Human Resources
Explain the impact of political relationships within an organization
Political relationships within an organization impact decision-making, organizational culture, employee morale, and overall performance. can either facilitate cooperation or hinder progress and create conflicts.
Explain the concept of market
The concept of a market refers to a group of potential buyers (consumers or organizations) who have similar needs or wants, purchasing power, and willingness to engage in exchange to satisfy those needs or wants.
Describe the importance of negotiating with vendors
Effective negotiation can lead to favorable agreements, cost savings, and stronger partnerships.
Explain types of advertising media
The channels/platforms used to advertise products/services. TV, radio, print media (newspapers, magazines), outdoor advertising (transit, billboards), social media, emails, direct mail, internet ads (on search engines)
Explain company selling policies
Guidelines that companies follow in order to ensure consistent sales practices, customer interactions, and product quality
Identify desirable personality traits important to business
leadership, integrity, adaptability, resilience, initiative, communication skills, teamwork, creativity, and emotional intelligence.
Identify the impact of product life cycles on marketing decisions.
The marketing strategy will change based on what stage the product is in. For example, companies focus on creating awareness and hype when introducing a product.
Describe the use of technology in operations
Technology plays a critical role across all aspects of operations, including production, supply chain management, inventory control, quality assurance, logistics, and customer service.
Explain the use of product placement
Product placement is a marketing strategy where branded products or services are strategically placed within entertainment content, such as movies, television shows, video games, or music videos, for increased exposure and visibility
Explain the time value of money
The time value of money means that a dollar today is worth more than a dollar in the future because money can grow over time through investments or interest.
Describe the use of technology in human resources management
helps with hiring by using software, new workers can train online, and tracks performance with automated systems. It also improves communication between employees and HR
Describe the nature of product bundling
Product bundling is a marketing strategy where multiple products or services are offered together as a package deal, usually at a discounted price to increase sales or clear out inventory
Describe the role of business ethics in pricing
Ethical pricing involves setting prices that are fair to both the company and the customer
Identify types of public-relations activities
media relations, press releases, media interviews, press conferences, media tours, crisis management, community relations, employee relations, social media management, event management, and corporate social responsibility.
Identify factors affecting a business's profit
revenue, production and operating costs, sales volume, pricing strategy, competition, economic conditions, regulatory environment, efficiency, and technology.
Explain the nature of risk management
Recognizing possible problems that could harm a business, evaluating how likely they are to happen, and figuring out ways to deal with them effectively to protect the business.
Explain key factors in building a clientele
Attracting and retaining customers by understanding their needs and wants, providing exceptional customer service, high quality products/services, building relationships
Explain the concept of supply chain
The supply chain is a system that involves all the steps from getting raw materials to making products and delivering them to customers. It includes suppliers, manufacturers, distributors, retailers, and customers
Identify communications channels used in sales promotion
advertising, personal selling, public relations, direct marketing, point-of-purchase displays, in-store promotions, digital marketing, sales promotion events, word-of-mouth, and trade shows/exhibitions.
Explain cultural considerations that impact global business relations
cultural differences affect how people do business globally. Things like language, customs, and beliefs can impact communication and decision-making. Understanding and respecting these differences are crucial for successful international business.
Explain the role of ethics in human resources management
Ethics in HR management ensures fair treatment of employees, upholds legal standards, and fosters a positive work environment, contributing to organizational success.
Explain the concept of market and market identification
The market is the group of potential customers interested in a product or service. Market identification involves pinpointing specific segments within the market based on demographics, behavior, and preferences to target effectively.
Explain the nature and scope of purchasing
involves acquiring goods or services needed for an organization's operations. This includes identifying suppliers, negotiating contracts, and managing relationships to ensure quality, timely delivery, and cost-effectiveness.
Describe the use of business ethics in promotion
Business ethics in promotion ensures that advertising and marketing practices are truthful, transparent, and respectful of consumer rights
Explain the concept of competition
Competition is the rivalry between businesses vying for customers and market share by offering better products, services, and experiences than their rivals.