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Strategic Management Process

Strategic Management Process may be simply defined as the process through which a company formulates its business strategy. ELEMENTS IN STRATEGIC MANAGEMENT PROCESS   A. Establishing the hierarchy of strategic intent – Creating and communicating a vision Designing a mission statement Defining the business Adopting the business model Setting objectives   B. Formulation of strategies – Performing environmental appraisal Doing [...]

Managing Service Quality – Marketing of Services

Quality is fitness for use, the extent to which a service successfully serves the purpose at user. Service Quality refers to the difference between customer expectations and service provider`s actual performance.   FACTORS AFFECTING SERVICE QUALITY Access – Ease and approachability of service Aesthetics – The extent to which service package components are pleasing to the customer Attentiveness/helpfulness of staff/service [...]

World Trade Organization – Objectives, Functions,Structure,Benefits and Drawbacks

World Trade Organization  The Uruguay round of General Agreements on Tariffs and Trade (GATT) (1968-93) gave birth to World Trade Organization (WTO).  World Trade Organization was formed as a replacement for General Agreements on Tariffs and Trade in 1995 with the purpose of supervising and liberalizing international trade.  Unlike GATT, World Trade Organization is a permanent organisation which has been [...]

Corporate Governance – Meaning, Objectives, Pillars, Tools

Corporate Governance is the process under which people in power, monitor, direct and lead an organization in order to create, modify or destroy the structure and procedures under which the organization operates. It deals with: Provision of fair return on investment to shareholders Development of a value oriented organization Creating transparency in dealings Taking effective strategic decisions for the company Achieving [...]

Business plan & Preparation of a Business Plan – Entrepreneurship

Business Plan   A Business Plan is a blueprint of the step by step procedure that would be followed in order to convert a business idea into a successful business venture. It involves the following tasks – • Identifying business opportunities and an innovative idea • Researching the external environment for opportunities and threats • Identifying internal strengths and weaknesses • [...]

Job Design & techniques of Job Designing

Job design is the organization of tasks, duties and responsibilities of human resources in an organization. The main focus is on allocation and distribution of duties, authority and responsibilities to a job in an organization. Job designing involves careful analysis of the mental capacity, efficiency and motivation of a worker and the working standards/procedure used by a worker in performance [...]

M commerce – Meaning, Applications and Advantages

M Commerce can be defined as any electronic commerce activity conducted over a wireless network through mobile devices. It includes activities such as buying and selling of goods, provision of services and information, online transactions etc. Wireless networks like GSM, CDMA, TDMA, GPRS and UMTS enables a user of a mobile device to access a variety of information stored on [...]

Consumer behaviour – Meaning, Nature, Scope, Elements, Importance

Consumer behaviour can be defined as the decision making process and physical activity involved acquiring, evaluating, using and disposing of goods and services. Consumer behaviour refers to the behaviour that consumer display in searching, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. According to Walter – “Consumer behaviour is the process where [...]

Machine Language, Assembly and High level computer Language

Machine Language  Machine Language is the language written as strings of binary 1`s and 0`s. It is the only language which a computer understands without using a translation program. A machine language instruction has two parts. The first part is the operation code which tells the computer what function to perform and the second part is the operand which tells the [...]

Non Banking Financial Company (NBFC) in India – Role and Importance

Non Banking Financial Company (NBFC) A Non Banking Financial Company is a financial institution that does not have a full banking license and facilitates bank related financial services.  It means – (a) A financial institution that is a company (b) A Non-banking institution that is a company whose principal business is the receiving of deposits (c) Such other institution registered [...]

Financial Planning and Financial Planning Process

Financial Planning   Financial management helps to determine the financial requirement of the business concern and leads to financial planning.  Financing Planning plays a major role in the areas of financial management such as capitalization, financial structure, leverage and forecasting.  It includes the following important parts – (a) Estimating the amount of capital to be raised (b) Determining the form [...]

Consumer Research – Introduction, Steps, Process

Consumer research just like market research follows a series of steps for better decision making. Consumer research is carried out to understand how customers respond to various sales offers and advertising appeals, changes in consumer perceptions and attitude and forecasting future needs, taste & preferences of a consumer. Consumer research helps a marketer to frame appropriate strategies, face thriving competition [...]

Business Statistics Formula – Cheat Sheet / Handbook

Business Statistics Formula Handbook Table of Contents Measures of Central Tendency Measures of Dispersion Correlation Regression Sampling Test of Hypothesis Chi-Square Test Index Numbers Interpolation Extrapolation Measures of Central Tendency – MEAN, MEDIAN, MODE MEAN – It is the average of a given set of observation. Ungrouped data Grouped data Direct Method: Shortcut Method: Combined Mean:   MEDIAN – It is the [...]

