March 2023

A Level Business Studies: Secondary Level Production

By |2023-03-26T04:42:13+02:00March 26th, 2023|

  • Secondary level production involves the conversion of raw materials into finished goods.
  • This level of production takes place after primary level production and is focused on adding value to the raw materials.
  • Secondary level production is important in the manufacturing sector and involves a wide range of activities […]
    • Secondary level production involves the conversion of raw materials into finished goods.
    • This level of production takes place after primary level production and is focused on adding value to the raw materials.
    • Secondary level production is important in the manufacturing sector and involves a wide range of activities […]
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A Level Business Studies: Primary Level Production

By |2023-03-26T04:38:34+02:00March 26th, 2023|

  • Primary level of production is the initial stage of production where raw materials are extracted or harvested directly from nature or obtained through agriculture, forestry, fishing, mining, and other similar activities.
  • Primary level production is the foundation of the production process because it provides the essential raw materials needed for all other levels […]
    • Primary level of production is the initial stage of production where raw materials are extracted or harvested directly from nature or obtained through agriculture, forestry, fishing, mining, and other similar activities.
    • Primary level production is the foundation of the production process because it provides the essential raw materials needed for all other levels […]
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A Level Business Studies: What are the three levels of production?

By |2023-03-26T04:26:22+02:00March 26th, 2023|

  • Operations management involves the planning, organizing, and controlling of business processes to ensure efficient production and delivery of goods and services.
  • The stages of production are a critical aspect of operations management and refer to the different phases involved in transforming raw materials into finished products or delivering services to customers.
    • Operations management involves the planning, organizing, and controlling of business processes to ensure efficient production and delivery of goods and services.
    • The stages of production are a critical aspect of operations management and refer to the different phases involved in transforming raw materials into finished products or delivering services to customers.
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A Level Business Studies: The nature of operations management

By |2023-03-26T04:16:48+02:00March 26th, 2023|

  • In the previous installment we have been looking at marketing, we have also looked at human resources management
  • It is time to look at another important business function namely operations management
  • Operations management is often colloquially referred to as production
  • However, while operations management covers the conversation […]
    • In the previous installment we have been looking at marketing, we have also looked at human resources management
    • It is time to look at another important business function namely operations management
    • Operations management is often colloquially referred to as production
    • However, while operations management covers the conversation […]
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A Level Business Studies: Marketing decisions and Elasticity of Demand

By |2023-03-26T03:44:22+02:00March 26th, 2023|

  • Elasticity of demand is an important concept in marketing that helps businesses make informed decisions about pricing, promotions, and product development.
  • By understanding the responsiveness of demand to changes in various factors, businesses can make more effective marketing decisions that maximize profits and minimize risks.

Price […]

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A Level Business Studies: Elasticity of demand and promotional spending

By |2023-03-26T03:40:04+02:00March 26th, 2023|

  • Promotional spending refers to any marketing efforts aimed at increasing product awareness, interest, and sales through various channels such as advertising, discounts, coupons, and loyalty programs.
  • The effect of promotional spending on the elasticity of demand varies depending on the type of elasticity, product characteristics, and promotional strategies.
  • Therefore, it […]
    • Promotional spending refers to any marketing efforts aimed at increasing product awareness, interest, and sales through various channels such as advertising, discounts, coupons, and loyalty programs.
    • The effect of promotional spending on the elasticity of demand varies depending on the type of elasticity, product characteristics, and promotional strategies.
    • Therefore, it […]
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A Level Business Studies: Interpreting and using the results of elasticity of demand

By |2023-03-26T03:33:02+02:00March 26th, 2023|

  • Understanding the results of elasticity calculations is essential for business managers as it enables them to make informed decisions regarding pricing strategies, production levels, and advertising campaigns.
  • Here are the possible results for each type of elasticity of demand, along with a recommendation for how a manager can use this information:
    • Understanding the results of elasticity calculations is essential for business managers as it enables them to make informed decisions regarding pricing strategies, production levels, and advertising campaigns.
    • Here are the possible results for each type of elasticity of demand, along with a recommendation for how a manager can use this information:
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A Level Business Studies: Cross Elasticity of Demand

By |2023-03-26T03:59:45+02:00March 26th, 2023|

  • Cross elasticity of demand is a measure of the responsiveness of demand for a particular good or service to changes in the price of another related good or service.
  • It is an important concept for businesses to understand as it can help them to make decisions about pricing, product development, and marketing strategies.
    • Cross elasticity of demand is a measure of the responsiveness of demand for a particular good or service to changes in the price of another related good or service.
    • It is an important concept for businesses to understand as it can help them to make decisions about pricing, product development, and marketing strategies.
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A Level Business Studies: Income elasticity of demand

By |2023-03-26T03:55:53+02:00March 26th, 2023|

  • Income Elasticity of Demand (YED) measures the responsiveness of demand for a good or service to a change in income of consumers.
  • YED is calculated as the percentage change in quantity demanded divided by the percentage change in income.
  • YED can be positive, negative, or zero, indicating how changes in […]
    • Income Elasticity of Demand (YED) measures the responsiveness of demand for a good or service to a change in income of consumers.
    • YED is calculated as the percentage change in quantity demanded divided by the percentage change in income.
    • YED can be positive, negative, or zero, indicating how changes in […]
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A Level Business Studies: Price Elasticity of Demand

By |2023-03-26T03:50:46+02:00March 25th, 2023|

  • Price elasticity of demand (PED) is a measure of the responsiveness of quantity demanded of a product to a change in its price.
  • It shows how sensitive consumers are to changes in price and helps businesses understand how changes in price will affect their revenue.
  • PED can be elastic, inelastic […]
    • Price elasticity of demand (PED) is a measure of the responsiveness of quantity demanded of a product to a change in its price.
    • It shows how sensitive consumers are to changes in price and helps businesses understand how changes in price will affect their revenue.
    • PED can be elastic, inelastic […]
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