1. Marketing provides consumers with choice. Identify two methods used by business to do this.
Marketing provides consumers with choice. This is identified by two methods in businesses, Product features (e.g. car with power steering) and pricing strategies (discounts).
2. Describe the importance of market share to a business operating in a highly competitive environment.
The importance of market share to a business operating in a highly competitive environment is to show how much stronger and more consumer aware in the marketplace. Thus leading to attract more customers leading to an increase of business sales and profitability
1. Create a diagram that outlines the role of each key business function The key business functions:
Operations: They work closely with
the marketing department to incorporate product features that consumers will respond positively to. Human resources: deals with the relationship between the owners of a business and the people who work for the business. It is a support function that aims to find, attract, develop and motivate the people who can provide the services that the business requires. Marketing: involves finding out what consumer’s need and want, and linking these research findings to the business product. Accounting and finance: is responsible for providing the financial information needed for sound and viable decision-making. 2. In each section, identify how the key business function is interdependent with marketing.
1. Explain why businesses may benefit from using the production approach. The business would focus on how the good was produced, as it believed that customers would be drawn to the quality of the product. 2. Outline the importance of promotion to the selling approach. Promotion assisted businesses in differentiating themselves from their competitors.
Identify the types of markets in which the
Following business transactions occur:...
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