June 2019: Which Corporate Strategy is better for you? Corporate strategies usually deal with different types of strategies, each having different choices to make. The directional strategy deals with the company's overall orientation towards business growth, stability, or retrenchment, this depends on many factors related to the companies internal and external situation. Growth strategies can be either concentrated on main markets and products (vertical / horizontal integration), or by diversification of business lines. Stability strategy implies sustainment of current profits, with no change, pausing or waiting for future circumstances. The retrenchment strategy usually means shrinking of business or even liquidation. The second type of strategies is portfolio strategy, dealing with markets and products offered, and third type is parenting strategy, for coordinating product lines and business units.
May 2019: What is an ERP system? ERP stands for Enterprise Resource Planning, and it's a very common term is today's business environment. It refers to an information system that's used to automate many of the organizational cross-functional activities, in an integrated way that can extend to activities beyond the organizational boundaries. It's a collection of sub-systems related to supply chain management, accounting, customer relationship management, HR, sales, procurement and contracting, etc. Many ERP systems are available from several software providers, with different features that fit various business needs and sizes. Usually companies who decide to implement an ERP system do this on an incremental manner, by adding modules of the system one after another, based on priority and needs, to convert from manual systems to the ERP automation.
April 2019: How staff performance can be measured? There are three common approaches for performance measurement: traits, results, and behavior. The traits measurement method is based on personality traits of individual employee, meaning assessment of personal characteristics and matching that to job requirements. The results measurement approach focuses on evaluating the final outcome of tasks performed by the employee. This can be useful in cases where there are several ways to achieve the result, when the results and behaviors are obviously related, or when workers are skilled enough in required behaviors. Measuring behaviors, i.e. competences and activities for doing the job, is useful when results are not dependent on behavior, or when outcomes take long time to fruit, or when results could suffer due to reasons out of employee's control.
March 2019: What is Porter's Approach for Industry Analysis? It's an approach for analyzing the external business environment for a certain company, which identifies the strategic external factors affecting the organization by understanding six forces in the environment, namely: potential new entrants, rivalry among existing firms, bargaining power of buyers, bargaining power of suppliers, threat of emergence of substitute products or services, and power of other stakeholders (government, unions, communities, etc.). A weak force of any of these threats is considered an opportunity for the firm under consideration. This is one of the techniques used in applying SWOT analysis for strategic planning, and it aims at identifying threats and opportunities that are of high impact and probability with regard to the firm's external environment.
February 2019: How to think critically for problem solving? Critical thinking is the objective, unbiased analysis of a problem, for exploration of solutions, with sustained suspension of judgment with awareness and acknowledgment of multiple perspectives and alternatives. Without critical thinking you would jump to conclusions, put misassumptions, and make unguided decisions regarding issues in hand. In order to think critically, you need to maintain doubt about the issue and suspend judgment, realize existence of different alternatives and perspectives to viewing the issue, test alternatives with guidance of experience and knowledge, understand limitations on resolving an issue, and being rational, skeptical, and unbiased in evaluation and analysis. This way of thinking will allow for innovation and reaching to out of the box solutions that might have been in blind areas before.
January 2019: What is International Business Management? In today's flat world, where globalization in world economy is a fact, companies don't afford not to go global for transactions of their goods and services. Extension across national borders of countries allows companies to find new opportunities for growth and improvement of their business model, by benefiting from diverse resources and cheaper production costs around the world. There are different methods for entry to foreign countries for international business conduct, ranging from import/export trading, to licensing, franchising, and contracting methods, to full ownership, merger, and acquisition of business in foreign countries. International business management would require awareness and analysis of economic, political, and socio-cultural factors in the country, with attention to potential risks involved.
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