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Watch this videos and write what do you understand about Maslow Hierarchy of Needs.

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Watch this videos and write what do you understand about Maslow Hierarchy of Needs.

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IGCSE Business Studies | Maslow's Hierarchical of Needs

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Starter: Write 5 reasons why people work

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Starter: Write 5 reasons why people work

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After student done, click publish on the right corner

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Nishika.........".                                   1) The next best alterantive when making a decision.           2) Capital and land.                      3)There will be profit consumers will want to purchase the cars because of the materials of their car seats for instance. This may lead to the cost of making being much cheaper.                   4) Use materials that cost less but keep the price the same. Increase the selling price but keep the material costs the same.

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Nishika.........".                                   1) The next best alterantive when making a decision.           2) Capital and land.                      3)There will be profit consumers will want to purchase the cars because of the materials of their car seats for instance. This may lead to the cost of making being much cheaper.                   4) Use materials that cost less but keep the price the same. Increase the selling price but keep the material costs the same.

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1) Define "Opportunity Cost" (2marks)

Opportunity cost is the cost of the best alternative.

For example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.

2) Identify two factors of productions (2 marks)

Capital and land

3) Outline 2 benefits to NSN for increasing added value. (4 marks)

Added value refers to the increased utility of a product as it passes through different production stages.

Can get more profit

Can expand the car business production

4) Explain 2 ways NSN could increase added value (8 marks)

Added value refers to the increased utility of a product as it passes through different production stages.

Adding value to a product or service helps companies attract more customers, which can boost revenue and profits. And can charg a higher price.

Another side, Price is harder to set, and difficult to justify the added value.

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1) Opportunity Cost are the best alternative given up by choosing another item

2) Labour,Capital

3) can pay other costs such as Labour cost and more

4) Increase selling price but keep the cost of material the same.

Reduce the cost of material but keep the price same

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The ost of

1) Define "Opportunity Cost" (2marks) the cost ofbest forgone when making a decision

2) Identify two factors of productions (2 marks) entrepise & land

3) Outline 2 benefits to NSN for increasing added value. (4 marks) attract more customer, increase renvenue and profit, and lastly, no additonal cost of the sale

4) Explain 2 ways NSN could increase added value (8 marks) what of the way to increase added value, increase the selling price, although less effective, it is certainly way to increase added value for the car brand, & reduce the cost of the material, reducing the cost production can increase added value, this might lead to disatisfaction to customer but it certainly a way to increase added value

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A) Opportunity cost is the cost of cost of foregoing the next best alternative when making a decision

B) Capital and Land

C) By increasing added value, NSN would be able to increase their value of sales. Not only that but their cost of making could be cheaper

D) First, NSN could develop a new range of exclusive luxury cars with unique features that can’t be found in other competitor’s. NSN could implement very high quality material and parts when making these cars which would give them added value. This links to my second way; Increasing the price of their cars while keeping the cost of making as low as possible while still using high quality material.

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a)Define opportunity cost

Opportunity cost is the cost of next best alternative forgone when making a business decision

b)Two factors of production

Land and labour

3)can pay other costs such as labour cost ,management expenses and cost including advertising and power

4)decrease cost and increase the price

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Email is a fast way to transfer message to people no matter how many are there. It cost nothing communicate using email. However, The sender cannot get an instant response from the receiver.

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Advantage and disadvantage
-it is likely to be more convenience as if workers and managers are in dispersed location , managers can send email directly to the workers without travelling around which can also save the cost.Although feedback are  also allowed , its not that effective as one to one talk as longer time will be taken for feedback transferred compared to one to one talk which discussion is happen instantly.Sometimes, workers tend to ignore the message which messages are not being transmitted.They could therefore lose important instruction that effect business activity.

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The advantage of using email as communication is that it is easier to communicate and faster to transfer the message to the manager and employees.

The disadvantage of using email as communication is that sometimes the message can't be transfer to the manager and employee and sometimes there may not understand the message.

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Discuss advantage and disadvantage using email as communication with manager and employees

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A group of people that are affected by the company

Internal: Employees
Employees are worried about their job security

External: Government
Government is worried about the company's finance because the government needs tax to improve infrastructure

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Read the case study above and answer all questions:

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Business work on 7/12/2023 Revision Case Study

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Business work on 7/12/2023 Revision Case Study

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1) Define "Opportunity Cost" (2marks)

2) Identify two factors of productions (2 marks)

3) Outline 2 benefits to NSN for increasing added value. (4 marks)

4) Explain 2 ways NSN could increase added value (8 marks)

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stakeholder group is a group of people that has direct interest of business activities and performance

internal: manage, employee, owner of business
external: clients, banker, government

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Stakeholder is a group of people that are directly affected by a company's actions.

Internal: Holding a meeting to discuss future goals of the company.

