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

Launch

Start an action in order to introduce something (e.g. a new product).

Mailshot

Piece of advertising material sent to potential customers by post.

Mass Media

The main means of mass communication (newspapers, TV and radio).

Plug

Favourable publicity in a media for a commercial product (e.g. a book).

Poster

Large sheet of paper used in advertising.

Prime Time

Hours on radio and TV with the largest audience, usually in the evening.

Promote

Use advertising and publicity to try to increase sales of a product.

Roadside Signs

Large panels along roads and motorways used for outdoor advertising.

Slogan

Phrase used to advertise a product, or to identify a company or organization.

Slot

Specific time in a broadcasting schedule allotted for a commercial.

Soundbite

Short... Continue reading "Advertising Terminology and Definitions" »

Social Media

has transformed the ways in which people share and consume information. Social media has offered a host of new platforms to disseminate content, build relationships, foster engagement & better understand the needs of target audiences.

4 Phases Readiness

A sound crisis management strategy starts with preparation long before the onset of an actual crisis. While it’s impossible to plan for every future scenario, examine your company, facilities, people, products & environment to assess areas of significant risk & identify the potential threats that are both most likely to happen and cause harm. When a crisis breaks, things are going to accelerate & need a solid response plan in advance in order for your organisation... Continue reading "Effective Crisis Management Strategies" »

Cost Leadership

Requires a set of interrelated tactics, including:

• Aggressive construction of efficient-scale facilities
• Pursuit of cost reductions from experience
• Tight cost and overhead control
• Avoidance of marginal customer accounts
• Cost minimization in all activities in the value chain, such as R&D, service, sales force, and advertising
• Parity in differentiation with competitors

PITFALLS: lack of parity in differentiation, reduced flexibility, obsolescence

PRIMARY: EFFECTIVE

SECONDARY: todo lo que reduzca coste.

Transaction Processing Systems (TPS)

• Basic business systems that serve the organization's operational level
• Input: transactions (invoice, order, payroll), events
• Processing: Sorting, listing, merging, updating
• Output: detailed reports, lists,

The Millennium Development Goals (MDGs)

The Millennium Development Goals (MDGs) are the eight international development goals or targets that were established following the Millennium Summit of the United Nations in 2000 for reducing global poverty. All 189 United Nations member states at the time (there are 193 currently), and at least 23 international organizations, committed to helping achieve the following Millennium Development Goals by 2015. Each goal has specific targets, and dates for achieving the targets.

The MDGs ranged from halving extreme poverty rates to halting the spread of HIV/AIDS and providing universal primary education. Nowadays, the UN is working with governments, civil society and other partners to build on the momentum... Continue reading "The Millennium Development Goals: A Global Effort to Reduce Poverty" »

Certified Public Accountant (CPA)

An individual who has met certain criteria and is thus allowed to perform audits of corporations. (p. 1-17).

Corporation

A business organized as a separate legal entity owned by stockholders. (p. 1-3).

Dividends

Payments of cash from a corporation to its stockholders.

Expenses

The cost of assets consumed or services used in the process of generating revenues. (p. 1-8).

Income Statement

A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. (p. 1-10).

Liabilities

Amounts owed to creditors in the form of debts and other obligations. (p. 1-7).

Management Discussion and Analysis

A section of the annual report that presents management's view on... Continue reading "Financial Accounting Terms and Definitions" »

Understanding Disability Insurance

Before Purchasing Disability Insurance

• Review your employer’s plan.
• Determine if your union or professional organization pays disability benefits.

How Much Disability Coverage Do You Need?

Estimated required disability payments can be calculated as:

(Total monthly expenses × 120%) – (Non-wage reliable household income)

Group vs. Individual Disability Plans

• Group disability rates are not always the most economical because higher-risk and lower-risk individuals are grouped together in the plan.
• Lower-risk individuals can benefit from an individual plan because they may receive a lower premium.
• Higher-risk individuals may be able to obtain coverage through a group plan that they could not obtain with an individual

Group 1: Business Status

Challenge

Something that needs great mental or physical effort in order to be done successfully.

Booming

Increasing or becoming successful and producing a lot of money very quickly.

Disappointing

Not as good as you had hoped or expected; not satisfactory.

Hanging On

If you hang on, you manage to survive, achieve success, or avoid failure in spite of great difficulties or opposition.

Flourishing

Growing or developing successfully.

Thriving

Very successful and developing well.

In Decline

When something declines, it goes downhill.

Struggling

Unsuccessful but trying hard to succeed.

In Demand

Needed or wanted by many people.

Group 2: Idioms Describing Success and Failure

Bring the House Down

This is when people are very entertaining and cause... Continue reading "Business Vocabulary: From Booming to Disappointing" »

4) China (Crisis/ Devaluation of currency/ Economy)

In 1978, China was one of the poorest countries in the world, but since the market reforms in that year, it has become one of the most powerful economic countries with a great potential. Its GDP has grown about 10 percent per year during the last 30 years, being the country with the biggest economic growth around the world, thus the living standard has reached that of a welfare society because about 500 million people are out of poverty. Moreover, it is the largest manufacturing economy in the world, the most important exporter of goods, the fastest growing consumer market, and the second major importer of goods in the world. For these reasons, with a population of 1.3 billion, it has become... Continue reading "China's Economic Growth and Challenges" »

The purpose of economy is production of conditions and services for consumption now or in the future.

The Quality Management System and the After-Sales Service

The QMS is a management system for a customer-focused organisation that involves all employees in a continuous process of improvement. They integrate quality in all activities of the company. It is necessary to set up quality standards, procedures, and work practices. The goal is to maintain a competitive advantage, evaluate a company's performance, and achieve business excellence. Every company that has passed the quality audit and is registered for ISO9000 gets a certificate. This certificate guarantees a quality standard and transmits confidence in the product and services offered by the companies that use them.

In the After-Sales Service Quality

Internal quality: the technical and operational... Continue reading "Quality Management System and After-Sales Service: Techniques, Tools, and Structure" »