Short answer questions part 2 Flashcards
HRM
Human Resource Management
CEO
Chief Executive Officer
ICT
Information and Communication Officer
Two benefits of a brand name.
Aids promotion
Creates costumer loyalty
Explain the term “Stakeholder”
anyone or a group of people who have an interest/involvment or is directly affected by how a business is run.
2 examples of stakeholders
Employees
Local community
Product Life Cycle
- inroduction
- growth
- maturity
- saturation
- decline
Explan the term ethical business
Conducts itself in a fair, just and honest manner in its dealings with all its stakeholders.
Explan the term breach of contract
One party of a contract did not fulfil his/her part of the contract. The conract is now imcomplete. The other party may sue for damages.
Explain feasibility study
Carried out to see if a product can actually be made and brought to the market. It would check :
- Ability to manufacture the product
- Finances to develop, produce and market it
- If it can be produced at a reasonable cost and in large quantites to sell at a profit
Prototype Development
An original working example of a new product is produce and tested. Identifies changes and improvments
List 2 EU institutions
European Parliament
European Central Bank
List 3 grounds of dismissal deemed unfair
- Religious/Political beliefs or opinions
- Sexual Orientation
- Race or colour
2 benefits of having motivated employees
- Emplyees work harder leading to incresed productivity
* High Morale - less industrial relations problems
Waterproof coat that allows the water in
Not fit for the purpose
