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Business Studies (HSC) Exam Study Guide with Complete Solutions TOPIC ONE - Correct Answer️️ -OPERATIONS Define the operations function - Correct Answer️️ -refers to business processes that transform and add value to inputs to produce outputs, part of the value chain Define the operati...

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  • September 25, 2024
  • 155
  • 2024/2025
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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

Business Studies (HSC) Exam Study
Guide with Complete Solutions

TOPIC ONE - Correct Answer✔️✔️-OPERATIONS


Define the operations function - Correct Answer✔️✔️-refers to business processes that

transform and add value to inputs to produce outputs, part of the value chain

Define the operations process - Correct Answer✔️✔️-Inputs - Transformation - Outputs

(More Value then Inputs)

Define strategic role of operations management - Correct Answer✔️✔️-'affecting all key

business areas in the longer term' - meeting key objectives of profit maximisation and

competitive advantage

What is Michael E. Porter known for? - Correct Answer✔️✔️-Cost Leadership + Product

Differentiation → Competitive Advantage (Book on Competitive Advantage)

Define cost leadership - Correct Answer✔️✔️-involves aiming to have the lowest costs or

to be the most price competitive in the market - business should still trade profitably



List 3 cost saving measures businesses can use as cost-saving measures - Correct

Answer✔️✔️-Economies of scale, use of standard components, minimisation of waste




1/155

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Define economies of scale - Correct Answer✔️✔️-cost advantages resulting from an

increase in the scale of business operations, these efficiencies result in lower costs per

unit produced and in turn a lower price for the consumer

Define use of standard components - Correct Answer✔️✔️-a measure that speeds up

manufacturing and reduces costs, as the same units can be purchased and used on

multiple products and all around the world

Define minimisation of waste - Correct Answer✔️✔️-also called lean production, is

designed to eliminate waste - if waste can be minimised then production processes are

most efficient

List 3 measures to achieve service differentiation - Correct Answer✔️✔️-Time spent on a

service, level of expertise brought to a service, qualifications and experience of the

service provider

Define product differentiation - Correct Answer✔️✔️-distinguishing the product/service in

some way from its competitors - establishing a competitive advantage leading to

increased sales and profitability

List 3 ways to achieve product differentiation - Correct Answer✔️✔️-varying product

features, varying product quality, varying augmented features

What is meant by varying product features (product differentiation)? - Correct

Answer✔️✔️-changing the options that are available for your product. E.g. provision of

leather seats in motor vehicles

2/155

,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
What is meant by varying product quality (product differentiation)? - Correct Answer✔️✔️-

businesses can produce the same products however with differing quality levels - higher

quality = higher price (price points)

What is meant by varying augmented features (product differentiation)? - Correct

Answer✔️✔️-add-ons i.e. SLR camera, consumers have the options to buy different

lenses.

List 6 types of goods - Correct Answer✔️✔️-Customized, standardized, perishable, non-

perishable, intermediate, final

Define customised goods - Correct Answer✔️✔️-Goods that are varied according to the

needs of the customers. These goods are produced with a market focus. (Differentiated

goods)

Define standardised goods - Correct Answer✔️✔️-Goods that are mass-produced. They

are uniform in quality and are produced with a production focus (undifferentiated goods)

Define perishable goods - Correct Answer✔️✔️-Goods that can only be used once and

only last a short time These goods need to be of high standards, quality, safety and

cleanliness. Their length of production will be very short and storage is essential.

Define non-perishable goods - Correct Answer✔️✔️-Goods that can be used more than

once and are more durable. Effective inventory management systems are necessary for

these types of goods.



3/155

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS
RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Define intermediate goods - Correct Answer✔️✔️-Goods that are completed but then

become outputs for other goods.

Define final goods - Correct Answer✔️✔️-A good or service purchased directly by the

consumer. They are the final output of production processes.

Define interdependence (functions) - Correct Answer✔️✔️-the mutual reliance that the

key functions have on one another - work best when they overlap and employees work

towards common goals

How is marketing impacted by operations? - Correct Answer✔️✔️-- Types of products

that can be produced

- Speed of production

- Cost at which they are produced

How is finance impacted by operations? - Correct Answer✔️✔️-- Amount of money

required to buy the inputs

How is human resources impacted by operations? - Correct Answer✔️✔️-- Number of

staff required

- Skills

- Working methods

How does marketing impact operations? - Correct Answer✔️✔️-- Providing information on

what the market wants

- Types of products that can be marketed effectively

4/155

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