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A piano teaching business which guarantees highly qualified and experienced teachers is rapidly expanding across all states of Australia - HSC - SSCE Business Studies - Question 23 - 2024 - Paper 1
Question 23
A piano teaching business which guarantees highly qualified and experienced teachers is rapidly expanding across all states of Australia. (a) Outline how marketing ... show full transcript
Worked Solution & Example Answer:A piano teaching business which guarantees highly qualified and experienced teachers is rapidly expanding across all states of Australia - HSC - SSCE Business Studies - Question 23 - 2024 - Paper 1
Step 1
Outline how marketing of this business relies on an effective human resources department.
Answer
For this piano-teaching business to effectively market itself, it must ensure that it advertises having highly skilled teachers. This reliance on an effective human resources (HR) department is crucial as HR is responsible for hiring qualified personnel who possess the necessary skills and experience. The HR department not only recruits teachers but also ensures that they are continually trained and evaluated to meet high-quality teaching standards. Therefore, a strong HR team supports marketing efforts by confirming the business's credibility and competitive edge in the market.
Step 2
How may economic factors influence customers choosing this business?
Answer
Economic factors play a significant role in influencing customer choices regarding this piano teaching business. These factors include:
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Disposable Income: A customer's willingness to spend on piano lessons often depends on their disposable income. In times of economic prosperity, families might have more resources to invest in music education, while in an economic downturn, they may prioritize essential expenses, potentially reducing their spending on lessons.
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Interest Rates: Rising interest rates can affect household budgets, as families may opt to cut discretionary spending, including music lessons, due to increased mortgage or loan repayments.
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Unemployment Rates: Higher unemployment may lead to increased caution in spending, making families less likely to invest in non-essential services like piano lessons.
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Inflation: Rising costs in general can limit a customer's perceived ability to afford such lessons, as they may allocate funds towards essentials like food and housing. Therefore, understanding the economic landscape can provide insights into customer demand for educational services.