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How to Become Rich - 7 Best Ways to Get Rich

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Everyone must be aware of the time value of money. Money is not the basic need but can fulfill all the basic and additional needs of our life. Everyone wants to become rich. Everyone wants to earn more money and live their life happily. Wouldn't it be wonderful if you could get rich tomorrow and earn more money? Therefore, follow below tips to earn money in a good manner. Good luck with your profitable career.

1. Invest your Salary- You must be aware of investing your earning salary. You must invest 40 to 50 percent of your salary in the stock market. Do not tempt to spend more and more money when you first make the profit in the stock market. Because it is not hundred percent guaranteed that you always make a profit in the stock market.

Therefore, before investing the money you can have an idea from other people who are expert in the field of stock market.

2. Have knowledge- Before doing any business or job, you must have a clear knowledge about what you are going to do. Choose …

The top 6 WTO member benefits for Small and poor countries

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The small and poor countries join WTO in order to expand business and achieve benefits like Raising living standard, Income opportunity, Employment opportunity, Increase production, Environment production, etc.

However joining WTO, the small and poor countries seems not so happy with the business beyond the border. There are certain reasons like:
1. Political reasons Some of the countries are not able to obtain opportunities due to weak political structure and political instability.
2. Infrastructure Even if there is trade opportunity in joining WTO, the lack of the infrastructure (like a roadway, technology, seaports) always lags small and poor countries behind.
3. Weak negotiation Due to the dominance of big nations in the WTO, small and poor countries always feel weak in terms of making negotiations. The proposals of small and poor countries are not considered in limelight.
4. Domestic producers The domestic players of poor countries are not so capable enough to compete at interna…

The importance of Multilateral trade system in International business

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The multilateral trade system is the trade happening between two or more nations. There is membership of several nations from developing, developed, emerging nations. The multilateral trade is basically for the benefit of trade to all nations. The multilateral trade happens in the organization like WTO, BIMSTEC, SAFTA, NAFTA, EU, etc. The trade system has several principles of Most favored nation treatment, national treatment, special and differential treatment. These principles are made in order to function in a similar manner and provide the benefit of multilateral trade to all.

Most favored nation treatment is one of the principles which comes with the concept of equal treatment to all nations. There are big nations as well as small nations but multilateral trade allows both big and small nation with equal treatment making clear there is no difference to trade between nations.

Nation treatment is another principle of multilateral trade where there is a non-discrimination policy to…

How do tariffs and subsidies protect domestic producers

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Trade policies are the goals, regulations, and standards set by any nation driven by political and economic reasons. There are several instruments to regulate the trade activities, Tariff and subsidy are such instruments which are used by any government in order to protect producers from the competition of similar foreign producers.

Tariff is the duty or charge imposed to import and export certain goods and services from a foreign country. The tariff to the goods can be imposed in order to encourage domestic producers for economic activity. It can be based on a specific fixed rated system.

The goods which are to be preserved to the domestic market are imposed a high tariff for exporting whereas to restrict and discourage more import to support local industries from severe competition there is high tariff in the import of goods. It is an instrument used by the government which helps to boom the domestic market from giant competitors of similar goods from other nation.

The subsidy is t…

Comparative advantage and competitive advantage in International trade

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Trade theories are developed according to the pace of time with improvements in each and every sector. It helps to formulate investment, trade policy. Trade theory helps to allocate the resources in an effective manner. Comparative cost advantage theory and competitive advantage theories are two development of theory to occur trade between countries. The findings of both of the theories differ in their own term.

The comparative cost advantage theory is developed after the absolute cost advantage theory. Absolute cost advantage theory assumed to trade if the country can produce at lower cost with the presence of abundant resources. However, comparative cost advantage theory has the benefit of abundance resource it should trade to those resources which it can produce relatively at the lower cost.

In another way, the competitive advantage was developed by Porter. It majorly focuses on innovation and upgrades to make the trade and gain competitive advantage. He has developed four reasons…

The Opportunities and Threats of Globalization in International business

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The globalization provides opportunities to international business operators are as follows:
Political Liberalization  The political ideology of any nation removes the barrier to conduct trade activities. There is a friendly environment for the investors to conduct the business which is the major reason for the opportunity for globalization.
Technology The technology is innovated and novelties found every day. It is creating the opportunity to globalize as the innovation has made able to operate the business in any corner of the world.
Cost  The opportunity of globalization is the cost factor. In order to gain economies of scale i.e. efficiency in labor, the businesses are operating all around the world.
Market  Due to the need for expansion of the market to operate in a competitive manner is another opportunity to globalize the business.
Competition  The competitive intensity is raising due to which business investors are more influenced to operate globally to grab the opportunity.

