Podcast
Questions and Answers
Which two factors can contribute to improved employee retention?
Which two factors can contribute to improved employee retention?
- Introducing job rotation and providing training (correct)
- Reduced employee autonomy and excessive communication
- Decreased remuneration and reduced employee autonomy
- Excessive communication and decreased remuneration
What are two examples of goods?
What are two examples of goods?
- Education and hairdressing
- Hairdressing and train journeys
- Televisions and cars (correct)
- Cars and education
Which two elements are part of the design mix?
Which two elements are part of the design mix?
- Cost and quality
- Price and materials
- Cost and function (correct)
- Price and quality
Which two stages are part of the product life cycle?
Which two stages are part of the product life cycle?
Which stakeholder group is involved in procurement?
Which stakeholder group is involved in procurement?
Which document outlines the ideal qualities of a job applicant?
Which document outlines the ideal qualities of a job applicant?
Which stage is part of the sales process?
Which stage is part of the sales process?
Which of the following is an internal source of finance?
Which of the following is an internal source of finance?
What is an example of a fringe benefit?
What is an example of a fringe benefit?
What is the main purpose of a job specification?
What is the main purpose of a job specification?
What is ongoing training?
What is ongoing training?
What is a barrier to effective communication?
What is a barrier to effective communication?
What is a barrier to international trade?
What is a barrier to international trade?
What is a non-financial method of motivating an employee?
What is a non-financial method of motivating an employee?
What is a stage in the sales process?
What is a stage in the sales process?
What is a type of organisational structure?
What is a type of organisational structure?
Flashcards
Job Rotation
Job Rotation
Moving employees between different tasks to increase variety and skills.
Employee Training
Employee Training
Equipping employees with new knowledge and skills to perform their jobs better.
Goods
Goods
Tangible items that satisfy consumer needs or wants.
Design Mix Elements
Design Mix Elements
The balance between a product's cost, aesthetic, and function.
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Growth Stage
Growth Stage
A period of increasing sales and profitability.
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Decline Stage
Decline Stage
A period of decreasing sales and profitability.
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Suppliers
Suppliers
Individuals or companies that provide the materials and resources needed by an organization.
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Person Specification
Person Specification
A document outlining the desired skills, experience, and attributes of a job candidate.
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Product Knowledge
Product Knowledge
In-depth understanding of the features, benefits, and uses of a product.
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Selling Assets
Selling Assets
Raising capital by selling assets (e.g., property).
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Fringe Benefit
Fringe Benefit
Benefits received in addition to a salary.
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Job Specification
Job Specification
A document outlining required skills for a job.
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Ongoing Training
Ongoing Training
Continuous professional development throughout an employee's tenure.
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Jargon
Jargon
Technical or specialized language that's hard to understand.
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Tariffs
Tariffs
Taxes imposed on imported goods or services.
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Customer Engagement
Customer Engagement
Building relationships with potential buyers to understand their needs and present product solutions.
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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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