business managment

• the marketing mix consists of the four p's - price, place, promotion and product
• a product is anything that can be offered to a market for attention, acquisition, use or consumption
• price refers to how much money customers are willing to pay for a good/service
• price is how much customers pay to buy goods or services
• promotion involves advertising and other ways of getting information about products out to potential buyers
• promotion refers to how businesses communicate with their target markets about their products
• promotion involves communicating with potential buyers about what they have to offer
• promotion refers to advertising and other promotional activities used by businesses to inform consumers about their products
• product life cycle describes the stages through which a new product passes as it moves towards maturity and eventual decline
• introduction stage is when a product first enters the market
• product life cycle (plc) describes the stages through which a product passes from its introduction into the market until it reaches maturity and eventually decline
• place is how easy it is for people to get hold of your product
• marketing research helps businesses understand what customers want so they can make informed decisions on pricing, promoting and placing their products
• Autocratic management- A style of management where the manager makes all the decisions and is not open to suggestions
• persuasive management-involves the manager making a decision and giving the employees a reasoning for that decision
• Consultative management- involves the manager seeking input from employees on a business decision but making the decision themselves.
• participants management- managers sharing information with employees so that employees can participate in decision making.
• laissez-faire management- involves manager communicating the business objectives to employees and giving them freedom to make decisions independently
• the 7 business objectives - to make profit, increasing market shares, meeting shareholders expectation, fulfil market needs, fulfil social needs, improve effiicency, improve effectiveness
• sole traders- individuals that operate a business by solely on their own
• partnership- a business owned by two or more people who share the profits and losses
• private limited company- a company that has limited liability and is owned by shareholders
• public listed company- a company whose shares are listed on a stock exchange and is subject to the same laws and regulations as other listed companies
• leadership- is the skill of motivating others in order to achieve a business’s objectives.
• communication- is the skill of effectively transferring information from one party to another.
• planning- is the process of determining a business’s objectives and establishing strategies to achieve these aims.
• Time- The length of time in which a manager must complete a task or make a business decision can change and thus influence the management style utilised
• Experience of employees-A manager’s approach to their management style can be influenced by the level of experience employees have within the business.
• Nature of a task- The nature of tasks to be completed can influence the appropriateness of the management style used.
• Manager preference- A manager’s preferences can be highly individualised and may determine which management style is most appropriate for them to use.
• Decision making- is the skill of selecting a suitable course of action from a range of plausible options.
• Delegation- Due to their many responsibilities across varied aspects of a business, a manager may not have time to oversee every decision that is made during the business’s operations.
• Interpersonal- is the skill of creating positive interactions with other employees, to foster beneficial professional relationships.
• Skills for autocratic management- The autocratic management style features one-way communication from managers to employees, and centralised control as managers maintain all authority over business decisions.
• Skills for persuasive management- The persuasive management style features one-way communication from management down to employees, with managers retaining centralised control relating to business decisions.
• Skills for consultative management- The consultative management style features two way communication between management and employees, with managers maintaining centralised control in relation to business decisions.
• skills for participative management- The participative management style features twoway communication between management and employees and decentralised control, meaning decisions are made collaboratively between the manager and employees.
• skills for laissez- faire management- The laissez-faire management style features two-way communication between management and employees, and decentralised control, with almost all decisions being made by the business’s employees.
• corperate culture- is the shared values and beliefs of a business and its employees.
• official corporate culture- involves the shared views and values that a business aims to achieve, often outlined in a written format.