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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 expanded"><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 expanded"><li class="current" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="market-orientation-vs-product-orientation.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44982/appropriate-marketing-mixes.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42362/bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42226/bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21945/academic-integrity-the-ee.html" title="Academic Integrity & the EE">Academic Integrity & the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37573/citation-and-referencing.html" title="Citation and Referencing">Citation and Referencing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39260/ee-checklist.html" title="EE Checklist">EE Checklist</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25192/tok-bm.html" title="TOK & BM">TOK & BM</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../22100/misc.html" title="Misc">Misc</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22208/how-well-do-you-know-the-bm-course.html" title="How well do you know the BM course?">How well do you know the BM course?</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Distance Learning">Distance Learning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39730/financial-literacy-simulation-game.html" title="Financial literacy simulation game">Financial literacy simulation game</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34551/starter-activities-business-management-trivia-quizzes.html" title="Starter Activities - Business Management Trivia Quizzes">Starter Activities - Business Management Trivia Quizzes</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33511/glossary-of-key-terms-index.html" title="Glossary of key terms - index">Glossary of key terms - index</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../36815/revision-key-terms.html" title="Revision - Key terms">Revision - Key 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<div id="main-column" class="span9"> <article id="market-orientation-vs-product-orientation" style="margin-top: 16px;">
<h1 class="section-title">Market orientation vs Product orientation</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../businessmanagement.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Unit 4 - Marketing</span><span class="divider">/</span></li><li><span class="gray">4.1 Introduction to marketing</span><span class="divider">/</span></li><li><span class="active">Market orientation vs Product orientation</span></li></ul>
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<div class="panel panel-has-footer" style="box-shadow: rgba(17, 0, 51, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><div><p><strong>Introduction to marketing</strong></p></div></div><div class="panel-body"><div><p><img alt="" height="177" src="../../../ib/businessmanagement/images/4-marketing/billboards.webp" width="300"></p><p><span style="color:#696969;"><em>“Business has only two functions - marketing and innovation”.</em><br>- Peter F. Drucker (1909 - 2005), management guru</span></p><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Marketing</strong> is the art of determining the goods and services required to meet the needs and wants of customers in a sustainable way. As most businesses aim to earn a profit, most marketing activities are concerned with anticipating, identifying and satisfying the needs and wants of the market, in a profitable manner.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Needs</strong> are the things people need in order to survive. They are necessities rather than human desires, including:</span></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p>Food</p></li><li><p>Water</p></li><li><p>Shelter</p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p>Clothing</p></li><li><p>Warmth, and</p></li><li><p>Sleep</p></li></ul></div></div></div><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Wants</strong> are human desires, i.e. things people would like to have, or have more of. Human nature means that unlimited wants exist, i.e. people will also want more things. This creates huge marketing opportunities for businesses.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">One reason why wants are unlimited is because perishable products need to be replaced regularly. Even durable products (such as furniture, cars and consumer electronics) will eventually need to be replaced, thus creating ongoing demand for these products.</span></p><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 1 - Perishable goods</span></span></h5><p><span style="font-family:arial,helvetica,sans-serif;">Think, Pair, Share - Can you list 5 examples of perishable products? Discuss your answers with a partner in the class.