Mangement and Marketing

Question 1

How is a business’s success measured

Answer 1

Customer satisfaction / low number of complaints

Reputation

Recognisability

Share Prices

Profitability

Expansion of organisation

Legacy

Winning trophies and competitions

Repeat business / customer loyalty / customer retention

Growth / reach /inclusion of product / service reputation

Question 2

What is the recruitment of staff dependant on for a business

Answer 2

Sector (private, voluntary or public)

Local needs / demographics

Budget (how much can you afford to spend

Roles and requirements any legal requirements or personal skills / qualities)

Question 3

Staff retention - Methods used to try and maintain staff

Answer 3

Bonus schemes and rewards
Self-development
Team spirit
Success of the organisation
Positive working environment
Progression
Pension and share schemes

Question 4

Staff retention - Benefits to the team or business

Answer 4

Lower/ fewer recruitment and training costs
Skilled workforce
Promoting from within
Staff know the customer

Question 5

Staff retention - Benefits to customers

Answer 5

Familiar workforce
Postive relationship
Recognising individual needs

Question 6

Staff retention - Benefits to staff

Answer 6

Promotion opportunities
Job security
Professional development
Job satisfaction

Question 7

What is transaction marketing

Answer 7

Transaction marketing is a type of marketing that focuses on making a single sale or transaction. The main goal is to encourage customers to buy a product or service, without necessarily aiming to build a long-term relationship with them. This approach often involves short-term promotions, discounts, or advertising to drive immediate purchases.

In simple terms, it’s about getting customers to buy something now, rather than focusing on repeat business or loyalty.

Question 8

What is relationship marketing

Answer 8

Relationship marketing is a strategy focused on building long-term, strong relationships with customers rather than just aiming for quick sales. The goal is to create trust and loyalty, encouraging repeat business and positive word-of-mouth. It involves personalized communication, understanding customer needs, and providing excellent customer service to keep customers satisfied over time. This approach benefits both the business (through continued sales) and the customer (through better experiences).