Which of the following best describes the term productivity?
Select one answer - Edexcel - GCSE Business - Question 2 - 2015 - Paper 1
Question 2
Which of the following best describes the term productivity?
Select one answer.
It is the:
Worked Solution & Example Answer:Which of the following best describes the term productivity?
Select one answer - Edexcel - GCSE Business - Question 2 - 2015 - Paper 1
Step 1
Identify the term productivity
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Answer
Productivity refers to the measure of efficiency in the production of goods and services. It can be defined as the ratio of outputs to inputs in a given timeframe.
Step 2
Explain how it applies to IHG
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Answer
For IHG, productivity signifies how effectively they utilize their resources to maximize service delivery and customer satisfaction. By paying workers above the minimum wage, it is likely to result in increased employee motivation.
Step 3
Discuss benefits of improved productivity
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Answer
Increased staff morale: Higher wages can lead to happier employees, which can improve their performance.
Better guest experience: Satisfied staff will likely provide better service to guests, leading to higher customer satisfaction and loyalty.
Improved financial performance: With motivated staff and satisfied customers, IHG may see increased profitability and a better brand reputation in the competitive hotel industry.
