Stephen Chapman is an active teacher, author, HSC marker and consultant, with 28 years? experience as a classroom teacher and head teacher. He has authored/co-authored 24 textbooks in the areas of Commerce, Business Studies and Economics. He has won awards for teaching excellence and pedagogical writings, as well as a Commonwealth Parliamentary Teaching Fellowship. As a consultant, he works with schools to develop teaching programs and educational resources. Natalie Devenish is a teacher of Business Studies, Economics, Legal Studies and Commerce, with over 15 years of teaching experience. She has been a HSC marker for seven years and has completed a Masters in Education. She has co-authored three textbooks in the areas of Business Studies and Commerce. Natalie has aspecific interest in the development and implementation of literacy strategies to support student learning. Mohan Dhall is an experienced Business Studies and Legal Studies teacher, and lecturer at two universities. He has extensively published in Business Studies and other subject areas. He also runs a non-for-profi t company with a national profile. Mohan always tries to write in a way that enables students to teach themselves. He believes the best teachers are those who make themselves not needed. Cassy Norris has 34 years? experience as a classroom teacher and head teacher of Social Sciences, and is a former coordinating senior HSC marker in Business Studies. Currently she is Principal of Ryde Secondary College. She has co-authored textbooks in Commerce, Business Studies and Geography, and has written teaching resources for several educational departments and programs. She has also contributed to syllabus evaluation and development with the Board of Studies. Cassy has completed a Masters in Business Administration at UTS, and lectured at UTS and Central Queensland University, Sydney campuses.

To the student vi About the authors vii How to use this book viii About eBookPLUS x ICT activities xi Acknowledgements xii Chapter 1 Role of operations management 4 1.1 Introduction 4 1.2 Strategic role of operations management 9 1.3 Goods and/or services in different industries 15 1.4 Interdependence with other key business functions 18 Chapter 2 Influences on operations management 22 2.1 Main infl uences on operations management 22 2.2 Corporate social responsibility 35 Chapter 3 Operations processes 42 3.1 Introduction 42 3.2 Inputs 43 3.3 Transformation processes 49 3.4 Outputs 69 Chapter 4 Operations strategies 72 4.1 Performance objectives 72 4.2 New product or service design and development 78 4.3 Supply chain management 81 4.4 Outsourcing ? advantages and disadvantages 89 4.5 Technology ? leading edge, established 94 4.6 Inventory management 97 4.7 Quality management 101 4.8 Overcoming resistance to change 107 4.9 Global factors 113 Billabong case study 116 HSC practice questions 124OPIC 2: MARKETING 126 Chapter 5 Role of marketing 128 5.1 Introduction 128 5.2 What is marketing? 130 5.3 Strategic role of marketing goods and services 131 5.4 Interdependence with other key business functions 135 5.5 Production, selling, marketing approaches 136 5.6 Types of markets 143 Chapter 6 Influences on marketing 148 6.1 Introduction 148 6.2 Factors infl uencing customer choice 148 6.3 Consumer laws 155 6.4 Consumer laws and specifi c marketing practices 158 6.5 Ethical infl uences 163 Chapter 7 Marketing process 174 7.1 Introduction 174 7.2 Situational analysis ? SWOT analysis and product life cycle 175 7.3 Market research 180 7.4 Establishing market objectives 186 7.5 Identifying target markets 190 7.6 Developing marketing strategies 193 7.7 Implementing the marketing plan 196 7.8 Monitoring and controlling the marketing plan 197 Chapter 8 Marketing strategies 204 8.1 Introduction 204 8.2 Market segmentation 204 8.3 Differentiation and positioning of product/service 208 8.4 Products ? goods and/or services 212 8.5 Price and pricing methods 220 8.6 Promotion 227 8.7 Place/distribution 236 8.8 People, processes and physical evidence 240 8.9 E-marketing 244 8.10 Global marketing 251 Billabong case study 256 HSC practice questions 260C 3: FINANCE 262 Chapter 9 The role of financial management 264 9.1 Strategic role of fi nancial management 264 9.2 Objectives of fi nancial management 266 9.3 Interdependence with other key business functions 268 Chapter 10 Influences on financial management 270 10.1 Introduction 270 10.2 Sources of fi nance ? internal and external 270 10.3 Financial institutions 278 10.4 Infl uence of government 284 10.5 Global market infl uences 285 Chapter 11 Processes of financial management 288 11.1 Planning and implementing 288 11.2 Debt and equity fi nancing 295 11.3 Matching the terms and sources of fi nance to business purpose 297 11.4 Monitoring and controlling 300 11.5 Financial ratios 309 11.6 Limitations of fi nancial reports 323 11.7 Ethical issues related to fi nancial reports 324 Chapter 12 Financial management strategies 330 12.1 Cash fl ow management 330 12.2 Working capital (liquidity) management 332 12.3 Profi tability management 342 12.4 Global fi nancial management 347 Billabong case study 356 HSC practice questions 359TOPIC 4: HUMAN RESOURCES 362 Chapter 13 The role of human resource management 364 13.1 The strategic role of human resource management 364 13.2 Interdependence with other key business functions 365 13.3 Outsourcing 367 Chapter 14 Key influences on human resource management 374 14.1 Stakeholders in the human resource management process 374 14.2 Legal infl uences ? the current legal framework 387 14.3 Economic infl uences 409 14.4 Technological infl uences 411 14.5 Social infl uences 411 14.6 Ethics and corporate social responsibility 415 Chapter 15 Processes of human resource management 422 15.1 Introduction 422 15.2 Acquisition 423 15.3 Development 425 15.4 Maintenance 432 15.5 Separation 440 Chapter 16 Strategies in human resource management 444 16.1 Introduction 444 16.2 Leadership styles 444 16.3 Job design 447 16.4 Recruitment 450 16.5 Training and development: current or future skills 454 16.6 Performance management 455 16.7 Rewards management 457 16.8 Global strategies: costs, skills, supply 461 16.9 Workplace disputes 463 Chapter 17 Effectiveness of human resources management 472 17.1 Introduction 472 17.2 Indicators 473 Billabong case study 492 HSC practice questions 496 Glossary 498 Index 516