Transfer pricing is a term used to describe aspects of intercompany pricing arrangements between related business entities and commonly applies to intercompany transfers tangible property, intangible property services and finance transfers.
Price escalation refers to the added costs incurred as a result of exporting products from one country to another.
The selection of appropriate entry mode for a particular foreign market is a very important decision for the firms. They need to understand various factors which can affect their decision and choice of entry.
Foreign direct investment (FDI) is the direct ownership of facilities in the target country. It involves the transfer of resources including capital, technology, and personnel.
What is Management Contracts? Management contract is an agreement between investors or owners of a project, and a management company hired for coordinating and overseeing…
Turnkey Projects or operations are common in international business in supply, erection and commissioning of plants.
When two or more firms join together to create a new business entity, it is called a joint venture. In this kind of agreement the companies share their core competencies and share the ownership.
What is Franchising? Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers…
What is Licensing? In this mode of entry, the domestic manufacturer leases the right to use its intellectual property, i.e., technology, work methods, patents, copyrights,…
What is Exporting? Exporting is the process of sending or carrying of the goods abroad, especially for trade and sales. Exporting is the simplest and…
International Marketing Research can be defined as research that crosses national boundaries and involves the respondents and researchers from various countries and cultures. It may be conducted simultaneously in multiple countries or sequentially over a period to time.
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations.
The Labour Legislation is used to cover all the laws which have been enacted to deal with” employment and non-employment” wages, working conditions, industrial relations, social security and welfare of persons employed in industries.
International marketing is the performance of business activities that direct the flow of goods and services to consumers or users in more than one nation.
Payment of Bonus Act The payment of Bonus Act provides for payment of bonus to persons employed in certain establishments of the basis of profits…
Application of Payment of Wages Act 1936 The Act will apply to persons employed in any factory or employed (otherwise than in a factory) upon…
ESIC 1948, is a piece of social welfare legislation enacted primarily with the object of providing certain benefits to employees in case of sickness, maternity and employment injury and also to make provision for certain others matters incidental thereto.
An industrial dispute may be defined as a conflict or difference of opinion between management and workers on the terms of employment.
Trade Unions Act, 1926, ‘trade union’ means “any combination, whether temporary or permanent, formed primarily for the purpose of regulating the relations between workmen and employers.
The performance management is a highly collaborative effort that involves multiple internal and external stakeholders. These are working through how goals and objectives translate into…
The ethical behaviour of an organization is a key essential for doing business in today’s competitive market. This type of behaviour plays an important role…
Social audit may be defined as a commitment to systematic assessment of and reporting on some meaningful, definable domain of a company’s activities that have social impact.
What is Propriety Audit? The propriety audit is confined to examine the validity of appropriations or is concerned with verifying that there is no leakage…
Objectives of Management Audit The basic objectives of the management audit can be briefly stated as under: To identify the overall objectives of the organisation.To…
What is Management Audit? Management Auditing is a method to evaluate the efficiency of management at all levels throughout the organisation or more specifically, it…
What is Cost Audit Programme? Cost audit programme is a detailed plan prepared by the cost audit showing how various stages of the cost audit…
Role of Cost Auditor In order to perform his work as a cost auditor, a cost auditor should clearly understand his position and also what…
Duties of cost auditor The Companies Act, 1956 does not mention duties of a cost auditor clearly. Section 233B(4) states that the cost auditor shall…
A Cost Accountant as defined in clause (b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959 (23 of 1959)…
Cost Audit has two important phases. The first phase is known as Efficiency Audit and the second phase is known as Propriety Audit. Let us…
Cost Audit means the checking and verification of the cost accountancy books, records, statements, reports and other data related to the cost of a product or service being provided by a business unit.
