Breaking Down The Four Topics In Business Studies
Business Studies can be quite tedious, dry and there’s no doubt that near the end, there’s going to be a lot of cramming involved. But here’s a breakdown of the 4 HSC Topics (Marketing, Operations, Human Resources and Finance) and some key tips for each so you can smash the course!
Post written by Tanmayi Kundap (12th in the state Business Studies 2015). See all articles first and personally get in touch with our state rankers here
The Syllabus
The Syllabus is the heart of Business Studies and learning it is quite simple if you’re familiar with its structure. You should really aim to memorise the syllabus structure, titles and subtitles because these essentially form the skeleton and become key terminology to be used when writing responses in exams.
The syllabus for each of the 4 topics follows the same pattern:
- Strategic role
- Influences
- Strategies
Each core business function has a strategic role; that is, a core contribution it makes towards the business. For example, with Human Resources, the strategic role is managing the complete relationship between the employee and employer
With influences and strategies, they are quite straightforward but need great attention as many times, Section IV and V are centred on them.
Another key area of the syllabus is the Interdependence with Other Key Business Functions.
This syllabus point isn’t always focused on in class but after learning the content, you should be able to see how all aspects of the business link together.
For example, a key link is the way in which Marketing and Finance are Revenue Centres (create cash inflows) whilst Operations and Human Resources are Cost Centres (create cash outflows).
Understanding how business strategies need to be co-dependent, how one influential factor can affect different aspects of the business and how effectiveness of one strategy can be analysed by performance of other business activities can provide you a unique, holistic insight to answer questions.
Essentially, knowing the Syllabus thoroughly is the best way to learn your content.
Why?
Quite simply, the exam questions (regardless of what topic they’re on) are designed to be answered in reference to the syllabus and its content.
Marketing
One of the most widespread misunderstandings concerning marketing is that marketing is advertising.
However, whilst Marketing is concerned with the process of understanding your consumers and designing and marketing your good accordingly, advertising is simply a means (a strategy) to achieve it.
Instead, marketing processes are what is important for us as Business Studies students.
This involves the process of conducting a situational analysis (SWOT), determining SMART marketing objectives, identifying the markets and selecting target market, developing marketing strategies and implementing, monitoring and controlling them.
Essentially, it’s important to realise that Marketing today is focused on the business’s target markets (niche, mass or micro)- as opposed to past approaches which focused on production of goods and aggressive selling.
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Having this mindset when answering Marketing questions and consistently using syllabus terminology will really help you take your responses to the next level- or rather the next Band!
Operations
Operations is essentially conversion of inputs into outputs (goods and/or services) through the transformation process.
The way I looked at it, there’s a strong relationship between Operations and Marketing: operations allows the ideas and Product Strategies of Marketing to occur.
One of the key tips I have for Operations is to incorporate the Performance Objectives (Customisation, Dependability, Cost, Quality, Speed, Flexibility) into your responses as much as possible.
An example of a response on how globalisation affects operations looks like:
“Supply Chain Management refers to the total flow of goods and services- from sourcing to the point of consumption. Global sourcing has become a commonly implemented operations strategy to minimise the cost of operations. This means that businesses are sourcing from the cheapest suppliers, regardless if its geographical location and sometimes accessing greater quality of inputs in doing so.”
Finance
Financial Management can seem really daunting at the start- especially the financial ratios if you’re not a big fan of the maths.
For me, the most crucial part is knowing the 3 Financial Statements (Balance Sheet, Income Statement and Cash Flow Statement) to analyse a Business’s performance and position.
You need to understand the need and use of each of the financial statements, with the Balance Sheet showing the financial position and the other two showing performance.
In past HSC exams, there hasn’t been questions that require students to draw up the financial statements but knowing the structure is important.
With the financial formulas, I found it quite useful knowing the use and meaning of each. Whilst formulas will be provided in the exams, I highly recommend practicing examples and calculations for each!
Use these formulas and financial information (when provided) as quantitative evidence to elevate your responses such as:
“Through global sourcing, business X has been able to reduce costs, increasing its profitability ratio from 0.3 to 0.45.”
Human Resources
Let’s face it, the Influences of HRM, it’s EXTREMELY boring and dry. But, in the 2014 Paper, 4 marks were allocated to:
“How do employer associations influence human resource management?”
This means that Influences on HRM are quite important to know; no matter how boring it may be!
My biggest tip for HRM is to know the ‘indicators of effectiveness’ and when writing responses, use the Effectiveness Indicators to back them up.
Businesses have a range of options for best selecting those individuals who best meet the requirements of the job. This includes conducting an internal and external search and skill shortages is conducted by businesses to assess what skills specifically need to be employed.
As the current workforce in Australia is experiencing a larger casual workforce, it’s important for businesses to use this to their advantage. For example:
“Performance-pay as a rewards strategy recognises employees who achieve their productivity goals, meaning it’s an intrinsic-base reward system that empowers them and leads to increased productivity and job satisfaction.”
So, essentially, know that when studying for Trials or assessments, your best and most valuable resource is the Syllabus: use it to learn and revise each of the topics. Whilst each topic has its own challenges and difficulties, remember that practice and perseverance is key!
Post written by Tanmayi Kundap (12th in the state Business Studies 2015)
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