VCE Business Management Unit 1 and 2 Revision (Grade A)

Summary:

In Unit 1 and 2 Exam Revision, key topics include Financial and Legal aspects, Marketing, and Staffing. Regarding Legal Requirements for Establishing a Business, business owners must register their business name unless it is the owners. Registering a website domain is also important to establish a unique online identity. Trade Practices Legislation addresses issues such as anti-competitive practices and consumer law. Business Tax Compliance covers income tax, federal taxes (PAYG, GST), and state taxes (Land, Stamp). Work Safe Insurance is necessary to protect employees from work-related injuries and associated costs.

Establishing bank accounts, implementing financial control systems, and maintaining proper record-keeping strategies are crucial for financial management. Bank accounts help monitor the business’s financial performance, while control systems enable effective monitoring and management. Record-keeping is required by law and ensures compliance and accurate financial reporting.

In terms of Marketing, the relationship between marketing, establishing a customer base, and business objectives is highlighted. Marketing aims to attract customers and meet business objectives, such as profitability. Repeat customers and customer satisfaction play a vital role in achieving business goals. Market research practices involve data collection techniques (primary and secondary data) and analysis and interpretation of the gathered data. The 7Ps Model of Marketing (Product, Price, Place, Promotion, People, Physical Evidence, and Process) is explained, emphasizing the importance of product features, pricing, distribution, promotion, customer service, physical presentation, and operational processes.

Regarding Staffing, job analysis is a systematic study of employee duties, tasks, and work environment. Job design specifies the tasks performed by employees.

Excerpt:

VCE Business Management Unit 1 and 2 Revision

An Overview Of Legal Requirements For Establishing A Business

• Business Name
Registered with ASIC unless the business is in the owner’s name
• Registering A Website Domain
Unique name that represents the business’s identity
• Trade Practices Legislation
Anti-competitive practices (Cartels)
Consumer Law (Misleading/deceptive conduct
• Business Tax Compliance
Income (flat-rate tax of 30%) and federal (PAYG, GST) state (Land, Stamp)
• Work Safe Insurance
Protects employees from being injured at work and the costs associated