Entrepreneurship-Meaning,Nature,Functions,Process,Scope,Barriers

Entrepreneurship   Entrepreneurship comes from a french word `Entrependre’ and the German word `Uternehmen’ both meaning individuals who are `undertakers’ i.e. those who took the risk of a new enterprise. Entrepreneurship is a dynamic activity which helps the entrepreneur to bring changes in the process of production, innovation in production, new usage of materials, creator of market etc. It is [...]

Financial Markets – Money Market & Capital Market

Marketplaces setup to carry out financial activities are known as Financial Markets. A Financial Market is any marketplace where buyers and sellers get together to participate in trading of financial assets such as shares, bonds, currencies and other financial instruments. Financial markets are characterized by transparent pricing, regulation on trading, Underwriting costs and fees, and operation of market forces which [...]

Recruitment – Factors affecting and Sources of Recruitment

Recruitment refers to the process of finding possible candidates for a job or a function. According to Flippo, “Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in an organization.”  It has been defined as the process of searching for prospective employee and stimulating them to apply for jobs in an organization. Through [...]

Memorandum of Association – Company Law

Memorandum of Association is simply the constitution or charter of a company. According to the companies Act, 2013, “memorandum” means “memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act.” The memorandum of association contains the fundamental provisions of the company’s constitution and all [...]

Globalizaton – Meaning, Parameters, Features, Conditions, Types, Process, Advantages and Disadvantages

Globalization Globalization means integrating the economy of a country with the economies of other countries under conditions of free flow of trade and capital and movement of persons across borders. IMF defines globalization as “The growing economic interdependence between countries through increasing volume and variety of cross-border transactions in goods and services and of international capital flows and also through [...]

Securities and exchange board of India – SEBI

The Securities and exchange board of India – SEBI was constituted on 12th April, 1988 as a non-statutory body through a resolution passed by the Government of India for dealing with all matters relating to development and regulation of securities market, protect the interests of investors and advice government on all these matters. It was given statutory powers on 30th [...]

Corporate Restructuring and various forms of Corporate Restructuring in India

Corporate Restructuring Corporate Restructuring implies activities related to – ♦ Expansion/contraction of a firm’s operations or ♦ Changes in its Assets or Financial or Ownership structure ♦ Changes in Corporate control     Forms of Corporate Restructuring The most common forms of corporate restructuring are mergers/amalgamations, acquisitions/take overs, financial restructuring, divestitures/demergers and buy-outs.  It is essentially the process of re-designing one or [...]

Agricultural Marketing – Activities,Objectives,Scope,Changes and Problems

Agricultural Marketing   According to National Commission on agriculture “Agricultural Marketing is a process which starts with a decision to produce a saleable farm commodity and it involves all aspects of market structure of system both functional and institutional, based on technical and economic considerations and include pre-harvest and post-harvest operations, assembling, grading, storage, transportation and distribution” Agricultural Marketing can [...]

Prerequisites for Successful Project Implementation

In order to minimize time and cost over-runs during the implementation of a project it is necessary to study about the prerequisites for successful project implementation. Keeping checks on these prerequisites help to improve prospects of successful completion of projects. The Prerequisites for successful project implementation are as follows: Adequate formulation Sound project organisation Proper implementation planning Advance action Timely [...]

Human Resource Management Introduction – Part 1

Every organization has resources in terms of Men, Material, Money and Machinery. An organization aims at optimum utilization of these resources in order to succeed in the long run. Since optimum utilization of money, material and machinery depends upon the quality of people of the organization, therefore people are the most significant resource of an organization. In order to grow [...]

International Market Intermediaries – International Business

International Market Intermediaries are middleman or intermediaries who act as channel members in the product distribution channel. They facilitate the sales process buy linking buyers with sellers. International Market Intermediaries are responsible for seeking potential buyers/sellers , negotiating terms of trade and importing/exporting the products to the end user.    Types of International Market Intermediaries   The Various types of International Market [...]

Human Resource Management Introduction – Part 2

Go to Part 1 Human resource Management encompasses activities which are designed to provide for and coordinate human resources of an organization.  Functions of Human Resource Management   Managerial Functions Operative Functions Planning Procurement Organising Human Resource Development Directing Compensation Management Staffing Human Relations Controlling     Procurement Human Resource Development Compensation Management Human Relations Job Analysis Performance Appraisal Job Evaluation [...]

12th Five Year Plan (India) – Overview and Objectives

India was left with crippling economy when the British left. After Independence, India needed well planned strategies to sustain and grow the economy and compete with other developing countries. In 1947 a committee on economic planning was formed under the chairmanship of Pundit J. L. Nehru, which suggested the plan to constitute a Planning Commission. On March 1950, The Planning [...]

Training in Human resource Management

Training – It is referred to as teaching specific skills and behaviour to employees for effective performance of their task. It is the process by which the employees are taught skills and given the necessary knowledge to carry out their responsibilities according to the desired standards.   A Systematic Approach to Training Assessment – Determine training needs, Identify training objectives Implementation [...]

