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GCSE Business Price and Recruitment guides

Updated on April 22, 2016

Recruitment Process:
Identify The Vacancy
Write Job Description
Write Person Specification
Advertise The Job
Send Application Forms
Receive Applications
Shortlist Candidates
Interview
Select Best Candidate
Make Job Offer

Key Terms:
When a company highlights a
job opening they have to produce a job
advertisement. The advert will
include a number of pieces
of information including:
Job Particulars:
Give information about the business and job
( brief business history,conditions
of work, pay, hours, holidays)
Job Description:
Details about the job
Person Specification:
Details about the type of person
they want and educational requirements

Advertising The Job
Internet
Job Centres
Internally(notice boards)
Trade Magazines
Newspapers
Shop Window


How Does A Business Choose?
Numeracy Tests
Aptitude Tests
Visual Tests
Personality Tests

Training
Once a business has chosen a new member of staff they may have to train them
Training should be regular not just a one off
On the job training
Training people in the workplace as they work
Off the job training
Ran by another company


LAW
Appointment of staff - Protecting from discrimination on the basis of age,sex,race or disability
Protection at work - Females and males should be paid the same for the same job
- Workers must be paid regularly according to their contract
- Workers must be safe at work(health and safety)
Leaving work - Workers are protected against unfair dismissal
Other rights - Women have the right to maternity leave and men, paternity leave
- There are laws regarding working hours

Definition~
Price is the amount of money a customer must give up to acquire a product.

Different types of pricing:

Cost Plus pricing:
Cost based pricing is selling a product by picking the amount of profit they want to make. If a company wanted to sell a car and make 50% profit. Then they would charge 150% of the price it costs to make the product.

Penetration pricing:
Penetration pricing is where a company will start off a product with a low price to penetrate the market and get people hooked on the product so that they can gradually increase the price without losing too many customers. If a new chocolate bar was brought out then the company who makes them might sta. rt out with a price of 99p but then gradually increase it to £1.50.

Price skimming:
Price skimming is where a company starts out with a high price and slowly lowers the price so that the customer thinks that they are getting a good deal but actually they are playing the price the company would have originally sold it for.Lowering the price would help keep the product available to all people and would help it compete with rival competitors. For example if a car retailer wanted to sell a car for £5,000 then they might set it for £7,000 and slowly lower the price so that once they see that its price has gone down by £2,000 then they would want to buy it.


Loss leader:
Loss leader products are products that are set for a low price that is usually so low that the y would make a loss with each one sold. Supermarkets usually do this hoping that it would attract customers to come into the store and spend money on other things that they probably wouldn’t have bought if they hadn’t been drawn into the shop by a low priced product. Many supermarkets would want to use this to attract customers but other businesses,like car dealers, would not be able to do this. An example of this would be a supermarket selling a large crate of drinks for £5 instead of £15. Even though they may be losing money on each one they sell, people would see the offer and get pulled into the shop and they would end up spending more money than the company is losing.

Promotional Pricing:
Promotional pricing is where the product is reduced drastically for a short period of time to attract customers and increase sales.Other offers such as ‘BOGOF’ (Buy one get one free) would increase sales to cover the loss of money lost by reducing the price.The price would be put back up because the offer would only attract a certain amount of new customers and after they stop buying it as much, the company starts to lose money which means the price must increase to cover the costs.

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