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Questions and Answers
The primary goal of businesses is to produce goods and services.
False
Human resources information system is responsible for managing the organization's finances.
False
Placement analysis is the process of hiring the right person for the job.
False
The Human Resource department is responsible for managing the organization's marketing efforts.
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Job matching is the process of training new employees.
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Hiring the right person for the job can be damaging to the organization.
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Recruiting and staffing employees is not a human resource function area.
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Employee's compensation and benefits is not a human resource function area.
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Labor relations is not a human resource function area.
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Job Specification is the process of hiring new employees.
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Study Notes
Customer Service
- LEAD stands for Listen, Empathize, Acknowledge, and Deliver result, used in the retail industry.
- HEAT stands for Hear them out, Empathize, Acknowledge, and Thank, also used in the retail industry.
- LUSTER stands for Listen, Understand, Solve, Thank, Encourage, and Relax, used in customer care.
Forecasting
- There are four types of forecasting: engagement forecasting, categorical forecasting, seasonal forecasting, and geographical forecasting.
- Engagement forecasting is based on the number of customer engagements.
- Categorical forecasting is based on historical sales performance of products and uses percentage calculation.
- Seasonal forecasting uses seasonal events like holidays to forecast sales.
- Geographical forecasting foresees sales based on location, such as per country or per region.
Marketing Research
- Market research involves gathering feedback from potential target markets about product and service feasibility and consumer behavior.
- It has three main parts: setting up accurate strategies, incorporating conducive data, and formulating conclusions.
- Competitor analysis, also called competitive analysis, studies competitors' marketing mix, performance, and strategies.
Finance
- Accounting division is responsible for recording transactions, maintaining financial ledgers, and preparing Annual Financial Statements.
- Audit division (internal audit department) is responsible for financial management.
- Budget planning is a core activity in the finance department.
- Horizontal and Vertical Analysis of Financial Statements are tools used by finance professionals.
Financial Analysis
- Horizontal Analysis evaluates financial statements by calculating absolute and percentage changes.
- Time-Series Analysis compares financial information over different periods.
- Cross-Sectional Analysis compares financial ratios among firms at the same point in time.
- Combined Analysis uses both Time-Series and Cross-Sectional Analyses.
- Vertical Analysis evaluates financial statements based on percentage derived from net sales.
Human Resources
- Human Resource department manages workforce needs, provides manpower, and ensures employee performance.
- Human resources function areas include recruiting, employee compensation and benefits, labor relations, and job matching.
- Job matching is the process of matching the appropriate person to the job needed by an organization.
Miscellaneous
- Depreciation is the decrease in value of an asset over time.
- Credit is a way to purchase, capitalize, and invest in a product.
- Acquisition is the buying of assets and shares of another company.
- Merger is the combination or unification of two companies.
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Description
This quiz tests your knowledge of various customer service acronyms used in the retail industry, sales, and customer care.
