LO2

Question 1

3 ways of measuring success

Answer 1

Profitability, Share Price, Customer Satisfaction, Growth, Reputation, Repeat Business, Legacy, Awards, Recognisability.

Question 2

What is a Share

Answer 2

Share is a part of a business, can be sold for money, larger company higher money for a small share.

Question 3

Name 3 types of contracts

Answer 3

Part Time, Full Time, Permanent, Temporary, Contracted, Seasonal, Volunteer

Question 4

What does staff retention mean?

Answer 4

Keeping staff remaining at the company

Question 5

Name 2 retention methods

Answer 5

Bonus schemes, progression, self development, positive working enviroment, working hours, team spirit, pension scheme, success of organisation.

Question 6

Benefits to company of maintaining staff

Answer 6

Lower training and recruitment costs, skilled workforce, staff know customers better

Question 7

Benefits to the customer of managing staff

Answer 7

Familiar to the people

Staff recognise individual needs,

Question 8

Benefits to staff member of retention

Answer 8

promotion opportunities, job security, job satisfaction

Question 9

Name the two types of marketing

Answer 9

Transaction and Relationship

Question 10

3 characteristics of Transaction

Answer 10

Low customer service, low customer commitment, profit is main goal

Question 11

3 characteristics of Relationship

Answer 11

Goal to retain customers, Focus on customer service, High customer commitment