Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance.
In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strategy not only for companies that seek horizontal integration globally but also for countries that addresses the sustainability of its development in different manufacturing as well as service sectors especially in higher education which is a very important context that needs internationalization to bridge the gap between different cultures and countries. There are several internationalization theories which try to explain why there are international activities.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.
Managerial economics is a branch of economics involving the application of economic methods in the organizational decision-making process. Economics is the study of the production, distribution, and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources. It guides managers in making decisions relating to the company's customers, competitors, suppliers, and internal operations.
Michael Eugene Porter is an American businessman and professor at Harvard Business School. He was one of the founders of the consulting firm The Monitor Group and FSG, a social impact consultancy. He is credited with creating Porter's five forces analysis, a widely-used management framework. He is generally regarded as the father of the modern strategy field. He is also regarded as one of the world's most influential thinkers on management and competitiveness as well as one of the most influential business strategists. His work has been recognized by governments, non-governmental organizations and universities.
Personnel economics has been defined as "the application of economic and mathematical approaches and econometric and statistical methods to traditional questions in human resources management". It is an area of applied micro labor economics, but there are a few key distinctions. One distinction, not always clearcut, is that studies in personnel economics deal with the personnel management within firms, and thus internal labor markets, while those in labor economics deal with labor markets as such, whether external or internal. In addition, personnel economics deals with issues related to both managerial-supervisory and non-supervisory workers.
Market structure, in economics, depicts how firms are differentiated and categorised based on the types of goods they sell (homogeneous/heterogeneous) and how their operations are affected by external factors and elements. Market structure makes it easier to understand the characteristics of diverse markets.
The six forces model is an analysis model used to give a holistic assessment of any given industry and identify the structural underlining drivers of profitability and competition. The model is an extension of the Porter's five forces model proposed by Michael Porter in his 1979 article published in the Harvard Business Review "How Competitive Forces Shape Strategy". The sixth force was proposed in the mid-1990s. The model provides a framework of six key forces that should be considered when defining corporate strategy to determine the overall attractiveness of an industry.
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal Business Economics has been expressed as providing "practical information for people who apply economics in their jobs."
In industrial organization, the minimum efficient scale (MES) or efficient scale of production is the lowest point where the plant can produce such that its long run average costs are minimized with production remaining effective. It is also the point at which the firm can achieve necessary economies of scale for it to compete effectively within the market.
Birger Wernerfelt is a Danish economist and management theorist, and JC Penney Professor of Management at the MIT Sloan School of Management. He is best known for “A Resource-based View of the Firm” (1984), which is one of the most cited papers in the social sciences.
Competitive heterogeneity is a concept from strategic management that examines why industries do not converge on one best way of doing things. In the view of strategic management scholars, the microeconomics of production and competition combine to predict that industries will be composed of identical firms offering identical products at identical prices. Deeper analyses of this topic were taken up in industrial organization economics by crossover economics/strategic-management scholars such as Harold Demsetz and Michael Porter. Demsetz argued that better-managed firms would make better products than their competitors. Such firms would translate better products or lower prices into higher levels of demand, which would lead to revenue growth. These firms would then be larger than the more poorly managed competitors.
CRA International, Inc. is a global consulting firm headquartered in Boston. The firm provides expert testimony and litigation support, strategic advice, and analysis to law firms, corporations, accounting firms, and governments.
Capability management is the approach to the management of an organization, typically a business organization or firm, based on the "theory of the firm" as a collection of capabilities that may be exercised to earn revenues in the marketplace and compete with other firms in the industry. Capability management seeks to manage the stock of capabilities within the firm to ensure its position in the industry and its ongoing profitability and survival.
An enterprise planning system covers the methods of planning for the internal and external factors that affect an enterprise.
Hein Schreuder was a Dutch economist and business executive, executive vice-president corporate strategy & acquisitions at DSM and professor at the University of Maastricht, especially known for his work on "Economic approaches to organizations" with Sytse Douma and for his role in the (second) transformation of DSM.
Tapered integration is a term from organization theory that refers to a mix of vertical integration and market exchange. Upstream, a producer might manufacture some of the input itself and buy the remaining portion from independent firms. Downstream, the manufacturer might sell a portion of its output through an in-house sales force and use independent sales forces to sell the remainder.
Daniel Diermeier is a political scientist and university administrator. He is serving as the ninth chancellor of Vanderbilt University. Previously, Diermeier was the David Lee Shillinglaw Distinguished Service Professor at the University of Chicago, where he also served as provost.
Peter Johnson is a British academic and entrepreneur who is the founder of Venturefest, an entrepreneurial festival. He is an Emeritus Fellow of Exeter College, Oxford. His most notable publications relate to the formal economic underpinnings of business strategy and valuation, and to the philosophical status of physical constants - such as the speed of light - in scientific theories.