What is Credit Cards? Credit Cards is defined as a card which can be used to obtain cash, goods or services up to a stipulated…
What is Venture Capital Financing? In a narrow sense venture capital financing refers to, investment in new and tried enterprises that are lacking a stable…
What is Factoring? Factoring is a financial technique where a specialized firm (factor) purchases from the clients accounts receivables that result from the sales of…
What is Depository? Depository is an organization which holds securities (shares, debentures, bonds etc.) in electronic (also known as ‘book entry’) form, in the same…
What is Bought out Deals? A bought deal is an issue of new shares that is purchased by a single underwriter, with the intent of…
What is Book Building? SEBI guidelines, 1995 defines book building as “A process undertaken by which a demand for the securities proposed to be issued…
What is Credit Rating? Credit rating involves analysis and assessment of companies and government that issues securities for raising finance from various markets. The credit…
What is Hire Purchase? Hire purchase is a type of instalment credit under which the hire purchaser, called the hirer, agrees to take the goods…
What is Leasing? Leasing as financial service is a contractual agreement where the owner of equipment or any other property transfers the right to use…
Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted with…
Association of Mutual Funds in India (AMFI) was incorporated as non- profit organization on 22nd August, 1995 and is the apex body of all the…
It is common to note that a small investor saves a part of his income to meet future expenses like education, marriage, medical expenses and…
What is Mutual Funds? A mutual fund called the financial intermediary serves as a link between the investor and the securities market by mobilizing savings…
What is Merchant Banking? Merchant Bank may be defined as a financial institution conducting money market activities and lending, underwriting and financial advice, and investment…
What is Financial Services? Financial services refer to services provided by the banks and financial institutions in a financial system. In general, all types of…
What is Securitization? Securitization refers to the process of turning assets into securities - financial instruments that can be readily bought and sold in financial…
What is Inventory Control? Inventory control is concerned with the acquisition, storage, handling and use of inventories so as to ensure the availability of inventory…
What is Derivatives? A derivative is a financial contract with a value that is derived from an underlying asset. Derivatives have no direct value in…
What is Cash Management? Cash Management refers to the collection, handling, control and investment of the organizational cash and cash equivalents, to ensure optimum utilization…
What is Dividend Policy? Once a company makes a profit, management must decide on what to do with those profits. The management could continue to…
The dividend theories relates with the impact of dividend on the value of the firm. According to one school of thought the dividends are irrelevant…
What is Dividend? Dividend is that portion of the firm's earnings which is paid to the shareholders/ owners of the firm. Dividends provides an added…
What is Cost of Capital? Cost of capital is defined "as the minimum rate of return that a firm must earn on its investment so…
What is Capital Budgeting? Capital budgeting (or investment appraisal) is the planning process used to determine whether an organization's long term investments such as new…
What is Capital Rationing? Capital rationing is a process of selecting the mix of acceptable projects that provides the highest overall Net Present Value (NPV)…
The model was introduced by Jack Treynor, William Sharpe, John Lintner and Jan Mossin independently, building on the earlier work of Harry Markowitz on diversification…
What is Time Value of Money? One of the most fundamental concepts in finance is that money has "time value." That is to say that…
The advantages of MIS to businesses, governments, scientists, universities, students, non-profit organisation and all other entities are diversified. Some of the most often realised benefits…
Short Term financing is very important for any organization. It includes the borrowing and lending of funds for a shorter period of time usually one…
External Sources of Finance Equity SharesPreference SharesDebentures and BondsVenture capitalTerm LoansLease financing Equity Shares Every company has a statutory right to issue shares to raise…
What is Corporate Finance? Corporate finance is concerned with the planning and controlling of the firm's financial resources. It is also referred to as financial…
Risk Management can be defined as the process involving measurement and assessment of risk, and development of strategies to curb and manage such identified risks.
Concept of Women Entrepreneurship According to the general concept, women entrepreneur may be defined as a women or a group of women who initiate, organize…
Micro, Small and Medium Enterprises (MSME) Development Act, 2006 Under this act, the central Government shall set up, for the purpose of the act, a…
Entrepreneurs play a predominant role in accelerating the socio-economic development of a country. They are regarded as nation builders and wealth creators. They are the…
What is Trade Union? The trade union is an association, either of employees or employers or of independent workers. It is a relatively permanent combination…
What is Industrial Relations? The term industrial relations refer to industry and relations. “Industry” means “any productive activity in which an individual is engaged” and…
What Market Intelligence System? Market Intelligence System one that systematically gathers and processes critical business information, transforming it into actionable management intelligence for marketing decisions…
What is Disciplinary Action? Disciplinary action is a method of dealing with employees who cause problems or do not follow company rules and policies. Types…
What is Employee Discipline? Discipline means an orderly behaviour to be followed by the individual, team members and groups within an organization to achieve the…
Collective bargaining involves discussions and negotiations between two groups as to the terms and conditions of employment. It is called ‘collective’ because of both the employer and the employee act as a group rather than as individuals.
