Term 2 & 3

Recruitment is the process of finding, selecting, and hiring suitable candidates for specific a job position within a company

When a vacancy is filled by an existing employee of the business.

Pros - Saves time and money- no need for advertising and interviewing, knows business’ ways of working(Jargon), Motivating for other employees to see their colleagues being promoted- urging them to work hard

Cons - No new skills and ideas coming into the business, Jealousy among co-workers

a vacancy is filled by someone who is not an existing employee and will be new to the business.

Outlines the responsibilities and duties to be carried out by someone employed to do the job

Outlines the requirements, qualifications, skills and expertise required by an employee

• more flexible hours of work

• easier to ask employees just to work at busy times

• easier to extend business opening/operating hours by working evenings or at weekends

• works lesser hours so employee is willing to accept lower pay

• less likely to be trained because the workers see the job as temporary

• takes longer to recruit two part-time workers than one full-time worker

• can be less committed to the business/ more likely to leave and go get another job

• less likely to be promoted because they will not have gained the skills and experience as full-time employees

• more difficult to communicate with part-time workers when they are not in work- all work at different times.

A form of training that takes place in a real work place setting

Pros - Cost-effective, Immediate use of training, gain practical skills.

Cons - Quality of training depends on trainer, Training on the job might disrupt work

A form of training away from the workplace done by specialists.

Pros - Diverse learning methods, Less disruption at work.

Cons - Costly, Less practical application

Salary, wages, bonus, commission, promotion.

Free holidays, free healthcare, pension, company vehicles

When an employee does several tasks within a working day

Giving employees more responsibilities and tasks to motivate them.

Desire to achieve a goal.

Levels of responsibility in an organization from lowest to highest.

When most decisions are decided by the upper levels of an organization.

The process of collecting, analyzing and interpreting data about a product.

To identify what the customer wants and needs.

To identify gaps in the market.

To reduce risks for a new product launch.

The proportion of sales held by one organization in an industry.

A quantitative and qualitative assessment of the market.

Dividing the market into smaller groups of customers with same needs and preferences.

A very large market where products with mass appeal are marketed.

A smaller more specialized sector of large market.

Firms produce the product first and then tries to find a market for it.

Firms will conduct market research to see what consumers want and then produce products to satisfy them.

Collection of original data. (Focus groups, Focus groups, Questionnaires)

Collecting data that already exists. (Books, Internet, reports)

Setting a high price for a new unique product

Setting a very low price to attract customers to buy the new product

Adding a fixed amount to the cost of production