Key Resources (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Outsourcing definition
Outsourcing definition
Hiring external company to handle specific business functions
Subcontracting definition
Subcontracting definition
External firm completes specialised task on temporary contract
Distribution partnerships purpose
Distribution partnerships purpose
Help businesses reach their target market effectively
R&D department role
R&D department role
Drives future growth via systematic investigation & development
Production department function
Production department function
Transforms raw materials into finished products
Marketing function
Marketing function
Creates awareness & builds relationships with customers
Sales team role
Sales team role
Generates revenue by convincing customers to purchase
Customer service role
Customer service role
Handles post-sale relationships, complaints, queries & support
Partnership benefit: economies of scale
Partnership benefit: economies of scale
Shared resources & bulk purchasing power reduce costs
Partnership challenge: dependency risk
Partnership challenge: dependency risk
Over-reliance on partners creates vulnerabilities