MARKETING STRATEGY: WHAT IS A MARKETING STRATEGY? FACTORS THAT AFFECT THE MARKETING STRATEGY: Credit of the image: Cambridge IGCSE and O Level Business Studies 5th edition (Karen Borrington Peter Stimpson) LEGAL CONTROLS ON MARKETING: ENTERING NEW MARKETS: WHY ENTER NEW MARKETS? PROBLEMS WITH ENTERING FOREGIN MARKETS: HOW TO OVERCOME THESE PROBLEMS?
Marketing Mix refers to the different elements involved in marketing a good or a service. These elements include the 4P’s – short for Product, Price, Place, and Promotion THE PRODUCT: ELEMENTS THAT MAKE PRODUCTS SUCCESSFUL: NEW PRODUCT DEVELOPEMENT: Credit to the image: Cambridge IGCSE and O Level Business Studies 5th edition (Karen Borrington Peter Stimpson) WHAT…
MARKET RESEARCH: PRIMARY/FIELD RESEARCH METHODS: What is the purpose of the market research? Decide on the most suitable research method Decide on the size of the sample needed and who will be asked Carry out the research Collect and analyze data Produce a report on the findings METHODS OF PRIMARY RESEARCH: METHODS OF SECONDARY RESEARCH:…
MARKETING: MARKET CHANGES: WHY CUSTOMER SPENDING PATTERNS CAN CHANGE? THE IMPORTANCE OF CHANGING CUSTOMER NEEDS: WHY SOME MARKETS HAVE BECOME MORE COMPETITIVE: HOW CAN A BUSINESS RESPOND TO CHANGING SPENDING PATTERNS AND INCREASING COMPETITION? NICHE AND MASS MARKETING: NICHE MARKET: MASS MARKET: MARKET SEGMENTATION:
WHAT IS COMMUNICATION? EFFECTIVE COMMUNICATION INCLUDES: TYPES OF COMMUNICATION: COMMUNICATION METHODS: FACTORS THAT AFFECT THE COMMUNICATION METHODS: COMMUNICATION BARRIERS:
THE ROLES OF THE HUMAN RESOURCES (HR) DEPARTMENT: You can remember the roles using the acronym “Riley Richards Has Winter Tops” RECRUITMENT: Job Description Job specification Job Title Experience Job Location Skill Job Summary Training Job Duties Qualifications Working Conditions Responsibilities Hazards Emotional Characteristics Machines that will be used Sensory Demands After the vacancy arises, it will need to…
This diagram is called an organizational structure. It refers to the levels of management and division of responsibilities found within a business. ADVANTAGES: CHARACTERISTICS OF AN ORGAIZATIONAL STRUCTURE: Businesses choose to have either a short span of control with a long chain of command or the opposite: a long span of control and a short…
2.1: Motivating Employees BENEFITS OF A WELL-MOTIVATED WORKFORCE: MOTIVATION THEORIES: 2. FW TAYLOR 3. HERZBERG METHODS OF MOTIVATION: FINANCIAL REWARDS TIME RATE: PIECE RATE: NON-FINANCIAL REWARDS:
The impact of business activity on societyBusiness activity has a direct effect on society… there are some benefits and some undesirable effects… The impact of business activity on society:Advantages• Production of useful goods and services that people want to buy• Creation of jobs and incomes. These increase workers’ living standards• Introduction of new products and…
50 ACT Math Formulas You Need to Know Numbers and Quantities 1. Arithmetic Sequences an = a1 + (n − 1)d This formula defines a sequence of numbers where the difference between each consecutive term is the same. The first term of the sequence is a1, the nth term of the sequence is an, and the constant difference between…