Questions and Answers
Which two factors can contribute to improved employee retention?
Introducing job rotation and providing training
What are two examples of goods?
Televisions and cars
Which two elements are part of the design mix?
Cost and function
Which two stages are part of the product life cycle?
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Which stakeholder group is involved in procurement?
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Which document outlines the ideal qualities of a job applicant?
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Which stage is part of the sales process?
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Which of the following is an internal source of finance?
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What is an example of a fringe benefit?
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What is the main purpose of a job specification?
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What is ongoing training?
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What is a barrier to effective communication?
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What is a barrier to international trade?
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What is a non-financial method of motivating an employee?
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What is a stage in the sales process?
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What is a type of organisational structure?
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Study Notes
Internal Sources of Finance
- Share capital is an internal source of finance
- Selling assets is an internal source of finance
Recruitment Process
- Job description and person specification are documents used by a business as part of its recruitment process
- Job description states the duties and responsibilities of a job
- Person specification states the qualities an employer is looking for in a new employee
Barriers to Communication
- Jargon is a barrier to effective communication
Barriers to International Trade
- Tariffs are a barrier to international trade
Motivation
- Job rotation is a non-financial method of motivating an employee
Sales Process
- Customer engagement is a stage in the sales process
- Product knowledge is a stage in the sales process
Organisational Structure
- Hierarchical is a type of organisational structure
Design Mix
- Product is an element of the design mix
- Price is an element of the design mix
- Quality is an element of the design mix
Employee Retention
- Job rotation is a way to improve employee retention
- Providing training is a way to improve employee retention
Goods and Services
- Cars and televisions are examples of goods
- Education and train journeys are examples of services
Product Life Cycle
- Growth and decline are stages of the product life cycle
Stakeholders
- Procurement involves a business having a strong relationship with suppliers
Fringe Benefits
- Company car is a fringe benefit
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