Must always provide quality goods that are safe and useful
Provide fairly priced goods and services
Fair wages
Provide safe and health working conditions
government
shareholders
increasing wages
promoting employess
giving bonuses
providing feedback on performance
enhanced cohesion between team members
Improved quality of work due to the pool of ideas of the team members
Meetings - management can schedule formal meetings to discuss
any problems employees may be experiencing
Notices - management can put clear expectations as well as
ongoing operations
goods are show cased or advertised, inviting customers to make
offers or treat
An offer
Acceptance
Death
Agreement
It contains large sums of money which are all legally binding the
customer to pay for goods and services
The agreement is a formally written document, signed and sealed
Utmost good faith refers to the disclosure of factual information
when applying for an insurance policy
Indemnity is restoration of the insured party to his initial financial
position before he experiences a loss
Withholding taxes - decrease government tax revenues resulting in
decreased economic development
Poor disposal of waste - poor disposal of waste can result in an
unhealthy living environment which can lead to illnesses among
members in the population
Refers to the uses of raw materials to make goods and
services
Refers to how efficient goods and services are made
Primary Production
Secondary Production
Secondary Production
Tertiary Production
The availability of raw materials or resources to conduct daily
operations
The use of technology for daily operations can significantly increase
labour productivity increasing production
Lack of motivation or a delinquent attitude can significantly decrease labour
productivity
Motivation - rewarding employees with financial benefits such as wage
increases or fringe benefits
Training and developmental programmes - to ensure that employees
are equipped with skills necessary to perform their respective duties
effectively
A group of potential customers who share similar needs or
wants to buy a product or service
Price
Product
Promotion
Place
To find out the requirements of the customers to meet wants and needs
To determine who the competitors are to develop strategies
To find out about the buying habits of customers or their preferences
To find out what quantities of goods to produce to meet customers
requirements
Affordability - refers to the amount of money the consumer has
available to spend
Quality - refer to most efficient for purpose
Brand loyalty - where a customer is loyal to a particular brand over a
period because they strongly believe their products are better than
other brands
Conduct Analysis - social media can be used to access data competitors
products and services. A business can use this information to gain a
competitive edge
Display products and services - business can utilize social media to
showcase their products and services. this would give potential
customers easy access to information about their products and services
Budgeting
Financial advising
Savings refers to the part of an income that is not spent
Investments are the purchases of assets in order that the assets
will earn future incomes
Savings - Bank savings
Investment - stocks
Personal Savings
Loans
Members
Investors
Short - term financing refers to the finances needed to make
regular payments for business operations
eg- commercial bank loans
Long - term financing refers to finances required to purchase
major assets for the business to operate
eg - loans from government agencies
Benefit - A way to gain consistent income while saving money
Risk - investing in a stock market is risky because you are not
guaranteed to make a profit
