Wage & Salary Essentials: Employee Compensation Concepts
Wage Characteristics and Significance
Key Features of Wages
- Convertible into money.
- Involves reciprocity (an exchange for work).
- Should produce enrichment for the worker.
- May involve alienation (from the product of labor).
Meaning and Implications
- Wages are not delivered as a gift; they imply an exchange for services.
- They represent enrichment to the recipient. Therefore, what an employer gives to a community or group of workers is not considered individual salary.
- Wages are payable in return for work performed.
Key Concepts in Entrepreneurship & Project Success
Women Entrepreneurship: Impact & Challenges
Concept of Women Entrepreneurs
A woman entrepreneur is a woman who initiates, organizes, and operates a business enterprise by undertaking financial, administrative, and social risks. According to the Government of India, a woman entrepreneur is one who owns and controls at least 51% of the enterprise and employs herself in the business.
Role in Economic Development
Economic Empowerment of Women: Women entrepreneurship helps in reducing gender inequality
Essential Marketing & Business Concepts
Management Orientations
Ethnocentric Orientation
Occurs when someone believes their own country is superior to others. This belief is often linked with national arrogance or assumptions of superiority, which may lead to a disregard for foreign markets, viewing only similarities across markets, and ignoring opportunities outside.
Polycentric Orientation
The opposite of ethnocentrism, this is the belief or assumption that each country in which a company does business is unique.
Regiocentric Orientation
A
Read MoreNigeria Market Entry Strategy: Factors, Partnerships, Integration
Nigeria Market Analysis: Macro & Micro Factors
To successfully enter the Nigerian market, we must identify and analyze both macro and micro environmental factors.
Macro Environmental Factors
FACTOR | EXAMPLE |
Economic Growth | “Economic growth above 4% per year and an exponentially growing rate of consumption.” |
Infrastructure and Logistics | “Lack of infrastructure → complications in logistics.” |
Political Stability | “Corruption → political instability.” |
Population Size | “Giant of Africa” → |
After-Sales Service: Boosting Customer Loyalty & Business Growth
After-Sales Service: Definition and Importance
After-sales service encompasses the mechanisms and tasks an organization employs post-sale to achieve complete customer satisfaction. It serves as a crucial source of information and should be viewed as an investment. It is often easier to sell new products to satisfied customers than to acquire new ones. Furthermore, their recommendations can attract new customers, fostering organic growth.
Advantages of After-Sales Service
- Provides greater customer satisfaction.
Essential Strategic Business Frameworks
Porter’s Five Forces Model
1. Threat of New Entrants: New entrants may increase the intensity of competition in mature market situations. Rapid market expansion is possible and feasible during the introduction and growth stages. New entrants to an industry typically bring new capacity, a desire to gain market share, and substantial resources. They are, therefore, threats to established firms. The threat of entry depends on the presence of entry barriers and the reaction that can be expected from
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