Summary about Business Communication, Business Services and Business Softwares

Business communication means system of exchanging business information, results and performance within and outside of business with specific objectives. It also consists set of activities like writing a business letter, report, memo, filling , indexing such document, conducting meeting, seminar and workshop, sharing a business result, performance, achievement, need and problem. It is also related with practice of managing financial and economic activities to achieve business objective through different qualities like speaking, reading, writing and listening.

Business communication includes following importance:

It facilitates techniques for effective negotiation, discussion and interaction with clients and customer.

It helps to increase communication skill of business member which facilitates competitive strength.

It provides tips better management of work force diversity and business in the global market.

It facilitates designing of business document and system of drafting document to concern partner.

It also focuses mutual understanding, psychological satisfaction of business member and exchange of experience among people.

Better management of day to day operation and achievement of goal.

Effective for managing team and group activities.

It provides a technique for settling business conflict and disputes.

Communicating at work

Communicating at work means exchanging work related information like sharing need and problem, receiving instruction, orders and command, providing suggestion and feedback and communicating in different situation while functioning day to day task.

Success in new work:

Today business environment is characterized by globalization with free flow of factor of production but especially of human resources. Organisation hires employees from global market to meet their set of objectives. New work environment means employees in the new job market, new employment conditions, new job, new form of the management, new method, process and system, new channel of communication and new people with different changes. To manage all these changes and to adjust with them role of communication must be effective. A manager can success in work who has developed communication skill i.e. ability to read, write, speak and listen. Successful business manager must have business communication skill like writing report, proposal, business notice, memo and presentation of information. Managerial success depends on many factors among them some factors cannot be controlled but there is only one factor which can be controlled that is your communicating style.

There are so many factor than influence and affects business communication. Some of the factors that change at work place are:

Heightened global competition:

Nowadays all large, medium, small size and cottage industries are planning to move and expand their business in the global market due to development in tele-communication, information technology, transportation system, global opportunities and due to saturation of local market. Doing business in globalization means dealing with member of new language and new cultural back ground for managing successful business in such emerging marketing, feasibility, sensitivity and new knowledge are important parts which can be learned through business communication.

Flattened management hierarchy:

Flattened concept means fewer levels of management and with wider span of control and short lines of communication. Tall and traditional structure ignores employees’ participants and communication skills of follower but flattened management demand that very employee be a skilled communicator because it focuses participative management, collection of suggestion from employees and decentralization of decision making process and for adjusting with in flattened structure communication skill is important.

Thriving in the age of knowledge:

Today’s economic growth is not only the result of factor of production but it is the result of utilization of knowledge and application of creativity. Knowledge is the main wealth with necessary command with presentation. Every manager is engaged in mind analysing activities, conceptual practices with e=interpretation of word, figure, symbol and other picture. but most important skill of knowledge is ability to communicate.

Expanded team based management

Team means collection of people with specific skill, which facilitate synergic result, mutual understanding, team spirit, better output and fulfilment of social need. Nowadays, companies are turning into team performance than individual task and organisation. In the team, the members interact and discuss among each other while sharing knowledge but all team members do not share same knowledge, personal and educational background, same behaviour and personality to cope with this problem companies prefer hiring communicating expert to solve team problem and to develop interpersonal relation among member.

Development in communication technology:

Today’s work environment is directly related with online activities and development of IT , computer, mobiles, and other developments have changed the process of communication . we exchange information through voice mail, email., fax and other software. Meeting can be managed and conducted through tele-conference and video conference. Every business man likes to present report and proposal by using sophisticated software. So, one can get success at work if one is able to use development of IT.

New work environment:

This concept means hoteling and hot desking. In hoteling, there is no personal offices space and personal desk with chamber of member so all activities are managed in the market. In hot desking, there is personal office space, well maintained and equipped chamber, personal desk and table. Hotelling includes problems like nature and attitude of a client, psychological and behavioural differences. Similarly hot desking includes problems like tight rules and regulations, cost reduction, pressure of shareholder, stress from superior and subordinates. To solve all above problem and to manage stress and emotion in the work environment, communication skill is essential.

Work force diversity:

Diversity in the work place means employees from separate cultural background, language, religion and ethnical group in the same work place. To manage work force diversity, knowledge about cultural references religious principles, tradition, flexibility and sensitivity are essential which can be learned through business communication.

