- •1. Communication in business.
- •2. Advantages Of Being Self Employed
- •3. Nature of people and employment. Changes in the nature of employment.
- •4. Company culture
- •5. Free trade, import, and export.
- •6. UsPs and the product life cycle.
- •8. Competition and Product Development.
- •9. Inventions and Innovations.
- •10. Negotiating a bank loan.
- •11. Market research methods.
- •17. Success and failure in the business
- •18.Time-management
- •19. Multinationals
- •20. Questions of company culture
- •21. Supply and demand
- •22. Negotiation Techniques
- •23. Dealing with customers
- •24. Corporate Mergers
- •25. International trade
- •28. Working in a family business.
- •29. Damages claimes
21. Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity. Supply is how much of something is available. Demand is how much of something people want. It sounds a little bit harder to measure, but it really isn't. To measure demand, we can use a very simple numbering system, just like the supply one. If something has a high price, you can usually conclude that the demand for that item is low. In the same way, if something has a low price, you can usually conclude that the demand for that item is high. So we have supply, which is how much of something you have, and demand, which is how much of something people want. Put the two together, and you have supply and demand.
The four basic laws of supply and demand are:[1]
If demand increases and supply remains unchanged, then it leads to higher equilibrium price and higher quantity.
If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and lower quantity.
If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity.
If supply decreases and demand remains unchanged, then it leads to higher equilibrium price and lower quantity.
22. Negotiation Techniques
Negotiation is the process of searching for an agreement that satisfies various parties. An agreement may be reached either through a barter or through real negotiation. A barter allows only one party - the party in a position of power - to "win"; the other party is forced to accept something of lesser value. A real negotiation implies a "win-win" situation, in which all parties are satisfied.
Let us go through some negotiation techniques in detail:
The first, for an effective negotiation is one should be well informed with everything related to the deal. Find out even the minutest detail you think is important and you might require at the time of negotiation. Be prepared for everything. Remember the second party might ask you anything.
Look confident. While speaking, don’t look around or play with things. It’s just a discussion, no one will kill you if you are not able to close the deal. Take care of your dressing as well. Don’t wear anything which is too casual. If you dress casually people will not take you seriously. Be a patient listener. Listen to others as well. Think about their interest and needs as well. Don’t ask for anything which would not benefit the second party. Don’t jump to conclusions and never interfere when the other person is speaking. Communication is also important in negotiation. Speak clearly and precisely. One should not confuse others. Playing with words is one of the biggest threats to negotiation. Don’t use derogatory or lewd remarks against anyone.