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Outline the role of any two parties involved in business - Leaving Cert Business - Question A - 2002
Question A
Outline the role of any two parties involved in business. (A) Producers/Suppliers Producers/suppliers are the makers, manufacturers and suppliers of goods and servi... show full transcript
Worked Solution & Example Answer:Outline the role of any two parties involved in business - Leaving Cert Business - Question A - 2002
Step 1
Producers/Suppliers
Answer
Producers or suppliers play a crucial role in the business ecosystem as they create and provide the goods and services that satisfy consumer demand. Their primary responsibilities include:
- Production: They are involved in the making, manufacturing, and supplying of various goods. This includes ensuring quality control and sufficient production levels to meet market demand.
- Pricing: Producers set prices for their products based on production costs and market conditions, aiming to maximize profits while remaining competitive.
- Supply Chain Management: They manage relationships with other business entities to ensure a steady flow of materials necessary for production.
Step 2
Consumers
Answer
Consumers are essential to the business environment, acting as the end-users of products and services. Their key roles include:
- Demand Creation: Consumers create demand for goods and services, which drives production and market strategies.
- Feedback and Quality Control: They provide valuable feedback on products, helping businesses improve quality and service. Consumers’ preferences influence business decisions and marketing strategies.