PRODUCT. PRODUCT.   - The actual item the business is selling., PRICE. - How much money the business charges for the customer to buy the product. , PLACE. - The way the product is made available for the customer to buy.  , PROMOTION. - How the customers are told about the item and are encouraged to buy it. , PRODUCT LIFE CYCLE. - introduction. growth. maturity. decline. , FIELD RESEARCH.  - gathering new information by carrying out surveys, interviews and observations.. , DESK RESEARCH. - Looking at existing information from newspapers, and older websites about the business. , OPERATIONS. - INPUTS (The factors of production.) PROCESS (The actual making of the product.) OUTPUT (The finished product ready for sale.), INVENTORY CONTROL. , JOB PRODUCTION. - The process of when one product is made from start to finish then another the same is made. These are normally hand made by someone who is skilled at what they are doing. , FLOW PRODUCTION. - This is when parts are added to the product as it is making its way along the production line. This is when the final product is finished by the time the product reaches the end of the line.  , BATCH PRODUCTION. - This is when a group of identical products are all being made at any one time. All of the products move onto he next stage of production at the same time. , RECRUITMENT. - When the business is looking at the applications and CV'S to see who would be best for the job., SELECTION. - When the business is looking over the CV and bringing in the applicant for job interviews., INDUCTION TRAINING.  - Training that is taken on before starting the job. , ON-THE-JOB TRAINING.  - Training that takes place at the place of work. , OFF-THE-JOB TRAINING.  - Training that takes place outside the workplace. , BANK LOAN. - A loan from that bank that comes overtime with interest., LOAN FROM F&F. - A loan from friends or family that des not have added interest. , GOVERNMENT GRANTS. - Money from the government that does not have to be paid back., BANK OVERDRAFT. - Taking money out of a bank account available. , HIRE PURCHASE. - Buying an item now and paying for it later. , MORTGAGE. - Type of loan used to purchase land or property. , CASH FLOW PROBLEMS. - Spending too much money on stock not sold. Giving customers too long to pay depts. Not receiving enough sales. Not receiving enough time to pay bills from suppliers. Owners taking too much out of the business. , CASH FLOW SLOUTIONS. - Looking for cheaper suppliers and materials. Selling equipment you dont use anymore. Increasing market activities. Offering discounts for loyal customers. Taking out bank loans.  , TECH IN FINANCE. - Spreadsheets to record income statements, graphs for income and expenditure , SURPLUS. - Where a business has more cash than expected. , DEFICIT. - Where a business has less cash than expected. ,

UNIT TWO AND THREE.

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