Business Management (Deck B)

Define the ‘role of marketing’?

• To develop strategies that maximise sales, increase brand awareness, and improve customer satisfaction.

• To create advertisements that only focus on product features.

• To conduct market research without any focus on customer needs.

• To manage the supply chain and logistics of products.

Define ‘separation’ (Human Resources- Staffing process)

• The process of recruiting new employees.

• The ending of the employment relationship; the process of employees leaving voluntarily or involuntarily.

• The training and development of existing employees.

• The evaluation of employee performance.

Define ‘acquisition’ (Human Resources- Staffing process)

• The process of attracting and recruiting the right staff for roles in a business.

• The method of training existing employees for new roles.

• The strategy of outsourcing recruitment to third-party agencies.

• The evaluation of employee performance and productivity.

What is ‘placement’ (Business Management- Marketing)?

• The process of advertising a product to consumers.

• How a product is made available to the market, including transportation and storage.

• The strategy of pricing a product competitively.

• The method of designing a product to meet customer needs.

What are the components of a Cash Flow Statement?

• Opening balance, cash inflow, total income, cash outflows, total expenses and closing balance.

• Revenue, profit margin, net income, and cash reserves.

• Assets, liabilities, equity, and retained earnings.

• Sales revenue, cost of goods sold, operating expenses, and net profit.

Define Tangible products

• Products that can be touched (e.g. a laptop).

• Products that cannot be touched (e.g. software).

• Products that are intangible and digital (e.g. e-books).

• Products that are only available in virtual reality.

Define Intangible products

• Services that cannot be touched (e.g. staying at a hotel).

• Physical goods that can be touched and owned.

• Products that are only available online.

• Items that have no monetary value.

Define Goods and Services

• Goods are items that can be seen or touched; Services are things done for you by others.

• Goods are intangible items; Services are physical products.

• Goods are services provided by businesses; Services are items sold in stores.

• Goods are things that cannot be touched; Services are items that can be seen.

Define ‘operations’ (Business Management- Operations)

• The business processes that involve transformation or production.

• The financial activities related to managing a company's assets.

• The marketing strategies used to promote products and services.

• The human resource practices for employee recruitment and training.

What is the ‘marketing mix’?

• The combination of the four elements of marketing (the 4P’s): Product, Promotion, Price, Place.

• A strategy focused solely on pricing products competitively.

• A method for determining customer satisfaction levels.

• A framework for analyzing market competition.