The product is described as an article or item, which is offered by the company for sale, in exchange for money. We all know that it is the features of the product that attracts and retains customers for a long time, but the role of branding and packaging is also substantial. Branding is used to assign a unique identity to the product so that customers can easily differentiate it with other products available in the market. Now coming to, packaging, it ensures the protection of the product … [Read more...]

Line Organization is the form of organization, wherein the authority flows from the person present at the top of the organizational hierarchy to the person working at the lowest level. In line and staff organization, the hierarchy remains same as in the line organization, but specialists are attached to the front line managers to advise and guide them on significant issues. A structural relationship is required to be developed between different departments and the people working in them, for … [Read more...]

To measure inflation in an economy, usually, Wholesale Price Index (WPI) and Consumer Price Index (CPI) are used. Wholesale Price Index helps in measuring the average change in prices received on bulk sale of goods. On the other hand, Consumer Price Index is one that computes the changes in the general price level of a class of consumer goods. Indexation is the process of adjusting the monetary proceeds such as wages, interests, dividend, taxes, etc., with the help of price index, so as to … [Read more...]

The success and failure of a business entity depend highly on how it performs in the market, which is based on three important factors, i.e. productivity, utilization and efficiency. One of the primary objective of all the organizations worldwide is to improve the productivity and efficiency. So, many misconstrue these two terms which are different in the sense that productivity is the ratio of outputs produced to inputs involved in the process of production. On the other hand, efficiency is … [Read more...]

An organization is composed of members, which includes the owners, employees, workers and trainees who work for compensation which can be in the form of profit, salary or stipend. There always remains a confusion regarding when we talk about the term salary and stipend. Salary is paid to the employees, in return for the work performed by them in the organization. On the other hand, the stipend is provided to the interns or apprentices, who work in the organization for the short term, with an … [Read more...]

Monitoring and Evaluation are the two management tools that help in keeping a control on the business activities as well as raising the level of performance. Monitoring refers to an organized process of overseeing and checking the activities undertaken in a project, to ascertain whether it is capable of achieving the planned results or not. Conversely, evaluation is a scientific process that gauges the success of the project or program in meeting the objectives. The primary difference between … [Read more...]

Penetration pricing strategy is one in which the company charges a low price, in the beginning, to derive maximum sales volume from the price-sensitive customers. On the contrary, when at the initial stage high prices are charged to the customers, which is gradually decreased to attain maximum profit from less price sensitive customers. Price is among the important components of the marketing mix, which is the firm's outright source of earning, and it not only covers the cost of production … [Read more...]

Research is a calculated investigation that provides a base for the decision-making. It can be understood as the study undertaken by an individual or entity systematically, for finding out solutions to the problems under consideration. Survey or experiment are carried out to gather information as per the objectives. Based on utility, research is divided into two categories, i.e. basic and applied research, wherein basic research is one that adds further knowledge to the actual knowledge. On … [Read more...]

The level of productivity, in the production, determines the profitability, efficiency and performance of the enterprise, i.e. the higher the productivity of the firm the greater will be the earning capacity. It aims at determining the relationship between the input and output, in a particular production process. In short, it is nothing but attaining the highest possible outcome, while consuming minimum factors of production. Productivity is often misconstrued with production, but there … [Read more...]

The primary objective of production and operations management is to effectively manage and utilize those resources of the firm that are essential for the production of goods and services. Production management refers to the management of activities related to the production of goods. On the other hand, operations management is a step ahead of production management, or it can be said that the production management is a part of the operations management. Operations Management, as the name … [Read more...]