In our day to day life, there are many circumstances, where we have to take risks, which involves exposure to lose or danger. Risk can be understood as the potential of loss. It is not exactly same as uncertainty, which implies the absence of certainty of the outcome in a particular situation. There are instances, wherein uncertainty is inherent, with respect to the forthcoming events, i.e. there is no idea, of what can happen next. So, in short, risk describes a situation, in which there is … [Read more...]

As both entrepreneur and intrapreneur share similar qualities like conviction, creativity, zeal and insight, the two are used interchangeably. However, the two are different, as an entrepreneur is a person who takes a considerable amount of risk to own and operate the business, with an aim of earning returns and rewards, from that business. He is the most important person who envisions new opportunities, products, techniques and business lines and coordinates all the activities to make them … [Read more...]

Research is a methodical study of the given problem, performed to establish facts and reach conclusions. It is considered as a prominent tool because research is the first step of the marketing process. Market research is used to collect the information about the market, such as consumers needs, preferences, interests, market trends, latest fashion and so on. Market research should not be confused with marketing reasearch, which is the scientific and objective study of the overall marketing … [Read more...]

In the business world, you have heard about the terms market and marketing, end number of times. but have you ever wondered, as, they are same or different? Market refers to a place where buyer and sellers can come in contact with each other either directly or indirectly, so as to trade goods and services for value. Its main function is to determine the price of the commodity, with the help of demand and supply factors. The term marketing is derived from the term market, and implies a process … [Read more...]

Project management can be understood as a systematic way of planning, scheduling, executing, monitoring, controlling the different aspects of the project, so as to attain the goal made at the time of project formulation. PERT and CPM are the two network-based project management techniques, which exhibit the flow and sequence of the activities and events. Program (Project) Management and Review Technique (PERT) is appropriate for the projects where the time needed to complete different activities … [Read more...]

While clients refer to someone who looks for or uses professional service from the service provider (i.e. professional such as lawyer, doctor, chartered accountant, consultant, etc.) and pays a fee for the same. On the contrary, Customers are the one who is going to buy the product from the shop or business. He/She is someone, with whom the company deals and is considered as the king of business. In the business world, you might have frequently come across the terms customers and client, that … [Read more...]

In business glossary, the terms sales and revenue are often used as synonyms, but there is a fine line that demarcates the two. Sales refer to the proceeds received from the selling of goods and services to the customers. It represents the contract between the buyer and seller that incorporates transfer of title of goods, in exchange for adequate consideration. On the other hand, revenue indicates the total amount of cash generated by the company from its diverse range of activities. It … [Read more...]

Outsourcing of routine or peripheral business functions is in vogue. It implies contracting with the third party service provider, with respect to operations and responsibilities of business processes. At present, there is hardly any multinational company which is left untouched from outsourcing its business operations. Over the time, Business Process Outsourcing (BPO) has gained ample importance, by providing services related to marketing, human resources, customer support, technical support, … [Read more...]

In the last few decades, a trend has been noticed, with respect to the outsourcing and offshoring of business processes and activities, by big business houses. Outsourcing refers to the delegation of the routine or peripheral business processes to some external organization, so as to free up their resourcesi.e. money, time and manpower, for the core activities of the business. On the contrary, offshoring can be understood as the is a type of outsourcing whereby the business process or … [Read more...]

Marketing is defined as the set of activities which are undertaken by the companies to provide satisfaction to the customers through value addition and making good relations with them, to increase their brand value. It identifies and converts needs into products and services, so as to satisfy their wants. There are two types of marketing namely, domestic and international marketing. Domestic marketing is when commercialization of goods and services are limited to the home country only. On the … [Read more...]