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...]

Tariff barriers are the tax or duty imposed on the goods which are traded to/from abroad. On the contrary, non-tariff barriers are the obstacles to international trade, other than tariffs. These are administrative measures implemented by the country's government to discourage goods brought in from foreign countries and promote domestically produced items. Though liberalization widened the scope and opportunities for the domestic companies, however, it has also posed a threat of competition … [Read more...]

Transactional Marketing is amongst the different marketing strategies that emphasize maximizing the sales volume and revenue of the firm. On the other hand, Relationship Marketing is concerned with building long term relationships with customers. At present, the biggest challenge for a company is not just to attract customers, but also to retain them for the long term, so as to gain new customers from the existing ones. Basically there are two marketing strategies which are being used by the … [Read more...]

Two common marketing strategies used in the advertising industry, to promote any product or brand are - Above the line (ATL) and Below the line (BTL). Above the line (ATL) marketing is used when mass media is deployed to give a boost to a brand and reach the maximum audience. On the other hand, Below the line (BTL) marketing is sort of one to one communication, wherein different techniques are used to reach a specific group of people. The basic difference between the two types of marketing … [Read more...]

Leasehold and Freehold are the two forms of legal ownership of a property, whereby freehold property is a property or land, which is owned or inherited for life. As against, when a property is acquired under the lease, it is termed as Leasehold property. When you are buying a freehold property, it means that you are buying it in full for an indefinite length of time, which covers both the land and the property as well. On the other hand, the arrangement which confers the right to hold any … [Read more...]

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...]