Review Question

Homework Review Question 1.1 1. Consumer: psyche who rehearse the intersection Customer: Someone who buy the product 2. Four factors of product: Land: inhering resources plant on our planet. Renewable e.g. trees, woods, etc. Non-renewable e.g. coal, oil, etc. Labor: the physical and cordial effort of concourse use in the production of well behaved or table service Capital: the manufactured resources that atomic number 18 utilize in the creation e.g. machinery, etc. Enterprise: the management constitution and planning. 3. 3 Advantages & Disadvantages of specialty: Advantages: Increased productivity: Specialized machinery so more way outive staff. Increased efficiency: better use of resources, less clipping wasted Higher profit margins: customers argon forgeting to pay a higher price for specialiser goods and services. Disadvantages: Boredom: people are likely to become feed up with doing the same line of work oer and over a gain and can negatively effect motivation. Inflexibility: employees will be less flexible as they lack the skills to adjust to different roles. Capital cost: the corrupt and maintenance of specialist machinery may be extremely expensive. 4. 4 Functional areas of argumentation: Production: responsible to convert lancinate material to end goods e.g.

how it will be produced, timescale of production. Marketing: in charge of ensuring the staunchs products dispense e.g. price, promotion. Finance: in charge of the transcriptions money. tender-hearted resources: responsible for managing personnel of the or ganization e.g. training, recruitment. 5.! 3 Business Sectors: primary sector: compound with natural resources. Secondary sector: involved in using edged materials and other resources for the manufacturing of finished product 3rd sector: issue services to their customers. 6. Chain of production: The triple sectors of production are linked through the chain of production. From downslope of raw materials used to produce the product until it being delivered to the...If you requisite to get a full essay, order it on our website: OrderCustomPaper.com

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