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DECA: Principles of Business Management and Administration Exam solution guide (answered).
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Business Notes
How are goods/services provided in the workforce?
By producing and manufacturing...or even cooking. Employers working for a service
company, connect the consumers to the business as they deliver the service to consumers who
ordered (Ex: Grab, Foodpanda, Lazada, etc.)
How has the workforce developed from 20/30 years ago?
The workforce has increased in numbers as time passes by. Workforces seem to enroll
more younger people with a degree in most cases as they seem to be quite bright when it
comes to understanding. Lacking experience is an issue but not as much as lacking knowledge.
Younger people these days tend to be the innovators and the ones with an “idea” that could lead
to success.
The workforce is also less gender biased which opens up a huge opportunity to women
who are into business or the “work-world.” Manufacturing jobs are getting less common whereas
services are seemingly more important these days. Covid-19 today could also cause even more
problems to international manufacturing in terms of trading, importing, and exporting because
things are a lot harder to be done physically due to this pandemic. Whereas services seem to
be a lot more open because there are many types of services and because of Covid-19, it
tightens up and makes online service really important that in fact, everyone in the world had to
use it at some point of their life.
Technology’s importance has stolen the attention and need of manual work with better
payment and experience. Aside from that, there are lots of new skills and new businesses
developed. Employers in today’s world have a higher demand than labor workers from the past.
Education has been recognized as an important aspect and is a very common thing all around
the world. Healthcare has also popped up and became needed as well.
Companies seem to proratise loyalty more than retirement by having bonuses for staying
at a specific company for a spectacular amount of time. Variety of nationalities are included in
companies too. Investment has also become something where people try to educate
themselves to have an understanding.
The workforce has definitely had hundreds of influences but the two main influences that
are quite obvious is that first it has boosted the service economy massively and the second
thing is that it technically influences students not to drop out because students would need to
have a good educational background and a diploma to get a job with decent payment. This
benefits companies because students are the future and it also pulls up the educational
economy because students would want to enroll themselves to have knowledge, experience,
connections, relationships, and skills to be able to walk into the work-world.
What are changing job requirements?
To make sure that you’re not “out of work.” Before you switch to a new job, make sure to
be at your old job first. Taking unnecessary risks is not worthed. Structures, intelligence,
requirements, environment, ethics, and many more things can change in the future.
, What are Human Resources (HR)? What does HR do?
-The department of hiring/firing people. They recruit members, interview employees, and
determine if a specific person belongs or deserves the chance to work at a company or not.
-Linking between management/company.
-Improves business priorities and strengthens individuals.
-Without HR, companies won’t survive.
-Research/job analysis (International HR especially).
-Responsible for everything that is up-to-date.
What is the job market?
-Basically a market where people search for the right job for them.
How are Human Resources important to the job market?
-Because HR picks people from the Job Market and the people that had self-applied to the job
market who were expecting a job.
Marketing
-Pretty Much everything revolves around marketing
-There are lots of activities around marketing but at the same time, there has to be a lot of
advertising.
-Ex: Technology: Helps a lot and complicates a lot as well (to marketing).
What is marketing?
-To sell, promote, advertise, or to have something to do with products and/or services.
What are the goals of marketing?
-To build your brand, to generate high quality business or the best quality that you can provide,
to grow and maintain leadership, to show that you prioritise customers’ values and money the
money they spent will be worthed.
Can a business be marketing to another business?
-Yes, “Business to Business” (B2B).
- A well structured business with good marketing will most likely be successful.
What are other activities involved in marketing?
-Common marketing activities: Advertising products through newspaper, television, magazines,
radio, billboards, online, etc.
-Other activities: Creating content, Data collection, programming, Birthday messages, post sale
emails, collecting reviews, etc.
Marketing functions
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