International Business – Introduction to International Business

International Business International Business refers to the global business where goods and services are exchanged between countries. It involves transfer of goods, services, information, resources, capital etc. International business comprises of all commercial transactions that take place between two or more countries beyond their political boundaries. These transactions may take place between private companies or governments of different countries. According [...]

Project Management Introduction

Project management refers to the application of man, machinery, money and knowledge to achieve objectives of a project. A Project may be defined as “a system involving coordination of different departments throughout the organization which must be completed within prescribed schedule and budget constraints.” A Project is essentially an organized unit dedicated towards achieving predetermined objectives related to development of [...]

E-business VS E-commerce – Features & Difference

E-commerce refers to a dynamic set of technologies, application and business processes that link buyers and sellers through electronic networks to carry out commercial transaction and exchange goods, services and information. It involves – Market transactions conducted over electronic networks Interactive platform for trade related activities Buying and selling of goods and services over public networks   A typical E-Commerce [...]

Computer System – Introduction

What is a Computer System ? A Computer system includes the computer along with software and hardware that are necessary to operate a computer. The word computer comes from the word “compute” which means to calculate. A computer may be defined as an electronic device, which can store and manipulate data and provide result according to instructions fed by the user. [...]

Working Capital Requirement

The Working Capital Requirement of a business is the sum of current assets or the amount of funds necessary to cover the cost of operating expenses of the business. The two main components of working capital are current assets and current liabilities. The excess of current assets over current liabilities is known as working capital. Working Capital = Current Assets [...]

Factoring – Introduction, Functions, Advantages to client & buyer

Factoring is a financial transaction between two parties, client and a factor, in which the client sells its accounts receivable (Money owed to client by a buyer) to the factor to receive money immediately in exchange. Factoring is an agreement in which receivables arising out of a sale of goods/services are sold by a firm (client) to the factor (financial [...]

Sampling Methods/Techniques of Sampling

Sampling methods can be categorised into two types of sampling: Probability Sampling – In this sampling method the probability of each item in the universe to get selected for research is the same. Hence the sample collected through this method is totally random in nature. Therefore it is also known as Random Sampling. Non-Probability Sampling – In this sampling method [...]

Cultural and Social Factors in Consumer Behaviour

The Various Cultural and Social Factors that affect the decision making process for a consumer are: Culture Sub-culture Social Class Reference Group  Opinion Leaders  Family (1) Culture refers to the way of living of a group of people. It includes knowledge, belief, traditions, morals, values, customs and other such habits that are acquired by humans as members of a group. [...]

Internet, Intranet & Extranet

What is Internet ? Internet is a global system of interconnected computer networks that use standard internet protocol suite to kink several devices worldwide. It is an international network of networks, linked by optical, wireless and electronic networking technologies which consists of business, public, educational and government networks. It carries an extensive range of information, resources and services. It utilises [...]

Formation and Incorporation of a Company – Company Law

The procedure for the incorporation of a company can be understood through the following steps – Selection of the type of a company- The first step for incorporation of a company is to select the type of company the promoters or owners wish to form i.e. one person company, private company, public company, non-profit company etc.   Preliminary Requirements – [...]

Vision & Mission of a Company – Strategic Management

Vision A Vision serves the purpose of stating what an organization wishes to achieve in the long run. According to Kotler “It is a description of something (an org, corporate culture, business, technology, and act) in the future. According to miller and dress “Vision is category of intentions that are broad, all inclusive and forward thinking.” There are two components [...]

Strategic evaluation and control-Types of Control,Strategic Evaluation Process,Importance

Strategic evaluation and control   Strategic evaluation and control is the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective actions whenever required. Control can be exercised through formulation of contingency strategies and a crisis management team. There can be the following types of control – (i) Operational control- It is aimed at allocation [...]

Types of Lease – Leasing

There are various types of lease on the basis of: The extent to which the risks and rewards are transferred The number and nature of parties to the transaction The domicile of the equipment manufacturer Types of Lease: On the basis of extent to which the risks and rewards are transferred there may be two types of lease: (i) Financial Lease or [...]

Discipline, Indiscipline & Disciplinary Procedure

Discipline simply means order in work and conduct of organizational members. Discipline is necessary in an organization to ensure that all employees of the organization follow the rules, regulations and procedures while carrying out their job. According to Dale Beach, “Discipline regulates (by reward or punishment) the human behaviour in an organization” According to Garry Desseler, “Discipline is a procedure [...]

Introduction to Women Entrepreneurship

Women Entrepreneurship Women entrepreneurship is the process in which women initiate a business, gather all resources, undertake risks, face challenges, provides employment to others and manages the business independently. Approximately 1/3rd of the entrepreneurs in the world are women entrepreneurs.   According to definition given by Government of India – “A women entrepreneur is defined as an enterprise owned and [...]