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What is labour productivity? Labour productivity shows businesses how many products or services are produced by their employees within a specific period of time. This shows how efficiently employees are working within the timeframe selected. Labour productivity is often measured by output per worker. For instance, a clothing manufacturer produces skirts for fashion retail outlets. […]

The method of cost-based pricing (also called mark-up pricing or cost plus pricing) discussed in this article is based on the full-cost method. What is cost-based pricing? Cost-based pricing is a strategy used by businesses to set the selling price of a product. Calculating cost-based pricing Retailer (markup pricing): The unit cost for each dress

What are different stakeholder objectives? A business’s internal and external stakeholders can have different objectives. These objectives must be taken into consideration by the business as they may have positive or negative impacts on operations. What’s more, when there are major differences in objectives, these can lead to stakeholder conflict. Some stakeholders have the following

What are stakeholders? Stakeholders are people, organisations or groups in the community that have an interest in a business. They can have an impact on the business, or the business could have an impact on them. These could include the owners of the business, customers, the government, suppliers, distributors, employees, community groups, pressure groups, managers