General Thoughts: Business Studies

[laram]

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i think im gonna cry

[meilz92]

OMG for that stupid section III, for the social responsibilites i put...

- ecological sustainability
- quality of working life, BUT i didnt actually call it that because i couldnt remember exactly what it was called, so i just called it "provision of a reasonable work environment".... same content as quality of working life though

am i gonna lose marks because i didnt use the exact terminology? >_<

[bayan92]

Originally Posted by Dreams

what did you put for that question? and what was your impact statement on the environmentally friendly bags?

Impact Statement:

• Good publicity at first
• Heaps of interest in product
• However misleading info will eventually give business a bad reputation
• Need to act ethically and legally
• Legal action could be taken

[carlytse621]

Originally Posted by BUSINESSKING

Global branding is possible but generally more aligned for a standardised approach vs a differentiated approach, unless the company is very large; you still need to mention it though

Pretty easy test, I wrote 14 for the report and 12 for extended response (Q28), expecting 98-100 raw, though as low as 96 is possible I guess... Less than that and I'll probably kill myself.

Worship me, peons.

damn! Did I do wrong?
I did Product as a strategy to differentiate
- market research
- Positioning (differentiate it from competitor)
- Branding + Global Branding
- packaging (differentiate it from competitor)
- standalisation vs Differentiation

[elliegrace]

i thought it was the hardest hsc ive seen!
multiple choice was ok
section 2 wasnt to bad but some of the stuff i didnt study for cause id never think theyd ask that stuff
26 was ok. rambled on the social resp.
and i did 28
and went on about market research and plan but dont think i liknked it very well to how it helps achive objectives!
soo bad.

[driaxx]

Originally Posted by bench

Customer types =
Individuals/Households, Firms, Gov (Public Sector), Clubs and societies, Educational institutions, Religious groups.

Financial planning cyle =

1. Determine current financial position of business
2. Determine financial objectives in the business plan
3. Develop budgets - financial tools to allocate resources to different areas of the business
4. Predict cash flow to determine times of cash shortfalls and surplus for the business
5. Prepare financial reports to summarise progress
6. Interpret financial reports to reveal whether financial goals will likely be achieved
7. Maintain record systems to store all financial information of business
8. Planning financial controls, which are systems to reduce errors in records, identify where the business has not reached its targets and reduce losses due to theft, fraud and lost assets.
9. Minimising financial risks and losses such as insurance against fire and theft.

:| CRAPPPP CUSTOMER TYPES I COMPLETELY FORGOT THEM I was going on about Qantas' like luxury customers compared to their low cost customers + business customers etc. I linked it to the marketing strategies and the financial planning cycle well though. Fuck I knew I answered something wrong there...

ahh i didn't exactly mention them but I sort of referred to it if you get me.. damn 10/20 for that one

and qn 26! trials were like so much easier...no revenue statement either! I dunno I think it was poorly set out TBH.

A business using factoring to pay creditors --> liquidity or solvency????

I asked my teacher after, it was liquidity.

And also, could interest rates by a financial influence for exporting?

Which question was this for? Total mind blank here...if it's the short answer I'm thinking of, interest rates are correct. I also put exchange rates.

Eugh.. just out of curiosity what did people put for qn 26?

I think I completely went on the wrong track for the first two. (socially ethic) ... I answered for E.R not management so stupid.. I went back to fix it and in brackets I wrote (environmental responsibility) for like illegal dumping. I know I was completely off track.

For differentiation, I just put market research - went into a bit of detail with primary and secondary info overseas... then the last two I wrote govt. and union influences...they were pretty easy if i answered the right thing! That's all I'm worried about! Hope I was on the right track

I stuffed up the extended responses in the trials too, not my strong point (unfortunately) but short answers and multi's helped me...so fingers crossed! Short answers were pretty much common sense.

