The purpose of staff development/training as a means of
securing required skills and motivating the workforce
- Ensures workforce has skills needed to succeed → induction, new activities, promo
opportunities
- Types
- Induction
- On-the-job
- Off-the-job
☆ U3: MARKETING -- WHAT IS
MARKETING? ☆
Role of marketing and its relationship with other
business activities
The link between marketing objectives and corporate
objectives
- COs set basis for all departmental objectives, including MOs
- Must be SMART
- Both integrate to set objectives for finance and HR → budget and workforce plan
Marketing objectives
- Goals for marketing department to help achievement of overall objectives
- Examples
- Growth
- Market share
- Reputation
- Be the market leader
, Supply and demand
Factors influencing the supply and demand for the
products/services of a business
- Supply
- Price (directly proportional)
- Cost (inversely proportional)
- Tech advances
- Taxes
- Government policies
- Demand
- Price (inverse)
- Income - disposability
- Trends
- Seasons
- Demographic
Interactions between price, supply and demand
- Supply and demand interact to create the equilibrium price
- Higher than this = excess supply
- Lower than this = excess demand
Features of markets: location, size, share,
competitors, growth
How markets may differ: such as consumer/producer
markets; national, regional and international markets
- Consumer markets focus on individual customer vs producer markets focus on
businesses
- Location
- National = national needs met by large businesses through mass media
- Regional = set of countries with a commonality see similar products marketed to
them
- International = greatest sales potential because of globalisation - same needs,
same marketing
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