Globalization is that process which accelerates the flow and exchange of products and services, capital, technology, information, jobs etc. across the globe. It does not just encourage but also improves the interaction amidst different countries and audiences around the world. It has transformed the world economy into a more open and autonomous system. Globalization is commonly contrasted with internationalization, but the two differs in their meaning, in the sense that internationalization … [Read more...]

Hire Purchase, as the name suggests, is the system of trade in which one party pays for the cost of the asset in a number of instalments while making use of that asset. In this system, the ownership of the asset is transferred by the hire vendor only on the full-fledged payment of the remaining balance. On the other hand, the sale represents the actual sale of goods, in which the ownership and possession both are transferred to the customer, instantly by the seller. Nowadays, people want … [Read more...]

An organization is a group of people, coming from different walks of life, having different values, culture and perception. So, while pursuing the organizational objective, differences in opinion often take place, leading to inconvenience and conflict. If this continues for the long term, it results in "Complaints". Further, when these complaints are not attended and resolved properly and timely, it can cause dissatisfaction. The main reason behind dissatisfaction are expectations, which are … [Read more...]

The franchise is primarily used by the businesses when they want to expand their market share and the overall reach but at a low cost. It refers to a joint arrangement amidst two parties, i.e. franchisor - the company who grants franchise, and franchisee - the person who purchases the right of marketing and selling the franchisor's products and services. A franchise establishment is a form of chain business. Chain store refers to a retail enterprise with multiple branches at different … [Read more...]

Free Trade, as the name describes, is the unrestrained flow of products, services, labour and capital, across the country's geographical boundaries, without any government intervention in the name of economic or regulatory barriers. The term 'free trade' is often contrasted with 'fair trade'. In the simplest sense, the word 'fair trade' means the kind of buying and selling of goods and services in which fair, i.e. just and equitable, payment is made to the producers. It is an … [Read more...]

The word 'Partner' is a common term which is used to indicate any person who invests his/her capital to partnership business and agrees to share profits and losses, risks and rewards. On the other hand, designated partner, as the name suggests, is the one, whom the other partners appoint, to be responsible for complying with the terms of LLP Act. What is a General Partnership? General Partnership is a form of business organization in which two or more than two persons, unite to start a lawful … [Read more...]

Management is a continuous process, which is concerned with strategic planning, the establishment of objectives, arrangement and optimum allocation of resources, controlling the activities and measurement of the results. The basic functions of general management are planning, organizing, staffing, directing and controlling. In an organization, the general manager is responsible for looking after and administering the entire organization. On the other hand, project management is a special … [Read more...]

The term 'slogan' can be understood as any concise and easily remembered statement used in campaigns to advertise something. On the other hand, a tagline is a simple, powerful and remarkable description of about a few words which is associated with the firm. In the era of cut-throat competition, branding plays a prominent role, because there are many companies offering the same product with the same quality, quantity, price and even with the same brand message. Hence, it becomes essential to … [Read more...]

Communication involves meaningful sharing and exchange of message between two parties, i.e. sender and receiver, wherein the sender initiates the process of conveying message so as to create an understanding in the mind of the receiver. The term communication is often contrasted with mass communication. Mass communication is described as that form of communication which spreads the message to the mass audience at the same time, using sophisticated technology. Messages are sent with a … [Read more...]

A reward is a prize, which an employer gives to his/her employees for performing the job exceptionally. On the other hand, the incentive is a motivational factor, which constantly encourages the employee to do better in their work. Human Resource Management, uses a strategic approach to manage its workforce in an effective manner. To improve the level of performance, various system or programmes are implemented, such as reward and recognition, incentives and so forth. Hence, reward system, … [Read more...]