Things I Need To Work On Flashcards
(26 cards)
What is the formula for the BEP
Sales - variable costs
How do you work out variable costs?
Totals costs - fixed costs
Variable cost per unit formula?
Number of units
Selling price per unit formula
Sales devised by number of units
Define gross profit
The profit made without any costs deducted from it
Define net profit
When the profit has all the costs deducted from it
Define net sales
The umber of sales after deduction of returns
Define cost of goods sold?
Is when all the costs are added in the creating of the good
Pricing strategies?
Penetration pricing - setting prices low and then raising them over time
Destroyer pricing - setting prices so low completion cannot compete
Premium pricing - setting high prices for a luxury asset
Skimming pricing - setting prices high to increase profit
Explain the operating system?
Input -> process -> output
What’s is ethically production?
Using recycled raw materials
Being honest with customers not misleading them
Using no harmful products
Why is it important to for a business of be ethical?
Gain them a good reputation
Trusted by customers more
What is ethical marketing?
When the business promote honestly and fairness
Methods of recruitment
Testing - numerical, ICT skills
Cv- written by candidates
Job application- written by employers to candidates
Interviews - group or face to face one to one speaking
Internal factors
Employees
Managers
Finance
Technology
External factors
Pestec
Internal stakeholders
Employees
Owners
Managers
External stakeholders
Government Bank Customers Suppliers Local community
What is qualities information?
When you get information first hand
What is quantative information?
Measure in numbers eg- the number of women who use sure deodorant
Informative advertising is?
It just reminding customers about your product
Formative advertising is?
Selling and persuading customers to but you product
Industrial action methods?
Strike - when employees don’t work at all
Overtime ban- they only work to the hours the are situated
Work to rule - only work to what there contract say
Compare piece rate to hourly rate
Piece rate is when the employees are paid due to the amount of assets they make whereas hourly is how many hours they work I’m the business