</span></p><section class="tib-hiddenbox"><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Examples of perishable goods could include:</span></span></p><p><img alt="" src="../../../ib/businessmanagement/images/fruits-and-veg.png" style="width: 320px; height: 146px;"></p><div class="row-fluid"><div class="span6 col-left"><div><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Fruits and vegetables</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Fresh flowers</span></span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;">Tobacco products</span></span></p></li><li><p><span style="color:#FF0000;">Medications</span></p></li></ul></div></div><div class="span6"><div><ul class="branded"><li><p><span style="color:#FF0000;">Vaccines</span></p></li><li><p><span style="color:#FF0000;">Meats</span></p></li><li><p><span style="color:#FF0000;">Dairy products</span></p></li></ul></div></div></div></section></div><p><span style="font-family:arial,helvetica,sans-serif;">The marketing function of an organization strives to provide the market with:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">the right <strong>products </strong>that appeal to customers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">at the right <strong>prices </strong>in order to attract customers</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">effective <strong>promotion </strong>to entice customers, and</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">convenient and efficient <strong>distribution </strong>for ease of purchase.</span></p></li></ul><hr class="hidden"><p><span style="font-family:arial,helvetica,sans-serif;">The size of a market can be defined as the total number of individual customers or the total value of sales revenue in a certain market. Alternatively, it can also refer to the number of potential buyers in the market. The size of a market can be measured in a number of ways, but usually refers to the number of people in a certain market who are potential customers of a product or service. For example, the market for smartphones is significantly larger than the market for lawnmowers. Businesses are interested in knowing the market size of a good or service before launching a new product in the market.</span></p><p><span style="font-family:arial,helvetica,sans-serif;">The most common methods of measuring the size of a market are:</span></p><ul class="branded"><li><p><span style="font-family:arial,helvetica,sans-serif;">The potential number of customers in a market for a particular good or service.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Sales volume, i.e., the quantity products sold to customers.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">Sales value (or sales revenue), i.e., the amount spent by customers on the product sold by firms in the market.</span></p></li><li><p><span style="font-family:arial,helvetica,sans-serif;">The number of competitors (rivals) in the market. This can give an indication of the degree of intensity of competition. The greater the barriers of entry into the market, the fewer the number of rivals will exist in the market.</span></p></li></ul><p><span style="font-family:arial,helvetica,sans-serif;">However, in order for the marketing department to function effectively, it must have good relationships with the other functional areas of the organization: human resources, finance and accounts, and operations management.</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><img alt="" height="104" src="../../../ib/businessmanagement/images/functional-areas.jpg" width="560"></span></p><hr class="hidden"><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 2 - The Humble Potato (or Egg) activity</span></span></h5><p><img alt="" src="../../../ib/businessmanagement/images/egg---potato.jpg" style="width: 280px; height: 125px;"></p><p>A major role of marketing is to add value to a product in order to attract customers to pay prices that enable the firm to earn a profit. Create <strong>four </strong>key marketing strategies to add value to a potato (or an egg). You have<span style="color:#FF0000;"><strong> 10 minutes</strong></span>.</p><p>Be prepared to report your suggestions to the rest of the class.</p></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-linode fa-lg" style="color: rgb(61, 30, 128);"> </span> ATL Activity 3 - Marketing yourself</span></span></h5><p><img alt="" height="185" src="../../../ib/businessmanagement/images/university.jpg" width="324"></p><p>Reflect on how you, as an IB student, could (should) improve your value for a university placement or for a particular job.</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Some possible answers could include:</span></p><ul class="branded"><li><p><span style="color:#FF0000;">Gain better exam results</span><span style="color:#FF0000;"></span></p></li><li><p><span style="color:#FF0000;">Learn new (relevant) skills</span></p></li><li><p><span style="color:#FF0000;">Exercise more to improve physical and mental health</span></p></li><li><p><span style="color:#FF0000;">Do some voluntary / charity work</span></p></li><li><p><span style="color:#FF0000;"></span><span style="color:#FF0000;">Get more involved with extra-curricular activities</span></p></li><li><p><span style="color:#FF0000;">Better manners</span></p></li><li><p><span style="color:#FF0000;">Get some additional qualifications, other than academic qualifications such as IGCSEs and an IB Diploma</span></p></li><li><p><span style="color:#FF0000;">Dress s</span><span style="color:#FF0000;">marter (at the interview).