Business Concepts Flashcards

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B2B focuses on business clients, often with longer sales cycles, while B2C targets individual consumers with shorter sales cycles.

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B2B focuses on business clients, often with longer sales cycles, while B2C targets individual consumers with shorter sales cycles.

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Price Elasticity of Demand (PED) measures how demand changes with price, affecting total revenue based on elasticity.

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Price Elasticity of Demand (PED) measures how demand changes with price, affecting total revenue based on elasticity.

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Adjusting aesthetics, function, and cost to align with current consumer preferences and values.

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Adjusting aesthetics, function, and cost to align with current consumer preferences and values.

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Structures like flat hierarchies can increase motivation through empowerment, while tall hierarchies may limit it.

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Structures like flat hierarchies can increase motivation through empowerment, while tall hierarchies may limit it.

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Mayo's motivation theory

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Human relations theory emphasizes the importance of social factors in the workplace.

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Performance-related pay

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Pay based on the employee's performance and achievements.

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Consultation as a non-financial technique

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Involving employees in decision-making processes.

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Team working as a non-financial technique

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Encouraging collaboration and teamwork among employees.

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Job rotation as a non-financial technique

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Moving employees between different tasks to increase variety.

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Definition: Motivation

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Having motivated staff leads to greater productivity, which means less wastage and higher profitability for a business.