Essential Business Management and Finance Key Concepts
Financial Objectives
- Survival
- Increase market share
- Profit
Private and Public Limited Companies
Private Limited Companies
- Advantages: Control can’t be lost, shareholders have limited liability
- Disadvantages: Profit is shared, can’t raise huge amounts of money
Public Limited Companies
- Advantages: Large amounts can be raised, shareholders have limited liability
- Disadvantages: Setting up is very expensive, outsiders can take control
Location
- Proximity to market: To keep transport costs down
- Proximity to competitors:
International Labour Standards: The Foundation of Decent Work
The Role of International Labour Standards
In 1919, the nations that signed the Treaty of Versailles created the International Labour Organization (ILO) because poor working conditions, injustice, and hardship threatened peace and social stability. To address this, the ILO created international labour standards through Conventions and Recommendations developed by governments, employers, and workers.
The ILO’s founders understood that the global economy needed clear rules so that economic progress
Read MoreGlobal Trade Dynamics and Economic Protectionism
1. Globalization
Globalization is the process in which countries, companies, and consumers become more connected. A product can have a brand from one country, be made in another country, and belong to a company from a third country. Example: Volvo is a Swedish brand, but it belongs to the Chinese company Geely.
2. International Trade
International trade is the exchange of goods, services, capital, labor, and information between countries. The main participants include governments, multinational companies,
Read MoreEssential Negotiation Strategies and Case Study Analysis
1. Handling Negotiation Anchors
When someone sets an anchor, do not react immediately. First, recognize the anchor, ask questions to understand the rationale behind the number, and gather information before presenting a counteroffer.
2. Neutralizing Dirty Tactics
To effectively handle tricky tactics:
- Recognize the tactic: Maintain emotional control and do not react impulsively.
- Set boundaries: Address the issue directly without attacking the individual.
- Use objective criteria: Rely on your BATNA to avoid
Advanced Negotiation Strategies and Frameworks
BATNA: Best Alternative to a Negotiated Agreement
BATNA (Best Alternative to a Negotiated Agreement) is the course of action you pursue if a deal falls through. It serves as your backup plan, baseline, and primary source of leverage.
To Identify Your BATNA:
- Map out every realistic path forward if the deal does not happen.
- Evaluate which alternative is most effective by accounting for costs, probabilities, and strategic objectives.
- Convert your BATNA into a specific walk-away threshold that tells you
Advancing Workplace Inclusion: The Tata Steel DEI Strategy
Core Concepts of Diversity, Equity, and Inclusion
Key Definitions
- Diversity refers to the presence of differences within a given setting, encompassing race, gender, age, ethnicity, religion, disability, sexual orientation, education, and national origin.
- Equity means ensuring fair treatment, access, opportunity, and advancement for all people while identifying and eliminating barriers that have prevented full participation of some groups.
- Inclusion is the practice of creating environments where any