b) How have computers and robots influenced the operations of business? (40 marks)
Technological developments like computers and robots have strongly influenced the operations of many businesses. Some examples include computer-assisted design (CAD), which helps engineers design components, products, and processes on the computer instead of on paper.
Сomputer-assisted manufacturing (CAM), in which specialized computer systems actually guide the transformation process; and flexible manufacturing, which uses computers to direct machinery to adapt to different versions of similar operations. The use of robots has also become important in industries in which human lives might be otherwise put at risk.
c) Why do services tend to be more labour-intensive than manufacturing? (25 marks)
a. Service providers are generally more labour intensive because of the high level of customer contact, perishability of the output, and high degree of variation of inputs and outputs.(20)
b. A manufacturer is likely to be more capital intensive.
CHAPTER 7
QUESTION 1
a) What is marketing? (20 marks)
Marketing is a group of activities designed to expedite transactions by creating, distributing, promoting, and pricing goods, services, and ideas. These activities ensure that the products consumers want to purchase are available at a price they are willing to pay and provide consumers with information about product features and availability.
b) Describe the four elements of the marketing mix. (80 marks)
1. Product
A product is a complex mix of tangible and intangible attributes and includes everything that the buyer receives from an exchange.
2. Price
Price represents the value placed on what is exchanged between a buyer and a seller.
Price quantifies value and is the basis of most market exchanges.
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