</span></p></li></ul></section></div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Market orientation (AO2)</strong></p></div></div><div class="panel-body"><p><span style="color:#696969;"><em>“Producing a hit without listening to customers is inefficient.”</em><br>- Ryoji Chubachi (b. 1947), former Vice Chairman and President of Sony Corp.</span></p><p><em>Market orientation</em> and <em>product orientation </em>are two alternative approaches to an organization’s marketing strategies.</p><div><p><strong>Market orientation </strong>is an approach to marketing that focuses on meeting the specific demands (desires and needs) of customers and potential customers. Hence, businesses focus on making products that they can sell, rather than selling products that they can make, i.e. they prioritise the needs of their customers above everything else. Such information can be gathered from market research, rather than from research and development (R&D), which is used to formulate decision-making. For example, the businesses design, develop and improve their products based on customer feedback.</p><p>Market oriented firms use promotional strategies, such as television advertising, to inform, remind and persuade customers to purchase the products.</p><p><img alt="" height="255" src="../../../ib/businessmanagement/images/market-research.jpg" width="338"></p><p><span style="color:#696969;"><em>Market research is vital for market oriented businesses</em></span></p><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Advantages of market orientation</span></h5><p>As Jeff Bezos, the world's richest man and the founder of Amazon, said <em>“If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.” </em>The advantages of market orientation as an approach to marketing include the following points:</p><ul class="branded"><li><p>New product launches are more likely to be successful as they are based on market research, so are more likely to be accepted by the target market.</p></li><li><p>It helps to reduce the financial risks involved in product development by focusing on the changing needs and wants of customers and potential customers.</p></li><li><p>Being able to predict or anticipate market changes and trends will help businesses to be in a stronger position to handle the threats of new entrants in the market and to respond to changes in the needs and wants of people.</p></li><li><p>Market research findings enable businesses to access the latest market information, so firms can respond quicker to changes in the market and/or enable firms to anticipate market changes.</p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Disadvantages of market orientation</span></h5><p><span style="font-family:arial,helvetica,sans-serif;"></span>The disadvantages of market orientation as an approach to marketing include the following points:</p><ul class="branded"><li><p>Gathering meaningful and representative market research information and data can be very expensive for the organization, so have an negative impact on it finances.</p></li><li><p>Market research data, especially secondary sources, is often easily accessible to rival firms, so any competitive advantage and attractive profit margin can quickly disappear.</p></li><li><p>There are limitations to how the market research could have been carried out, such as researcher bias, unrepresentative results from using an inappropriate sample size, and/or using outdated information.</p></li></ul><div class="greenBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit - Ansoff matrix</span></span></h5><p>Discuss how use of the Ansoff matrix can help market orientated businesses with their growth strategies.</p><p>You might find it useful to refer to <a href="../../task/399697.html" title="New syllabus 2022 » Business Management Toolkit (BMT) » BMT 2 - Ansoff matrix">Ansoff matrix</a> prior to answering this question.</p></div></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Product orientation (AO2)</strong></p></div></div><div class="panel-body"><div><p><img alt="" src="../../../ib/businessmanagement/images/products.jpg" style="width: 320px; height: 226px;"></p><p><span style="color:#696969;"><em>“A lot of times, people don’t know what they want until you show it to them.”<br>- </em>Steve Jobs (1955 - 2011), Co-founder of Apple</span></p><p><span style="color:#696969;"><em>“If I'd asked customers what they wanted, they would have told me, 'A faster horse!'"