IGCSE, A Level Business Student Forum

(DEF) Developing a new product is the process of creating and introducing a new or improved good to the market whereas lowering prices is a pricing strategy where a business reduces the selling price of its products.
(KN) Developing a new product is a great way to increase sales as it maintains the ...

(Def) Marketing are the tactics businesses use to attract customers towards the products or services a business sells which involves the four elements of product, price, place, promotion from the marketing mix.
(KN) If customers become more health conscious, the business would promote the health ...

(Def) Customer loyalty means customers keep coming back to the same business again and again, instead of going to competitors.
(KN) A loyal consumer base provides the business with a stable revenue as customers are repeatedly buying from the same business.
(APP) For example, if a carpet business has ...

(KN) Identifying customer needs leads to higher customer satisfaction.
(APP) For example, if a fashion designer knows exactly what her customers want, she would be able to produce the products exactly the way majority of the customers like them.
(AN) This would lead to satisfied customers, leading ...

(KN) Good relations with customers leads to a more loyal consumer base.
(APP) For example, if a 5-star hotel has good relations with its customers that it maintains by providing them with luxurious suites and hotel rooms, and offers complimentary breakfast, the customers would want to stay with them ...

(KN) One key difference between the two is that Theory X managers think employees are lazy and need to be controlled whereas Theory Y managers think employees are self-motivated and can work independently.
(APP) For example, in a supermarket, Theory X mangers would force employees to follow strict ...

(KN) One decisional role according to Mintzberg's role of management is of an entrepreneur, who is responsible for exploring new ways and opportunities for the development of a company.
(APP) For example, a grocery store manager decides to start offering delivery services to increases sales.
(AN ...

(KN) Workforce planning is important as it ensures that the right number of staff is available.
(APP) For example, universities need enough lecturers, admin staff, support workers etc. Workforce planning helps managing the staff effectively to make sure there are no shortages that could harm the ...

(KN) One function could be recruitment and selection.
(APP) In a highly competitive market, it is extremely important to constantly innovate to have a competitive edge over the market, which is why, effective recruitment and selection would help a mobile manufacturing company acquire employees that ...

(KN) Disciplinary procedures are important as it plays a crucial role in improving employees' behavior.
(APP) For example, if a cafe's customers complain regularly about employees misbehaving with them, implementing disciplinary procedures would teach employees how to treat customers and what the ...

(KN) Redundancy is when employees lose their job because the position is no longer needed and is not the employee's fault whereas dismissal is when an employee is fired because of their behavior or performance.
(APP) For example, if a bakery decides to sell finished products rather than baking it ...

(KN) Job enrichment gives employees more challenging tasks.
(APP) For example, If there is job enrichment in company A's employees, it would allow the employees to use a wider range of their skills.
(AN) This would boost employee motivation, which results in increased productivity, better quality ...

(KN) One way HRM could help a business achieve its objectives is by recruitment or staffing.
(APP) For example, if there is a vacancy for a job at business A, HRM would be responsible for finding a talented and a perfect fit for that specific role.
(AN) This gives the company more time to focus on ...

(KN) Job description is basically a document that highlights the responsibilities of the new recruit, whereas a person specification outlines the qualities needed by the applicant.
(APP) For example, if a car manufacturing company recruits a new employee, the job description would outline what the ...

(KN) One advantage of high labor turnover is that new ideas are introduced.
(APP) For example, if a grocery store has a high labor turnover, this would mean employees would be replaced regularly with new employees, new ideas about how to increase efficiency etc would start flowing into the business ...