Studied by 16 people
Recruitment and selection
Recruitment is the process of finding, selecting, and hiring suitable candidates for specific a job position within a company
Internal recruitment
When a vacancy is filled by an existing employee of the business.
Advantages and disadvantages of Internal recruitment
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
External recruitment
a vacancy is filled by someone who is not an existing employee and will be new to the business.
Job description
Outlines the responsibilities and duties to be carried out by someone employed to do the job
Job specification
Outlines the requirements, qualifications, skills and expertise required by an employee
Advantages of part-time employment OR Disadvantages of full-time employment
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
Disadvantages of part-time employment OR Advantages of full-time employment
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.
On the job training
A form of training that takes place in a real work place setting
Advantages and disadvantages of on the job training
Pros - Cost-effective, Immediate use of training, gain practical skills.
Cons - Quality of training depends on trainer, Training on the job might disrupt work
Off the job training
A form of training away from the workplace done by specialists.
Advantages and disadvantages of off the job training
Pros - Diverse learning methods, Less disruption at work.
Cons - Costly, Less practical application
Financial rewards
Salary, wages, bonus, commission, promotion.
Fringe benefits
Free holidays, free healthcare, pension, company vehicles
Job rotation
When an employee does several tasks within a working day
Job enrichment
Giving employees more responsibilities and tasks to motivate them.
Motivation
Desire to achieve a goal.
Organizational hierarchy
Levels of responsibility in an organization from lowest to highest.
Centralisation
When most decisions are decided by the upper levels of an organization.
Market research
The process of collecting, analyzing and interpreting data about a product.
Purposes of market research
To identify what the customer wants and needs.
To identify gaps in the market.
To reduce risks for a new product launch.
Market share
The proportion of sales held by one organization in an industry.
Market analysis
A quantitative and qualitative assessment of the market.
Market segmentation
Dividing the market into smaller groups of customers with same needs and preferences.
Mass marketing
A very large market where products with mass appeal are marketed.
Niche market
A smaller more specialized sector of large market.
Product-oriented business
Firms produce the product first and then tries to find a market for it.
Market-oriented business
Firms will conduct market research to see what consumers want and then produce products to satisfy them.
Primary research
Collection of original data. (Focus groups, Focus groups, Questionnaires)
Secondary research
Collecting data that already exists. (Books, Internet, reports)
Skimming
Setting a high price for a new unique product
Penetration
Setting a very low price to attract customers to buy the new product
Cost plus
Adding a fixed amount to the cost of production
Note 
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