</em><br>- Henry Ford (1863 - 1947), Founder of Ford Motor Company and the world's first mass produced car</span></p><p><strong>Product orientation</strong> is an approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers. Such businesses prioritise research and development (R&D) over market research. Product orientation tends to be used by highly innovative and tech-savvy manufacturers. Examples include Apple, Boeing, Gillette, Google, and Tesla.</p><p><img alt="" height="86" src="../../../ib/businessmanagement/images/aircraft.png" width="300"></p><p><span style="color:#696969;"><em>Aircraft manufacturers are product orientated</em></span></p><div class="yellowBg"><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-file-text-o fa-lg" style="color: rgb(103, 7, 124);"> </span> Case Study - Apple's product oriented approach</span></span></h5><p>In 2008, a year after Apple launched its iconic iPhone, Steve Jobs said:</p><p><em>“Apple is a $30 billion company, yet we've got less than 30 major products. I don't know if that's ever been done before. Certainly the great consumer electronics companies of the past had thousands of products. We tend to focus much more. People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are.”</em></p><p>In early 2022, Apple became the world's first company to be valued in excess of $3 trillion. To put this into context, only 4 countries in the world had a higher gross domestic product (GDP) of more than $3 trillion at the time - the USA, China, Japan, and Germany.</p></div><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-check-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Advantages of product orientation</span></h5><p>The advantages of product orientation as an approach to marketing include the following points:</p><ul class="branded"><li><p>By being innovative, product orientation can give firms a competitive advantage or unique selling proposition (USP). For example, Toyota gained a USP for its Prius, which went on to become the world’s best-selling hybrid car.</p></li><li><p>This can also help a business to gain a positive corporate image for being innovative, thereby helping to strengthen customer loyalty. For example, Apple enjoys a very high retention rate for each new product launch of its iPhones.</p></li><li><p>By focusing on R&D, rather than market research, it is harder for competitors to copy the products created by the firm. In particular, patenting the technology can also give the firm a competitive advantage.</p></li></ul><hr class="hidden"><h5><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-times-circle-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Disadvantages of product orientation</span></h5><p>However, the disadvantages of product orientation as an approach to marketing include the following points:</p><ul class="branded"><li><p>It requires highly skilled and costly staff (such as product designers) to come up with new and innovative ideas.</p></li><li><p>It can be very risky to ignore the (changing) demands of the market, especially if competitors are market orientated. For example, Kodak collapsed mainly because it failed to embrace digital technologies and the potential of the digital cameras market.</p></li><li><p>Despite the need to invest a lot of money in research and development (R&D), there is no guarantee that customers will like to want to buy the final product.</p></li></ul><div>Whether an organization chooses to be product or market orientated largely depends on the nature of the product. For instance, <em>market orientation</em> is suitable for mass-market products, such as breakfast cereal or sports shoes. By contrast, <em>product orientation</em> is more suitable for innovative and high-end quality products (such as designer clothing and top-of-the-line electronic equipment) or unique products (such as a Hollywood movie).</div><div><img alt="" height="161" src="../../../ib/businessmanagement/images/movies.jpg" width="300"></div><div><span style="color:#696969;"><em>Movies are an example of product orientated output</em></span></div><div class="yellowBg"><h5><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span class="snippet-fa fa fa-briefcase fa-lg" style="color: rgb(61, 30, 128);"> </span> Business Management Toolkit - Hofstede's cultural dimensions (HL only)</span></span></h5><p>Recall that product oriented firms produce what they can and hope the market will appreciate and purchase the product. By contrast, market orientation occurs when a firm adopts an outward-looking approach to marketing, i.e., it strives to discover and meet the changing needs and wants of customers.</p><p>Discuss how culture, including <a href="../42216/bmt-11-hofstedes-cultural-dimensions-hl.html" title="New syllabus (first teaching 2022) » Business Management Toolkit (BMT) » BMT 11 - Hofstede's cultural dimensions (HL)">cultural dimensions</a>, is an important determinant of whether a business adopts a market or product oriented approach.</p><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;">Organizational and national cultures are an important factor in determining the orientation of a business.