Category: Business Studies
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Methods of production
Job production Batch production Flow production
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Factors that increase productivity
Higher rewards given to employees Friendly workplace environment New tasks given to employees
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Quality Control
Quality control Quality control is a process by which the quality of products is maintained Importance of quality control Importance of quality control Business builds a good reputation Higher sales Less cost
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Diseconomies of scale
Economies of scale describes a situation when the cost per unit increases as large quantity of product is produced As the production increases the cost per unit increases in the long run
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Why economies of scale occur?
Economies of scale Economies of scale describes a situation when the cost per unit decreases as large quantity of product is produced As the production increases the cost per unit decreases in the long run Why economies of scale occur Financial economies The business is able to get discount by buying in bulk Technical…
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Difference between production and productivity
Production is number of goods made Productivity is the number of goods produced divided by employees Eg. Business A produced 40 chairs with 5 employees Production: 40 chairs Productivity: 40chairs/5 employees= 8
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Types of promotion
Aims of promotion To increase the sales Provide information about the product Inform people about the existence of product Different forms of promotions Coupons Deals Samples Rebates Point of purchase displays Sweepstakes
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Channels of distribution
Distribution channels Producer, wholesaler, retailer ,consumer Producer, wholesaler, consumer Producer, RDC, retail branch, consumer Producer, consumer Producer, agent, consumer Producer, sole agent, retailer, consumer
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Pricing strategy
Methods of pricing Cost plus Competitive Psychological Penetration Price skimming Cost plus pricing The total cost of producing a product is calculated, and after that a mark-up is added to calculate the price Competitive pricing The price is calculated after keeping in view the price of competition. Competitive price is normally kept just…
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Extension strategies
Awareness of extension strategies The main aim of the extension strategies is to extend the maturity phase. This can be done by doing the following things Selling product in new market Selling product to new group Making changes in the product