Strategic Management - Importance of Internal Factor Analysis

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Internal Factor Analysis Summary 1. Internal factor includes resources and function of an organization such as Marketing, finance, human resource, production/operation, research and development, management information system.

2. The internal factor can be controlled and influenced.

3. Internal factor looks at its own strength and weakness and then look at external factors by identifying opportunities and threats.

4. Internal factor analysis helps to establish long-term objectives, generate, evaluate, and select strategies i.e. strategy formulation.
Importance of Internal Factor Analysis 1. Internal factor analysis helps to analyze its resources and functional strengths and weaknesses.

2. Internal factor analysis helps to understand the factors and work upon those factors so as to gain competitive advantage, growth, profitability in the firm.

3. Internal factor analysis helps to internally assess the organization and formulate, implement, and evaluate the strategic plan and cross-func…

Strategic Management - Characteristics And Effectiveness of Strategic Groups

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Strategic groups are a group of similar firms/business within an industry having the same business models and strategies. For example, the restaurant industry having fast food, fine dining, etc.

1. Strategic groups help to identify the direct competitors and competitive environment.

2. Likely or possibility of one strategic group moving to another group within an industry.

3. Identify strategic problems.

4. Strategic groups help in identifying opportunities.

Therefore, Strategic groups help to understand the opportunities, strategic problems, possibility of moving from one group to another, and identify its direct competitors.

Strategic groups characteristics can also be a way to understand its effectiveness.

1. Market Segments

2. Product/Services Diversity

3. Product/Service Quality

4. Pricing

5. Distribution Channels

6. Geographical Expansion

Importance of Mission Statement while Preparing An Effective Strategic Plan

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Mission Statement is important because it explains the existence, objectives, and goals of our business. A mission statement is crucial for any organization so as to understand its business purpose very clearly and well identified so as to achieve the advantage, profitability, and growth.
Nine Components of a Mission Statement 1. Customers- Who are the firm's customers? Analyzing the customer and serving them.

2. Market- Size of a market, Segmentation of markets.

3. Technology- Do the firm have advancement in technology? Is the firm using innovative technology?

4. Philosophy- Firm's policies, beliefs, attitudes, values.

5. Concern for growth and profitability- Is the firm has a chance to grow and earn a profit? How growth and profitability are to be achieved?

6. Concern for the public image- Is the firm concerned for social responsibility?

7. Concern for employees- Is the firm takes employees as their valuable asset to the firm?

8. Geography- Firm's geographical expansion…

Importance of External Environmental Analysis in Strategic Management

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External Environmental Analysis (EEA) is the analysis of the external environment which helps in analyzing the trends and activities of the industry in the marketplace. The processes of EEA are:
1. Scanning
2. Monitoring
3. Forecasting
4. Accessing
Micro and Macro factors in the Business Micro factors look at the specificity and macro factors look at the overall economy/business. Micro factors can be influenced because it is an assessment of the specific firm, and Macro factors are less influenced because it is external factors which are difficult to predict and understand. Therefore, micro factors are the factors of the specific firm such as the functional department, policies, procedures, laws, etc which can be influenced and changed when necessary. But, macro factors are external factors/segments such as demographics, political, legal, socio-cultural, technology, environment, legal issues that can be difficult to predict and influence.
The typical External Environmental AnalysisSc…

Importance of Resource-Based View in Strategic Plan Design

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The resource-based view is very effective because resources are an important part of an organization that defines the organization's distinctive competencies and capabilities. It helps in the competitive advantage over our competitors and helps in the growth and profitability of the firm.

Resource-based view helps the organization to understand the accessibility of resources and using/implementing/allocating those resources effectively and efficiently.

Resources are of three types:
1. Rare resources (which other organization doesn't have much or doesn't have at all)
2. No substitute for resources that you have/own
3. Hard to imitate by the other competitive organization

The type, amount, and nature of resources are to be understood by the organization so as to use it and allocate the resources properly.

It looks at the specific products and services rather than a vaguely defining organization. Resources and functional both are important in understanding the strengths and …