading information. Normalised earnings removes a one-off source of income due to unusual circumstances, for example the sale of a large asset, to present a more accurate representation of business earnings. The valuation of assets is also problematic- businesses must use either the historical cost method, using the price it was last sold at, or the discounted cash flow method, where businesses estimate the amount of future cash flows provided by the asset, and based upon this forecast estimate the current value of the asset. Capitalising expenses involves adding assets to the balance sheet which are usually regarded as expenses, such as research and development costs. This increases the businesses revenue rather than detracting from it, as expenses decrease net profit.

new question: Outline 6 main features of an award

Nice. I'd probably talk a little bit about how this may mislead potential shareholders as well.

...

Awards are legally binding documents that outline the minimum terms and conditions of employment. Awards are generally applied industry-wide and are set by the Australian Industrial Relations commission (AIRC) and are enforced by Fair Work Australia through the Fair work Act 2011. Awards may only be over-ridden by enterprise agreements on the basis that these agreements align or surpass the minimum criteria set by these awards. Awards outline features of employment such as: hours of work, rest breaks, minimum wages, penalty rates, superannuation and redundancy payments. Awards are always set in accordance to common and statue law.

Explain the importance of global marketing for businesses to run a successful marketing campaign

 

[nerdasdasd]

wat

Oops, that one hd uni content involved lol... Nvm

But it's pretty intuitive if you understand LIFO and fifo.

 

[Examine]

Oops, that one hd uni content involved lol... Nvm

But it's pretty intuitive if you understand LIFO and fifo.

Did you understand it when you were doing the HSC?

 

[Spiritual Being]

Did you understand it when you were doing the HSC?

Yes, hence he attained a mark very close to a band six.

 

[Drifting95]

Yes, hence he attained a mark very close to a band six.

hahaha fuck

 

[schlep16]

Lets chuck in some hard one's:
i. 2 advantages and disadvantages of sugging (4)
ii. What is hedging and why is it used (4)
iii. What % of disputes make it to Arbitration? (1)
iv. What are the steps for change management and describe John kotters 8 step model (6)

 

[JonskiG]

i. Adv:
-You would know the customers wants and needs and direct them to a tailored product.
-It is relatively cheap marketing strategy compared with some others

Dis:
-Considered highly unethical and may create a bad reputation for the business
-Certain countries consider this behaviour illegal and the business could face fines

ii. Hedging is minimising risk in any way, and is used in business mostly with the finance department. A business would use hedging to safeguard against international investments or loans. This is to protect against sudden changes in interest rates or exchange rates which could severely cripple the business. It is also used when importing or exporting products overseas and businesses would use natural hedging strategies such as using the same currency for import payments and exchange receipts so any fluctuation would cancel out. Additionally, the business could use derivatives as financial hedging to secure against any fluctuations in exchange rates.

Question: What does ASIC and ACCC do?

 

[obliviousninja]

Lets chuck in some hard one's:
i. 2 advantages and disadvantages of sugging (4)
ii. What is hedging and why is it used (4)
iii. What % of disputes make it to Arbitration? (1)
iv. What are the steps for change management and describe John kotters 8 step model (6)

not sure about the last 2 questions. wat syllabus r u using.

 

[zhusalmz]

Industrial Disputes - Fair Work Council - they can mediate or arbitrate - Qantas industrial dispute 2011, industry lock out - ended by FWC (fwa at the time) through arbitration. usually on when it affects national interests or something.

don't think you need to know % of disputes tho

also last one is from old syllabus, but it can be used in current - its in overcoming resistance to change in bsia

 

[forestfey]

The Australian Securities and Investments Commission (ASIC) is involved in the regulation of of corporation markets and the provision of financial services covered under the Corporations Act 2001. It aims to assist in reducing fraud and unfair practice in financial markets and products. Furthermore, it oversees the stability of the financial market by ensuring companies adhere to the law whilst protecting Australian consumers, creditors and investors.

The Australian Competition and Consumer Commission (ACCC) is responsible for regulating the level of competition within various industries. It aims to promote fair and ethical conduct of businesses towards their competitors and protect consumers from unfair practices. Such conduct involves adhering to consumer laws towards certain areas, such as deceptive and misleading advertising.

Explain the interdependence of marketing and human resources.

 

[rednellav]

The Australian Securities and Investments Commission (ASIC) is involved in the regulation of of corporation markets and the provision of financial services covered under the Corporations Act 2001. It aims to assist in reducing fraud and unfair practice in financial markets and products. Furthermore, it oversees the stability of the financial market by ensuring companies adhere to the law whilst protecting Australian consumers, creditors and investors.

The Australian Competition and Consumer Commission (ACCC) is responsible for regulating the level of competition within various industries. It aims to promote fair and ethical conduct of businesses towards their competitors and protect consumers from unfair practices. Such conduct involves adhering to consumer laws towards certain areas, such as deceptive and misleading advertising.

Explain the interdependence of marketing and human resources.

All of the key functions of the business (being Human Resources, Marketing, Operations and Finance) must operate synchronously with each other in order to cumulatively achieve the goals and objectives of the business. Each different function of the business has a specific purpose which it can thereon contribute to the activities of the other key functions it runs interdependently with. This is seen through the link between the marketing and human-resource departments of most, if not all, successful businesses.

Marketing is the function of the business which specialises in identifying suitable markets through which the business should engage with, developing appropriate strategies through which it can appeal to these identified markets, and then appropriately conveying the value of the businesses products and/or services to these identified markets in order to induce the purchasing of these products/services, leading to increased revenue and thus profits. Marketing is reliant upon efficient Human Resource Management in that a successful marketing team must be comprised of satisfied and motivated employees to create an effective marketing plan. Therefore, inefficient Human Resource Management strategies may result in a poor marketing sector of the business through which is incapable of enticing potential consumers to purchase its products/services. This would reduce the amount of aforementioned revenue for the business, decreasing its profitability and may even lead to bankruptcy if the inefficiencies of management cannot be resolved.

Therefore, the marketing and human-resource functions of the business must work interdependently in order to maximise the growth, profits and overall success of this said business.

Explain how hedging and derivatives may be used by businesses expanding internationally