Podcast
Questions and Answers
What is a primary benefit of partnership alliances in business?
What is a primary benefit of partnership alliances in business?
- Increased competition among partners
- Access to better infrastructure and skills (correct)
- Diminished market influence
- Independent decision-making for each partner
What is one potential consequence of strike actions on businesses?
What is one potential consequence of strike actions on businesses?
- Improved employee morale
- Enhanced market share
- Increased production efficiency
- Closure of business operations (correct)
What role does a company representative play in attracting investors?
What role does a company representative play in attracting investors?
- They have no significant impact on investor decisions.
- They enhance the company's image and employ persuasive communication. (correct)
- They primarily manage day-to-day business operations.
- They utilize social media to engage investors.
How can strikes negatively impact business relationships?
How can strikes negatively impact business relationships?
Which of the following can result from the 'no work no pay' rule during a strike?
Which of the following can result from the 'no work no pay' rule during a strike?
How might strike actions affect a business's market position?
How might strike actions affect a business's market position?
Which factor is crucial when selecting a company representative?
Which factor is crucial when selecting a company representative?
What impact can strikes have on productivity?
What impact can strikes have on productivity?
What challenge is KF facing in the market environment?
What challenge is KF facing in the market environment?
Which of the following actions can businesses take to counter competition?
Which of the following actions can businesses take to counter competition?
What is a potential outcome of a lack of support during a strike?
What is a potential outcome of a lack of support during a strike?
What is a potential impact of businesses hiring replacement workers during a strike?
What is a potential impact of businesses hiring replacement workers during a strike?
Which of the following best describes the strategy behind partnership alliances?
Which of the following best describes the strategy behind partnership alliances?
In response to strike actions, what might a business do regarding pricing?
In response to strike actions, what might a business do regarding pricing?
What can be a consequence of low consumer confidence due to strikes?
What can be a consequence of low consumer confidence due to strikes?
What challenge do food retailers face when new competitors enter the market?
What challenge do food retailers face when new competitors enter the market?
What is the first precautionary measure that businesses should take when handling machinery?
What is the first precautionary measure that businesses should take when handling machinery?
Which of the following is essential for worker safety when using machinery?
Which of the following is essential for worker safety when using machinery?
What type of training must workers receive concerning machinery?
What type of training must workers receive concerning machinery?
What role does protective clothing play in machinery operation?
What role does protective clothing play in machinery operation?
How should businesses approach workplace safety culture?
How should businesses approach workplace safety culture?
Why is familiarizing employees with safety procedures important?
Why is familiarizing employees with safety procedures important?
What should be done regularly apart from training regarding machinery?
What should be done regularly apart from training regarding machinery?
What type of gear should workers wear while handling machinery?
What type of gear should workers wear while handling machinery?
What is considered the easiest marketing variable to influence?
What is considered the easiest marketing variable to influence?
Which of the following statements about pricing is true?
Which of the following statements about pricing is true?
Which pricing technique is important for stakeholders to understand?
Which pricing technique is important for stakeholders to understand?
Which component of a business’s marketing mix can also adapt to challenges in the business environment?
Which component of a business’s marketing mix can also adapt to challenges in the business environment?
What total number of marks is allocated for the advantages of networking?
What total number of marks is allocated for the advantages of networking?
What maximum marks can be awarded for the conclusion in the provided breakdown?
What maximum marks can be awarded for the conclusion in the provided breakdown?
How many marks can be allocated for analysis and interpretation?
How many marks can be allocated for analysis and interpretation?
What is the total maximum mark assigned to the breakdown of the project undertaken by businesses for social responsibility?
What is the total maximum mark assigned to the breakdown of the project undertaken by businesses for social responsibility?
What is a primary purpose of businesses using sale promotions?
What is a primary purpose of businesses using sale promotions?
How does pricing typically influence consumer behavior?
How does pricing typically influence consumer behavior?
What can occur if a product is priced too low?
What can occur if a product is priced too low?
Which factor is NOT typically considered in the pricing process?
Which factor is NOT typically considered in the pricing process?
What is cost-based pricing primarily derived from?
What is cost-based pricing primarily derived from?
What is a potential consequence of too high pricing on sales?
What is a potential consequence of too high pricing on sales?
Which of the following factors should be included in pricing policy?
Which of the following factors should be included in pricing policy?
Why is it important for product pricing to consider VAT?
Why is it important for product pricing to consider VAT?
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Study Notes
Strategic Alliances
- Benefits include infrastructure development and access to scarce skills.
- Designed to build on each partner's expertise and complement each other.
Company Representatives' Influence
- Play a key role in persuading investors to invest in a particular business practice.
- Decisions are influenced by the company's image, personality, communication style, and power of persuasion.
- Businesses should invest time and energy in recruiting the right person for this role.
Negative Impact of Strikes on Businesses
- Relationship: May jeopardize the relationship between employer/management and employees, negatively impacting teamwork.
- Financial: Results in financial losses due to low productivity and decreased consumer confidence. Potential for production losses, decreased sales, and economic decline.
- Operational: Businesses may be forced to close operations, retrench skilled workers, and hire replacements for striking workers, leading to increased training costs.
- Loss: Can lead to loss of market share and customers, damage the business's image and scare off potential investors.
- Supply: Disrupts the supply of goods and services, potentially leading to price increases.
- Other Impacts: Looting, destruction of property, intimidation of non-striking workers, employee loss of pay due to 'no work no pay' rule.
Challenges of the Market Environment
- Difficulty in finding reliable suppliers.
- Increased competition from new entrants.
Overcoming Competition in the Market
- Differentiation: Offering unique or differentiated goods or services to satisfy customer needs and wants.
- Personalization: Providing more personalized services by being responsive to customer needs, wants, and expectations.
- Pricing: Pricing goods or services lower than competitors.
Precautionary Measures for Handling Machinery
- Installation: Correct installation and safety of all machinery and equipment.
- Training: Proper training for workers on machinery operation and associated risks.
- Maintenance: Regular safety checks, maintenance, and servicing of machinery.
- Protective Gear: Workers must wear protective clothing and gear, including overalls, hard hats, safety helmets, ear plugs, masks, heavy-duty safety boots, welding goggles, and gloves.
- Safety Culture: Develop a culture of workplace safety and familiarize employees with safety procedures.
Pricing Techniques
- Cost-Based Pricing:
- Setting prices based on the cost of goods or services sold.
- Adding a profit percentage or fixed profit figure to the cost to determine the selling price.
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