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Read the information supplied and answer the questions which follow - Leaving Cert Business - Question Question 1 - 2017
Question Question 1
Read the information supplied and answer the questions which follow. Maire de Paor had an idea for an app which would help students set study goals, track their stu... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow - Leaving Cert Business - Question Question 1 - 2017
Step 1
Explain any three of the four underlined terms in the text above.
Answer
Prototype Development
Prototype development is a critical phase in product creation. It involves creating a sample or model of an app (or product) to evaluate its features and functionality. This stage allows the developer to identify necessary adjustments or improvements before full-scale production begins. It helps in reducing risks by providing insights into user experience and potential issues in the app.
Feasibility Study
A feasibility study is conducted to assess the viability of a project. It evaluates several factors, including technical feasibility, market demand, and financial potential. The objective is to determine if the product can be produced at a reasonable cost and if it has an estimated profit margin that justifies investment. This study is essential before proceeding to the next stages.
Launch
The launch phase marks the official introduction of the product to the market. During this stage, the app is made available to consumers, potentially alongside an advertising campaign. It is crucial as it is the point where consumer access to the app begins, and the business evaluates market response to refine its offerings.
Step 2
Outline three ways entrepreneurs come up with ideas for new products/services.
Answer
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Travel: Entrepreneurs often get inspired by products or services they observe while traveling. They may adapt these ideas to meet the needs of their local market.
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Competitor Analysis: By analyzing competitors, entrepreneurs can identify gaps in the market or new trends that can be leveraged to develop innovative products or services.
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Friends and Family Suggestions: Ideas can flow from discussions with friends and family who may suggest improvements or identify problems they encounter in their daily lives, leading to potential business solutions.
Step 3
Explain the term Job Description.
Answer
A Job Description is a formal document that outlines the responsibilities, duties, and requirements of a specific job position. It includes details such as the job title, tasks to be performed, qualifications needed, and the work environment. A Job Description serves as a guide for potential applicants and a reference for employees to understand their roles.
Step 4
Draft the Job Description Maire prepared for the new position of Sales Manager.
Answer
Vacancy at Maire de Paor's new app business
Job Title: Sales Manager
Work Details: Marketing and advertising our app throughout Ireland. Ensuring it is kept up-to-date.
Duties & Responsibilities:
- Develop and execute strategies to drive app sales and engagement
- Manage the sales team and mentor junior staff
- Conduct market research and analyze trends to inform strategy
Conditions of Employment:
- Contracted Hours: 38 hours per week. Weekend work required.
- Salary: €25,000 p.a. plus commission
- Place of Work: Head Office in Athlone
- Responsible To: Maire de Paor
Step 5
In relation to the recruitment and selection process, explain the term shortlisting.
Answer
Shortlisting is the process of narrowing down candidates for a particular job to determine who will be invited for an interview. Typically, it involves reviewing applications and resumes to identify those candidates who best match the job requirements, skills, and experience. It helps the hiring team focus on the most suitable candidates to interview and make further evaluations.
Step 6
Explain two financial rewards that businesses offer to motivate staff.
Answer
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Wages/Salary: This is the basic financial compensation provided to employees for their work. It can be fixed on a monthly basis and varies by job role, experience, and skills.
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Performance Bonuses: Businesses often provide bonuses as rewards for meeting or exceeding performance targets. This incentive encourages employees to work harder and align their objectives with the company’s goals.