Notesale: Turn your study into money

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recognition
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●​ McGregor’s Theory X and Theory Y:

○​ Theory X assumes that employees are inherently lazy and require strict
supervision
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●​ Elton Mayo’s Human Relations Theory:
○​ Social needs and Interaction is when management recognises the
importance of social needs among the workforce, such as workers feeling
more motivated and valued when part of a group
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○​ The Physical and Mental Aspects of the workplace should be taken into
account, such as employee satisfaction and group dynamics
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○​ Providing Specialised Training to workers in order to enhance efficiency
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○​ Analyse Work Procedures and Time scientifically and strategize efficient
ways to perform work
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Marketing
Market Research
●​ Primary Research: Collecting new data directly from sources, such as surveys,
interviews, and focus groups
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●​ Secondary Research: Using existing data that has already been collected by others,
such as reports, government data, and academic research
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Marketing Mix (4Ps)
●​ Product: The physical goods or services that the company offers
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○​ Example: A company producing eco-friendly clothing
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Strategies include
penetration pricing, skimming, and competitive pricing
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●​ Place: The channels through which the product is sold and delivered to customers,
such as physical stores, online platforms, or direct sales
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●​ Promotion: How the business communicates its product’s value to customers
through advertising, public relations, and promotions
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Segmentation
●​ Market segmentation involves dividing the market into distinct groups based on
factors like:
○​ Geography: Location-based (e
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, cities, countries)
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○​ Psychographics: Lifestyle, values, interests
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○​ Example: Building a custom-designed house
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○​ Example: Baking bread in large batches
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○​ Example: Car manufacturing using an assembly line
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○​ Example: Regular checks on the production line to detect defects in
manufactured goods
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Methods include Just-In-Time (JIT) (producing goods as needed) and Kaizen
(continuous small improvements)
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Finance and Accounting
Sources of Finance

●​ Internal Sources:
○​ Retained profits: Profits from previous periods reinvested in the business
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