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Degree: Business and Management (Bachelors) - Exeter University
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Labour turnover is the amount of employees leaving the business in a given period, often expressed as a percentage: number of employees leaving/total employees x 100.
Reducing this figure will need the business to make sure that employees are satisfied within the current working conditions. According to Herzberg and his two factor theory, employees might become dissatisfied if the hygeine factors are not met. For example, the company policy. If a busines demonstrates autocratic leadership, with little communication between the leader and the employees, employees may feel angered as their ideas are not heard, in comparison to a democratic leadership style where there is bottom-up communciation between the employees and their leader. All employees are involved in the decision-making process, making them feel more valued by their employer. Overall, the democratic leadership makes employees more likely to stay with the company, reducing the lavour turnover figure.see more
Market segmentation is when the market is broken down into categories with customers who hae similar characteristics such as age, tastes or location.
A benefit of this is that the business can chose a target market. Some businesses are niche, which means that they appeal only to a small number of people. For example, Tim is planning to open a new health food store on the high street. In order for him to successfully advertise to those who would be interested in this, he would need to segment the market of his town. This would be segmentation according to lifestyles, otherwise known as psychographic segmentation. Only advertising to this segment will save advertising costs and means that Tim has the potential to build close relationships with this small group, which is useful for his new business to encourage repeat purchases.see more