Photo AI
In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concepts - present a logical, well-structured answer to the question in the form of a business report Please turn over. - HSC - SSCE Business Studies - Question 27 - 2002 - Paper 1
Question 27
In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concept... show full transcript
Worked Solution & Example Answer:In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concepts - present a logical, well-structured answer to the question in the form of a business report Please turn over. - HSC - SSCE Business Studies - Question 27 - 2002 - Paper 1
Step 1
Discuss the ethical and legal responsibilities of business
Answer
Business ethics encompass a wide range of responsibilities, including the obligation to conduct operations transparently and responsibly. Companies must also ensure compliance with legal standards to protect stakeholders and maintain trust.
In the context of the stimulus material, it is essential to engage with the ethical obligations towards customers and employees, particularly in regards to product safety and working conditions.
Step 2
Address financial control measures
Answer
To enhance financial oversight, the company should implement robust financial control systems. This may involve employing advanced accounting software and regular audits to monitor financial performance closely. Such measures are crucial for identifying discrepancies and preventing financial misconduct.
Step 3
Propose strategies to reduce claims under warranty
Answer
To minimize the number of claims under warranty, the company should consider revising production processes to enhance product quality. Additionally, establishing a proactive customer feedback system will allow for early identification of potential issues, thereby reducing the rate of claims.
Step 4
Suggest methods for product claims improvement
Answer
Improving the handling of product claims can be achieved through clear communication and streamlined processes. Training staff to manage claims effectively and using technology to track claims can enhance customer satisfaction and operational efficiency.