In conclusion I'll be lucky to get an early band 4/5


Edit: jeeze you'd think I'd be sick of writing essays by now

[BUSINESSKING]

Originally Posted by Dreams

what did you put for that question? and what was your impact statement on the environmentally friendly bags?

I said the impact would be that their objective of increasing reputation would be achieved. It doesn't really matter, there isn't a right or wrong answer as such, as long as you justify is properly.


The report had 3 sections ~

1. 2 social responsibilities [this is from Topic 1: I used Quality of working life, Managing cultural diversity], applying it to the scenario was fairly straight-forward.

2. 1 global marketing strategy, with a focus on differentiation in Asia [This has elements from Topic 3 and Topic 5: You need to consider both the development of marketing strategies (Differentiation/Segmentation, Produce, Price, Promotion, Place, Environmental Effects on Distribution) and the marketing aspect of managing global business (Research of market, Global branding, Standardisation/Differentiation)] and take into account the fact that they are expanding to Asia, a foreign continent with consumers who may have different cosmetic needs to Australians. This means you would place a heavy emphasis on the research of market, and would be using more differentiation of products than standardisation since the business is not very big all over the world - Global branding probably isn't relevent, at least not as a primary focus.

3. 2 key influences on employment relations [From Topic 4, straight from the syllabus: I used social influences and economic influences], like the first section applying this to the scenario isn't very difficult.

[we0426]

i reckon the long response was to long,,,,,the short answers horrible specialy the ASX's one ..and the report was dreadfull..

man i had a hope of a band 6..now iam looking at a band 4 or maybe a band 5..

but i gota say bullshit exam.......BUT SUCH A HARD EXAM:jaw :

[pricklygoo]

Originally Posted by Enchantress91

Multi guess was easy. Except for one question.

A business using factoring to pay creditors --> liquidity or solvency????

I put liquidity.

Stuffed up the last question (2nd extended response choice). Get 7 marks for that Q and I'll be over the moon.

And also, could interest rates by a financial influence for exporting?

correct

[meilz92]

how many marks am i gonna lose for re-naming "working quality of life" to "provision of a reasonable working environment"


(because i couldnt remember what it was called )

[bmn]

Originally Posted by driaxx

I think I completely went on the wrong track for the first two. (socially ethic) ... I answered for E.R not management so stupid.. I went back to fix it and in brackets I wrote (environmental responsibility) for like illegal dumping. I know I was completely off track.

For differentiation, I just put market research - went into a bit of detail with primary and secondary info overseas... then the last two I wrote govt. and union influences...they were pretty easy if i answered the right thing! That's all I'm worried about! Hope I was on the right track

Not sure how the first one has anything to do with illegal dumping...

For differentiation I used product/mainly packaging... Put alil bit on market research. Mentioned global branding.

For the last one I done social and economic influences... If I'm not mistaken, other 2 options were new organisational behavioral, or legal (govt could be tied in I guess...) - not union

[r3dn1t3]

I thought the MC was easy as,
Short answer wasn't too difficult, nothing I didn't understand.

Extended response was a bomb, barley made sense, question 27 anyway.
Question 26 was stupid as well, my teachers make up better questions than that BS.

[BUSINESSKING]

Originally Posted by meilz92

how many marks am i gonna lose for re-naming "working quality of life" to "provision of a reasonable working environment"


(because i couldnt remember what it was called )

You probably won't lose any marks, as long as you explained it clearly; you obviously understood what the question was asking, and the exact wording of it isn't particularly important as long as the CONCEPTS are the same. But using the exact wording from the syllabus and underlining it lets the marker see that you know what you're talking about without any trouble.

[chuha]

The Financial Objectives for Question 28 were:
1) Liquidity
2) Porfitability
3) Efficiency
4) Growth
5) Return on capital

[Eddykungfu]

I didn't think it was too bad, although I saw question 27, had a massive FML at the "financial planning cycle" part and decided to choose the easier question :P. At least I had case studies on it.

THere were a few trick questions tho -.-.

Howd you find it?