Product Life Cycle
Product Lifecycle The Product Life Cycle is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). In theory it's the same for a product. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilises and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn. However, most products fail in the introduction phase. Others have very cyclical maturity phases where declines see the product promoted to regain customers. Introduction. The need for immediate profit is not a pressure. The product is promoted to create awareness. If the product has no or few competitors, a skimming price strategy is employed. Limited numbers of product are available in few channels of distribution. Growth. Competitors are attracted into the market with very similar offerings. Products become more profitable and companies form alliances, joint ventures and take each other over. Advertising spend is high and focuses upon building brand. Market share tends to
Presenting Business Information
Tesco.com Introduction: For this assignment I have been asked to investigate Tesco. I will be describing Tesco as an organisation in detail. Tesco History: According to my research Jack Cohen founded Tesco in the year 1919.He also worked with the Royal Air Force during the First World War. Jack Cohen started his business only with £30. The first day of his business was not very successful, he only had a £4 turnover and £1 profit, but day-by-day his business started to make more money. In 1924 the name, which the company later took on as its corporate name, emerged. The name Tesco contains the initials of the owner of the firm MR.T.E Stockwell, who has supplied the firm with tea and of the initials of Jack's surname - Cohen. Towards the end of the twenties, instead of a stall trade Jack only focused on window shop trade taking on the main street. The name Tesco first flared (shown) with a lock in North London in 1929. [Burnt Oak, Edgware] In 1932 Tesco stores became a big company. In 1934 Jack decided to buy a piece of land in North London (Angle Road, Edmonton) with the idea to build the head office and the warehouse there. Since World War 2, Tesco Stores Corporation has been growing steadily. Tesco is a public limited (plc) company. There are so many products and services that Tesco provide to its customers but I am only going to list the main products and
Price elasticity of demand.
Price Elasticity of Demand Price Elasticity of Demand is the responsiveness of quantity demanded to a change in price. PED = % change in quantity demanded % change in price Normally we would expect PED to have a negative sign since either price or quantity in the equation above will be a minus figure. The Value Ignoring the sign and concentrating on the absolute value of the figure, tells us whether demand or supply is elastic or inelastic. Below is a summary of the possible values. Elastic (PED > 1) where a change in the price causes a proportionately larger change in demand. Inelastic (PED < 1) where a change in the price causes a proportionately smaller change in demand. Unit elasticity (PED = 1) where demand changes by the same amount as the price. Examples Here are some examples of how to calculate the price elasticity of demand: . When the price of salt increases by 50% the quantity demanded falls by 5%. PED = -5%/50% = -0.1 2. When the cost of mortgages goes up by 5% the quantity demanded falls by 15%. PED = -15%/5% = -3.0 3. When the price of sports shoes goes up by 10% the quantity demanded falls by 5%. PED = -5%/10% = -0.5 4. When the price of Reeboks increases by 10% demand falls by 15%. PED = -15%/10% = -1.5 Factors Affecting The Price Elasticity of Demand . The ease of substitution of another good or service. 2. The proportion of income
Types Of Business.
Types Of Business Businesses can be divided into 3 sectors, the private, public and voluntary sector. The voluntary sector covers organisations such as charities and businesses that do not make a profit. People who work for these organisations do not get paid for their work although they do have a total annual income of over £15bn. £4bn of this money comes from private donations, fundraising and charity shops. This money is then used by the charity for things such as medical research. The private sector divides into 3 further parts. These are: * The personal sector * The corporate sector * The financial sector The personal sector makes economic decisions and finds out information about individuals and households such as how much income people earn, how they spend their money and how much they save. All this information directly affects the economy as it generates demand for goods and services. The corporate sector includes businesses privately owned. Almost all businesses are in the private sector except for charities. Finally, the financial sector deals with the financial side of things. This includes financial institutions such as banks and some building societies. Their role is to make and receive payments on behalf of customers as well as acting as the link between those groups that have the money to save and those that need to borrow. Private sector businesses are
Types of communication
Types of communication Electronic - Email- Email is useful for a business, because it's easy and quick. For example if you need to send copies of you documents you can email it which is a quick process. You can also send an email worldwide and you can communicate with business people from outside the country. - Texting- Texting is useful for a business, because you can contact an employer who is not at work you can send the employer a text and remind the employer about important business appointments. - Fax- Fax is helpful for a business, because you can send and receive business documents, for example if you need to send a business contract you can fax the contract. - Video conferencing- Video conferencing is useful for a business, because you can talk to them face to face and you can discuss with them about any business issue. - PowerPoint presentation - PowerPoint presentation are useful for business, because you can present your work in PowerPoint to other companies. It's easy to use and it also looks professional. - Webcam- You can have a business meeting using webcam and you can see each other face to face. - Voice recorder- Voice recorders are useful for business people who want to record their meetings and ideas. They also can record and transfer information to their computer which will make it easy to manage and they can play back their voice. - Charts and
Types of Ownership
NAME: Lashana Ricketts FORM: 10LE TEACHER: Mrs. Barton TYPES OF OWNERSHIP NUMBER: 1 The 6 main business ownerships are: SOLE TRADER: A sole trader business has 1 owner only usually a small shop e.g. Green Grocers, Local newsagent, Nail shops. The owner usually trade only with their family name. They are responsible for all the decisions and problem solving. They would raise the finance themselves or get a bank loan. Also owned financed and controlled by one individual but can employ other staff. A sole trader business is easy to set up. Being a sole trader make you have the only decision that are to be made. PARTNERSHIP: It has between 2-20 owners. Usually businesses like; local shops, solicitors, dentists, builders etc. The partners have responsibility for raising finance. They would share the decision-making process and the profit between them under ''The Deed of Partnership Act (1890)''. (The Legal Contract), Partnerships have unlimited liability. PRIVATE LIMITED COMPANIES: They are generally smaller than a public limited company. Common examples are family businesses such as garages, builders, shops, and local coach companies. The shares are not available for sales to the public and are normally owned by people who run the company. The shareholders are normally the directors of the company. PUBLIC LIMITED COMPANIES: (PLC) is normally larger than a private
What are Franchises?
