(Industry Study) — Structural Factors

Question 1

Chief Executive Officer (CEO)

Answer 1

The person in charge of the business

Question 2

Senior Managers

Answer 2

Work with CEO ~ they are concerned with strategic planning of the business

Question 3

Middle Managers

Answer 3

Work under/with the senior managers to form and implement strategic and operational plans with measurable objectives.

Question 4

Frontline Managers

Answer 4

Supervisors who implement the strategic and operational plans.

Question 5

Employees

Answer 5

The people who do the actual tasks of implementing plans and are usually only reportable to the Frontline Managers.
They normally don’t communicate with the senior managers or the CEO.
Those who want to move up to a management position are usually judged on their performance within the business.

Question 6

What is marketing?

Answer 6

It is the process of researching, planning and implementing ideas.

Question 7

What are the 4 stages of marketing?

Answer 7

1. Conception of the idea: gathering information + ideas about product/service that is required to satisfy an individual/organisation.
2. The pricing of the product: researching other products/services already available on market.
   — how much are customers paying/willing to pay for this new product/service.
3. Promoting the product through various media: promoting the new product/service through variety of media to inform public what the company is selling/offering.
   — Radio, TV, Magazines, Billboards, pamphlets, free samples
   — web based technologies: YouTube, Facebook, social media, banners + pop-ups, apps! Online store, email.
4. Distribution of the product/service: involves looking at how the company is going to get the product or service out to their customers.
   — retail store, wholesalers, online purchases/downloads.

Question 8

What is production?

Answer 8

— The manufacturing of goods.
— A measure of efficiency in terms of how long it takes to create the product and how much it costs.
— Maintaining a profit is important for a company.
— The more efficient a company is in manufacturing products, the more it can produce and the quicker it can sell the product to their customers.

Question 9

What is efficiency?

Answer 9

— It is how effective the operation of the production is going.
— It can be dependent on the resources available & the ability for the company to manage them.
— efficiency of materials used, the time taken to produce the product & the cost to manufacture it.