External- Ordering supplies from supplier.

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anyone interested on performance and activities at the firm.

Internal - manager, employee
External - customer, supplier

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Define "Stakeholder Group" and give example of Internal and External Stakeholder.

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Formal communication means messages is transfer using professional language; Informal communication is when messages is transferred using everyday language

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difference between formal and informal communication
formal communication occur when messages are sent through specific channel using technical language which prove that the message transmitted is important such as communication between manager and other organisation for further collaboration which contract is needed
informal communication are messages that sent casually using daily language such as communication among employees to remind each other there's a meeting today

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Formal communication is when a message are sent through established channels using professional language, While Informal communication is when the information is sent and received casually using everyday language.

Informal communication = Radio that is heard everyday

Formal communication = Is when a celebrities getting interview

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1) What are different between formal and informal communication (4marks)

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Leadership style =
So that the worker and the employes know what to do in either one or two way communication when they are needed a important information that the manager is wanting to send

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Does the communication needs reply, if yes two way communication like face t face communication can be used. If no, one way communication like putting notice on board can be used

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What factors should be consider when choosing communication methods?

leadership styles
-leadership styles should be considered for either one way communication or two way communication as employees are allowed to give opinion in decision making in democratic styles rather than instruction are given by manager for autocratic leadership styles.

presence of feedback
they might need to consider the importance of feedback to improve the operation of the business besides solving the problems they have met.Such as worker's feedback might be required to gain higher sales , therefore two way communication such as face to face meeting that allowed discussion is needed for a better decision making

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Making sure the communication method can be accessed by both receiver and sender and medium must me appropriate

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How important a message is

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Urgency of the message and who the message will be sent to.

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What factors should be consider when choosing communication methods? List 2 and explain.

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Confusion into doing tasks may occur which affects the production of the job and there may be conflicts for lack of communication

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1. Workers misunderstanding what they should do
2. Increased absenteeism

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Accidentally buying the wrong/wrong amount of equipment, employees not receiving the wage they expected and little problems like wearing the wrong uniform to work.

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- workers have no motivation to perform well
- cause misunderstandings with workers

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State two problem that may arise by poor communication for a business.

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1)It means the messages are transferred clearly from sender to receiver

2)So the messages can be transfer from a person to another person

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1) Effective communication a communication from transferring of a message from the sender to the receiver, who understands the message.
2)

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What is effective communication and why is it necessary?
-messages are transferred correctly in the way you expected to avoid misunderstood in procedures which could cause the business in trouble.
Why do people within business need to communicate with each other?
-for example, there should be communication between managers and employees when they are delegating the task to avoid mistakes made by employees and keep them on the right way.
-employees should communicate with customer well to gain good reputation for the business.

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Chap 9: Internal and External Communication

1) What is effective communication and why is it necessary?

2) Why do people within business need to communicate with each other?

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Effective communication is when we communicate by transferring information

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1. what is effective communication
Effective communication is information being transferred
2.  it avoids confusion or wrong procedures which can affect the output of the business.

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1. Effective communication is communicating effectively. For example, a manager communicates effectively with the workers, meaning that the workers can understand it clearly and knows what to do.

2.

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1) Effective communication is when information is passed easily and people are not confused.

2) So that everyone knows what is happening and what to do.

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1.
- Less risk in losing the business
- More ideas in creating the business
- Can share ideas with each other

2.

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1) Describe 3 features of partnership and private limited companies

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1)the group of individuals or firms that are directly interested in the business activity.

2)
Workers
- they are interested in what are the benefits that the firms would give them when they work as the part of the firm
Government
- Government usually compared between businesses to investigate which of them would be successful in the future and they would invest in those firms.
Local community
- People live in the area would likely want to know that if the firms would damaged or pollute the environment on that particular community.
Banks
- Banks would investigate that which firms they should lend financial help and are able to pay those loan back in the future

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Q1 Any person / any group who has direct interest on business performance(1) and activities of business(1)

Q2: Internal stakeholder: Person who are direct interest such as workers, manager and owner (shareholder).

External: Person who had direct interest but there are outsiders such as government, bank, supplier, local community and customer.

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Stakeholder
-person or group that is directly involved in the business and are interested with the performance and operations of the business

Workers
-people employed by the business to contribute to the business following instructions given by managers , training might provided to them to increase effectiveness
-They aim to get regular payment and job satisfaction for their work to motivate them.
Customers
-people who pay for the goods and services that is provided by a firm which can help them to earn profit.By doing market research, business can know what their consumers what and therefore raising higher sales revenue
-they wish to get high quality products that deserve the price

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1) Define stakeholder
2) Write Types of stakeholders and explain

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1. on the job
2. off the job
3. induction

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1.

Reduced wastage.

Minimal supervision.

Internal promotion.