</span></p><ul class="branded"><li><p><span style="color:#FF0000;"> A business with a culture that <span style="color:#FF0000;">appreciates </span> creativity, innovation, and R&D is more likely to be product oriented.</span></p></li><li><p><span style="color:#FF0000;">A business with a culture that <span style="color:#FF0000;">values </span>customer service is expected to take a market oriented approach.</span></p></li></ul></div></section></div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><div><p><strong>Key terms</strong></p></div></div><div class="panel-body"><div><ul class="branded"><li><p><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><strong>Market orientation </strong>is an approach to marketing that focuses on meeting the specific demands (desires and needs) of customers and potential customers.</p></li><li><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Market size </strong>can be defined as the total number of individual customers or the total value of sales revenue in a certain market.</span></p></li><li><p><strong>Marketing</strong> is the art of determining the goods and services required to meet the needs and wants of customers in a sustainable way.</p></li><li><p><strong>Needs</strong> are the things people need in order to survive, e.g., food, water, shelter, clothing, warmth, and sleep.</p></li><li><p><strong>Product orientation</strong> is an approach to marketing that focuses on making products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers.</p></li><li><p><strong>Wants</strong> are human desires, i.e., things people would like to have, or have more of. Human nature means that unlimited wants exist, i.e. people will also want more things.</p></li></ul></div></div><div class="panel-footer"><div></div></div></div><div class="panel panel-purple panel-expandable"><div class="panel-heading"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><p><strong>Exam Practice Question</strong></p></div></div><div class="panel-body"><div><h5><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span class="snippet-fa fa fa-pencil-square-o fa-lg" style="color: rgb(61, 30, 128);"> </span> Exam Practice Question - Tesco</span></span></h5><p>In 2013, Tesco, the UK supermarket giant, introduced restaurants and coffee shops in many of its larger stores in an attempt to attract customers back to its stores. In response to its own market research, Tesco opened almost 300 restaurants in its supermarkets, and many more coffee shops, with the operations outsourced to catering firms Elior Group and Compass Group.</p><p>The grocery giant’s cafe concept offers everything from breakfasts to salads and roast dinners. The additional services cater for customers who do not necessarily shop regularly at Tesco, but also provides value added services for its millions of customers each week. Tesco had been losing <strong>market share</strong> to the growing emergence of discount supermarket companies such as Germany's Aldi and Lidl, as well as many customers spending more ordering groceries online.</p><p><img alt="" src="../../../ib/businessmanagement/images/coffee.jpg" style="width: 280px; height: 177px;"></p><table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:47px;"><p>(a)</p></td><td style="width:510px;"><p>Define the term <em>market share.</em></p></td><td style="width:84px;"><p align="right"><em>[2 marks]</em></p></td></tr><tr><td style="width:47px;"><p>(b)</p></td><td style="width:510px;"><p>Explain whether the above example illustrates market orientation or product orientation.</p></td><td style="width:84px;"><p align="right"></p><p align="right"><em>[4 marks]</em></p></td></tr><tr><td style="width:47px;"><p>(c)</p></td><td style="width:510px;"><p>With reference to Ansoff's matrix, explain the method of growth used by Tesco. </p></td><td style="width:84px;"><p align="right"><em>[4 marks]</em></p></td></tr></tbody></table><section class="tib-teacher-only" readonly="true" title="This box is not visible to students"><div class="header" readonly="true"><img class="icon" src="../../../thinkib/icons/teacher-only.svg"> Teacher only box</div><div class="content" readonly="false"><p><span style="color:#FF0000;"><strong>Answers</strong></span></p><p><strong>(a) Define the term <em>market share. [2 marks]</em></strong></p><p><span style="color:#FF0000;">Market share is a measure of the size of a business in comparison to others in the same industry. It is calculated by expressing the firm' sales revenue as a percentage of the sales revenue of all firms in the industry.</span></p><p><span style="color:#FF0000;">Award <em>[1 mark]</em> for a limited response that shows some understanding of the term market share.