Employee Selection, Training, and Compensation Guide
Employee Selection
7-Type Selection Process
When X is greater than Y, the candidate is rejected as not meeting the ideal conditions for the position. When X and Y are equal, the candidate is eligible and accepted. When X is greater than Y, the candidate is overqualified for the position.
- Model Placement: No rejection, as there is only one candidate for one vacancy.
- Model Selection: Multiple candidates for a single vacancy. Options are acceptance or rejection.
- Model Classification: Several candidates
Stages of Economic Policy Development and Implementation
External Influences on Economic Policy: The Role of Advisors
Types of Advisors
Economic policy decisions are often influenced by external advisors, which can include individuals, organizations, and associations. These advisors provide expert advice, but their recommendations can sometimes be conflicting or biased.
- Individual Consultants: These can be independent experts, former government officials, or academics who provide specialized knowledge and analysis.
- Expert Councils: These are groups of specialists
Introduction to Micro and Macroeconomics
1. Introduction to Economics
1.1. Basic Concepts
1.1.1. Production Possibilities Frontier (PPF)
PPF: Represents the efficient allocation of resources to produce two goods. Points on the PPF are efficient, points inside are inefficient, and points outside are unattainable.
Efficient: Maximum output is produced with available resources.
Opportunity Cost: The value of the next best alternative forgone when making a choice.
1.1.2. Scarcity and Choice
Scarcity: Unlimited wants and needs but limited resources.
Read MoreIntroduction to Marketing: Strategies, Mix, and Research
Marketing
Introduction
Marketing is a discipline developed throughout the 20th century as companies shifted from a production-oriented approach to a consumer-oriented one. It involves conceiving and executing the terms of trade to satisfy all parties involved, including society. This is achieved through the development, valuation, distribution, and promotion of goods, services, or ideas.
E-marketing refers to a company or entity applying marketing principles. It involves creating and implementing a
Read MoreThe Marketing Mix and Accounting Information Systems
ITEM 16: THE MARKETING MIX
Once the company has chosen its target market or segment, it must create a plan of action to stimulate demand for its products. This is known as defining the marketing mix plan.
This plan involves four key instruments, known as the 4Ps of the marketing mix: Product, Price, Place (Distribution), and Promotion.
1. Product
The first decision a company makes concerns the characteristics its product must have to attract potential customers. This includes design, quality, branding,
Read MoreOptimal Firm Location and Size: Key Factors and Determinants
Firm Location and Size
2.1. Firm Location
The location of a firm is defined as the place chosen by the employer. (Fernández Pirlo, 1981) This is a long-term decision that commits the company for a considerable period. Its importance lies in the fact that:
- The success or failure of economic activity can depend largely on the choice of location.
- Relocating involves significant costs and potential losses.
Furthermore, location influences:
- Access to distribution channels, markets, and potential customers.