Buss notes

• Employee training


  1. On-the-job training

  2. Off-the-job training

  3. Induction training
• Employee training


  • Requires planning
  • Involves cost
  • Aims to develop employees
• Recruitment of appropriate employees is crucial to a business
• Positive company culture


  Maintained by recruiting well-suited employees who align with the company
• Employees well-suited for their roles and aligned with the company

  Contribute positively to the work environment, encouraging teamwork, productivity and innovation
• Job description


  Document outlining main responsibilities, working hours/days, area of responsibility, job title
• Person description


  Document outlining key characteristics of the applicant such as experience, age, gender, education
• Weighing the cost of training employees against not training them

  Ensures efficiency & effectiveness in their job performance
• Investing in training


  • Enhances employees' skills & productivity
  • Leads to better outcomes (higher quality products/services, improved customer satisfaction, reduced errors or rework)
• Not training employees


  Results in lower productivity, increased mistakes, potentially higher costs in the long run due to inefficiencies
• Evaluating the cost of training against the cost of not training

  Allows businesses to make informed decisions that maximise their returns & competitiveness
• Employee appraisal


  The process of evaluating an employee's performance & providing feedback on their work
• Contract of employment


  Crucial for both business and employee as it provides clarity & legal protection for both parties
• Contract of employment


  • Outlines the rights, responsibilities & expectations of each party, helping to prevent misunderstandings & disputes
  • Improves productivity & morale within the business while also ensuring the employees' rights are protected
  • Shows the business is following rules about how it treats its employees, helping to avoid legal problems
• Dismissal


  Occurs due to an individual's poor performance or misconduct
• Redundancy


  Results from a position or role becoming unnecessary within the organisation
• Work-life balance


  • Can lead to increased job satisfaction
  • Reduced stress levels
  • Improved overall well-being
• Employee diversity policy


  • Can enhance creativity and innovation within a business
  • Brings together people with diverse backgrounds and experience
  • Variety of viewpoints can lead to more creative problem solving and development of innovative ideas
  • Business becomes more creative and adaptable
• Recruiting external candidates


  • Brings in fresh perspectives and new ideas for the organisation
  • Can help the company come up with new ideas and be ready to handle changes in the market more easily
• Involving workers in the decision making process


  • Employees feel more valued and engaged in their work
  • Can lead to higher job satisfaction
  • Increased motivation
  • Ultimately higher productivity levels
  • In a cooperative environment, people work together by helping each other, which makes communication better and tasks easier
• Marketing


  The process of promoting, selling, distributing goods or services to meet consumer needs and achieve organizational goals
• Market (outward looking)


  • Focuses on understanding and satisfying the needs and wants of consumers
• Product orientation


  • Prioritizes the development and improvement of the product itself without necessarily considering consumer preference or market demand
• Understanding customer needs and preferences

  Leads to increased customer satisfaction and loyalty
• Stronger customer relationships


  Lead to repeat purchases and positive word-of-mouth referrals, ultimately higher revenue
• Being the market leader

  • Often comes with increased brand recognition, market power, competitive advantages, higher profits, greater influence in the market/industry, and more control over pricing and market trends
• Shift in consumer preferences

  Can lead to a decline in demand for existing products, thereby reducing overall market size
• Increased competition


  If the business fails to differentiate itself or adapt to changing customer preferences, it may lose market share to competitors who are better able to meet consumer demands
• Advertising campaign through mass media

  • Can raise awareness of the brand/product among a range of customers, leading to increased sales and market share
• Demographic factors


  • Age, gender, income level, geographic location - used to divide the market into measurable groups
• Industrial buyers


  • Businesses or organizations that purchase goods or services for use in the production of goods and services
• Consumer buyers


  • Individual consumers who purchase products or services for their own personal use or consumption
• Difference in buyer behaviour and purchasing needs

  Often requires different sales and marketing strategies to effectively reach target markets