EDEXCEL A LEVEL BUSINESS PAPER 3 MARK SCHEME JUNE 2023 QUESTIONS AND ANSWERS WELL EXPLAINED AND VERIFIED BY EXPERTS AS 100% CORRECT LATEST UPDATE GRADED A+

EDEXCEL A LEVEL BUSINESS PAPER 3 MARK SCHEME JUNE 2023 QUESTIONS AND ANSWERS WELL EXPLAINED AND VERIFIED BY EXPERTS AS 100% CORRECT LATEST UPDATE GRADED A+ Pricing strategy A plan for the medium to long term where a price is set with the intention of meeting marketing objectives Pricing strategy - cost plus pricing A strategy where the prices is set by applying a percentage margin to the unit cost. For example, adding 50% to the cost of producing the product Pricing strategy - price skimming A strategy where a business charges a premium price when the product is first launched to maximise revenue per unit Pricing strategy - penetration pricing A strategy where a business offers a significantly lower price than normal to maximise volume sold and build a loyal consumer base Pricing strategy - dynamic pricing A strategy where a business sets flexible prices for products based on current market demand Recruitment The process of inviting people to apply for a vacancy in a business Selection The process of choosing the appropriate new member of staff Training The process of developing skills in workers through specifically design training programmes Internal recruitment Recruiting for a vacancy from within the business External recruitment Recruiting for a vacancy from outside of the business Induction training The training programme designed for when an employee is new to a business On-the-job training Training that is carried out at the place of work by carrying out the responsibilities of the job Off-the-job training Training that is carried out away from the place of work, such as through a lecture or college course Production capacity The measure of how much output it can achieve in a given time Capacity utilisation The proportion of a business' capacity that is being used within a specific time period. What percentage of the total capacity was produced? Spare (excess) capacity Where actual output is less than capacity Excess demand Where demand for a business' products or services i