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Business unit 2 revision ­ managing a business

Finance
Budgets
A budget is a financial plan of the future
Income budgets ­ forecast company's revenue, predict amount and cost of product to be sold, estimate used from previous year sales and market research
Expenditure budgets ­predictions of annual total cost…

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Person specification ­ outline of profile desired, qualifications, experience, interests, personality
Interviews- one to one, panel, phone
Assessment centres ­ testing candidates, psychometric ­ personality fit, aptitude ­ ability at job tasks and group exercises
Training
On the job ­ sit near experienced worker, be mentored or coached
Advantages ­…

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Advantages ­ increased productivity, improved quality, reduced waste, effective and efficient delivery, staff utilisation, reduced admin and financial costs,
better communications
Disadvantages ­ initial costs high, constant updating expensive, increased need for staff training


Marketing and the competitive environments
Effective marketing
Marketing identifies the customer's needs and wants. Covers research,…

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3) Growth ­ sales grow fast, economies of scale decrease unit cost, USP from competition; product may be improved or developed encouraging more
outlets to stock product
4) Maturity ­ sales reach peak and costs are now paid for; product saturates so sales drop; competition gets fierce
5) Decline- no…

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