Enhanced organisational structure

2.

induction

a tour of the premises
On-the-job training

On-the-job training is training that is undertaken in your place of work.
Off-the-job training

Off-the-job training is training that is undertaken outside the place of work. This training can take place at many locations such as colleges or training centres.
3.Improve efficiency (by replacing employees with machinery). Reduce costs.

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Job description:A job description contains the following components: job title, job purpose, job duties and responsibilities, required qualifications, preferred qualifications and working conditions.
Job analysis:Job analysis is the process of studying a job to determine which activities and responsibilities it includes, its relative importance to other jobs, the qualifications necessary for performance of the job and the conditions under which the work is performed.
Internal recruitment: Recruiting someone within the company
External recruitment: recruiting someone from outside

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Definition of recruitment
- process from identifying that the business need to employ someone up to the point at which applications have arrived at the business

Employee selection
-evaluating candidates for a specific job and selecting an individual for employment based on the needs of the organisation

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Recruitment is the process from identifying that the business needs to employ someone up to the point at which applications have arrived at the business.  Jun an

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Recruitment is the process from identifying that the business needs to employ someone up to the point at which applications have arrived at the business.  Jun an

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1) Write definition of recruitment and employee selection

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Organisational structure
-levels of management and division of responsibilities within an organisation
Span of control
-number of subordinates that work directly under a manager
Chain of command
-structure that allows instruction to be passed down from senior manager to lower levels of management

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Define:
1) Organisational structure
2) Span of control
3) Chain of command

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1)
Internal growth

External growth
External means a business merger or takeover another business
2)What is merger and takeover
Merger is when both business agreed to combine with each other. However, takeover is when a business buy another business and control it

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1) Explain two types of growth
2) What is merger and takeover

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Red : Business plan
Yellow: Business plan
Green: the characteristic of a entrepreneur

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Plenary: Traffic Light Quick Check (Business Studies 4th Oct 21)

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Plenary: Traffic Light Quick Check (Business Studies 4th Oct 21)

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Red: List 1 concept that you don't understand
Yellow: List 1 concept that you're little unsure of
Green: List 1 concept that you completely understand

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yellow: Business plan
green: Entrepreneurs

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red:
yellow: business plan
green: definition of entrepreneur

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Red: I don't think i have anything that i don't understand

Yellow: Im not sure if i am unsure of anything yet

Green: I understand the lesson

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Yellow- Business plan
Yellow- Characteristics of successful Euntrupeneur
Green- Euntrupeneurship

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Primary Sector: OIL extraction

Secondary Sector: Construction

Tertiary Sector: MOTOR INSURANCE

2. Deindustrialisation is a reduction of production in a country.
3.Private: profit
Public: good quality

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1. Primary: farming
Secondary: Car manufacturer
Tertiary: Restaurant

2.  Deindustrialisation happens when there are reduction of industrial activity/employement in a country.

3. Private: Profit
Cheapest way of producing product

Public: Good quality services

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1. Primary sector- Example: Extracting oil
Secondary sector- Example: Manufacturing car
Tertiary sector- Example: Insurance

2. Deindustrialisation is the reduction of the production activity in a country. This might be caused by the improvement in technologies or the countries are able to import product from other countries.

3. A private sector's aim is to make profit.
A public sector's aim is to provide public services for people

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1. primary sector  - extract natural resources from land to make raw materials e.g mining, fishing

secondary sector - manufacturing raw materials provided by primary sector e.g baking, cooking

tertiary sector - providing services using goods manufactured by secondary sector e.g dentist, house cleaning

2. Deindustrialisation occurs when there is a decline in the importance of the secondary sector in a country. This can be caused when tertiary sector industries expands more and requires more workers which will lead lack of employees to the secondary sector.

3. private sector = profit
public sector = provide goods and services for population

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1. State 3 types of business sectors and gives examples.

2. Define deindustrialisation and give two reason why it might happened

3. Give 2 aims of private and public sector

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1) Mixed economy is where a part of the business is control by the government and a part of it is by private sectors.       2) Private sector aims for profit and public sector aims for good quality services

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1.
A mixed economy has both private and public sector

2.
A private sector's aim is to make profit.
A public sector's aim is to provide public services for people

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1)
Primary sector - Forestry, coal mining, farming
Secondary sector - food canning manufacturer, car manufacturer
Tertiary sector - banking, insurance, hotel

2)deindustrialisation means the reducing of the production activity in a country. This might causes by the improvement in technologies or the countries are able to import product from other countries.

3)
Private sector - profit
Public sector - provide service to people.

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1. mixed economy has both private and public sector

2. private sector: aim is to make profit
public sector: aim is to provide public services for the population

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1) What is mixed economy and explain?
2) What aims for private and public sector.

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1) Mixed economy is has both a private sector and a public sector
2)Private sector aim is to make profit
Public sector is to create employment