In the business world, customers are given topmost priority. If the customer is happy and satisfied with your offering, it can do miracles for your business. Customer service is all about the customer's interaction with the company's executive at the time of seeking assistance, concerning the company's product or service. It is often contrasted with the word 'customer experience', which is a broader concept, in comparison to customer service. Customer Experience is about analysing how the … [Read more...]

In economics, Human capital refers to the skilled, educated, trained and competent people who are able to produce more human capital, which adds to the strength and wealth of a country or company, and helps in the achievement of goals timely, smoothly and effectively. On the contrary, Human Development is all about increasing the quality of human life, i.e. improvement in the lives of people, opportunities to grow and make better choices. So, human development is nothing but is the overall … [Read more...]

A number of approaches to management has been coined so far which seeks to describe the nature and content of the management with different assumptions and views. Of all the approaches developed systems approach has an upper hand over the other approaches, because of its closeness to reality. It suggests definite solutions to the problems. On the other hand, the contingency approach is an extended version of the systems approach. It relies on the assumption that there is no single way of … [Read more...]

While industrial relations is clearly associated with trade unions, collective bargaining and industrial actions. Employee relations stress on the management of the employment relationship while developing a positive psychological contract. Industrial relations and employee relations are the two common terms, which highlights a process through which people and their organization connect and communicate, at the workplace, for reason such as smooth functioning of the organization and their … [Read more...]

Programmed Decisions can be understood as, those decisions which can be taken with the help of customary or routine approach. On the other hand, Non-programmed Decisions are the ones that are taken when there is a rare or unexpected problem faced by organizations. Decision making is a tough task wherein a person has to weigh all the pros and cons of each alternative, in order to logically choose one course of action out of the various alternatives available. While making any decisions, one … [Read more...]

The market can be understood as the place, through which the business firm delivers value to its customers. The market can be divided into the business market, which sells goods to those entities that use it for further production or resale, and consumer market, which can be understood as the marketplace for consumers, wherein products are sold by the business entities to the consumers, for final consumption. The crucial difference between consumer market and business market is that in a … [Read more...]

Operations Management is that branch of management that deals with the government of that section of the organization which is concerned with the production of goods and services. However, operations management is primarily used with service operations, whereas manufacturing operations are mainly studied in production management, but for non-manufacturing facets operations management can be used. One of the biggest difference between manufacturing and service operations is that in case of the … [Read more...]

In layman's terms, we call it Digital Marketing when marketing products and services use digital platforms or channels. It involves the use of websites, search engines, emails and social media to reach the target audience. It has come out as the fastest mode of marketing that reaches a large group of audience. On the other hand, Affiliate Marketing is a sub-type of Digital Marketing wherein an individual is paid a commission for generating sales of goods and services. We all spend most of … [Read more...]

Public goods are the goods that an individual can consume without limiting or reducing their availability to others. That means every person in the society can take its advantage. On the other hand, private goods refer to the goods that a person needs to purchase first in order to consume them. Further, one person's consumption of these goods limits another person from consuming them. Both public goods and private goods are for the benefit of consumers. The difference between public goods … [Read more...]

Did you notice that most people have a range of electronic devices from the same company like TV, Microwave, Refrigerator, Washing Machine, etc.. Product line refers to a range of product items which are similar in nature, characteristics and function. On the other hand, product mix is the complete range of products that a firm manufactures and offers for sale. There are four elements of the promotion mix, and the product is one of its elements. Product implies the goods and services that … [Read more...]