Features are nothing but the inbuilt properties of the product, whereas benefits are something which the customer wants to receive/get from the product. Whenever, a customer looks for buying a product say laptop, refrigerator, car, AC or mobile phone, he/she has end number of options. So making a choice is a bit difficult, but one can narrow down the list, based on the features and the benefits after deciding the amount he/she would like to spend. Features of the product define the product … [Read more...]

When we think about motivation, the first thing that strikes our mind is its source - internal or external. Intrinsic Motivation can best be described as behaviour directed by internal rewards. As opposed, extrinsic motivation refers to the motivation based on external needs of a person such as money, position, grades, etc. What is Motivation? Motivation can be understood as the invisible force that moves, activates or pushes people and causes them to act. It is something that incites a person … [Read more...]

Corrective Action requires the complete understanding of the issue which has taken place and use the root cause analysis so as to reveal the primary cause for it, so as to rectify it in such a way that its occurrence would be rare. On the other hand, Preventive Action requires carrying out trend analysis to find out the issues which may result in non-conformity and address them so as to avoid nonconformity. Corrective Action and Preventive action are the basic quality management tools … [Read more...]

Outsourcing is a process of hiring another entity to perform certain functions, or service, on the company's behalf, instead of undertaking them in-house. On the contrary, insourcing refers to the delegation of a project to an individual or department within the organization, instead of an external supplier. In the last few decades, outsourcing has gained a lot of attention and popularity in the business world. There are a number of activities or services which are outsourced nowadays from … [Read more...]

Many think that the words procurement and purchase are interchangeable and use them synonymously, but the fact is procurement is a broad term which includes a purchase. Procurement involves sourcing and purchase of goods, services and works from the external source, so as to fulfil the organization's requirement and operate profitably and efficiently. Procurement involves all kinds of acquisition including leasing, renting and contracting to arrange the goods or services. Contrarily, … [Read more...]

In general, any industry can be classified as a small scale industry or large scale industry as per the investment made in procuring the plant and machinery for manufacturing goods. In this way, small scale industries are said to be the ones whose investment in the capital assets is limited to the amount specified by the Government of the country. On the contrary, those industries which make an investment in their plant and machinery beyond that limit, are considered as large scale … [Read more...]

To have a complete idea of the country's economy, one should have knowledge of its sectors and their contribution to the GDP. The economy of a country is composed of three main sectors - Primary Sector (agriculture and allied sector), Secondary Sector (industrial sector), and Tertiary Sector (service sector). The primary sector, is related to natural resources of the country, in the sense that it makes use of natural resources for the production of raw materials and supplies which are used by … [Read more...]

Time study is all about determining the ideal time taken in the performance of a well-defined job. On the other hand, Motion study is the analysis of human work, to find out the best method of doing it which involves least efforts. Fredrick Winslow Taylor, an Americal Mechanical Engineer, who is known as the Father of Scientific Management for his contribution in the improvement of industrial efficiency. Scientific Management implies the application of modern scientific methods in the study … [Read more...]

Basically, in a market economy, economic activities are not planned, they take place as per the interaction of economic agents. As against this, in a command economy government has full control over the economic activities. An economy is nothing but a framework within which the economic activities are undertaken. It is that system operating in the country which organizes, coordinates and balances the economic activities, i.e. production, distribution, consumption and exchange of goods and … [Read more...]

Intermediate goods are goods which are used as a factor of production to produce goods which have the ability to satisfy wants. For this purpose, they undergo the production process. On the contrary, final goods are the goods which are readily available to sale, to the ultimate consumer of the product. Think of a car, which is a final product, however, the parts used to manufacture a car such as gear lever, tyres, steering wheel, windscreen, windscreen wipers, seat belt, speedometer, bumpers, … [Read more...]