A franchise is when a business allows someone to sell its goods or services its trade marks, brand name, image and system of operation. The franchise doesn't provide all its services for free. Franchising is a very common type of business ownership. Some of the biggest businesses in the world are run by using franchising. An example is McDonald's. The main aim of a franchise is to: The main aim of the owner of franchise (franchisor) is to expand their current business without having to put in large sum of capital. The franchiser is likely to have profit maximisation or taking a maximum market share as major aims. For the franchisee, a successful business and a reasonable income are likely to be targets. For the franchisee, the main aim will be to start a successful business by using a tried and tested business idea. Franchises are often seen as low risk because the franchisor is already providing the franchisee with the brand name and products which as already been successful therefore the risk is very low for the franchisee to fail. The main reasons for setting up a franchise are * More profit for the franchisor * More growth for the business * Low risk for the franchisee to fail because the Brand name of the business and products is already well known and successful Franchise could have unlimited liability The liability of a franchise will depend on the business
Training and development
P4 Introduction; I will explain ways in which methods of development and training in a selected organisation may be enhanced. The methods of Training and Development; Training and Development can be carried out for a number of reasons, and these are; * Once an appraisal or performance review is carried out, it has shown the weaknesses of the employee, therefore the employee will need to take action and improve on this * To "benchmark" the status of improvement so far in a performance improvement effort * As part of an overall professional development program * To help an employee be suitable for a job role change within the organisation Training and Development is very important as it accommodates the needs of the individual whilst meeting the needs of the organisation. Marks and Spencer create a career planning profile, this enables them to focus on their next target job role, once this is done, the individual can develop a career in this job role to support his/her future ambition. There are 3 types of training, and these are; * On-the-job training; this type of training takes place at work whilst employees are carrying out tasks and activities * Off-the-job training; this type of training takes place away from work, it could be in a different country * External; this type of training can be done by training specialists at colleges/universities
wall street crash
Wall street crash coursework Black Thursday 24/10/1929 Large sales of shares GE and Radio sales fell Banks spent $40million to stop decline Shares prices stopped falling Rumours that men had committed suicide Banks now demanded repayments of loans that Investors had to buy shares They now had to sell shares to pay the banks Everyone now selling shares with no one wanting them - Prices continued to drop 1: Why did shares prices on Wall Street crash in October 1929? In the 1920s an easy way of making money was to buy stocks and shares on the stock exchange because the price of shares were always increasing in value, so after holding onto them for a short while you could sell them at a good profit. The profits were so good people use to take out loans to buy the stocks and shares and would still make a profit even after paying back the loan. These easy profits and available credit helped fuel the economy and the boom of the 1920s. By September of 1929 $6 billion of debt had been amassed. On 3rd September 1929 the stock market reached an all-time high the market dropped sharply only to rise and then drop again. Some people began to worry and started selling shares, in the weeks that followed prices continued to decline. Then on 24th October (Black Thursday) Prices fell dramatically as sellers tried to find people willing to buy their shares. Because prices were
Unit 2 - Investigating Business
Business Applied Unit 2 - Investigating Business My name is André Gibbs, I am currently 18 years old and I live in South Norwood borough of Croydon. The name of my business will be Funky Catererz this name come from the love I have for funky music and different foods. My business will be a service based on catering for all types of occasions such as wedding, christenings, funeral and others. We will also cater in Caribbean food predominately Jamaican cuisine but also cater in all varieties of Caribbean. I will be running this business from home until expansion is need of my business. I feel that this would be the best business for me to start because I do not have to spend a lot to start up my business. I have a Business Communication GCSE qualification and A level qualification in business, ICT and English. For my business I have access to £20,000 as a limited amount to start off my business this is an advantage for my business because there are very low priced stores that sell cheaper goods. For a successful business it must have four very important sources which are known the four p's of business: * Place * Product * Price * Promotion Product I feel that my service would go far and make a profit because it comes with a range of fashion techniques not just customising also not many people have heard of services like mine in my location, this is what makes my
