BUSS1001 Exam Notes

7/21/2019 BUSS1001 Exam Notes

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BUSS1001 Understanding Business

WEEK1 UNDERSTANDINGBUSINESS

Four functions of management Planning, Organising, Leading, Controllingo As you move u, more on lanning and less on leading needed

!anagerial "or# !et$ods%

o Unrelenting ace

o Brevity, &ariety and Fragmentationo &er'al Contracts and (et)or#s

Mintzbergs 10 Managerial Roles

Interpersonal Role Information Role Decisional Role

Figure$ead performs

symbolic duties

(legal/social)

!onitor seeks

information about issues

aecting organisation

*ntrereneur

encourages change and

innovationLeader builds

relationships with

subordinates,

motivates, coaches

+isseminator

transmits information

internally

+istur'ance $andler

takes corrective action

when company faces

diculties

Liaison maintainsoutside networks who

provide help and

information

So#eserson transmits information to

outsiders

esource allocator distributes resources of

all types

(egotiator represents

organisation in major

negotiations

-ey management s#ills .ec$nical, /uman, Concetual

o As you move u, $uman s#ills remain imortant, concetual increases and

tec$nical decreases

Ee!ti"eness doing t$e rig$t t$ings

E#!ien!$ not )asting resources

WEEK% STRU&TURINGABUSINESS

Sole Tra'ing

(artners)i* or more eole

o +iculties raising and retaining caital, issues )it$ longevity, e2osed to

3oint4several lia'ilityo Small 'usinesses rovide more t$an 506 of emloyment in Australia

is# artitioning

Using cororate structures to manage ta2

(ri"ate !o+*an$ s$ares not traded, often family o)ned, limited lia'ility for

s$are$olders

Initial (,bli! -ering .I(-/ selling s$ares in u'lic, e2ands investor 'ase, greater

comliance

ran!)ising

WEEK MANAGING-RSU&&ESS

2ision an' Mission clear4o)erful statement a'out organisation7s direction 8vision9,

and $o) )e get t$ere and )$y )e c$ose t$is route 8mission9

S.A.*:;

/o) to get from oints A to B

Provides long


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o ational Analysisormulation !mplementation

o =ncremental 8emergent9 everything overlaps

S,stainable !o+*etiti"e a'"antage $o) to outerform cometitors in t$e long run

=nternal analysis

o &ore &o+*eten!e activities of an organisation t$at gives it an advantage

over cometitorso Reso,r!e Base' 2ie3 resources t$at t$e organisation $as t$at can 'e used

as an advantage

*2ternal analysiso (orters 4 or!es

*2ternal and internal analysiso SW-T Strengt$s, "ea#nesses, Oortunities, .$reats

o Sta#e$older analysis employees, shareholders, customers, government,

society/interest groups

(o3er -ee satis>ed !anage closely

!onitor 8min e?ort9 -ee informed

Interest

&,sto+er 2al,e (ro*osition .&2(/ @uality and distinctiveness, #ey features

o Dierentiation strateg$ ma#e roduct as uni@ue as ossi'le Focus on customer needs

o &ost lea'ers)i* strateg$ ma#e your roduct as c$ea as ossi'le

Focus on reducing internal ineciencies

o o!,s strateg$ focusing on articular mar#et segment or geogra$ical area

Can use di?erentiation or cost leaders$i

Means5en's identify strategic goal, e2amine met$od, evaluate

strengt$s4)ea#nesses, imlement 'est otion

=mlementing often fails lac# of communication, clear lanning, monitoring and

control, and accounta'ility and re)ard

Allios .%004/ a**roa!) to i+*le+entation

o e>ne 8vision strategies9 Craft 8imlementation rograms9=ntegrate

8rograms% roll


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&ontingen!$ *lanning $ave 'ac#


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o Strategi! allian!e cooerate for articular venture, s$ared facilities or

services

-,tso,r!ing t$ird arty

WEEK4 MARKETING@ UNDERSTANDINGTE&-NSUMER

Ke$ +arto Geogra*)i! seg+entation nations, states, cities, neig$'our$oods

o De+ogra*)i! seg+entation age, gender, education, nationality, generation,

income, occuation

=nformation very accessi'le and cost


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o Better roduct at mar#et rice

o Same roduct at lo)er rice

o !onooly t$roug$ customer franc$ise

.$e !ar#eting !i2

o (ro',!t

o (ri!e

o (ro+otion

o (la!e

(R-DU&T

Anyt$ing o?ered to a mar#et physical goods, services, e$periences

A total roduct $as D levels%

o &ore *ro',!t )$at is t$e 'uyer really 'uyingE

o A!t,al *ro',!t c$aracteristics of roduct brand, packaging, uality level

o A,g+ente' *ro',!t additional services4'ene>ts I t$e actual roduct

(ro',!t 'ierentiation $o) does it comete against ot$ers

o uality, services (delivery, support), personnel, strong brand, availability

.yes of Consumer Products

o

&on"enien!e Fre@uent urc$ase, lo) rice, )idely distri'uted, mass romotion 'y

roducer *oothpaste, maga+ines, detergent

o S)o**ing

Less fre@uent urc$ase, $ig$er rice, more lanning, advertising 'y 'ot$

roducer and reseller *elevisions, furniture, clothing

o S*e!ialt$

Strong 'rand reference, comle2 'uying 'e$aviour, $ig$ rice, e2clusive

distri'ution, carefully targeted romotion u$ury goods - .ole$, #ne crystals

o Unso,g)t Goo's Little a)areness or negative interest, varied rice4distri'ution, ersonal

selling ife insurance, .ed ross blood donations

(ro',!t line grou of related roducts o?ered (e0g0 anon1s printer range)

o Stretc$ing u4do)n c$eaer and 'asic cameras versus ricier and more lu2ury

cameraso Line >lling more variety of same rice

(ro',!t +i; entire roduct range o?ered 'y >rm (e0g0 anon sells printers, ink,

cameras, etc)

