Key Stakeholders and Their Impact on Businesses
Owners & Stockholders
Owners and stockholders have a military or non-military interest in an organization or entity. They look for high profit, dividends, long-term growth, and a positive corporate image.
Example: Mr. XYZ is an owner of company ABC and expects a financial return.
Suppliers
Companies build a number of small, loyal relationships with suppliers and associates. This enables each business to develop shared goals, visions, and strategies. Trade buyers and sellers can effectively collaborate
Understanding the EU: Institutions, Policies, and Market Freedoms
Council of the EU
The Council of the EU comprises 28 ministers from the Member States and serves as the main formal point for representing national interests. Its most important functions include setting mid-term sectorial policy goals, approving EU legislation, and establishing the annual budget (along with the European Parliament). It has variable configurations, implying a unique structure and formal possibilities for sub-state ministers representing the states. There are 10 different configurations:
Read MoreFinancial Management: Strategies, Planning & Analysis
Financial Management
Financial Management is a crucial phase of general administration. It aims to maximize long-term wealth, raise funds and contributions, and manage loan resources. It also involves coordinating working capital, investments, and results.
Division Concept Analysis
This phase of general administration focuses on maximizing long-term assets, raising funds and resources for contributions and loans, coordinating working capital and investments, and coordinating results. It involves gathering
Read MoreUnderstanding the Marketing Mix and Service Expectations
The Marketing Mix: 7 P’s
The marketing mix consists of key elements that companies use to market their products or services:
- Product: Physical good features, packaging, accessories, branding, product-support services.
- Place: Channel types, exposures, transportations, outlet locations, storage.
- Promotion: Salespeople, advertising, sales promotion, publicity, internet web strategy.
- Price: Flexibility, price levels, terms, discounts, allowances.
- People: All human actors who play a part in service delivery
Financial and Non-Financial Reward Systems in Business
Payment or Financial Reward Systems
Hourly Wage Rate:
- Payment to a worker made for each hour worked.
- Offers security to workers but is not directly linked to effort.
Piece Rate:
- A payment to a worker for each unit produced.
- If set too low, it could demotivate workers, but if too high, it could reduce incentives.
Advantages:
- Encourages greater effort and faster work.
- Labor cost per unit can be determined in advance.
Disadvantages:
- Requires output to be measurable and standardized.
- May lead to falling quality.
Globalization and Cultural Insights: Japan
Understanding Globalization and Its Drivers
Historically, nations maintained absolute control over the products, people, and capital crossing their borders. However, today’s economies are increasingly intertwined. This growing interdependence signifies a freer flow of goods, services, money, people, and ideas across national borders. Globalization is the term for this trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies. It
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