https://padlet.com/barrytkavanagh/unit1revision People in Business Question 1 2017 en-us 2017-11-28 00:03:25 UTC 2023-04-05 10:13:40 UTC hello@padlet.com barrytkavanagh https://padlet.com/barrytkavanagh/unit1revision/wish/210705595 2017-11-28 00:07:05 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/210705595 barrytkavanagh https://padlet.com/barrytkavanagh/unit1revision/wish/210705651 2017-11-28 00:07:26 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/210705651 barrytkavanagh https://padlet.com/barrytkavanagh/unit1revision/wish/210705665 John & Paul
A) i) List the key words you will use to answer this question
ii)  List the key words you will use to answer this question
and so on.....................................]]> 2017-11-28 00:07:33 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/210705665 https://padlet.com/barrytkavanagh/unit1revision/wish/211306770 https://studyclix.ie/subjects/leaving-certificate/higher/business/people-in-business]]> 2017-11-29 09:47:35 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211306770 https://padlet.com/barrytkavanagh/unit1revision/wish/211334265 Co-operation is essential 
Top quality goods are produced
Good products lead to sales
Profits
Profits satisfy entrepreneur
Investors earn money 
Stakeholder: depend on each other 
Decision can affect another
Interest in a business 
E.g. consumer, producer, employee, employer 
E.g. manager and investor - manager makes money 
Therefore investor can earn money from investment 

Win win situation ]]> 2017-11-29 11:22:09 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211334265 https://padlet.com/barrytkavanagh/unit1revision/wish/211334640 STAKEHOLDERS: all people in a business are stakeholders. The aim of management is to serve all stakeholders. For a business to succeed, it isn’t important for a co-operation to exist between all members of a stakeholder team. An example of a stakeholder in a business would be an investor.
A co-operative is for stakeholders who can work together to achieve their common aims so its a win-win for parties involved in a business.
An example of this would be a co-operative relationship between employers and employees. Many employers both have a wages and bonus systems in operation. A bonus is an additional Payment to employee for achieving agreed targets.The bonus system is incentive for employees to work more efficiently at all times.

Investor and manager of a business 
Investors: some entrepreneurs do not have enough money to develop their businesses so they require financial support. This money can be got from bank loans,grants from state agencies or private investors. A bank would require security for the loan and a private investor may require shares of a business.
The entrepreneur has an idea and the investor provided funds to turn the business into a reality.

Manager of a business: a person who who starts a business is an entrepreneur for example bill gates with Microsoft and tony Ryan with ryanair.This person has the initiative and courage to take a risk of starting a new business hoping to makes profit. An entrepreneur requires managerial, organisation skills and financial resources.some entrepreneurs have the motive to set up a non-profitable organisation such John O’Shea who set up GOAL to provide a service.
A co-operative relationship between a investor and managers of a business would include the managers of a business paying a good return to the investor on the investment made 

Producer and consumers.
 A producer manufactures goods for the market. For example Jacobs produce biscuits. There is a business link between priduxers and consumers.
Consumers buy goods and services that are provided by entrepreneurs. Consumers aim to get high quality products and services at a low price. To he guaranteed a reliable after sales service. 
To buy a product when they want



]]> 2017-11-29 11:23:45 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211334640 https://padlet.com/barrytkavanagh/unit1revision/wish/211334736 A(i) employees,employers,work together,common aims,win-win,successful

A(ii)employees and employers: wages and bonuses,trade union recognition,industrial democracy,empowerment of employees,training

Investor and manger of a business: paying return,investment made

Producer and comsumer: brand loyalty,profit level and selling price 

B negotiation: solving disputes in a low key fast manner, direct negotiation, requires compromisation

Conciliation: an attempt by an agreed third party to settle disputes, solutions are suggested, recommendations of conciliator are not binding

Arbitration: independent third party called an arbitrator,decision of arbitrator is binding

