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
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
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
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
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
4.3.1 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
4.4.1 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
5.1.1 The Need for Finance The first part of the unit is an introduction to the fundamentals of finance. Shorter knowledge questions are more likely, however, make sure you have a clear understanding of the three different reasons businesses need finance, as this forms the building blocks of later more difficult questions.
Nearly everyone will be aware of the importance of a business making a profit and have a basic idea of how it’s calculated. However, cash-flow can be just as crucial for business success, as cash is the life blood of the business. Without enough cash the business will not survive. So it is essential as
Unsurprisingly as profit or “the bottom line” is the ultimate objective of nearly all business activity, questions on calculating profit or evaluating the profitability of different business decisions are hugely popular questions in both Paper 1 and Paper 2. But let’s start by answering the simple questions: what is profit and why is it so
