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...hes coming in regularly. This leads to a high customer demand. Also spare parts like watch batteries are important to be monitored as most customers want their battery replaced. ƒÜ Financial management: Operation management need to negotiate with financial management and make use of financial ratio. For example what impact does the operation style have on profit levels? Does the operation need to be modified? This is what Mr and Mrs Pak (Owners) have to consider for the business to succeed. Employment relations covers all aspects of employment resourcing and includes the acquiring, developing, maintaining and motivating of staff in addition to those processes involved when staff leave the business, as stated in the text Business Studies in Action. As Mr and Mrs Pak are doing a partnership with no employees there aren¡¦t that many problems in the business. An employment relation involves acquisition (Staffing needs and recruitment), training and development, performance appraisals and skills inventory. Mr and Mrs Pak do not need any of these because they are the employers and employees of the business. Mr and Mrs Pak do like to motivate themselves as much as they can. They encourage suggestions from customers, implement conflict resolution, provide safe work environment and lead by example. Marketing refers to the processes a business develops to meet the customers needs and wants. It includes product research and design, product development and testing, product pricing, distribution and presentation, as stated in the text Business Studies in Action. Marketing involves the business and management, investigating, developing and implementing factors associated with the four P¡¦s (product, promotion, place and price. Mr and Mrs Pak do a lot of marketing. Meaning that they sell, promote and advertise, understand the product, calculate the price, satisfy customers and serve customers. Mr and Mrs Pak focuses on what the customers want to buy. They also see themselves as a customer-satisfying process rather than a production process. This is part of marketing Mr and Mrs Pak do. Mr and Mrs Pak consider the products quality, design, name, warranty and guarantee, packaging and labelling. They all have to be at the highest standards so that the customers and happy and they can have a strong customer base. Mr and Mrs Pak have adjusted their pricing according to their competitors. They have not set range too high and too low. A price set to...