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the stages of an employees time in a particular organisation and the shifting roles the Human Resources function play in each of those stages.

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Acquisition refers to the process
of attracting and recruiting the right staff for roles in a business.

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Recruitment involves ﬁnding and attracting the right people to apply for a job
vacancy using advertisements, employment agencies and word of mouth. Because
recruitment is such an important, yet expensive, activity, it should be performed
systematically.

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a business decides to appoint someone already within the business to a vacancy

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External recruitment is used to ﬁnd suitable applicants from outside the business

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Training is teaching staff to perform their job more efﬁciently and effectively by
boosting their knowledge and skills.

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Development is the process of preparing employees to take on more responsibilities in the future through
acquiring better knowledge and skills, and gaining more experience in a particular area. Developing staff often
involves training. It is interesting to note that many employees expect their business to provide them with
opportunities to grow and learn, and ultimately improve their employability.

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Job rotation is a practice of regularly transitioning all employees between different jobs to ensure they gain exposure to various departments of the company while learning and improving their skill sets.

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An employment contract or contract of employment is a kind of contract used in labour law to attribute rights and responsibilities between parties to a bargain.

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The National Employment Standards (NES) are the minimum standards of employment which cover the following: Maximum weekly hours of work – 38 hours per week, plus reasonable additional hours. Requests for flexible working arrangements – certain employees can ask to change their working arrangements.

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Awards have been the traditional means of establishing working conditions for employees. An award is a legally
binding agreement that sets out the minimum wages and conditions for a group of employees. Modern awards
came into effect on 1 January 2010. The ten matters that can be included in modern awards are listed in table
8.10. Some businesses will provide above-award payments, especially if they wish to attract more workers to
their ﬁrm or if they want to hold on to their existing staff. Awards have the following advantages. They:
• set a minimum for pay and conditions
• cover all employees performing a similar job.

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An enterprise agreement provides an opportunity for employers and employees
within a particular business or enterprise to negotiate a set of conditions that
improve on the standards in an award.

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Gross profit = Revenue - COGS

Shown on income statement

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Net profit = Gross profit - Total expenses

Shown on income statement

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Assets - Liabilities = Owner's equity

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A total system of interacting activities designed to plan, price, promote and distribute products to
present and potential customers

Comprised of the 4 p's: Product, price, promotion, and place

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A target market is group of customers with similar characteristics who presently, or who may in the future, purchase the product. Most businesses select specific groups of customers on which to concentrate their marketing efforts.

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The term "mass market" refers to a market for goods produced on a large scale for a significant number of end consumers. The mass market differs from the niche market in that the former focuses on consumers with a wide variety of backgrounds with no identifiable preferences and expectations in a large market segment.

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Market segmentation occurs when the total market is subdivided into groups of people who share one or more characteristics based on four elements or dimensions: demographic, geographic, psychographic and behavioural.

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A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.

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A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion. Effective marketing touches on a broad range of areas as opposed to fixating on one message.

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What is offered and proposed to sell, a good or service that can be bought and is sold by a business

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Packaging involves the development of a container and
the graphic design for a product.

Tasteful packaging can create an image of luxury, sensuality and exclusiveness, helping to promote the product

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Brand refers to a name, term, symbol or design that identiﬁes a speciﬁc product and distinguishes it from its competitors

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Choosing a price that is either below, equal to or above that of the competitors.

Example - Rolex charging higher prices than other watch companies to create a perception of quality and luxury

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A method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay

Example- Cell phone market

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A pricing method derived from calculating the total cost of producing or purchasing a product and then adding a mark-up for profit.

Example- Walmart and Ryanair

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In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature.

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Relationship marketing is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions.

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Personal skills , called interpersonal or people skills, are a type of soft skills related to how a person interacts with other people and the surrounding environment. Personal skills can be more challenging to learn. Some of them are communication, problem-solving, flexibility, and dependability.

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Sales promotion is one of the elements of the promotional mix. The primary elements in the promotional mix are advertising, personal selling, direct marketing and publicity/public relations.

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Public relations is the practice of managing and disseminating information from an individual or an organization to the public in order to influence their perception. Public relations and publicity differ in that PR is controlled internally, whereas publicity is not controlled and contributed by external parties.

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In marketing, publicity is the public visibility or awareness for any product, service, person or organization. It may also refer to the movement of information from its source to the general public, often via the media.

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Advertising is the practice and techniques employed to bring attention to a product or service. Advertising aims to put a product or service in the spotlight in hopes of drawing it attention from consumers.

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Place or distribution activities that make the products available to customers when and where they want to purchase them.

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distribution channels ways of getting the product to the customer.

It consists of:
1. Producer to customer
2. Producer to retailer to customer
3. Producer to wholesaler to retailer to customer

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e-commerce refers to the buying and selling of goods and services via the internet

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Operations refers to the business processes that involve transformation or, more generally, ‘production’

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Products that you can physically touch

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Products that you are not able to touch (e.g. services)

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Inputs are the resources used in the transformation (production) process.

Inputs can be classified as either 'transformed' or 'transforming' resources.

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Inputs that are changed or converted in the operations process; they are transformed by the operations process

Includes materials, information and customers

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Inputs that carry out the transformation process e.g human resources and facilities

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Is the conversion of inputs into outputs. Sony, for example, takes plastic, metal, glass and electronic parts, and transforms them into numerous electronic products

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Outputs are the finished goods or services of the production process

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quality the degree of excellence of

goods or services and their fitness

for a stated purpose

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quality management the strategy

which a business uses to make sure

that its products meet customer

expectations

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quality control the use of

inspections at various points in

the production process to check

for problems and defects

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quality assurance the use of a

system so that a business achieves

set standards in production

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Quality improvement focuses on two aspects: total quality management and continuous improvement.