A strategy can be defined in many ways with the help of various Management concepts. The word and concept of strategy originated from the Greek word “Strategos”. We have given all possible definitions, concept and explanation in this article with suitable examples. Origin of the term strategy Word: Strategy Original Read more…
With the help of following points, we can understand the difference between BPO and KPO. BPO and KPO are the important buzzwords in the world of business. BPO stands for Business Process Outsourcing. KPO stands for Knowledge Process Outsourcing. KPO is more specific, specialized, skilled and knowledge-based system as compared to BPO. BPO Read more…
Inventory control & Cost Reduction techniques is an important part of materials management which helps to reduce the overall cost of Inventory control by applying various basic as well as innovative techniques such as Inventory turnover ratio, Standardization and codification, Value Engineering and Value Analysis. Standardization Also called Industrial Standardisation Read more…
Selective Inventory Control is an essential part of Materials Management. Selective inventory control is emphasized on variations in methods of control from item to item based on a selective basis. We can not apply uniform control since it’s expensive and gives diffused effect. For this purpose, we can use some Read more…
There are various costs associated with Inventory Management that affects the overall process of materials management. We can describe all these types or classifications of costs involved in inventory with suitable examples. Generally, we categorize it into three types – Purchase cost, Ordering cost and carrying costs. Costs Associated with Inventory Management Read more…
This article focuses on the need of Inventory Management and its importance in the organization. inventory control helps to manage resources and smooth the flow of production to fulfil demand. We have tried to cover all points necessary to elaborate on the need for inventory control. To meet variation in Read more…
If you are looking for the definition and meaning of wholesaling in simple words, then this post is for you. Let’s understand wholesaling definition and meaning in plain English. Wholesalers are intermediaries in the Marketing distribution chain. They play a crucial role to distribute products more efficiently. Wholesaling Definition in Read more…
Adam Smith, the Scottish economist observed some drawbacks of existing Mercantilism Theory of International trade and he proposed a new theory i.e. Absolute Cost Advantage Theory of International trade to remove drawbacks and to increase trade between countries. Below is the information about Adam Smiths International Trade Theory, it’s evolution Read more…
New products can be classified into the following categories. The classification and types of new products with details are given below. Classification of New Products New Product Lines Completely New Product Line Extensions Core Product Revisions Re-positioning Changes to Augmented Product Classification of New Products by Kotler Father of modern Read more…
This post mainly focuses on Pricing Methods and Strategies in Marketing to decide the Price of Products and Services. These pricing methods and strategies may help a company or marketer in marketing and other strategic level business decisions. Pricing Methods and Strategies in Marketing Lets discuss about various Methods of Read more…
This article covers the types and classification of products. Product is simply anything, tangible or intangible, which can be offered to the market for sale or exchange purpose. Let’s try to understand various categories associated with the classification of products. What is a product? The product can be defined as Read more…
Product is the combination of Goods and Services offered to the target market by a company. There are two concepts of levels of Product and services. This article explains these levels with examples. Definition of Product The product can be a Good or Service offered to the market for attention, Read more…