Adding Value Introduction
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The document provides instructions for a lesson on adding value in industry. It discusses three classifications of industry - primary, secondary and tertiary. Students are asked to identify the classification of various examples. The lesson also covers locality of business - local, national and international. The main topic is adding value, where raw materials are processed to increase their value for consumers. Students are assigned homework to create a poster explaining the value added process for a product from primary sector to consumer.
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Market research involves collecting, analyzing, and understanding data related to markets and customer behavior. It is used primarily by manufacturing, service, and retail companies to guide decisions around new products, marketing, and sales. Most large businesses conduct both internal and external market research, spending 1-2% of revenue on average. There are different types of market research including primary data collection, secondary data analysis, qualitative research like focus groups, and quantitative research using surveys. Proper sampling techniques and question design are important to obtain accurate and unbiased insights.
PED presentation copy
This document discusses price elasticity of demand (PED). PED measures how responsive quantity demanded is to a change in price. It defines goods as elastic, inelastic, or perfectly elastic/inelastic. Elastic goods have a PED greater than 1, meaning quantity demanded responds more than proportionally to price changes. Inelastic goods have a PED less than 1, so quantity demanded is less responsive to price. Perfectly elastic/inelastic goods have a PED of infinity/zero, where quantity demanded is completely responsive/unresponsive to price changes. The document provides examples of demand curves for different types of goods to illustrate how their quantities respond to price.
Operations management1
The document discusses key concepts related to efficiency in business. It begins by explaining that efficiency, productivity, and competitiveness are linked, as better productivity leads to increased efficiency and competitiveness. It then defines efficiency as making the best use of resources to maximize outputs and minimize costs. Improving efficiency can reduce costs and improve competitiveness. The document also differentiates between production and productivity, and provides an example to demonstrate how to calculate productivity. It explains that productivity can be improved through training, investment, and better management. Finally, it outlines other methods businesses can use to cut costs besides improving productivity.
Pricing Strategies
The marketing mix is a fundamental aspect of marketing that includes the 4Ps: product, price, place, and promotion. It is used by businesses to decide how to market products based on customer needs. Price is an important element that impacts revenue and market share. Common pricing strategies include cost plus, penetration pricing, price skimming, competitive pricing, promotional pricing, and loss leaders. The appropriate strategy depends on factors like market entry, increasing sales, and covering costs.
Price Elasticity of Demand
This document discusses elasticity, which measures how responsive quantity demanded is to changes in price. It defines price elasticity of demand and explains that demand is elastic when a percentage change in quantity demanded is greater than the percentage change in price, and inelastic when the opposite is true. Elastic goods have substitutes and inelastic goods are often necessities. The document provides examples of calculating price elasticity using demand curves and formulas. It illustrates different types of elasticity including perfectly elastic, inelastic, unitary, and inbetween cases.
Recruitment, training and human resources for blog
The human resources department is responsible for many tasks beyond just recruitment and selection. These include ensuring employees are properly trained, complying with health and safety laws, handling redundancies and dismissals, managing communication between management and employees, developing compensation and benefit policies, and carrying out the full recruitment process from job analysis to selecting candidates. The recruitment process involves analyzing jobs, writing job descriptions and person specifications, advertising positions internally or externally, screening applicants, interviewing candidates, and ultimately filling vacancies.
Promotion
This document discusses promotion and the promotional mix. It defines promotion as communication to customers about a product to persuade them to buy it. A business needs to promote to make customers aware of its products, increase awareness and market share, and encourage customers to choose its products over competitors. The document outlines different promotional methods including advertising, sales promotions, public relations, and personal selling that make up the promotional mix. It notes that small businesses should consider their target market and utilize an effective mix of above and below the line promotion strategies to gain sales.
Place
This document discusses distribution and channels of distribution as part of the marketing mix. It identifies four main channels: 1) direct from producer to consumer, 2) from producer to retailer to consumer, 3) from producer to wholesaler to retailer to consumer, and 4) from producer to agent to seller to consumer. The document provides examples of different businesses that may utilize each channel and factors that influence a business's choice of distribution approach, such as the nature of the product, market, and company capabilities. Learners are asked to analyze distribution channels for three products and consider how well each channel fits with the rest of the marketing mix.
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Adding Value Introduction
- 1. Welcome back year 10 OK so what do you remember from last lesson?
- 2. Recap on Classification of Industry • There are 3 classifications 1.Primary 2.Secondary 3.Tertiary
- 3. Write down 1-10 1. Fishing 2. Taxi service 3. Quarrying 4. Car manufacturing 5. Steel Mill 6. Insurance 7. Building (houses) 8. Petrol Station 9. Oil refinery 10. Mobile phone network Write down the classification of industry against the number on your scrap paper You can put just a letter to represent the following P – Primary S – Secondary T – Tertiary
- 4. OK and just a quick start on Locality of business (where the business operates) We split this into 3 areas Local, National and International Now list 3 examples for each
- 5. Right Now We Will Start!!
- 7. Adding Value
- 8. Adding Value This is where raw materials or component parts are processed to boost their value when they are sold on.
- 9. The adding value process • From primary sector to consumer. • Every product we buy has been processed in a way that makes it more valuable to us (the consumer) than it was originally. Even if that is just delivering something, that service adds value, making the product more valuable • For example…
- 10. In pairs think of a product • Try to identify every stage this product goes through (I want original ideas) • From primary sector to consumer • Plot out on paper your value added process • And be prepared to present your idea to the rest of the class
- 11. I am setting you homework • For Thursday I want you to have your added value process made into a poster suitable for our lovely classroom. • The best will make it to the year 10 wall of glory!! • I want colour and detail, explain the individual processes and how they add value
- 12. Feedback time • I will give you a post-it • Please stick them on the board on your way out with any comments you have for me • You do not need to put your name on these • And if you leave it blank you can put it at the top of the board if you enjoyed the lesson, and the bottom of the board if you did not etc... • If you find the lessons hard or there are areas you are not clear about please let me know
Editor's Notes
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