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LO 6 - Coggle Diagram
LO 6
Marketing mix
Price,Product,Place,Promotion
These are used together to market a product or service. The marketing mix affects the type of marketing undertaken by the business.A business needs to ensure that its products are appropriately priced promoted and placed in a suitable market position
Product - how the product or service is designed or invented to make it something that customers will want to buy
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Human Resources is the department responsible looking after all employees from recruitment to departure from the organisation, whether this is through retirement redundancy or if they have a new job somewhere else
Recruitment and selection of employees - for example advertising job vacancies, shortlisting candidates, and interviewing and selecting the most appropriate candidate for the job
Training and development of employees - all employees are entitled to training while employed. For example, new employees receive induction training to familiarise them with the organisation and their job role. During their time with the organisation, they may receive a range of other training to ensure they have the skills required to perform their job.
Performance management of employees - throughout the year, a business will review the performance of its employees. In some organizations, an employee's performance determines the amount of money they are paid.
Responsibility for health and safety in the workplace - the human resources department is responsible for ensuring that all employees are safe at work. For example, employees will be trained in how to operate machinery and made aware of what to do in the event of a fire
Ensuring compliance with employment legislation - the human resources department will review all current employment legislation. This includes such things as working time directives, which state how long an employee can work during one day and how many breaks they need to take.
Marketing department is responsible for market research so they can find out what the business's customers want
The marketing department is responsible for developing the business marketing mix for a product or service
The marketing mix affects the type of marketing undertaken by the business. A business needs to ensure that its products are appropriately priced, promoted and placed in a suitable position in the market
Finance department is responsible for all task concerned with money they will analyse financial reports they have prepared
Organises and allocated financial resources - it ensures that sufficient money is given to the other departments to enable them to carry out their role
Reports on financial performance - it will prepare detailed reports assessing the
Monitors cashflow - prepares cash budgets or cash flow forecasts in order to see the amount of money available to the business.
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