The term ‘trade’ and ‘commerce’ are often used interchangeably with most people associating one with the other, but there is a difference between trade and commerce. Trade is a branch of commerce that is concerned mainly with the exchange of goods and services whereas commerce is broader. Commerce includes all the other related activities that …
Fire accidents are unexpected and can cause damage to homes or businesses therefore, the importance of fire insurance cannot be over emphasised. Fire insurance helps people rebuild their lives as soon as possible by providing financial resources to the people or businesses affected. Some of the features of fire insurance are related to what the …
Grievances can be very harmful to organisations especially if not addressed properly. Therefore, an organisation should have a step by step effective grievance handling procedure. There is no generalised grievance handling procedure for all organisations, each procedure differs from one company to another however, the processes and steps are similar in most industries. What Is …
Delegation and decentralisation benefit an organisation mainly by improving business performance. Decentralisation results from delegation and each has its own merits and demerits. The two terms may be related but are different in many ways. The difference between decentralisation and delegation are outlined below. What is Delegation Delegation is when a manager or supervisor assigns …
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Industrial relations has evolved from being a near non-existent practice to one of the most important elements in business today, perhaps the most important. Human capital is certainly a determinant of organisation success so the importance of industrial relations cannot be understated. From the dark ages of slave labour, regulation around employment has evolved to …
Various theories of selling have been developed overtime. There has been a lot of research by behavioural scientists regarding selling as an art or a science. As a result, different theories have been proposed. Some of these theories of selling include, AIDAS, the right situation theory and the buying formula, to name a few. What …
Collective bargaining plays a critical role in maintaining peace in organisations. It is a way to include employees’ participation when it comes to issues concerning them. There are various ways of collective bargaining employees can use to put their concerns and views across to their employers. Some of them include distributive bargaining, integrative bargaining, composite …
Any type of insurance is meant to manage risk in the event of unfortunate incidents such as theft, accidents or damage. However, when it comes to ships the stakes are higher. This is because the cargo risks being damaged or stolen, the vessel itself risks being involved in an accident or capsizing and the people …
There are mainly 2 types of risks in insurance that can be covered by insurance companies: pure risk and speculative risk. Under the two major risks other types of risks branch out. Insurance companies cover risks that are classified under pure types of risks in insurance. Speculative risks are not insurable. What Is Risk Risk …
A firm does not operate in a vacuum. There are various external elements that affect how a business operates. These elements can be social, economic and political. It is important that an organisation studies its environment in order to survive, grow and increase its profits. What is a Business Environment A business environment consists of …