What is Grievance? Grievance means any type of disappointment or unhappiness arising out of factors related to an employee’s job which he thinks is unfair.…
Broader Perspective and More Functions A company needs a wider outlook while dealing with the different issues at international level. For example, if the company…
Section 2 (34) of the Companies Act, 2013, defines a ‘director’ as a person appointed to the board of a company. It means that the person cannot be considered as director unless he is appointed by any method to the board of company.
What are Articles of Association? Articles of Association are the rules and regulations or the bye-laws which govern the internal management of the company. It…
The concept of marketing mix to describe the activities performed by a marketer as a mix of ingredients was originally proposed by Borden. The internal…
Direct marketing is a form of advertising that allows businesses and other organizations to communicate directly to the prospects or customers through a variety of media.
5 M of Advertising 5 M'S of Advertising are: MissionMoneyMessageMediaMeasurement Every organizations or marketing communication firm handle their advertising in different ways. In small firms,…
What is SWOT Analysis? SWOT stands for strengths, weaknesses, opportunities and threats. SWOT analysis is a widely used framework to summaries a company’s situation or…
What is Competency Based Training? Competency based training (CBT) is a style of education that focuses on what you can achieve in the workplace after…
What is Consumer Research? Consumer research is the process and tools used to study the consumer behavior. Marketers carry out consumer research regularly to know…
What is Statistics? Statistics may be defined as the collection, presentation, analysis and interpretation of numerical data. Statistics is a set of decision-making techniques which…
Number of factors has an influence on the size and need of working capital in an organisation. So no definite rule or formula can be…
The working capital in a certain enterprise may be classified into the following types. Initial working capitalRegular working capitalFluctuating working capitalReserve margin working capitalPermanent and…
What is Fund Flow Statement? The funds-flow-statement is a report on financial operations changes, flow or movements during the period. It is a statement which…
What is Audit Report? Audit Report is the reports that form the medium of communication of the auditor's views to the members of the company.…
Valuation is not merely the determination of values of the assets as appearing in the balance sheet but it also the critical examination of these…
Rights & Powers of Auditor Right of access to Books of account & Vouchers [Sec. 143(1)]Right to obtain information & explanation [Sec. 143(1)]Right to visit…
What is Auditor? An auditor is a person or a firm appointed by a company to execute an audit. To act as an auditor, a…
What is Fraud? According to SA 240 "The fraud refers to intentional misrepresentations regarding financial information by one or more individuals among management, employees or…
What is Ratio Analysis? Ratio analysis refers to the study of various financial ratios to evaluate the performance of the firm. The utility of ratio…
What is Internal Audit? Internal audit is the review of the various operations of the company & of its records by staff specially appointed for…
What is Working Papers? SA 230 on "Documentation" refers to working papers prepared or obtained by the auditor & retained by him in connection with…
What is Internal Control? The plan of organization and all the methods & procedures adopted by the management of an entity to assist in achieving…
What is Vouching? Vouching means inspection by an auditor of documentary evidence supporting & substantiating transactions. Vouching is the process of checking documentary evidence that…
What is Leavening Agent? Leavening agents are the agents that increase the surface area of the dough or batter by creating gas bubbles in the…
Chapter IV of SEBI Act, 1992 deals with the powers and functions of SEBI. Section 11 of the Act lays down that it shall be…
There are various types of audit. Auditor may choose any audit procedure for conducting audit of financial statements. Audit procedure may vary from enterprise to…
Memorandum of Association is a document which sets out the constitution of a company and is, therefore, the foundation on which the structure of the company is built.
In sampling technique, instead of observing and studying each and every unit of universe, only a part of it is studied, assuming that it best represents the entire population.
