Based on the number of consumers, demand is classified as individual demand and market demand. Individual demand implies, the quantity of good or service demanded by an individual household, at a given price and at a given period of time. For example, the quantity of detergent purchased by an individual household, in a month, is termed as individual demand. Unlike Market Demand implies the sum total of all individual demand for the commodity at each possible price, over a period of time. For … [Read more...]

We all know that demand for a product is mainly affected by its price, but there are some other factors which can also affect its demand. One such factor is 'Price of Related goods', wherein the term 'related goods' means complements and substitutes. In simple words, Complementary Goods are the goods that complete each other. This means that such goods are used in conjunction with one other, which enhances their value. In other words, these goods have no value when they are consumed alone. On … [Read more...]

The consumer has a limited income, that acts as a constraint to his/her maximizing behaviour, i.e. the budget constrains how much the consumers can consume. While budget line graphically represents the bundle of two goods which a consumer can buy with the given budget. As against, all the combinations in the positive quadrant, which lie on or below the budget line are called a budget set. You might have come across the term 'budget' at least once in your life. To know what quantities of two … [Read more...]

Traditional Marketing is when the marketing activities are undertaken in a conventional fashion, i.e. by way of newspaper, television radio and magazine. As against, digital marketing is when we use the online platform to promote the products and services of our company. Marketing involves those activities which assist the company in promoting the offerings and converting the prospects into leads. In today's scenario, marketing has completely changed its form, i.e. from physical to digital. … [Read more...]

A society is composed of different types of groups which vary in terms of - social interaction, degree of intimacy of contact, degree of organization, range of group interest, size, etc. Primary Groups as the name suggests are the groups which are the main source of an individual's relationships and socialization. Its main characteristic is that it has an intimate face-to-face association and cooperation. Secondary Group are the groups which are formal, impersonal, contractual and specialized … [Read more...]

The difference between a single-use plan and the standing plan is clear from their name itself. Single-Use Plan is a type of plan, which can be used only once and so every time a new plan is formulated, to deal with the situation. On the contrary, standing plan implies the plan which is always ready for usage and they have a comparatively long-standing, i.e. once these plans are prepared they can be used for years. What is a Plan? In simple words, a plan is a scheme, which outlines how the … [Read more...]

Think of the case when we don't get the shampoo in bottles or sachets, but in a polythene bag from the retailer, then how irritating it would be for us to transfer it in a jar and store it in the bathroom. In this way, packaging comes into the picture. It is the process of designing as well as developing a package to wrap around or contain the product, so as to ensure protection, ease of use and storage. Companies around the world, spend a good amount in creating the package for the … [Read more...]

Rules, in an organization, are made to inform its members, what they can do or what they are not allowed to do. It states the acceptable behaviour, along with the consequence of disobedience. Rules do not just ensure discipline in an organization but it also helps in regulating the work culture and environment. On the other hand, the formulation of policy accounts for an integral part of planning, which is meant to act as a guide to decision making. It recommends the broad considerations … [Read more...]

Hard Skills refers to the skills which a person must possess to perform a specific kind of job. For example: To get the job of the programmer, a person needs to have coding skills. On the other hand, Soft Skills are not associated with a particular job, rather it includes the basic skills, i.e, communication skills, leadership skills, work ethics, professional skills, adaptive skills, etc. as it determines the ability of the candidate to gel up in the working environment. To get a decent job, … [Read more...]

The Chief Executive Officer or CEO has a unique set of roles to play and responsibilities to fulfil in the organization, that can't be delegated to the subordinate staff. It is the CEO of the company who identify the resource requirements, researches sources to raise funds, formulate strategies to approach the lenders, presents proposals and submits them. He/She administers the entire operations and effectively manages human resources. On the other hand, Chief Operating Officer or COO is the … [Read more...]