Notes, summaries, assignments, exams, and problems for Economy

Entrepreneur is a person who recognizes opportunities and takes risks while operating a business.

Free Enterprise freedom of private business to organize and operate for profit in a competitive system without interference by government

Capital is the money or property owned or used for business

Opportunity Cost is the value of what must be given up to get something else

Business Plan Elements :

• Idea/product : Know what the product is and what it does, Is it realistic or practical? Will it fill a gap in the market?
• Market Research : How can you use customer feedback? You can use that to implement changes to be successful.
• Production : What is the production cost? How will you test the quality of the product? How will you make it ?
• Finance : Know the

Which of the following is a flow variable? income

Which of the following is a component of money?

Which of the following is a component of money?

Forecasting Market Methods: Long and Short Term

A company’s production schedules, planned manning levels, and financial budgeting are all related to the sales forecast. A too optimistic forecast can lead to excess stocks being accumulated, over-production and high manning levels, and over-borrowing or inefficient deployment of financial resources. A pessimistic forecast can lead to large opportunity costs and frustration among potential buyers because of late or no delivery. Firms adopt various approaches to sales forecasting, but the basic approach is to (according to T. Proctor):

Stage 1.

Make an environmental forecast regarding inflation, employment, interest rates, consumer spending and saving, and business investment.

Stage 2.

Make a forecast... Continue reading "Market Forecasting Methods: Short & Long Term Techniques" »

EXAM REVIEW 2

Chapter 12

• A country’s standard of living depends on its ability to produce goods and services. Its ability depends on PRODUCTIVITY.
• Y = real GDP = quantity of output produced L = quantity of labor so productivity = Y/L (output per worker)
• Real GDP per capita: Y/Population
• What determines PRODUCTIVITY?

1. Physical Capital per Worker:

1. What is Physical capital? The stock of equipment and structures used to produce goods and services is called [physical] capital, denoted K.
2. Productivity is higher when the average worker has more capital (machines, equipment, etc.).

1. Human Capital per Worker (H):

1. What is Human Capital? The knowledge and skills workers acquire through education, training, and experience
2. Productivity is higher when the average worker

TELEMARKETING

It is a marketing action in which the telephone is Used as the communication channel. It is aimed at contacting clients or potential clients for commercial purposes, sales or improving corporate image.

Applications

1.Commercial applications:  the goal here is to make a sale . How ?

-Locating potential customers

-Arranging interviews for the sales Team

-Keeping track of previous contacts

-Teleshopping

-Generating new sales of a product or A related one to the same customer (cross-selling)

-Renewing subscriptions (magazines ,etc)

-Communicating new offers

-Attracting new customers

-Reactivating “silent” customers

-Follow-up , keep track of commercial Offers received through postal mail or e-mail

2.Marketing Applications , to Gather information

UNIT 4: Employee Relations

1. The Role of Employee Relations

A strong communication policy in employee relations helps to:

• Improve organizational culture and understanding of the organization's goals.
• Keep employees informed about goals, activities, and challenges.
• Encourage employee input, information sharing, and feedback.
• Communicate important events and decisions quickly.
• Establish a positive and productive work culture.

2. Organizational Change

Effective employee communication is crucial during organizational change. PR professionals can:

• Lead employees through dialogue and address concerns.
• Help management simplify complex initiatives for better employee understanding and support.

3. Employee Relations Tools

• House Magazines: Periodicals fostering

Company Dimension and Financing

This analysis examines the economic and financial structure of Tangoe, a company that has experienced continuous growth over the past decade, despite a decrease in non-current assets in 2014. The increase in total assets has been primarily financed by current liabilities.

Current Assets

Current assets have increased by almost 20%, mainly driven by growth in both Cash and Accounts/Trade Receivables.

• Cash: Increased by 8,000 thousand dollars, representing 43% of total current assets and 23% of total assets in 2014.
• Accounts Receivable: Experienced significant growth/decrease (receivables).

Capital and Revenue

The company's capital has fluctuated in recent years. In terms of sales and revenues, Tangoe has seen a clear... Continue reading "Financial Analysis of Tangoe" »

1. Which is not a reason why the EU passed the 2009 regulation? à Employ the younger generations.

2. Prior to this regulation, all member states were consistently following rules and regulations. -> False

3. Which of the consequences are because of the inconsistent application of rules and directives? à Employing staff with a low professional qualification; Distortion of competition.

4. How might employing an unprofessional staff harm the image of the road transport operation sector? à Negligence in respect to road safety causing more accidents; Negligence in respect to social welfare.

5. Which is the only condition imposed on undertakings in the Community? à A community license.

6. Member States can adapt the conditions with which to comply... Continue reading "EU Regulation 1071/2009: Consequences, Compliance, and Requirements" »

What is the definition of Marketing?

The management process of getting the right product to the right customer at the right price to the right place and time. It’s also essential to the success of any business. It's not only about selling or advertising, but a business philosophy about satisfying consumer needs or demands.

(Identifying Anticipating and Satisfying consumer needs profitably)!!!!!!!

Describe the relationship between marketing and: Finance

Marketing costs money, so the marketing and finance department have to work together in setting appropriate budgets.

Describe the relationship between marketing and: Human Resource Management

Marketing information can enable more effective workforce planning in the HRM department. This can influence... Continue reading "Understanding the Relationship Between Marketing and Business Functions" »