2.4.1 Why Effective Communication is Important and the Methods Used to Achieve It Effective communication seems simple, but even between two people talking face to face there can often be misunderstandings. As business grows they have thousands of employees spread across hundreds of countries, speaking numerous different languages. We need to know the: different means
4.4.1 Location and Relocation of a Business Factors relevant to the location decision of manufacturing businesses and service businesses Location has a huge impact on the success of businesses. You need to know the factors that will influence the location of both a manufacturing and service business, or the decision to locate internationally. You also
4.3.1 Why Quality is Important and How Quality Production Might be Achieved What quality means We have looked in detail at how to manufacture products efficiently to meet consumer demand. However, businesses must also ensure products are a high quality. A quality product meets customers’ expectations, and is ‘fit for purpose’. But what does that
4.2.1 Identify and Classify Costs Classifying costs using examples Costs may not seem as exciting as earning revenue, but costs have a huge impact on profit. It’s essential for business people to understand where their costs come from, how costs change with production and how to control costs. Identifying and classifying costs is much more
4.1.1 The Meaning of Production Managing resources effectively to produce goods and services Operations Management is defined as the process of production of goods and services. Successful operations management produces goods efficiently , in sufficient quantities to meet demand, at the right time, with the right quality. In 4.1 we need to know how to
3.4.1 Justify marketing strategies appropriate to a given situation: You need to know how to apply the marketing mix to different target markets, analyse what are the most important parts of the marketing mix, and recommend the most suitable marketing strategy. Marketing strategy is the overall plan for achieving a businesses marketing objectives, within the
3.2.1 The role of market research and the methods used Market research definitely comes under the “boring but important” category. The more a business knows about potential consumers, competitors and the market the greater the chance of success. Market research allows a company to explore a target market and get opinions and other feedback from
3.1.1 The Role of Marketing Marketing, Competition and the Customer is the introduction to marketing. It includes many of the basic concepts that will come up again and again throughout marketing, and indeed the wider course, so you may already be familiar with many of these ideas. ⭐⭐⭐Top Tip ⭐⭐⭐ Learn a clear definition for
The marketing mix is the combination of the 4ps: product, price, promotion and place. Now we will look at each part of the marketing mix individually, in detail. But it’s really important to remember that each one of the 4ps has to complement the complete marketing mix. Getting one part of the marketing mix wrong
2.3.1 Recruitment and Selecting Employees Success or failure may depend on getting the right people to join a business team. If the business hits hard times, survival may depend on reducing the size of the workforce, and keeping the right employees to push the business back into profitability. Furthermore, training plays a crucial role in
