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Inflation And The Cost Of Living Crisis
Rating: 4.7 out of 5(2 ratings)
1,774 students
Created byExpert Academy
Last updated 11/2022
English

What you'll learn

  • What inflation is and its causes.
  • The concepts of cost-push and demand-pull.
  • How the cost of living crisis affects small and large businesses.
  • The impact of inflation on consumer behaviour.
  • How to know what customers truly desire.
  • How to identify costly operational bottlenecks and remove them.
  • Cost reduction strategies for cost management during a crisis, including automation and digitisation.

Course content

1 section • 6 lectures • 37m total length

  • What Is Inflation?8:59

    In this introductory lecture, you will learn the real definitions of "inflation" and "cost of living". You will also learn about the possible causes of inflation, such as cost-push and demand-pull, followed by a case study for clarity.

    Download and complete the Introduction Worksheet.

  • How The Cost Of Living Crisis Affects Businesses9:18

    This lecture will cover the impact of the "cost of living crisis" on business. We'll consider which sectors can experience the most significant effect and the unique challenges for small and large firms. We will then talk about Barry-Wehmiller, a manufacturing company that provides a prime example of applying ingenuity to survive a recession.

    Download and complete the How The Cost Of Living Crisis Affects Businesses Worksheet.

  • Inflation And Consumer Behaviour7:53

    In this lecture, we will focus on how consumer behaviour changes as a result of price increases. We'll then discuss some strategies for standing out from the competition and stepping up your customer retention game.

    Download and complete the Inflation And Consumer Behaviour Worksheet.

  • Cost Management5:44

    In this lecture, we will consider the methods businesses can use to reduce their costs so that added expenses do not always have to be passed onto the consumer. One way to reduce costs is to analyse your processes for any inefficiencies that are taking up resources unnecessarily. We will also address how to eliminate these bottlenecks. We will also discuss some methods for lowering expenses in the manufacturing industry.

    Download and complete the Cost Management Worksheet.

  • Reduce Costs Using Automation And Digitisation3:34

    These days, we see an increasing number of businesses incorporating automation into their operations, from management and administration to customer service. In this lecture, we will cover the benefits of automation and digitalisation in terms of cost reduction with real examples from several industries.

    Download and complete the Reduce Costs Using Automation And Digitisation Worksheet.

  • Conclusion2:11

    In this lecture, we will review the key points you've learnt throughout the course in order to consolidate your knowledge.

Requirements

  • No specific requirements.

Description

Are you worried about how inflation will affect your business? Have your customers started looking elsewhere for better deals? Would you like to manage costs more effectively to stay afloat in the current economic situation? If so, then this is the course for you.

The current economic situation is unpredictable for all of us. The price of goods and services is increasing and consumers are looking for ways to reduce their outgoings. This reduced spending will take its toll on businesses that are unprepared. So, come with us on a journey to understand consumer behaviour during the cost of living crisis, the consequences it may have in the long run, and ways to reduce costs so you can stay ahead of the competition and retain your loyal customers.

In this course, you will learn some key terminology about inflation as well as its common causes. We will then explore the cost of living crisis and its effects on business, including real-life examples. The third lecture will address consumer behaviour and ways to be more efficient while prioritising existing customers, as well as how to make your business stand out from the competition. We will also cover cost management, including bottlenecks that may be increasing costs, and ways to reduce them efficiently. We will also discuss how digitalisation and automation can help reduce costs.

So, if you're willing to deepen your understanding of inflation and the cost of living crisis so your business can survive these unpredictable times, enrol today.

Who this course is for:

  • Project Managers looking to reduce costs and improve the overall financial performance of their projects.
  • Small business owners looking to protect their businesses from recession.
  • Managers of organisations looking for ways to address the cost of living crisis and retain their customers.
  • Individuals that would like to deepen their financial literacy and utilise it in their professional life.
  • Anyone that wants to better understand the cost of living crisis and how it affects them professionally and personally.

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