Electronic Data Interchange EDI – Components,Applications, Advantages

Electronic Data Interchange EDI – is the exchange of business documents between any two trading partners in a standard or structured, machine readable form. EDI is used to electronically transfer documents such as purchase orders, invoice, shipping bills, and communicate with one another.  A Specified format is set by both the parties to facilitate transmission of information. Traders use Electronic […]

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Principles of Management – Introduction, Nature, Process, Importance

“Management is the art of getting things done through people in formally organized groups” – Koontz Management refers to a set of activities (planning, organising, decision making, controlling etc.) directed towards an organisation’s resources (human, financial, physical and informational) with the aim of achieving organisation’s goals in an efficient and effective manner. According to Henry Fayol – “To manage is to […]

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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 […]

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Business Statistics – Meaning and Importance

Business Statistics refers to the application of statistical tools and techniques to business and managerial problems for the purpose of decision making. What is Statistics ? Statistics is simply the study of numerical data, facts, figures and measurements. Statistics is used to convert raw numerical data into useful information for relevant users. According to Bowley, “Statistics is a science of […]

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Determinants & Factors influencing Consumer Behaviour

In a Market, different consumers have different needs. As all consumers are unique they exhibit different behaviour while making a purchase decision due to various factors influencing consumer behaviour. Therefore it is important to understand the various factors influencing consumer behaviour. Factors Influencing Consumer Behaviour The Various factors influencing Consumer Behaviour can be classified into 4 categories: Economic Factors Personal […]

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Consumer Decision Making – Process, Models, Levels, Decision Rules

Consumer Decision Making Process Consumer Decision making is a process through which the customer selects the most appropriate product out the several alternatives. The Consumer decision making process consists of a series of steps that a buyer goes through in order to solve a problem or satisfy a need. They are as follows: (1) Need/Problem Recognition – A purchase process starts […]

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Segmentation of Market – Consumer Behaviour

Segmentation of Market (Market Segmentation) is concerned with dividing the total heterogeneous population into smaller homogeneous groups of customers who share similar needs and wants. Through market segmentation organizations identify different groups of customers in the market that can be targeted effectively with specific products and services and through a specific marketing mix (4p`s strategy). A market segment is a […]

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Family Influence on Consumer Behaviour

To understand Family influence on consumer behaviour lets first understand the important elements of a family.  A family is an important element that affects the consumption and disposal of products by an individual. A family may be defined as two or more people living together, related by blood or marriage who share a common house, common income and similar status […]

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