Business

2. In the business world, firms tend to have large costs and therefore it would seem that firms are more likely to insure themselves of these perceived risks by signing onto contracts. However, it turns out that non-contractual relations are very common and subsequently, very important in business. In his piece, “Non-Contractual Relations in Business: A Preliminary Study,” Stewart Macaulay discusses why firms tend to engage in non-contractual relations. There are three main factors why firms…

During this course, I have learned numerous principles about conducting business on an international scale. However, three principles that I believe are most important are: (1) the importance of effectively managing human resources; (2) the necessity of exercising ethical practices within a business; and (3) the effect that foreign exchange rates have on a company’s profitability. First, with respect to effectively managing human resources, it is essential for an organization to provide all of…

3. Why is it so important for business? 3.1 Starting up the business. The importance of business planning is that it helps an organisation to summarise all aspects of the enterprise. The existence of business plan overviews and summarises the following points about the company: • Where it has come from. • Where it is now. • Where it is going in the future. • How it intends to get there. • How much money it needs to fulfil its plans. • What makes it likely to succeed. • What threats or…

newer markets, and newer ventures into business lines are only likely if businesses get concerned in strategic planning. Strategic management allows firms to take a fair view of the activities being done by it and does a cost-benefit study as to whether the firm is cost-effective or not. Just to make a difference, by this, It does not mean the financial benefits only but also the computation of productivity that has to do with evaluating whether the business is strategically aligned to its…

Place Location is a crucial factor in operating a successful business. Professor Dina Gerdeman, a professor at the Harvard School of Business, makes a clever analogy between geographic business strategy and board games. She believed that the location of a business should be thought of in the short-term, like a checkers match, rather than in the long term, like a chess match (Gerdeman 2012). A company must be rapidly adapting to the Global Market. Without fast reaction to the market forces, Bed…

Business 103 Assignment 2: Business Press Paper II Communication is a key element to almost every aspect of life. Whether it is nonverbal or verbal, everyone utilizes some form of communication. As a business professional, communication can make and/or break business relationships and ultimately determine your future success levels. From my perspective, it is important to have both types of communication; however, I believe that verbal communication outweighs nonverbal communication due to the…

2. Written personal reflection on operational business decisions made within the game 2.1 Introduction This game simulates the entire process of factory production. Players will plan and control the process of factory production as a manager of the plant. 2.2 Operations in practice This is Production operations management theory, the theory used in the game. (Guru,2013) Briefly, the production process of operations is input into the output process, as shown. a. Input and output content…

are services such as CRM and service management software. CRM stands for Customer Relationship Management. This product is used by companies such as insurance firms as well as many other types of businesses. Their product is essential to keeping business processes moving along. The goal is to be able to streamline the day-to-day tedious operations. It is one portal that connects all of the different areas of daily operations. It helps to create a place for account management, sales automation,…

is concerning the cognate strategies used in business writing. There are nine cognate strategies, which are “clarity, conciseness, arrangement, credibility, expectation, reference, tone, emphasis, and engagement” (McLean, S., 2010). I will discuss the first five of the nine cognate strategies. Clarity is important in business writing because it helps the receiver to easily read and understand the message. For example, I have used clarity in my business to inform my tenant to leave my place. An…

an opportunity or a threat to international business success. To begin with, lets start defining the word culture. ¿What does culture mean? Culture is the characteristics and knowledge of a particular group of people, defined by everything from language, religion, cuisine, social habits, music and arts. Culture influence to international business because not all the countries have the same tastes, type of clothing, food… "Nowadays, a company’s business dealings are increasingly more…