IGCSE & A LEVELS GUIDE

Your understanding of the differences between Mass Marketing and Niche Marketing should now be completed: - Mass Marketing is selling the same product to the whole market with no differentiation of price, place, or promotion strategies; - Niche Marketing, on the other hand, involves differentiating products, prices, locations, and promotion strategies. One of the main problems with mass marketing is the fact that customers are not being offered exactly what they want/need

Chapter 10, Marketing, Competition, and the Customer Lesson Objective: To understand You have learned that the business environment is made of many different elements : Price; Price of the competition; Customers' income; Population size, structure, and changes; Changes in consumers' preferences; Spending on advertisement and promotion spending. One of the elements that impact business environment the most is the government intervention over markets - in other words, governme

It's important for us to understand the basics of Marketing so that we can go further on Marketing subjects later on. Here are some of the basic concepts we will go through to build on the basis of our Marketing knowledge : Needs and Wants; Customer base; Markets (consumer and industrial); Target market; Consumer vs. Customer; The business environment. Let's start by reminding ourselves of needs and wants : - Needs are essential items we need in order to live (e.g. food, wa

Chapter 8 - Recruitment, Selection and Training of Workers Learning Objectives: To understand how and why to downsize It goes without questioning that training workers is important for businesses success . Not all training offered to workers, however, are the same. There are three main types of training : Induction training; On-the-job training; Off-the-job training. Induction Training: Targeted to new recruits ; Introducing to people they will work with; Explaining organizat

Chapter 8 - Recruitment, Selection and Training of Workers Learning Objectives: To understand the difference between part-time and full-time workers; to understand the importance of training Have you ever heard? Some workers are part-time workers, some workers are full-time workers. What is the difference? Part-Time workers are considered so because they work around 20-30 hours/week in a job; Full-Time workers, however, have a contract and usually work 40 hours/week in a jo

Chapter 8 - Recruitment, Selection and Training of Workers Learning Objective: To understand the difference between internal and external recruiting The recruiting process is important for the success of a business - it is also costly and time consuming. Recruitment can be done internally or externally: Internal Recruitment happens when the business decides to choose someone who is already working in the company to take on the opened vacancy instead of picking someone from o

Chapter 7 - Organization and Management Learning Objective: To understand the importance and impact of trade unions We will wrap up the topic of Organization Structure and Management by discussing a very delicate topic: Trade Unions: In short, Trade Unions are organizations formed and financed by workers to protect their interests (e.g. wages, working conditions, etc.). Their activities include: Negotiating better wages, working hours, conditions, holidays ( collective barg

Chapter 7 - Organization and Management Learning Objectives: To understand how businesses are organized Now that we know that there are three main types of leadership (democratic, autocratic, and leissez-faire) as well as understand the different functions of management (planning, organizing, commanding, coordinating, and controlling) we should focus on the roles, responsibilities, and inter-relationships between management positions: There are 3 main levels of management pos

Chapter 7 - Organization and Management Learning Objectives: To understand the role of managers and the different leadership styles To start off, think about it: What do you think the managers in a company do? There are five different functions of management : Planning : analyzing the current situation, the objectives, and plan how to achieve them ; Organizing: businesses need resources to meet their objectives (land, labor, capital) and managers are responsible for coordina

Chapter 6 - Motivating Workers Lesson Objective: To understand the different financial and non-financial motivators After understanding the three different motivational theories is time for us to finally dive in to the different ways companies can use financial and non-financial motivators to boost workers' motivation. Let's start by looking at the different financial motivators! Hourly Wage Rate : When workers paid by the hour ; The longer they work more they earn; Main adva

Chapter 6 - Motivating Workers Lesson Objective: To be introduced to three main motivational theories Through this chapter we will learn several different theories related to motivation : Maslow Hierarchy of Needs; F.W. Taylor and The Scientific Management Theory; Frederik Herzberg Two-Factor Theory. Starting from the most famous one - Maslow Hierarchy of Needs : The idea behind Maslow's theory is that humans fulfill their needs level-by-level . And once one level is achieved

Chapter 6 - Motivating Workers Lesson Objective: To understand the importance of having a motivated workforce Motivation are the factors that influence the behavior of workers towards achieving objectives! What do you think motivate people to work? Money is indeed a motivator ! There are, however, other motivators out there that are not necessarily money : Job security; How interesting the work is (task variety); Promotion opportunities; Training; Responsibility (decision-m

Chapter 5 - Stakeholders in Business Lesson Objective: To understand what are stakeholders and what are their interests towards the business It may seem weird to you but there is a type of business out there which objectives are to benefit the society more than anything else - they are called social enterprises: As you can see, social enterprises also target profit! However, the intention of making profit is different than most businesses: instead of distributing it to sh

Chapter 5 - Business Objectives and Stakeholder Objectives Learning Objectives: To understand the various business objectives Plans,...

Chapter 4 - Types of Business Organization Lesson Objective: To understand franchises and joint-ventures A very common business structure...

Chapter 4 - Types of Business Organization Lesson Objective: To understand the different types of organizations businesses can have....

Chapter 3- Size of Business Learning Objective: To understand the many ways to measure business size You should know by now: Business...

Chapter 3 - Size of Business Learning Objective: To understand how businesses grow Last lesson we learned why some businesses grow and...

Chapter 3 - Enterprise, Business Growth, and Size Learning Objectives: To understand the importance of startups to economies We all heard...

Chapter 3 - Enterprise, Business Growth and Size Learning Objective: To understand what is an entrepreneur and business plans An...