2022

• Explain one benefit to a business of allowing its employees to work flexible hours:

  ---This may allow the business to increase its efficiency.

  ---This is because the workers may be more motivated to work for an employer that provides this type of flexibility

  ---thus , the business could find that its total variable cost has decreased
• one disadvantage to a business of using a just in time(JIT)system of stock control

  ---The suppliers of raw materials may not be reliable

  ---as a result, production could stop if deliveries are late.

  ---therefore, the business fails to meet customer orders.
• product life cycle stages

  1-introduction

  2-growth

  3-maturity

  4-decline
• elements of design mix

  -function

  -aesthetic

  -cost
• one pro of a business having motivated employees

  -This would increase the productivity of the employees

  -therefore,the cost of producing each product should fall

  -as a result,the profit margin on each product should rise.
• One impact on a business if tariffs are placed on its exports

  -This may make the product expensive in foreign countries

  -therefore, the demand for the product abroad could decrease

  -therefore,the business may experience falling sales revenue
• stages of the sales process

  1-customer engagement/product knowledge

  2-speed & efficiency of service

  3-customer needs/wants

  4-closing the sale and post-sales service

  5-providing advice and information
• One method a business could use to reduce its environmental impact

  ---A business could make a greater use of renewable energy.

  ---This means that fewer fossil fuels are burnt to create electricity.

  ---this could therefore reduce global warming
• one method that a business could use to extend the life cycle of one of its product

  ---The business could lower the price.

  ---therefore, the product appears to be better value for money than rival products.

  ---thus, sales of the product should rise.
• Discuss the impact on a company of using retained profit as a source of finance for expansion.

  • Retained profit is often not large enough to be able to fund the expansion plans of a business .
  • Therefore, other sources of finance will also need to be used to fund the expansion plans which will either increase fixed costs (bank loans) or dilute the ownership of existing shareholders (share capital) .
  • This may mean that the business does not have to use other sources of finances such as share capital .
  • Therefore, by using retained profit there would be no need to dilute the ownership of existing shareholders .
• drawback of using batch production in factories

  ---is less efficient than flow production

  ---cost of making vegan sausage roll may be higher than it could be
• multinational

  there are businesses who produces good/services in more than country