Notes, summaries, assignments, exams, and problems for Vocational training

Core Concepts: Managing Market Demand

Needs, Wants, and Demands

People have needs for specific goods or services. Companies aim to identify and satisfy these needs. A complete demand includes four components:

• The underlying need and the specific want.
• The budget (ability to pay).
• The specific plan to purchase the item.

Types of Consumer Needs

Understanding the different levels of needs is crucial for effective marketing:

• Stated Needs: Explicit requests. Example: “I want to buy a cheap car.”
• Real Needs: The underlying requirement. Example: “I want a car that does not consume a lot of fuel.”
• Unstated Needs: Needs the customer has not yet consciously considered.
• Delight Needs: Identifying secondary needs that exceed basic expectations.
• Secret Needs:

Defining the Entrepreneur and Core Competencies

Who are entrepreneurs? What are their main skills?

Operational Definition of an Entrepreneur

Entrepreneurs are independent individuals, intensely committed and determined to persevere, who work very hard. They are confident optimists who strive for integrity. They burn with the competitive desire to excel and use failure as a learning tool.

Three Key Entrepreneurial Dimensions

These three dimensions can be significantly enhanced:

1. Alertness
2. Creativity
3. Need for Achievement

1. Enhancing Alertness

Definition of Alertness

Alertness is defined as the study of how, by whom, and with what effects opportunities to create future goods and services are discovered, evaluated, and exploited.

Components of Alertness

It... Continue reading "Developing Core Entrepreneurial Competencies for Success" »

Assessing Growth Opportunities

Assessing growth opportunities includes planning new businesses, downsizing, and terminating older businesses. If there is a gap between future desired sales and projected sales, corporate management will need to develop or acquire new businesses to fill it.

The scope of strategic planning involves:

• Developing new business opportunities.
• Downsizing and eliminating older businesses.

The Strategic Planning Gap

This is a strategic planning gap for a major manufacturer of blank compact disks called Musicale (name disguised). The lowest curve projects the expected sales over the next five years from the current business portfolio. The highest describes desired sales over the same period. Evidently, the company wants to grow... Continue reading "Strategic Business Growth: Planning, Downsizing, and Corporate Culture" »

Different Philosophical Perspectives on Entrepreneurship

2.1. R. Cantillon (Father of Political Economy)

"As a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using resources while consequently admitting the risk of enterprise."

- The Focus of Cantillon's definition of an entrepreneur is on:

1. Entrepreneur's function
2. Their role as an uncertainty-bearer in the market

Market-Based Perspectives

Adam Smith (1770) [The Father of Economics]

An entrepreneur is an individual who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and thereby acts as an economic agent, transforming demand into supply.

Leon Walras

Medical & Everyday Vocabulary

English to Spanish Terms

• Tablet: Comprimido
• Stomach ache: Dolor de estómago
• It's twenty past one: Son la 1:20
• Neck: Cuello
• Low cholesterol: Colesterol bajo
• Iron: Hierro
• Elbow: Codo
• Lotion: Loción
• Shoulder: Hombro
• Cream: Crema
• Onion: Cebolla

Spanish to English Terms

• Mano: Hand
• Oreja: Ear
• Nariz: Nose
• Espalda: Back
• Carne: Meat
• Pescado: Fish
• Vegetales: Vegetables
• Productos lácteos: Dairy products

Pharmacy Dialogues

Dialogue 1: Spanish Interaction

• Pharmacist: Buenos días, ¿puedo ayudarle?
• Patient: Sí, esto me duele.
• Pharmacist: ¿Le duele la garganta?
• Patient: Sí, me duele la garganta.

Dialogue 2: English Pharmacy Visit

• Pharmacist: Hello, Ochoa Pharmacy. May I help you?
• Patient: I'm not feeling well. I feel dizzy and I have a bad headache.

Mastering Causative Verbs: "Have Something Done"

This section demonstrates how to transform active sentences into causative structures using the verb "have" (or "get"), focusing on situations where the subject arranges for an action to be performed by someone else.

Example:

• John will have someone bring him the post. (John will have the post brought to him.)

Practice Sentences:

• The make-up artist was applying the model's lipstick. (The model was having lipstick applied.)
• Ask the cook to prepare the vegetables. (Have the vegetables prepared.)
• Have you told the accountant to check the figures? (Have you had the figures checked?)
• Jim hates the teacher correcting his mistakes. (Jim hates having his mistakes corrected.)
• Did the beautician paint Joanne's nails?

**Protection and Indirect Contacts**

Luminaires shall be Class I or Class II. Accessible metal parts of the luminaires will be connected to the ground. Excluded from this requirement are those metal parts with double insulation that are not accessible to the general public. For access to the interior of luminaires installed at a height less than 3 meters above the ground or in a publicly accessible space, the use of special tools will be required. All metal structures within a distance of less than 2 meters from the metal parts of the exterior lighting installation shall be joined together equipotentially. It must be ascertained whether these metallic elements can transfer dangerous voltage points to a distance (e.g., metallic). In which case,... Continue reading "Safety and Installation Standards for Outdoor Lighting" »

Effective Methods in Group Decision Making

To make decisions by consensus, different techniques can be employed, including the Nominal Group Technique and brainstorming.

Nominal Group Technique

The Nominal Group Technique is a structured method for problem-solving in groups. A moderator presents a problem, and for 6-8 minutes, each group member silently writes down their ideas and potential solutions. The ideas are then discussed individually to clarify any doubts. Subsequently, group members independently rank the ideas based on their own perspectives.

Decision-Making by Majority

When unanimous agreement cannot be reached, voting is a straightforward method to arrive at a decision. Each member casts a vote for their preferred option. There are... Continue reading "Effective Group Decision-Making: Techniques & Strategies" »

Core Concepts in Auditing and Management Control

Understanding Deviations and Their Causes

Deviations consist of comparing actual data with expected data when both causes are coincident. Causes of deviations may include:

• Errors in environmental forecasts.
• Errors in the method used.
• Issues within the means-relationship chain.

Authorization as Internal Control

Authorization is a key object of internal control. It ensures compliance with the approval provided by the management of an organization when carrying out transactions.

Purposes of Management Control

The ultimate goal of management control is the efficient use of resources to achieve organizational objectives. Other essential purposes include:

• Informing: Providing data for proper decision-making.