• Maslow's Hierarchy of Needs

  • Physiological, Safety, Love/Belonging, Esteem, Self-Actualization

  • Importance of fulfilling basic needs before higher-level needs

• Frederick W. Taylor

  • Scientific management principles

  • Focus on efficiency and productivity through time studies and standardized tasks

• Herzberg's Two-Factor Theory

  • Hygiene factors (e.g., salary, work conditions) vs. motivators (e.g., recognition, achievement)

  • Job satisfaction influenced by motivators

Methods of Motivation

• Financial Methods

  • Salary increases

  • Bonuses and incentives

  • Profit-sharing plans

• Non-Financial Methods

  • Recognition programs

  • Career development opportunities

  • Flexible working conditions

Organisational Charts

• Types of Structures

  • Functional, Divisional, Matrix, Flat, and Hierarchical

• Span of Control

  • Number of subordinates managed by a supervisor

  • Tall Structure

    • Many levels of management

    • Advantages: Clarity of roles, close supervision

    • Disadvantages: Slower decision-making, higher costs

  • Flat Structure

    • Fewer levels of management

    • Advantages: Faster decision-making, cost-effective

    • Disadvantages: Overwhelmed managers, potential for role confusion

• Importance of Organisational Charts

  • Clarifies reporting relationships

  • Aids in understanding the organization’s structure

  • Helps in identifying areas for improvement

Role and Function of Management

• Planning, Organizing, Leading, and Controlling

• Ensures organizational goals are met efficiently

Leadership Styles

• Autocratic

  • Centralized decision-making, limited input from team

• Democratic

  • Encourages participation and input from team members

• Laissez-Faire

  • Minimal supervision, employees have autonomy

• Trade Unions

  • Represent workers' interests, negotiate with management

Recruitment and Selection

• Recruitment Process

  • Job analysis, advertising, application collection, interviews, selection

  • Documentation: Job descriptions, CVs, application forms

• Internal vs External Recruitment

  • Internal

    • Advantages: Cost-effective, boosts morale

    • Disadvantages: Limited pool, potential for office politics

  • External

    • Advantages: Fresh perspectives, larger talent pool

    • Disadvantages: Higher costs, longer onboarding

Training

• On-the-Job Training

  • Advantages: Practical experience, immediate feedback

  • Disadvantages: Potential for errors, may disrupt productivity

• Off-the-Job Training

  • Advantages: Focused learning, exposure to new ideas

  • Disadvantages: Costly, may lack immediate application

Reducing the Workforce

• Dismissal vs Redundancy

  • Dismissal: Termination for cause

  • Redundancy: Job elimination due to economic reasons

• Legal Considerations

  • Employment laws, notice periods, severance packages

Communication Methods

• Internal Communication

  • Advantages: Quick feedback, fosters collaboration

  • Disadvantages: Can lead to misunderstandings, information overload

• External Communication

  • Advantages: Builds relationships, enhances brand image

  • Disadvantages: Less control over message, potential misinterpretation

• Formal vs Informal Communication

  • Formal: Structured, official channels

  • Informal: Casual, social interactions

• Barriers to Communication

  • Language differences, cultural misunderstandings, physical distractions

• What is Marketing?

  • Process of promoting, selling, and distributing a product or service

  • Aims to meet customer needs and create value

• Unique Selling Proposition (USP)

  • Distinct feature or benefit that sets a product apart from competitors

• Market Changes and Trends

  • Evolving consumer preferences

  • Technological advancements

  • Economic shifts and global influences

• Niche vs. Mass Marketing

  • Niche Marketing: Targets a specific, well-defined segment

  • Mass Marketing: Aims to reach a broad audience

• Market Segmentation

  • Types:

    • Demographic (age, gender, income)

    • Geographic (region, climate)

    • Psychographic (lifestyle, values)

    • Behavioral (purchase habits)

Market Research

• What is Market Research?

  • Process of gathering, analyzing, and interpreting information about a market

• Types of Market Research

  • Primary Research: Directly collected data (surveys, interviews)

  • Secondary Research: Analyzing existing data (reports, studies)

• Advantages and Disadvantages

  • Primary:

    • Advantages: Tailored insights, current data

    • Disadvantages: Time-consuming, costly

  • Secondary:

    • Advantages: Cost-effective, quick access to data

    • Disadvantages: May be outdated, less specific

• Factors Affecting Market Research Quality

  • Sample size and representativeness

  • Research design and methodology

  • Data accuracy and reliability

Marketing Mix

• Product & Branding

  • Product features, quality, design, and branding strategies

• Price & Pricing Strategies

  • Pricing methods (cost-plus, value-based)

  • Price Elasticity of Demand: Sensitivity of demand to price changes

• Place & Distribution Channels

  • Types of distribution (direct, indirect)

  • Logistics and supply chain management

• Promotion

  • Advertising, sales promotions, public relations, and personal selling

Product Lifecycle

• 6 Stages:

  • Development, Introduction, Growth, Maturity, Decline, and Extension Strategies

• Extension Strategies

  • Rebranding, new features, entering new markets

Technology and the Marketing Mix

• E-commerce

  • B2B (Business to Business): Transactions between businesses

  • B2C (Business to Consumer): Direct sales to consumers

  • C2C (Consumer to Consumer): Transactions between consumers (e.g., online marketplaces)

Legal Controls

• Regulations governing advertising, consumer protection, and competition

• Importance of compliance to avoid legal issues and foster trust

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

Specialisation occurs when workers focus on one particular role or task and thereby gain significant skill in doing it