C(i) sale of goods and supply of services act 1980

C(ii) merchantisable quality, fit for purpose, sale by description

]]> 2017-11-29 11:24:14 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211334736 https://padlet.com/barrytkavanagh/unit1revision/wish/211335347 QA i)•Stakeholder is anyone who plays a part in a business
•Stakeholders have to work together to maintain a successful business for example, a Merchant needs a supplier to supply goods at a reasonable price so that the seller can make a profit and a supplier needs a manufacturer to manufacture top quality goods

QA ii) Employer and employee can have a co-operative relationship if the employer is happy with the work being done by the employee and the employee is happy with the wage being payed. 
Investor and manager of a business can have a co-operative relationship If the business is making money to pay back the investor and the manager of the business gives the investor a reasonable share of the business and both are happy with their financial state. 
Producer and consumer have a co-operative relationship when the consumer is happy with the quality of the good and the price being payed and the producer is happy when he/she develops brand loyalty with customer and can rely on them to keep buying his products


QB) Negotiation is when both sides bargain with each other to try and come up with a solution to the dispute between them without bringing in a third party. A compromise is when the 2 sides of the party meet halfway on an agreement. 
Conciliation is when a third party member called a conciliator is brought in to help and try get the two parties talking. The conciliator comes up with a solution after hearing both sides but it is not legally binding. 
Arbitration is when the two parties to an industrial dispute ask for an independent third party called and arbitrator to settle the dispute. The arbitrator comes up with a solution that both sides agree is legally binding. This method isn’t used very often. 

QC) i) The act that protects consumers is called the “Sale of Goods and Supply of Services Act 1980”. 
ii) The consumer has lots of right in this act regarding the goods bought and services they appuire. One of the rights they have is called “merchantable quality” in this case the phone my Samsung was not of merchantable quality because the battery caught fire and ruined the phone shortly after the phone was bought. 
Also the battery in the phone was not fit for purpose because it did not charge the phone like it was supposed to. 
Also the sale by description right means that the good being bought must be the equivalent to the description about it. In this case the phone was not sold by description because it would of had a certified battery life in the description and this was not the case with the actual phone sold because the battery caught fire and ruined the phone.


]]> 2017-11-29 11:26:52 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211335347 https://padlet.com/barrytkavanagh/unit1revision/wish/211337012 Employer and employee - wages and bonuses
Bonus - additional payment if targets are met
Makes employees want to reach there target 
Have wage and bonus system 
Fair days pay for fair days work
Win win situation 
Higher profits 

Manager of business and investor
Manager makes profits
Investor can earn money from profits 
Win win situation 

Producer and consumer
Must keep consumer happy
Top quality goods, good services, price consumers will pay
Brand loyalty: promote brand image to increase sales
Consumers support this when they buy product
When consumers buy off producer
Enabling producer make profit 
Co-operating with each other


]]> 2017-11-29 11:33:05 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211337012 https://padlet.com/barrytkavanagh/unit1revision/wish/211339068 Resolve dispute in fast manner
Stops problem becoming bigger
Compromise on both sides
Reach agreement
Offers and counter offers to be made
 
Concilliator to settle dispute
Independent third party
Hears the dispute 
Suggests a solution
Not binding

Arbitrator to resolve dispute
Independent third party
Agree in advance
Decision is binding]]> 2017-11-29 11:40:26 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211339068 https://padlet.com/barrytkavanagh/unit1revision/wish/211340550 Sale of Goods and Supply of Services Act 1980]]> 2017-11-29 11:45:52 UTC https://padlet.com/barrytkavanagh/unit1revision/wish/211340550 https://padlet.com/barrytkavanagh/unit1revision/wish/211341059 Sales of goods and supply of services act 1980 - to protect consumer 
Merchantable quality- goods bought must be fit for normal use
Phone wasn’t fit for normal use, Because the battery went on fire

Fit for purpose - goods bought must be fit for stated purpose. The phone must be able to make phone calls but it couldn’t 

Sale by description - goods bought must match the description accurately 
The phone didn’t match description because in the description it didn’t say the phone battery would go on fire 

Consumer should’ve went to retailer to get redress
Product should be repaired 
Product should be replaced
Consumer could request a cash refund


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