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Description about Insurance, Auto Insurance, Buy Car Insurance & Insurance on Loans & Others

Human life is full of risks and uncertainty. Each and every step of life is full of risks. We cannot eliminate risk. However, we can make provision for financial security against risk. Insurance is the means to get financial security against risk. Insurance is a way of reducing uncertainty of occurrence of an event. Insurance is an investment, from which we get return just when certain misfortune happened from predetermined occurrence.

Insurance has wide scope and areas nowadays. So there is no single definition of insurance. Insurance can be defined from the viewpoints of several disciplines. The definition of insurance can be expressed from the viewpoints of law, economics, history, and sociology and risk theory. However, it is better to define the insurance from common viewpoint.

Basic characteristics of insurance:

There are four major characteristics of insurance. Overall definitions of insurance can be expressed based on those characteristics. According to the preceding definitions, insurance typically includes the following characteristics:

Pooling of losses: Pooling is the spreading of misfortunes caused by the couple of over the whole group, so that in the process, average loss is substituted for actual loss. It is the heart of insurance.

Payment of accidental losses: An accidental loss is one that is unforeseen and unexpected and occurs as a result of chance. It is the second characteristics of insurance. The law of large numbers is based on the assumption that losses are accidental and occur randomly for example, a person may be hit by a car in the road and break a leg. The loss would be fortuitous. Only such accidental losses are paid in insurance.

 Risk transfer: Actually, insurance is a risk transfer business, in which a particular risk of an insured is transferred to the insurer. Risk transfer is known that the actual risk is transferred from the insured to the insurer, whose financial position is stronger to pay the loss than the insured. Particularly, the pure risks of individual and organizations that are transferred to insurance company include the risk of premature death, poor health, disability destruction and accidental loss of property and liability lawsuits. Risk transfer is an essential element of insurance.

 Indemnification: Indemnification is one of the most important characteristics of insurance. Insurance should provide somebody with protection, especially financial protection against possible loss, damage or liability.

It should be noted that insurer indemnify the losses from risk only in specific situation. If the loss occurred because of the negligent operation of the owner, the insurance company will not legally be liable to indemnify the losses. However, the insured may be indemnified under some policies such as auto-liability insurance policy, disability-income insurance policy. This will restore at least part of the lost wages.

Requirement of an insurance risk

From the viewpoint of the insurer, there are some major requirements of an insurance risk:

Large number of exposure units: There must be a large number of exposure units. A large group of roughly similar is essential, but they need not necessarily identical. But the exposure units should be subjected to the same types of risks. It is the first requirement of an insurable risk. Main objective of this first requirement is to collect small premiums forming a big pool of fund enough to indemnify the losses. Secondly, large number of insured is required to enable the insurer to predict loss based on the law of large number. Loss data can be complied over time and losses for the group can be predicted with some accuracy. Then the loss costs can be spread over all insured parties. For example, a large number of vehicles in a city can be grouped together for purposes of providing vehicle insurance.

Accidental loss: The loss must be accidental and unintentional. It means the intentional losses should not be paid. It is another important requirement of an insurable risk. If an individual deliberately causes a loss, she or he should not be indemnified for the loss. Thus, the cause of loss should be out of control of the insured. The requirement of accidental loss is for two reasons:

If intentional losses are paid, moral hazard will be substantially increased and insurer will have to face serious financial problem. The premiums must rise as a result. This will decrease the consumers’ purchasing the insurance, which again leads increase in premium. In this way, the insurer comes to the bankruptcy, lack of number of insured and greater number of claims.

The loss should be accidental rather than intentional. A deliberately caused loss is not a random event because the insured knows when the loss will occur. In this way, the prediction of future loss based on the random occurrence of events may be highly inaccurate if intentional loss occurs.

Economically feasible premium: the premium must be economically feasible. It means the insurer must be able to pay the premium. In addition, for the insurance to be an attractive purchase, the premium that must be paid is substantially less than the face value, or amount of the policy. For example, an old man of 99 years wants to enter into a life policy, the insurer can issue a Rs. 100000 life insurance policy, but the pure premium will be about Rs. 95000 as risk is very high. An additional amount for expenses will have to be added. The total premium will exceed the face amount of the insurance. Such policy is neither economically feasible nor attractive. Therefore, there is less chance of entering into an insurance contract with that old man.

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