Wholesaler is a trader, who buys goods in bulk quantities and sell it in smaller ones. On the other hand, distributors are the reseller of products, which cover a specific area or market. To make goods available to the final consumer, a manufacturer or producer should choose the best channel for distribution, as he cannot sell the goods directly to consumers. In this way, the supply chain of a company has a great role to play because it highly influences its marketing and promotional … [Read more...]

After business planning is performed and the organisation structure is determined, the next step in the process of management is staffing. While planning decides what is to be done, organising determines, how is to be done, staffing decides who is going to do it. Many often misconstrue staffing for recruiting, but they are different, as in staffing refers to putting right people at jobs, recruiting means seeking possible candidates and encouraging them to apply for the vacant position. To … [Read more...]

The term HRM expands to Human Resource Management; it implies the implementation of management principles for managing the workforce of an organisation. It is concerned with the process of hiring, developing and retaining the manpower, with a view to making them more efficient. When conventional HRM is compared and contrasted with the strategic HRM or SHRM, it becomes easier to understand. SHRM is the process of aligning the business strategy with the company's human resource practices, so as … [Read more...]

One of the objectives of the management is to establish a sound organisational structure and to do this, effective authority and responsibility relationship should be created, i.e. Who is accountable to whom? Who are superior and subordinate? Who can give orders? Whenever authority is used, responsibility ensues. Authority is the legal right to give the command, order or instruction and compel the subordinates to do a certain act. On the other hand, Responsibility is the outcome of authority. … [Read more...]

In the business glossary, you might have encountered the terms marketing concept and selling concept end number of times. The marketing concept concentrates on the buyer's needs and then the means are identified to meet out those needs. Therefore, the customer is regarded as the king of the market.  On the other hand, selling concept stresses on the needs of the seller and so, it is the seller who rules the market. These two are the most misconstrued however there exists a fine line of … [Read more...]