Summaries made from the "Consumo Business Studies Grade 12" book. These are notes that can be used for the IEB matric final or any IEB portfolio assessment. Notes include summaries of all the content for each chapter.
Identifying a problem the consumer is not even aware of yet and finding a way to solve that
problem
Aim of finding creative solutions to business related problems:
To create and maintain a competitive advantage for the business, where the business needs
to constantly adapt to ensure customers’ needs are satisfied
Steps:
1) Identify resource gap and obtain the resources
2) Explain the impact on the business and consider different solutions
3) Choose the best solution and explain in breadth
2. PROBLEM SOLVING TECHNIQUES
1. Pros and Cons Chart
Helps the manager to make a decision based on the advantages and disadvantages of a
specific option
- When the advantages and disadvantages are weighed up a decision can be made based
on what is best, where the decision may change if circumstances at a later stage change
2. Decision Tree
A visual representation of different outcomes of a single event
- It helps the decision maker look at different options and the consequences of each
3. Value Chain Analysis
The process of thinking about different ways in which the business creates value, where
the entire business process needs to be looked at to decide where value is created
, NB – if a business is involved in an activity that is not of their core business strength, the
activity wont add value and it will be better to outsource the activity (training)
Manufacturing business:
Easy to see how and where value is added as the process of the raw material (input) is
transformed into a variable product (output)
Service business:
Input is the education, knowledge, time and skills and the output is the intangible
service created for the consumer
4. PESTLE
SO WHAT + HOW TO…
Political Factors
Environmental Economic
Factors Factors
PESTLE
Analysi
s
Legal Factors Ethical Factors
Technoloigcal
factors Social Factors
5. SWOT Analysis
6. DELPHI technique
A method to obtain the opinions of experts on a topic, without engaging with them face to
face
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