People

Question 1

What is consumer loyalty?

Answer 1

Consumers that are willingly engaging with and repeatedly purchasing from you instead of your competitors.

Question 2

Extension strategy

Answer 2

A strategy used to extend a products life when it is in the decline stage e.g re-packaging,

Question 3

What is a marketing objective?

Answer 3

outline the goals a business wants to achieve through its marketing practices

Question 4

What is a marketing strategy?

Answer 4

a long-term plan for achieving a company’s goals by understanding the needs of customers, whilst creating a distinct and sustainable competitive advantage.

Question 5

Product portfolio

Answer 5

A collection of all products and services a company offers to its customers.

Question 6

What is collective bargaining?

Answer 6

Where workers negotiate employment terms as a group rather than individually to increase their power.

Question 7

What is meant by a dismissal?

Answer 7

a form of employment termination that occurs when an employee is terminated from their job due to misconduct or unsatisfactory performance

Question 8

What is multi - skilling?

Answer 8

a process where employees learn new skills in a job in addition to those for which they were originally hired.

Question 9

What is redundancy?

Answer 9

when an employee’s job is no longer needed or the employer needs to reduce their workforce

Question 10

Staff as a cost

Answer 10

For many businesses, employees are the biggest cost of the business. Managers must consider the level of pay for employees compared to the size of the business.

Question 11

Staff as an asset

Answer 11

a valuable resource that can generate revenue, provide utility, or contribute to the wealth of its owner

Question 12

Trade unions

Answer 12

an organisation that represents the interests of its workers in negotiations with a firm’s management or owners.

Question 13

External recruitment

Answer 13

opening up a vacancy to a wider pool of candidates rather than selecting someone from the existing staff to fill the role.

Question 14

Internal recruitment

Answer 14

the process of hiring employees from within the organization. It can involve the promotion or redeployment of staff to fill a vacant post

Question 15

Induction training

Answer 15

offered to new employees when they join an organisation and usually includes: a tour of the premises. health and safety information. specific training on any duties/skills required to do the job.

Question 16

Off the job training

Answer 16

training that is undertaken outside the place of work. This training can take place at many locations such as colleges or training centres.

Question 17

On the job training

Answer 17

Training that happens in the workplace. Employees learn from more experienced colleagues. There are a number of different methods

Question 18

Recruitment

Answer 18

the process of attracting and identifying potential job candidates who are suitable for a particular role.

Question 19

Chain of command

Answer 19

a hierarchical system that helps establish clear communication channels, maintain accountability, and ensure that everyone understands their roles and responsibilities.

Question 20

Centralised structure

Answer 20

The organisational structure where the authority and decision-making power are concentrated at a single point, typically with top management or at the head office. This system allows managers to have better control, ensuring consistency within the company.

Question 21

Decentralised structure

Answer 21

Decision-making is spread out to include more junior managers in the hierarchy, as well as individual business units or trading locations.

Question 22

what is meant by flat (motivation in theory)?

Answer 22

an organisational structure with only a few layers of management. In a flat structure, managers have a wide span of control with more subordinates, and there is usually a short chain of command.

Question 23

What is meant by tall?

Answer 23

(Hierarchical) - A hierarchical or ‘tall’ structure has many leaders and layers of management, and businesses with this structure often use a ‘top-down’ approach with a long chain of command. It explains who is answerable to whom.. In a hierarchical structure, managers will have a narrow span of control.

Question 24

what is meant by matrix?

Answer 24

A matrix type of organisational structure combines the traditional departments seen in functional structures with project teams. In a matrix structure, individuals work across teams and projects as well as within their own department or function

Question 25

What is a Span of control?

Answer 25

the number of staff members that report to a particular manager.

Question 26

What is a bonus?

Answer 26

A sum of money added to wages/salary as a reward to employees.

Question 27

What is commission?

Answer 27

the compensation paid to an employee after completing a task, which is, often, selling a certain number of products or services. (Performance-based pay)

Question 28

what is delegation?

Answer 28

a manager passing responsibility or authority to an employee below them in the hierarchy.

Question 29

What is empowerment?

Answer 29

giving people greater control over their working lives