Methods of Data Collection There are two approaches or methods of data collection, namely, primary data collection and secondary data collection. In research, when the…
What is Hypothesis? Hypothesis is a proposition which can be put to a test to determine validity and is useful for further research. Hypothesis is…
What is Research? Research means finding out things. Research requires systematic efforts to acquire new knowledge. Social sciences Encyclopedia defines research as the manipulation of…
What is Income Tax? Income Tax is tax on income. According to the Constitution of India, income tax is a central subject. Income Tax on…
Management development process consists of assessing the company's strategic needs appraising the managers' current performance, and developing the managers.
Leadership development is the process implemented to impart knowledge, skills, attitudes and visions to managerial personnel discharging roles of leaders to support them and manage the work successfully and professionally.
Coaching means to improve performance often short term in a specific skills area. The goals are basically set by the coach; let it be intermediate goals or sub-goals to achieve. Direct feedback is present in coaching.
360 Degree Feedback Performance-appraisal data collected from ‘all around’ an employee, his or her peers, subordinates, supervisors, and sometimes, from internal and external customers. This…
What is Employee Orientation? Employee Orientation is an initial process that provides easy access to basic information, programs and services, gives clarification and allows new…
Kirkpatrick Training Evaluation Model helps trainers to measure the effectiveness of their training in an objective way.
Introduction The words interpersonal and intrapersonal are mostly used interchangeably by the people. The main difference between these communications is Interpersonal deals with the communication…
What is Logistics? Logistics deals with all activities that facilitate product flow from the point of raw material acquisition to the point of final consumption…
Consumer Products Consumer goods can be classified on the basis of their shopping habits. They are grouped as convenience goods, shopping goods, specialty goods and…
A product has different layers like an onion and each of the layerscontributes to the make of the product. Every marketer shouldanalyse the product at…
The difference between upward and downward communication depends mainly on the flow of communication within any organization. The communication method which transfers the information from subordinates to seniors is upward communication and vice-versa i.e. seniors to subordinates is a downward communication.
Brand building process refers to enhancing a brand’s equity directly through advertising campaigns and indirectly through promotions. A well-planned brand building process follows many sequential steps, which are contextual, and thus cannot be generalized for all brands.
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Introduction Internal and External Communication Difference between internal and external communication depends on the parties involved in the exchange of messages or information. Internal communication…
Human Resource Planning is a process that forecasts the company’s future manpower demand by analyzing the current supply and the gaps if any.
Soft skills is a term often associated with a person's Emotional Intelligence Quotient, the cluster of personality traits, social graces, communication, language, personal habits, friendliness, managing people, leadership, etc. that characterize relationships with other people.
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Introduction One of the most common and prominent questions every fund manager is asked is “Which is the most viable investment option? Is it stocks…
What is Business Communication? Business communication is the process of expression, channelling, receiving and interchanging of ideas in commerce and industry. Business Communication In simple…
Executive Development is an ongoing process that helps managers gain knowledge, skills and abilities to handle current situations in a more efficient manner and get matured to handle future challenges successfully.
Introduction The key difference between IMF and World Bank lies in their respective purposes and functions. The IMF and the World Bank seemed to hand…
Segmentation, Targeting and Positioning Segmentation, Targeting and Positioning (STP) are the basic tools used by the marketers. Each customer has different needs, wants and desires.…
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Introduction Fundamental Analysis and Technical Analysis are not the methods that are restricted to investing in shares used by lots of different types of traders…
A sales territory represents a group of customers or markets or geographical areas. Sales territories are geographical area that can be covered conveniently and canonically by a sales person.
sales quota is a quantitative goal assigned to a sales unit relating to a particular period of time. A sales unit may be a territory, a branch office, a region, a distributor or a person.
It is a detailed examination of sales volume by territory, sales person, customer, product line, etc. It works on the principle that the trends of the total sales volume conceal rather than reveal the market reality. Researchers reveal that in most organizations a large percentage of customer order territories bring in a small percentage of total sales.
Sales control function assists the manager in ascertaining which level of sales has been achieved, why there has been a variance, and which remedial action can be taken to achieve the target results
Sales managers must be aware of the types of expenses that are incurred both before and after the sale as well as the sales revenues generated. Budgeting becomes a key task of sales management. It is also known as a blueprint for making profitable sales.
