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Exam Revision (SAP extension (factor--- skills required in the future…
Exam Revision
SAP extension
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factor---more employment in certain sectors of industry(service) & decreased employment opportunities in other sector of industry(manufacturing)
more service-orientated roles; multi-skilling on the workforce, to enable the same employee to assist a customer throughout their entire customer experience
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process of a complaint
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if the legal action is successful, the business may be forced to compensate the consumer, and they may also be fined for breaching consumer laws
if the business still does not resolve the problem, the organisation may take legal action on behalf of the consumer
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business opportunities
demographics
characteristics relating to population, especially age, gender, ethnicity, employment, income, education
age
the product will usually appeal to a certain age group there is more demand for health services, further education, training & travel as the population is ageing
gender
males & females demand different products different hygiene & clothing products & women make the majority of the buying decisions
income
the products will usually appeal to a certain income group, a premium product will normally appeal to higher income groups & lower income groups tend to purchase discount products
target market
a group of customers with similar characteristics towards which a business has decided to aim it marketing efforts & its products
functions of money
medium of exchange----money allows us to exchange goods & services using a common means of exchange we all accept
measure of value----- the price is a measure of what we believe the goods or services to be worth, when compared with other good & services
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standard of deferred payments----- both buyers & seller knowing how much has to be paid at a later date
workers rights
right to know of the hazards presented by people, equipment, materials., environment & process
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entrepreneurs
definition--- a person who sets up a business or businesses, taking a financial risks in the hope of profit
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fair competition
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businesses base their competitive practices on price, quality & customer service
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financial intermediary: any organisation that takes deposits from those with surplus funds & makes those funds available to borrowers (bank)
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