Upselling is the strategy of persuading your prospective customer to purchase a similar product with higher specifications and features, rather than going with the original choice. On the other hand, in cross-selling, the sales representative encourages the potential buyer to make the initial purchase first, and once the customer is done with the selection, the representative recommends a complementary or additional product to the buyer which adds to its value to the customer. Upselling … [Read more...]

Internal Environment pinpoints in-house factors of the firm, which are often constitutional in nature. On the flip side, External environment is composed of those factors which are exterior to the firm. Business refers to the collective effort of the firm in making money by buying and selling merchandise. We all are aware of the fact that every business operates in an environment called Business Environment. The business environment comprises all the elements that have a bearing on the … [Read more...]

Shopping is an integral part of our weekly or monthly routine ad there are many who love to go shopping every other day. This is because of the executive shopping experience provided by the Supermarkets which not only makes shopping interesting but easy and convenient too. A supermarket can be described as a large shopping centre which operates on a self-service concept, wherein there is a complete line of food products, groceries and household items. A supermarket is often contrasted with a … [Read more...]

When it comes to writing and formatting of the research work, the Modern Language Association recommended the MLA style and the American Language Association propounded the APA style, which is commonly preferred worldwide, for the purpose of preparing research papers, reports, academic writing and so forth. One major difference between these two is that while the MLA style is followed in humanities and liberal arts, APA style is preferred in social sciences. As different disciplines have a … [Read more...]

Advertising, needs no introduction, as it is something which we all are quite aware of. We come across hundreds of advertisements, in a day while reading the newspaper, using internet or social media sites, watching TV, travelling on the roads, etc. It uses the multimedia platform to promote a product, service or event, by using various innovative and thought-provoking ideas, so as to persuade customers in such a way that they buy or try the product or service. Advertising is often confused … [Read more...]

Absolute advantage is one when a country produces a commodity with the best quality and at a faster rate than another. On the other hand, comparative advantage is when a country has the potential to produce a particular product better than any other country. Due to the effect of globalization, one can enjoy Brazilian coffee, while living in the United States or go for a drive in a German car, on the roads of London. International trade helps the countries to expand their market and sell the … [Read more...]

An entrepreneur is someone who locates the need of society and tries to meet the same, with his/her innovative idea. On the other hand, 'entrepreneurship' which refers to the process of establishing a business entity, intending to get profit, as a return in the future. You might have heard the names like Bill Gates, Jeff Bezos, Steve Jobs, Mark Zuckerberg, Larry Page, Jack Ma and many more, for their innovative and unique products given by them to the society. They are not businessmen, rather … [Read more...]

In a product layout, the machines, material and other facilities are placed as per the order of processing. It is often used when the production is to be performed on a large scale. Process layout is a type of plant layout wherein like machines are grouped in a single department. It is primarily used when the production process is non-repetitive in nature. The layout is an important concept of operations management, which implies the systematic organization and grouping of facilities and … [Read more...]

Multilevel Marketing is a marketing strategy in which companies recruit distributors to sell their products and services to the people and also encourage others to join the company as a distributor and earn a commission, by selling the products further and inviting others to work. Multilevel Marketing is commonly confused with Pyramid Scheme; wherein one pays to join and become an agent of the scheme who get paid for recruiting others into the system and thus widening their network. One of … [Read more...]

A brand is not just a name, logo, design, symbol or combination of them, that helps the consumer in identifying the origin of the product, but it is much more than that. A brand is a promise, feeling, expectation and experience. A point to ponder, relating to the brand is that Brand equity is not equal to brand value. Brand equity is consumer focused, as its value is derived from consumer's perceptions, experiences, memories and associations concerning the brand. On the other hand, brand … [Read more...]