Business

Market research

Involves investigation into the viability of a business of business ideas. It must be stressing that your are only developing the concept to the next stage and much more needs to be done.

Synergy

Team work is the highest form of cooperation between members of an organisation. it produces synergy, which is the result being greater sum of parts. High performance teams run on self-generating energy and can unlock the full potential of staff. The team effort produces results that surpass the expected result of combined efforts of the individuals

marketing management

The application, tracking and review of a company's marketing resources and activities. The scope of a business' marketing management depends on the size of the business and the industry in which the business operates. Effective marketing management will use a company's resources to increase its customer base, improve customer opinions of the company's products and services, and increase the company's perceived value.

Job description

A job description should be made available for potential applicants. A job description helps reduce applications from unsuitable applicants and improves the change matching the right person to the right job that is of employing someone who will find the job satisfying and worthwhile. A job description can also be used to develop a list of section criteria against which various candidates are judged. The selection criteria are made available to potential applicants on request. The following details are usually included: title of job, tasks involved, the working environment, hours of work, work practises, skills required and performance criteria

Job rotation

A job design technique in which employees are moved between two or more jobs in a planned manner. The objective is to expose the employees to different experiences and wider variety of skills to enhance job satisfaction and to cross-train them.

Job enlargement

A job design technique in which the number of tasks associated with a job is increased (and appropriate training provided) to add greater variety to activities, thus reducing monotony. Job enlargement is considered a horizontal restructuring method in that the job is enlarged by adding related tasks. Job enlargement may also result in greater workforce flexibility

Job enrichment

A job design technique that is a variation on the concept of job enlargement. Job enrichment adds new sources of job satisfaction by increasing the level of responsibility of the employee. While job enlargement is considered a horizontal restructuring method, job enrichment is a vertical restructuring method by virtue of giving the employee additional authority, autonomy, and control over the way the job is accomplished. Also called job enhancement or vertical job expansion.

Marketing mix

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation.

Job specification

A statement of employee characteristics and qualifications required for satisfactory performance of defined duties and tasks comprising a specific job or function. Job specification is derived from job analysis.

Personnel Managment

Administrative discipline of hiring and developing employees so that they become more valuable to the organization. It includes (1) conducting job analyses, (2) planning personnel needs, and recruitment, (3) selecting the right people for the job, (4) orienting and training, (5) determining and managing wages and salaries, (6) providing benefits and incentives, (7) appraising performance, (8) resolving disputes, (9) communicating with all employees at all levels.

Job analysis

Determinate human resource needs is an ongoing process for human resource managers in large organisation. A staff retires, resign or promoted in a new position as created as business needs change

Off the job training

Employee training at a site away from the actual work environment. It often utilizes lectures, case studies, role playing, simulation, etc. See also on the job training.

On the job training

Employee training at the place of work while he or she is doing the actual job. Usually a professional trainer (or sometimes an experienced employee) serves as the course instructor using hands-on training often supported by formal classroom training. See also off the job training.

Distribution channels

The path through which goods and services travel from the vendor to the consumer or payments for those products travel from the consumer to the vendor. A distribution channel can be as short as a direct transaction from the vendor to the consumer, or may include several interconnected intermediaries along the way such as wholesalers, distributers, agents and retailers. Each intermediary receives the item at one pricing point and movies it to the next higher pricing point until it reaches the final buyer. Coffee does not reach the consumer before first going through a channel involving the farmer, exporter, importer, distributor and the retailer. Also called the channel of distribution.

Performance appraisal

The process by which a manager or consultant (1) examines and evaluates an employee's work behaviour by comparing it with present standards, (2) documents the results of the comparison, and (3) uses the results to provide feedback to the employee to show where improvements are needed and why. Performance appraisals are employed to determine who needs what training, and who will be promoted, demoted, retained, or fired.

Job design

The process of identifying the exact tasks to be completed in a job, as in integral of a part of a strategic planning undertaking by the HR department. Careful consideration must be given to the planning of the task to be completed so that the right person can be found to perform the task.

Human Resource

This function is seen as directly serving a company's strategy and the achievement of objectives; the businesses ability to attract, motivate and retain employees is vital to its success.

Secondary data

accessing data that has already been collected by another group or organization and using this data for individual needs for a business.

Primary data

collecting data for a particular reason that addresses specific needs of a business. It is original data.

Human Resource Management

is the management of the employment relationship broadly it covers establishing, maintaining and terminating employment. The function of HRM involves planning, organising, leading and controlling. The staffing needs of an organisation.

Total product concept

is the tangible item and the other services or extras offered with it, such as advice, financing, delivering, maintaining and repair, and warrantee. It can also include less tangible things such as, quality, prestige, convenience and reputation.