How recession started? According to the assumptions and reports of honorable IMF chief economist and ex- RBI governor Mr. Raghu Ram Rajan. US and China…
Emotional Intelligence is all about self-management, self-awareness, and understanding people around. The major aspect of emotional intelligence is relationship management.
Communication is the process of passing information and understanding the same from one person to another. Thus, communication means to understand information, facts or opinions of someone.
Assessment centres are a series of exercises commonly used by employers to test skills not readily assessable from an interview alone. Assessment centre is a method used particularly in military or management.
What is Performance Counselling? The concept of performance counselling is quite often misunderstood and at the same time, it is wrongly interpreted as a process…
What is Performance Monitoring? Performance monitoring may be defined as the process of appraising an environment of continuous learning and development. It will be done…
Asset management is a consultancy service offered by banks or firms, which discusses, oversees and manages the assets of a person or entity. On the…
What is Marketing Plan? Marketing planning is a systemic and disciplined exercise to formulate marketing strategies. Marketing planning can be related to the organization as…
The marketer can make use of market entry strategy by investingin promotions or making widespread entree through low price, andskimming strategies where the short-term gain…
What is Pricing? Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be…
Models of Communication Various models of communication are shown in Figure: Aida ModelLevidge and Steiner ModelHierarchy of Effects ModelInnovation-adoption ModelInformation Processing Model AIDA Model One…
What is Advertising? Advertising is a paid form of communication in which the sponsor or the brand owner has made payments to the media to…
Personal selling involves a face to face interaction with the customers wherein there is quick response and personal confrontation. This allows for more specific adjustment…
Types of Sales Promotion Sales promotion can be classified based on the primary target audience to whom the promotion is directed. Sales promotion can be…
What is Sales Promotion? Sales Promotion means any steps that are taken for the purpose of obtaining or increasing sales. Sales promotion means and includes…
Competency Mapping is defined as the process of identifying the key competencies, which have the ability to do something efficiently & achieve the goals of the organization & make the organization successful.
What is Business Level Strategy? Business level strategy deals with how a particular business competes. The principal focus is on meeting competition, protecting market share…
Limited Liability Partnership Act Limited Liability Partnership (LLP) is an incorporated partnership formed and registered under the Limited Liability Partnership Act 2008 with limited liability…
Public speaking is a talk given to a large gathering. It is given on various occasions. Its aim is usually to encourage, appreciate, congratulate or entertain; it is usually followed by applause from the audience.
Communication which flows to a higher level in a company is known as upward communication. It gives feedback on how well the company is working.
What is Downward Communication? Downward Communication flows from a top-level to a low level in an organisation is known as downward communication. In other words,…
The structure of an organisation should provide for communication in three distinct directions: downward, upward, and horizontal. These three directions establish the framework within which communication in an organisation takes place.
Grapevine communication is defined as unstructured and Informal network formed on social relationship rather than organizational charts.
What is Horizontal Communication? Horizontal communication takes place between two or more persons who are working at the same levels it is known as horizontal…
Organisational communication is the process by which individuals induce meaning in the minds of other individuals, by means of verbal and nonverbal messages in the…
Competency Models Performance monitoring may be defined as the process of appraising an environment of continuous learning and development, maintaining the employee’s performance, enhancing individual…
Effective verbal communication skills include more than just talking. Verbal communication encompasses both how you deliver messages and how you receive them.
In written communication, a message can be transmitted via email, letter, report, memo, etc. The message, in written communication, is influenced by the vocabulary and grammar used, writing style, precision and clarity of the language used.
What is Performance Planning? The performance planning is all about exploration of what individuals need to do and know in order to improve their performance…
What is Performance Management System? Performance Management System: It is a process used to communicate organizational goals and objectives, reinforce, individual accountability this goals, and…
What is Plant Layout? Plant layout is the overall arrangement of the production process, store-room, stock-room, tool-room, material handling equipment, aisles, racks and sub-stores, employee…
What is Operation Management? Operations Management is best understood using systematic approach. It involves understanding the nature of issues and problems to be studied, establishing…
International businesses are required to recruit, train, motivate, nurture and retain apart from effectively utilizing their services at all levels of functioning be its corporate office, at the foreign production units plants, therefore, the process of procuring, allocating and effectively utilizing human resources in international business is called International Human Resource Management.
