Theme 1&4 - mock exam revision

Market share:
Amount sold by business as a % of the whole market.

Supple and demand:
Demand L-R
Supply R-L

External recruitment:
Potential candidates found from outside of business usually through advertising.
Pros- Find more experienced and skilled workers, large number of applicants, fresh ideas.
Cons- Time consuming and expensive, usually longer training and induction required.

Product differentiation:
Establishing a product to make it stand out from competition, may have a USP. Features include brand image, durability, promotion, and recognition.

Taylor's scientific management theory:
1911. Assumed people are rational and respond to incentives. If pay can be linked to output, output can rise.
Used technical investigations to identify best production methods. Managers should control workforce very carefully, so each employee working in a more efficient way.
In time became outdated -
> didn't take into account individual differences.
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