In economics, goods and services are often pronounced in the same breath. These are offered by the companies to the customers to provide utility and satisfy their wants. At present, the success of the business lies in the combination of best quality of goods and customer oriented services. 'Goods' are the physical objects while 'Services' is an activity of performing work for others. Goods implies the tangible commodity or product, which can be delivered to the customer. It involves the … [Read more...]

With the emergence of new trends of doing business, nowadays people need not wait in queue for a long time just to buy a single article. However, traditional commerce is still in vogue, but every second person uses the latest modes of trading i.e. electronic commerce (e-commerce) and mobile commerce (m-commerce). e-Commerce delineates all forms of business dealings undertaken through electronic processing and exchange of data, including text, sound, video, images and so on. On the other hand, … [Read more...]

Once job analysis is completed, it is followed by job design which involves continuous eforts in organizing activities or tasks, duties and responsibilities into work unit, to achieve the objectives. There are five approaches to job design, which are job rotation, job engineering, job enlargement, job enrichment, and socio-technical system. Two of these approaches which are most commonly juxtaposed are job enlargement and job enrichment. The former refers to the increase in the number of tasks … [Read more...]

Book value of an asset denotes its accounting value, which is nothing but the historical cost less accumulated depreciation/amortization. Market value of an asset represents the actual market price of the asset, that is traded in the market place. It can also be understood as the actual worth of the firm relating to other firms in the marketplace. Book Value, as the name signifies, is the value of the commercial instrument or asset, as entered in the financial books of the firm. On the other … [Read more...]

Simply put, management can be understood as the skill of getting the work done from others. It is not exactly same as administration, which alludes to a process of effectively administering the entire organization. The most important point that differs management from the administration is that the former is concerned with directing or guiding the operations of the organization, whereas the latter stresses on laying down the policies and establishing the objectives of the … [Read more...]

Promotion is defined as the range of activities that communicate the benefits of the product to the potential buyers, so as to attract and instigate them to buy it. It includes activities like direct marketing, sales promotion, personal selling, advertising and public relation. All of these are considered as a sales push strategy. Personal Selling is described as a promotional tool whereby a sales representative, presents the product before the potential customers and informs them about its … [Read more...]

Supply Chain refers to the integration of all activities involved in the process of sourcing, procurement, conversion and logistics. On the other hand, value chain implies the series of business operations in which utility is added to the goods and services offered by the firm so as to enhance customer value. Supply Chain is the interconnection of all the functions that starts from the manufacturing of raw material into the finished product and ends when the product reaches the final … [Read more...]

Marketing mix implies combinations of various elements that help the company in attracting customers, to buy the products offered by the company. It includes product, price, place, and promotion. Promotion is a marketing mechanism, that involves informing the customers about the product offered by the company, and includes advertising, public relation, personal selling, direct marketing, etc. Most of the people are having the opinion that promotion and advertising are one, and the same thing … [Read more...]

Manufacturing and Production, are the two terms related to conversion of raw materials into finished products. But, Have you ever wondered, what makes them different. Manufacturing is the process of transforming raw materials into ready goods, with the help of machinery. On the other hand, production alludes to the processes or methods, that converts inputs like raw material or semi finished goods, to make finished product or services, which may or may not use machinery. Manufacturing is a … [Read more...]

No country in this world is self-sufficient, and it has to take help of the financial organizations and other nations to get financial assistance especially who are on the way to development. To know about the creditworthiness of a country's economy, its debt and deficit are considered. Debt is the loan taken by the government of any country, whereas Deficit is the excess of government expenditure over government revenue. Here, debt refers to the government debt, or national debt and deficit … [Read more...]