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"Key Concepts in Business" - Coggle Diagram
"Key Concepts in Business"
Globalization and Technology
o Challenges
Quality, delivery issues, adapting to local needs, economic instability
o Technology
Productivity boost, e-commerce, remote work
o Global Market Entry
Online sales, outsourcing, physical presence
o AI Impact
Automation, data analysis, AI in recruitment and training
o Globalization
New markets, increased competition
Specialization and downsizing
o Key Factors
Immigration policies, portable benefits, work visas
o Talent Mobility
Global workforce, aging population in Canada, barriers
Organizational Structure
o Formalization
Fixed roles vs. flexible roles
o Centralization
Centralized vs. decentralized decision-making
o Span of Control
Number of direct reports to a manager
o Departmentalization
Grouping by tasks, products, geography, etc.
o Chain of Command
Reporting structure
o Emerging Trends
Flattening structures, tech-driven organizations
o Work Specialization
Dividing tasks, risk of boredom
o o Organizational Structures
Functional, Divisional, Matrix, Flat, Hierarchical, Network, Holacracy, Team-Based, Adhocracy
Small Businesses
o Community Benefits
Local jobs, innovation, tax base
o Benefits of Entrepreneurship
Freedom, earnings potential, family asset
o Reasons for Growth
Downsizing, flexibility, internet marketing
o Challenges & Survival Tips
Hard work, good planning, market and finances knowledge
o Small Business Importance
98% of Canadian businesses, less than 50 employees
Importance of Culture
o External Factors
Government policies, technology, globalization
o Adapting Culture
Owner's beliefs, changes as company grows, employee involvement
o Importance of Culture
Cultural fit > Skills, attracts talent, boosts engagement
o Culture Indicators
Dress code, rewards (wages, development, recognition, healthy workplace)
Unions
o Union Impact
Improve wages, benefits, job security; affects competitiveness
o Avoiding Unions
Fair treatment, good wages, internal promotions
o Union Purpose
Prevent unfair practices, collective bargaining
o Future of Unions
Cooperation with management, need to adapt