Free HSC Business Studies Flashcard Review

The process of managing resources and activities to convert inputs into outputs that satisfy customer needs. Involves planning, controlling, and improving production processes.

Materials (raw materials, components), Labour (human resources and skills), Technology (equipment, systems, information), Capital (finances, facilities), and Information (data needed for decision-making).

A production strategy focused on minimising waste, reducing costs, and improving efficiency. Eliminates non-value-adding activities and aims for continuous improvement (kaizen).

A manufacturing approach where materials and products are produced or received only when needed, reducing inventory holding costs and minimising waste storage.

A management philosophy that emphasises continuous improvement in all aspects of business operations, with focus on meeting customer requirements and preventing defects.

The coordination and management of all activities involved in sourcing, procurement, conversion, and logistics of products from supplier to end consumer.

The process of increased interconnection and interdependence of world economies, markets, and businesses, enabled by technology, reducing trade barriers, and increased capital flows.

Access to cheaper labour and materials; expansion into new markets; increased competition; need for standardised quality; pressure to outsource or relocate production.

A systematic approach to identifying customer needs, developing solutions, and delivering value. Includes situational analysis, strategy development, implementation, and evaluation.

An examination of the internal and external environment affecting a business. Includes SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and market research data.

The division of the total market into distinct groups of consumers with similar characteristics, needs, or behaviours based on demographic, psychographic, or behavioural criteria.

The process of selecting one or more market segments to focus marketing efforts on, based on attractiveness and company capability to serve that segment.

Creating a distinct and valued perception of a product or brand in consumers' minds relative to competitors, communicated through marketing strategies.

Product (goods/services offered); Price (cost to consumers); Place (distribution channels); Promotion (communication and advertising to customers).

Brand name, design, features, quality, packaging, warranties, and product variety. Directly addresses customer needs and expectations.

Cost-plus pricing, competitive pricing, penetration pricing, premium pricing, psychological pricing. Must balance profitability, customer perception, and competitive position.

The distribution channels and locations where products are made available to consumers. Includes retailers, wholesalers, online platforms, and direct sales.

Advertising, personal selling, public relations, sales promotion, and direct marketing. Communicates product benefits and persuades customers to purchase.

The four-stage cycle describing a product's life from introduction through growth, maturity, and decline. Each stage requires different marketing and operational strategies.

Product is new to market. Characteristics: high costs, low sales, heavy promotion, limited distribution. Focus on creating awareness and establishing market presence.