Student notes week 1 Essays

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BST002 Business Studies 2

CRICOS Provider Code SAIBT 02193C, University of South Australia 00121B

Part of the Navitas group

Introduction
Course content and structure
Topic




1 Operations
The role of operations management
Influences on operations management
Operations strategies: Business Planning

Topic





2 Marketing
The role of marketing. What is marketing?
Influences on marketing
Marketing Process
Marketing strategies

Part of the Navitas Group

Introduction
Course content and structure
Topic




3 Finance
The role of financial management
Influences on financial management
Process of financial management
• Monitoring and controlling
• Financial ratios

Topic 4 Human resources Business
 The role of human resources management
 Process of human resource management

Part of the Navitas Group

1

Fiffol Toys

Hannah owns an educational toy and book business in Parramatta, Sydney, called
Fiffol Toys.
She employs 18 staff in total, 3 in the office, 12 in the shop and 2 salespeople.

Part of the Navitas Group

Topic 1 Operations Management
The role of operations management

Part of the Navitas Group

The role of operations management
Introduction

Chapter 1, Role of operations management, p. 4

Part of the Navitas Group

2

The role of operations management
Operations – inputs and outputs

Chapter 1, Role of operations management, p. 5

Part of the Navitas Group

The role of operations management
Operations – inputs and outputs

Chapter 1, Role of operations management, p. 5
Part of the Navitas Group

The role of operations management
Operations and the customer focus
 waste minimal resources in their production — lean production
 reflect fair value for any labour used in processes
 operate at low cost so as to maximise affordability
 integrate environmental awareness and a need for ecologically sustainable practices
 reflect changes in the needs of consumers over time

Part of the Navitas Group

3

The role of operations management
Operations and the customer focus – minimising waste

Part of the Navitas Group

The role of operations management
Operations and the customer focus - Fair value for labour

FAIR TRADE NOT LABOUR
RAID!

Part of the Navitas Group

The role of operations management
Operations and the customer focus
 Operate at low cost to maximise affordability
 Integrate environmental awareness and ecologically sustainable practices
 Reflect changes in the needs of consumers

12

Part of the Navitas Group

4

Summary
•Operations involves various processes that transform and add value to business inputs in the creation of outputs.
•Operations is informed by the business drive to maximise profits and also increasingly by the needs of consumers.
•Minimising waste is an operations management approach designed to eliminate waste.
•The growth of the Fairtrade movement is a direct result of consumers advocating for operations processes in production and supply to integrate notions of a fair price, decent working conditions and local sustainability.
•In terms of a manufacturing enterprise, businesses will continually seek to minimise production costs so that the retail prices for consumers are as reasonable as possible.
•As consumers seek innovative goods, businesses will
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