Posts Tagged ‘Business’

Outsourcing in the Business environment

October 10th, 2009

Outsourcing is an option for managing internal tasks. Astaffing tool, outsourcing is an arrangement where by an organization contracts with another organization to perform tasks or functions traditionally handled by internal staff.

When an organization decides that more personnel are needed, it must first decide whether to hire more employees, contract workers,or outsource the functions. The focus is on efficiency and cost-effectiveness when deciding whether to outsource. This decision-making process involves internal analysis and evaluation,needs assessment and vendor selection, and implementation and management. » Read more: Outsourcing in the Business environment

Marketing in the overall Business

September 29th, 2009

There are four areas of operation within all firms: accounting, finance, management, and marketing. Each of these four areas performs specific functions. The accounting department is responsible for keepingtrack of income and expenditures. The primary responsibility of the finance department is maintaining and tracking assets. The management department is responsible for creatingand implementing procedural policies of the firm. The marketing department is responsible for generating revenue through the exchange process. As a means of generating revenue, marketing objectives are established in alignment with the overall objectives of the firm.

Aligning the marketing activities with the objectives of the firm is completed through the process of marketing management. The marketing management process involves developing objectives that promote the long-term competitive advantage of a firm. The first step in the marketing management process is to develop the firm’s overall strategic plan. The second step is to establish marketing strategies that support the firm’s overall strategic objectives. Lastly, a marketing plan is developed for each product. Each product plan contains an executive summary, an explanation of the current marketing situation, a list of threats and opportunities, proposed sales objectives, possible marketing strategies, action programs, and budget proposals. » Read more: Marketing in the overall Business

Listening Skills in Business

September 29th, 2009

Expressive skills and receptive skills make up the two skills of communication. Speaking and writing are generally referred to as expressive skills they provide the means by which we express ourselves to others. The receptive skills, listening and reading, are the ways in which we receive information.

It has been reported that senior officers of major North American corporations spend up to 80 percent of their working time in meetings,discussions, face-to-face conversations, or telephone conversations. Most employees spend about 60 percent of the work day listening. Since such a large percentage of one’s waking time is consumed by listeningactivities, it is clear that we could increase our productivity through listening training.

Listening consumens about half of all communication time, yet people typically listen with only about 25 percent of their attention. Ineffective listeningis costly, whether it occurs in families, businesses, government, or international affairs. Most people make numerous listening mistakes every day, but the costs financial and otherwise are seldom analyzed. Because of listening mistakes, appointments have to be rescheduled, letters retyped, and shipments rerouted. Any number of catastrophes can arise from a failed communication regardless of the type of industry. Productivity is affected and profits suffer.

Research indicates that we hear only 25 percent of what is said and, after two months, remember only one-half of that. This has not always been the case. In first grade we heard 90 percent of what was said, in second grade 80 percent, in seventh grade 43 percent, and by ninth grade only 25 percent. It is imperative that we strive to improve our listeningskills. When havingdifficulty understanding a document that we’re reading, we can reread it for clarification. However, we cannot relisten to oral messages, unless they are mechanically recorded. The listener may misunderstand, misinterpret, or forget a high percentage of the original message. With proper training, though, listening skills can be improved. It has been proven that with extended, focused trainingin listening, one can more than double one’s listening efficiency and effectiveness. » Read more: Listening Skills in Business

Law in Business

September 13th, 2009

Law governs and regulates virtually all aspects of the business process, from the right to engage in a business or trade, to the legal form of a business, to agreements for buying and selling merchandise or renderingservices. Law regulates the quality of products sold and the advertisingof products for sale. Law governs the employment relationship,protects business property, and taxes business income. This article explores the relationship of business and law in several of these areas.

BUSINESS LAW AND LAWYERS

Business in the United States is regulated by the federal and state as well as by town and city ordinances. State law regulating forms of business, business agreements, and some taxes is the most important. Federal law regulates such things as advertising, civil rights, and protection of such property as inventions of computer programs. Local law typically regulates business hours, where one can do business (zoning) and some quality control (buildingcodes). » Read more: Law in Business

International investment

September 8th, 2009

International business is not a new phenomenon it extends back into history beyond the Phoenicians. Products have been traded across borders throughout recorded civilization, extending back beyond the Silk Road that once connected East with West from Xian to Rome. The Silk Road was probably the most influential international trade route of the last two millennia, literally shaping the world as we know it. For example, pasta, cheese, and ice cream, as well as the compass and explosives, among other things, were brought to the Western world from China via the Silk Road.

What is relatively new, beginning with large U.S. companies in the 1950s and 1960s and with European and Japanese companies in the 1970s and 1980s, is the large number of companies engaged in international investment with interrelated production and sales operations located around the world. At no other time in economic history have countries been more economically interdependent than they are today. Although the second half of the twentieth century saw the highest sustained growth rates of gross domestic product (GDP) in history, the growth in the international flow of goods and services has consistently surpassed the growth rate of the world economy. Simultaneously, the growth in international financial flows including foreign direct investment, portfolio investment, and trading in currencies has achieved a life of its own. Daily international financial flows now exceed $1 trillion. » Read more: International investment