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Business Management Exam Revision - Coggle Diagram

- - - - You must register a business name if you carry on business within Australia unless you are trading under your own name (e.g Jane Smith is ok but not Jane Smith & Co). In order to register a business name you need an ABN
    - - A website address or URL which effectively provides an online identity
    - - If a good/service does not meet this criteria, a consumer has a right to a repair, replacement or refund
      - Consumers have a right to purchase goods that are of an acceptable quality, are safe to use, match any sample provided, have repairs and spare parts available and are durable
    - - Superannuation (a sum payment made to workers on retirement; the money comes from employers; contributions made during the working life of the employee)
      - Companies pay 30% tax on profits (or 27.5% for companies with a turn over of less than $25M
      - Individuals pay a progressive tax rate where it increases as the individual earns a higher income
      - Businesses and partnerships require their own Tax File Number (TFN)
      - If earning over $75,000, businesses are required to collect GST from their sales
      - GST is 10% tax on most goods and services sold or consumed in Australia
    - - Many businesses require some type of licence, permit or approval from a government authority or professional association in order to operate (e.g liquor licensing or food preparation)
    - - Businesses must comply with relevant OHS laws to take out Worksafe insurance
      - Enforces health and safety in all workplaces
      - WorkCover provides employers with insurance cover for the cost benefits if their workers are injured or become ill because of their work
  - - - A written set of broad guidelines to be followed by all employees. They provide a set a guiding principles to help with decision making e.g OH&S
    - - Describe how each policy will be put into action. That is step-by-step instructions on how to preform day-to-day tasks e.g the steps to follow if there is an oil spill
    - - Establishing a bank account for a business
        
        If a business is a company partnership or trust it is compulsory to have a separate bank account. However, sole traders are advised to also have a separate bank account to keep clear record of personal and business money
      - Cash control
        
        A business must track the cash going into and out of the business
      - Reports
        
        Businesses should prepare a profit and loss statement and a balance sheet to evaluate the financial performance of the business
    - - Businesses should consider price, quality, reliability and social responsibility
      - Establishing and maintaining mutually beneficial partnerships
      - Social responsibility and supply chain management
      - Technological and global issues that businesses need to consider
- - - - 20% of the customers produce 80% of the profit
    - - Easily recognisable symbol, good name, the attributes of the product being sold, the positioning of the brand and the benefit/value that the brand provides
    - - Consumers (selling mass consumer goods)
      - Businesses (purchases are other businesses)
      - Global (exporting products)
      - Non-for profit and government markets (organisations that provide assistance)
    - - Mass marketing
      - Niche marketing
    - - Demographic
      - Geographic
      - Lifestyle
      - Behavioural
      - Target market
  - - - The end result of the production process
      - Product life cycle
    - - The amount of money paid by customers for the product
    - - Distribution channels and where the product will be accessible from
    - - Staff that work for the bussines
    - - Can be evidence that a service was preformed, physical state of the business premises, website or online presence or signs and symbols of the business that support its business identity.
    - - How the customer: finds the business, researches the products, chooses and purchases the product and has it delivered to them
    - - CSR can raise brand awareness and build trust whilst separating the business form its competitors
    - - Process whereby marketing strategies build relationship with their customers e.g loyalty programs
  - - - This is achieved through: Hosting events, community involvement, manufacturing news and social media
- - - - Analyse the current jobs being performed at the workplace
    - - Grouping tasks together for a particular job
    - - Worker is moved between different jobs to increase variety and learn new skills
    - - Developing employee's skills by giving them greater responsibilities
    - - Add more work at the same level
    - - The employee enters into a continuing contract of employment
    - - The employee has a contract to work fewer hours than a full timer
    - - An employee is appointed for short-term, irregular or seasonal work (increased hourly rate)
    - - Work full time but for a short period of time (usually to replace someone on leave)
  - - - Sets out legally enforceable minimum conditions of employment
    - - Written collective agreement negotiated by an employer and the employees at a workplace about wages and conditions of employment