</span></p><p><span style="color:#FF0000;">Award <em>[2 marks]</em> for an accurate definition of market share, similar to the example above. </span></p><hr class="hidden"><p><strong>(b) Explain whether the above example illustrates market orientation or product orientation. <em>[4 marks]</em></strong></p><p><span style="color:#FF0000;">Market orientation is a strategic approach used by a business that provides a good or service to meet the requirements of consumers, usually based on market research. Tesco used market research findings to respond to the changing market needs of its customers.</span></p><p><span style="color:#FF0000;">By contrast, product orientation is an alternative marketing approach that focuses on making or supplying products a business knows how to make well, rather than primarily concentrating on the needs and desires of potential customers. Tesco outsourced the catering services to Elior Group and Compass Group because operating restaurants and cafes is not part of the supermarket chain's core competencies. This enables these catering companies to better meet the need of customer who visit the 300+ restaurants or many more coffee shops at Tesco supermarkets.</span></p><p><span style="color:#FF0000;"></span></p><div class="box"><p><span style="color:#FF0000;"><em>Note:</em></span></p><p><span style="color:#FF0000;">Outsourcing of non-core functions can be an example of both market orientation and product orientation, depending on the reason behind it. If outsourcing is done with the aim of improving Tesco's ability to meet their customers' needs and improving the supermarket's competitiveness, then it can be considered an example of market orientation.</span></p><p><span style="color:#FF0000;">However, if outsourcing is done to improve the quality, functionality, or cost-effectiveness of a product or service (as in the case of Tesco's restaurants and coffee shops), then it can be considered an example of product orientation.</span></p></div><p><span style="color:#FF0000;"><em>Accept any accurately explained answer that shows knowledge and application to the case study.</em></span></p><p><span style="color:#FF0000;">Award<em> [1 - 2 marks]</em> for a limited response that shows some understanding of the demands of the question.</span></p><p><span style="color:#FF0000;">Award<em> [3 - 4 marks]</em> for an accurate response that shows good understanding of the demands of the question. There is effective use of business management terminology throughout the answer, making a clear distinction between market <span style="color:#FF0000;">orientation </span>and product orientation.</span></p><hr class="hidden"><p><strong>(c) With reference to Ansoff's martix, explain the method of growth used by Tesco. <em>[4 marks]</em></strong></p><p><span style="color:#FF0000;">The Ansoff matrix is a strategic management tool, used to devise product and market growth strategies for a business.In this particular case, Tesco is adopting a <strong>diversification </strong>growth strategy, which involves the business launching new products (coffee shops and restaurants in some of its larger supermarkets) in new markets (catering services for people who do not necessarily shop regularly in Tesco). Having invested in almost 300 restaurants and coffee shops, Tesco had taken immense risks by providing a new service (not part of its core com</span><span style="color:#FF0000;">petencies) and catering for new customers (those who do not necessarily shop in Tesco).</span></p><p><span style="color:#FF0000;"><em>Note</em>: it may be possible that some students argue this to be a market development strategy in that Tesco is catering for new customers (diners and coffee drinkers) in their existing stores. After all, market development is a growth strategy that uses customer loyalty to persuade people (existing and prospective customers) to buy a new product. Award answers that are substantiated and justified accordingly.</span></p><p><span style="color:#FF0000;">Award<em> [1 - 2 marks]</em> for a limited response that shows some understanding of the demands of the question.</span></p><p><span style="color:#FF0000;">Award<em> [3 - 4 marks]</em> for an accurate response that shows good understanding of the demands of the question. There is effective use of business management terminology throughout the answer, making a clear distinction between market <span style="color:#FF0000;">orientation </span>and product orientation.</span></p></div></section></div></div></div><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../44637/41-introduction-to-marketing.html" title="New syllabus 2022 » Unit 4 - Marketing (WIP) » 4.1 Introduction to marketing">Unit 4.1 - Introduction to marketing</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;">Return to the <a href="../43547/unit-4-marketing-wip.html" title="New syllabus 2022 » Unit 4 - Marketing (WIP)">Unit 4 - Marketing</a> homepage</span></p><p><span style="font-family:arial,helvetica,sans-serif;"><a href="../../index.htm"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></span></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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}
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