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VCE Unit 3 - Business Management - AOS 1
Transcript of VCE Unit 3 - Business Management - AOS 1
Organisations Structure – complex structure to provide control over all aspects of the LSO
Assets – More than $200 million
Market share – substantial market leader in their industry
Profit – substantial
Location – will have several locations and is often multinational (owned and based in one country, but operates in others around the world.
Employees – Australian Bureau of Statistics states that LSO’s have more than 200 employees.
Revenue – in the millions Finance - responsible for all financial matters, accounting, setting budgets ect.
Research & Development - concerned with researching new ways of producing and improving productivity and the development of new goods or services.
Operations - responsible for the day-to-day running of the LSO in order to produce the good or service.
Marketing - promotion of the LSOs brand, product or service.
Human Resource - responsible for the management of the labour (employees) within an organisation. Includes, training, recruitment, wage negotiations ect. Characteristics of LSOs Management Functions Stakeholders Contributions to the
Economy NEGATIVE POSITIVE Downsizing - LSO sheds jobs in an attempt to improve profitability
Outsourcing - LSO transfer part of the operation to an outside organisation, often overseas in an effort to reduce costs.
Damage to the environment Creating employment
Research & Development, Innovation
Developing Australia's industrial base
Infrastructure growth Internal M - Management
E - Employees
S - Shareholders
C - Corporate Culture
O - Organisational Structure Directly impact, Some control Operating Some control over - direct
impact on LSO CCCRUS Customer Creditors Unions Regulatory
Bodies Suppliers Macro No control over - indirectly
impacts LSO STEELI Social Technological Economic Environmental Legal International External
environment Types of LSOs Corporations
Publicly owned (listed on the ASX)
Often controlled by a board of directors.
EG: Wesfarmers, BHP
Privately owned (up to 50 shareholders)
Government Business Enterprises (GBE)
Owned by the government and shareholders.
Provide a product or service to the public.
Aim to make profit, increase asset value and return to shareholders.
EG: Australia Post, Vic Roads
Provide essential community services such as health and education.
Carry out government policy.
Profit is not the main aim.
Not - For Profit
Provides assistance in the form of goods and services.
Controlled by their own board of management.
Must be registered
EG: World Vision, Red Cross
Give money to people who need it, usually with strict guidelines Eg for research, education or prevention.
EG: Heart foundation.
Employees - wages, career, working conditions
Unions - fair go for all their members
Suppliers - provides materials, wants to ensure demand for their product continues.
Management - achieve organisational objectives & profits.
Owners / Shareholders - Profit
Community - Care for the environment and society.
Customers - Value for money. Good quality products. Conflict of interest Employees Vs Managers - employees want high pay and good working conditions, while owners want to protect profits. However, better pay and conditions often = better productivity.
Customers Vs Shareholders - Customers want value for money, while shareholders want returns. If the price of a good or service increases customer satisfaction decreases and although profits are protected momentarily, customers may end up switching brands. Social Resposibility The community and consumers are now more socially aware and will not purchase from organisations that are not ethical or socially responsible (test on animals, harmful to the environment). Organisationals known for their social responsibility: EG: The Body Shop, Cadbury Fair Trade Chocolate. Modern organisations are expected to implement triple bottom line policies that take account of profit as well as the social and environmental costs of business activity Objectives must be:
S - Specific
M - Measurable
A - Attainable
R - Relevant
T - Timely Good Luck!!
- Mrs Hall
firstname.lastname@example.org Performance Indicators Level of staff turnover
Level of Wastage
Number of customer complaints
Number of workplace accidents
Percentage of market share
Level of profits
The rate of productivity growth
The number of sales
Results of staff satisfaction surveys
Results of customer satisfaction surveys ENVIRONMENT Competitors Vision Statements - What an organisation aspires to become. Forward thinking
Mission Statements - expresses why an organisation exists, its purpose, how it operated
Organisational Objectives - What is an organisation trying to achieve
Strategies - What do they need to do, to achieve it.