BA(+S

A 'rand can $ave H levels of meaning

o Attrib,tes >rst t$ings you t$in# of )$en you see a 'rand

o BeneCts attri'utes must 'e translated into functional and emotional 'ene>ts

o 2al,es 'rand says somet$ing a'out 'uyer7s values

o (ersonalit$ 'rand ro3ects a ersonality

Bran' e=,it$ t$e value 'ased on t$e its 'rand loyalty, name a)areness, erceived

@uality, and ot$er assets4relations$is how aware you are of the brand

.yes of 'randso Man,8a!t,rer or national bran's o)ned 'y ma#er

=ntended to create trust to)ard roducts

o Distrib,tor or *ri"ate bran's 'rand o)ned 'y retailers4intermediaries

=ntended to 'uild loyalty to)ard t$e >rmo Generi! bran' Jno name7 'rand

o &o5Bran'ing e0g0 *elstra 2isa ard

o :i!ensing legal agreement for organisation to use anot$er7s trademar#

5


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(*" PO+UC.S

Ne3 to 3orl' 'rand ne) invention

Ne3 !ategor$ e2isting roduct, 'ut ne) tye to >rm

(ro',!t line e;tension variety of e2isting roduct already o?ered

(ro',!t i+*ro"e+ent ne) and imrovedG

Re*ositioning c$ange of image, use, target mar#et for e2isting roduct

Comany can o'tain ne) roducts in )ayso Ac@uisition

o =nternal ne)


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o Consider t$e resonsiveness of t$e target mar#et

PO!O.=O(AL != *L*!*(.S

A'"ertising

o Can 'e used to =(FO!, P*SUA+* or *!=(+

Sales *ro+otions s$ort term incentives of gifts or money

o S$ouldn7t 'e overused, $els re)ard loyal customers

o ree samples, e$tra loyalty points, cash:back oer, coupons

(,bli! relations media releases, sonsors$is, lo''ying

(ersonal selling t)ond customers

Selling rocess

o Prosectingrenancial resources to carry out direct mar#eting

=ntermediaries are 'etter at it, from e2erience

.yes of intermediaries

o W)olesalers 'uy roduct from manufacturer and resell to retailers

o Retailers 'uy roduct from )$olesaler and sell it customer

M,lti5!)annel retailing (e0g0 ;oolworths - supermarkets, petrol,

internet)o Bro


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Belongingness (relationships with co:workers/peers)

*steem (important projects, recognition)

Self


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De!ision +adence does not ensure erformance

WEEK :EADERSI(AND&U:TURE

:ea'ers)i* Mo'els an' Be)a"io,r

!ain reasons )$y good emloyees @uit unhappy with management, limited

advancement follo)ed 'y no recognition and inadeuate salary/bene#ts

:ea'ers)i* rocess of e2ercising inuence over eole so t$at organisational goals

are ac$ievedo Leaders must communicate vision, establish corporate values, promote ethics,

embrace change, stress accountability/responsibilityo &on!ern 8or *ro',!tion ensures t$at )or# gets done

o &on!ern 8or *eo*le s$o) su'ordinates trust4resect4care mindfulness and

emloyee erformance

&on!ern8or*e

o*le

Country clu'

attention to needs of

people, comfortable,

friendly work

atmosphere

.eam management

work is accomplished

by committed people,

independence

!iddle of t$e road

adeuate

organisational

performance,

maintaining morale

while getting work

done=moveris$ed

minimum eort to get

work done

Aut$ority comliance

eciency in

operations, human

elements interfere

&on!ern 8or *ro',!tion

Po)er tyes


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o :egiti+ate comes from osition in t$e $ierarc$y

o Re3ar' a'ility to re)ard4)it$$old re)ards

o &oer!i"e a'ility to unis$

o E;*ert secial #no)ledge or s#ills

o Re8erent emanates from su'ordinates4co


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=ndividualism Collectivism

Australia and


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3recise laws, need written rules

ewer volunteers

:ong9s)ort5ter+ orientation

S$ort


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Business eole4 $eld resonsi'le for actions in t$eir 'usiness

&SR .&or*orate So!ial Res*onsibilit$/ Et)i!s 'usiness term for communicating

a'out $o) t$e 'usiness 'e$aves

T)e Ten (rin!i*les o8 t)e UN Global &o+*a!t

o ,+an rig)ts 'usinesses s$ould suort4resect and ma#e sure t$e are in

comlianceo :abo,r eliminate forced4c$ild la'our, discrimination

o En"iron+ent encourage develoment of environmentally friendly tec$nology

o Anti5!orr,*tion e2tortion4'ri'ery

WEEK11 ETI&SSIMU:ATI-NEHER&ISE

*./=CS S=!ULA.=O( **C=S*

Magnit,'eof conse@uences

Documents

BUSS1001 Exam Notes