Understanding Quality: Concepts, Principles, and History
Introduction to Quality
Quality Concept
Intuitively, we can associate quality with a job well done, but there are more accurate definitions of quality.
The dictionary of the RAE defines quality as the set of qualities that define a person or thing.
From a policy perspective, the UNE-EN-ISO 9000:2000 defines quality as the extent to which a set of inherent characteristics fulfill the stated needs.
However, the definitions that illustrate the meaning of quality more precisely come from specialists in the
Franchise, Business, and Family Dynamics: Key Aspects
Franchise Advantages and Disadvantages
Advantages of Franchising:
- Probability of success: Proven line of business, pre-qualification of franchisee.
- Training: Franchisor-provided.
- Financial assistance: Franchisor assistance.
- Operating benefits: Franchisor-aided.
Disadvantages of Franchising:
- Franchise costs: Initial franchise fee, investment costs, royalty payments, advertising costs.
- Restrictions on business operations.
- Loss of independence.
- Lack of franchisor support.
Types of Franchising Arrangements
- Product
After-Sales Service: Enhance Customer Satisfaction
After-Sales Service
These are the tasks that the organization uses after the sale to obtain total customer satisfaction.
It is an important source of information and should be considered as an investment.
It is easier to sell new products to a satisfied customer than finding new customers.
Advantages:
- It provides greater customer satisfaction
- It improves the image of the company
- It improves direct knowledge of the market
- It involves potential customer loyalty
- It implies a likely increase in sales
Disadvantages:
Read MoreBusiness Branding, Location, and Identification Strategies
Identification of Products or Services
A. Market, Utility, and Utilization Strategies
Utility Brands: The brand is a name, sign, or symbol that identifies a product or service. Brands are used to clearly differentiate our products and services from those of competitors.
Importance of Brand Name Choice
The brand name is very important. We must take into account the use that will be given to the product and the characteristics of the market that it wants to conquer. The name must be original and sound
Read MoreUnderstanding Banking and Financial Instruments
Current Account
A current account is an irregular deposit contract for money, with an additional service agreement provided by the cash custodian.
Irregular Deposit
In an irregular deposit, the depositary (receiver) acquires ownership of the thing deposited and promises to return to the depositor at the maturity of the contract, otherwise the same nature or value.
Cheque
Mentions in the clauses of a check passed for payment by:
- Bearer
- On behalf of a particular person with the clause “not to order”
- On behalf
NPV and IRR in Investment Projects: Key Differences
NPV and IRR in Investment Projects
Relationship Between NPV and IRR
We know that the Internal Rate of Return (IRR) of an investment in a project is the discount rate (k) that makes the Net Present Value (NPV) equal to zero (NPV = 0 when k = IRR). If the NPV calculated for an investment project at a rate k is positive, it means the project’s IRR is greater than k. If the NPV is negative, it indicates that the project’s IRR is lower than the alternative investment’s profitability or the company’s cost
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