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AS Edexcel Official Business Unit 1: Marketing and people - 19th of MAy watch

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    (Original post by igotnomoney)
    Think about it, of there are more outputs then there will be more use of machines hence capacity utilization will go near to 100%
    Any idea about the factors that affect efficiency ? Thanks for going through this, as I feel that talking to someone about it will boost my understanding
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    (Original post by Midnight1811)
    Any idea about the factors that affect efficiency ? Thanks for going through this, as I feel that talking to someone about it will boost my understanding
    Tbh this is helping me too, when i explain too others it just jog on my memory again

    Factors that could affect effiency: since if effiency is linked to minimising average cost, then you know anything that is minimising avergae cost will improve effeincy

    . Outsoucring work of the business to specialist outside the business, it will improve effiency because they are cheap and more flexible
    . Relocation to cheaper premises where rents are cheaper, low wages e.g relocation to other countries where laws are not strict but remember to counter balance this e.g thus might give a bad images to the business etc
    . Delayring, which means passing the responsibility down the hierarchy and cutting down manager which could be expensive to kp but then again could you really trust your workers etc
    . Investing on new technology whi h is more effiecent as it may be more quicker and accurate etc

    You could also talk about lean production here but thats bit confusing too most people so i would just say that get the factors abkve learnt and you should be able to nail the effeincy questions ... I cant think of anything else
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    (Original post by igotnomoney)
    Tbh this is helping me too, when i explain too others it just jog on my memory again

    Factors that could affect effiency: since if effiency is linked to minimising average cost, then you know anything that is minimising avergae cost will improve effeincy

    . Outsoucring work of the business to specialist outside the business, it will improve effiency because they are cheap and more flexible
    . Relocation to cheaper premises where rents are cheaper, low wages e.g relocation to other countries where laws are not strict but remember to counter balance this e.g thus might give a bad images to the business etc
    . Delayring, which means passing the responsibility down the hierarchy and cutting down manager which could be expensive to kp but then again could you really trust your workers etc
    . Investing on new technology whi h is more effiecent as it may be more quicker and accurate etc

    You could also talk about lean production here but thats bit confusing too most people so i would just say that get the factors abkve learnt and you should be able to nail the effeincy questions ... I cant think of anything else
    What's the difference between lean production and total quality management? Ik TQM is only a culture. But i know the strengths & advantages for lean production, but how is it different to tqm?


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    (Original post by Foji)
    What's the difference between lean production and total quality management? Ik TQM is only a culture. But i know the strengths & advantages for lean production, but how is it different to tqm?


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    Lean production is just a term used to describe all practise that are used to minimise waste for a business ( remember waste is not only link to products, it links to all aspects of business e.g movement of employees etc) and TQM is a practise that is involved in the lean production which is where everyone in the business take responsibilty for quality ...
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    (Original post by igotnomoney)
    Lean production is just a term used to describe all practise that are used to minimise waste for a business ( remember waste is not only link to products, it links to all aspects of business e.g movement of employees etc) and TQM is a practise that is involved in the lean production which is where everyone in the business take responsibilty for quality ...
    So waste, such as reducing lead time as that saves wasted time? What can be waste in relation to employee's?


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    (Original post by Foji)
    So waste, such as reducing lead time as that saves wasted time? What can be waste in relation to employee's?


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    Well, in term employess time could be wasted if their work involves too much movement e.g staff might go from one room to another room to get a cerain tool or something ,this is waste
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    How does interest rates affect demand? I tried going through the textbook but the concept is going over my head
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    (Original post by Midnight1811)
    How does interest rates affect demand? I tried going through the textbook but the concept is going over my head
    Think about it, when interest rate increases that will mean that bank will be offering high intrest rate on saving account and they will charge higher interest rate on loans too. If they gave higher interest on saving that will mean that people will save more instead of spending on goods, hence the damand of product will decrease especially the one that is luxury goods .... see its that easy
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    (Original post by igotnomoney)
    Think about it, when interest rate increases that will mean that bank will be offering high intrest rate on saving account and they will charge higher interest rate on loans too. If they gave higher interest on saving that will mean that people will save more instead of spending on goods, hence the damand of product will decrease especially the one that is luxury goods .... see its that easy
    Ohhhh snap. So basically, if interest rates increase, people are spending less (due to there being high interest rates on saving account) so demand falls since less is being spent.

    Wow, thank you Trust me, I've gone over it but my understanding improves when I get to talk about verbally. (In this case via TSR)

    On the flip side, if interest rates decrease (e.g. only 1%), then it'll mean less interest in being applied on saving accounts, encouraging others to spend on products thus demand increases?
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    (Original post by Midnight1811)
    Ohhhh snap. So basically, if interest rates increase, people are spending less (due to there being high interest rates on saving account) so demand falls since less is being spent.

    Wow, thank you Trust me, I've gone over it but my understanding improves when I get to talk about verbally. (In this case via TSR)

    On the flip side, if interest rates decrease (e.g. only 1%), then it'll mean less interest in being applied on saving accounts, encouraging others to spend on products thus demand increases?
    Yep, eaxctly that ... Remember that it will also have an effect on business too, when demand is less, sales are high and also it might affect their growth because if interest rate goes up, they will get less loan therefore they will not invest on business growth etc tec
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    hows everyone feeling about paper 2?! i feel so unprepared as i have 3 exams on tuesday (
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    do u guys know about the PEACH mnemonic for the 8,10 and 20 markers questions....
    P-point
    E-effect
    A-analyse
    C-context
    H-however

    8 markers 2 peach paras
    10 markers 2 peach paras
    20 markers 4 peach paras
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    Guys im seriously dreading unit2. I dont know whether its even worth trying to claw back some UMS after unit 1.
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    (Original post by hw1221)
    Guys im seriously dreading unit2. I dont know whether its even worth trying to claw back some UMS after unit 1.
    i so agree! personally unit 2 is way harder too with more calcs etc ((
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    (Original post by Rainbowcorn)
    i so agree! personally unit 2 is way harder too with more calcs etc ((
    Its just the time limit as well so you barely have time to think about the best points to put. I think there will be quite a few calculations tbh.
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    (Original post by Rainbowcorn)
    hows everyone feeling about paper 2?! i feel so unprepared as i have 3 exams on tuesday (
    I got physics then business and next dayi got maths bht i feel im prepared for maths and business but not for physics which im dropping anyways but i still want to try to get decent grade for as
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    Can someone give me examples of lean supply.
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    Does anyone know if the answers on the marks schemes are definite answers or just suggestions for what you could put??


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    (Original post by Gemmawright98)
    Does anyone know if the answers on the marks schemes are definite answers or just suggestions for what you could put??


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    there are usually loads of stuff you can include, so id say theyre just suggestions, but obviously depends on your answer too as id say the exam board try to cover every possibility if that makes sense!
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    does anyone know of a thread like this for unit 2??? I can't find an up to date one and I'm in search of some predictions and revision help!
 
 
 
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