Success Factors of ERP Implementation With a specific end goal to keeps your ERP arrangement working at pinnacle effectiveness – and giving the business favorable…
Maintenance of ERP ERP support displayed a key definition: In the first place, we offered definitions for customary business frameworks support. We characterized the upkeep…
ERP Implementation Life Cycle The timeline of ERP implementations is fluid, but the life cycle of the implementation is more structured. Businesses who desire growth…
Modules of ERP Software ERP is included with various item modules. Each ERP programming module mirrors an essential pragmatic scope of an affiliation. Consistent ERP…
What is Business Process Management? Business process management (BPM) is a systematic approach to making an organization’s workflow more effective, more efficient and more capable…
Risk in ERP Implementation When no of sites is one then also there are chances that while implementing the meaning of ERP can be attributed…
Benefits of ERP ERP is a class of business organization programming routinely a suite of facilitated applications that affiliation can use to assemble, store, direct…
Integration of Process Using ERP As discussed earlier the ERP system integrates all the departments of organization with a single database which leads to various…
What is Enterprise Resource Planning (ERP)? ERP is a class of business organization programming routinely a suite of facilitated applications that affiliation can use to…
Performance Appraisal is the systematic evaluation of the individual with respect to his/her performance on the job and potential for development.
Induction is a process of introduction of a person to the job and the organization. Induction is important as it serves the purpose of removing fears, creating a good impression and acts as a valuable source of information.
What is Selection? Selection is a process of differentiating between applicants in order to identify (& hire) those with a greater likelihood of success in…
What is Recruitment? Recruitment is defined as, a process to discover the source of manpower to meet the requirement of staffing scheduled and to employ…
What is Job Analysis? Job Analysis is defined as the process of determining all the necessary information about a particular job i.e., records information about…
What is Human Resource Development? Human Resource Development is a series of organized activities, conducted within a specialized time and designed to produce behavioural changes.…
Performance management is a system designed to identify the ways to achieve organizational goals through constant assessment and feedback leading to improvement of employee performance.
A cheque is a bill of exchange, drawn on a specified banker and it includes ‘the electronic image of truncated cheque’ and ‘a cheque in electronic form’.
Discharge of contract means the termination of a contractual relationship between parties. A contract is said to be discharged when it ceases to operate.
Essential Elements of a Valid Contract: Offer & Acceptance, Capacity, Consideration, Consent, Free Consent, Coercion, Undue Influence, Fraud Misrepresentation, Mistake, Unlawful Object, Contingent, Declared as Void.
When one person signifies to another, his willingness to do or abstain from doing anything with a view to obtaining the assent of the offer, to such an act or abstinence, he is said to make a proposal.
A bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only.
A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.
The crossing of Cheque means that the specific cheque can only be deposited straightway into a bank account and cannot be instantly cashed by a bank.
Types of Endorsements: 1. Blank or General, 2. Special or Full, 3. Partial, 4. Restrictive, 5. Conditional or Qualified
12 Types of Negotiable Instruments: Bearer, Order, Demand, Time, Inland, Foreign, Ambiguous,. Inchoate, Accommodation, Fictitious, Documentary, Clean bill
Negotiable Instrument means a promissory note, bill of exchange or cheque, payable either to order or to the bearer. In business transactions, a clear knowledge of all these are required.
The seller to whom the full price of the goods sold has not been paid the price is known as an unpaid seller.
Performance of a Contract It is the duty of the seller to deliver the goods and of the buyer to accept and pay for them,…
Transfer of property means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more other living persons.
The doctrine of ‘Caveat Emptor’ means "let the buyer beware". In other words, the buyer must take care of his own interest while purchasing the goods. While purchasing the goods the buyer should check the goods carefully.
The Sale of Goods Act, identifies the terms, "Conditions and Warranties" as being of a prime significance in a contract of sale.
The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or future goods.
Sec. 4 (1), The Sale of Goods Act, 1930" A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another.
Sales management refers to the administration of the personal selling component of a company's marketing program. It includes the planning, implementation, and control of sales programs, as well as recruiting, training, motivating, and evaluating members of the sales force.
Capital structure refers the way a corporation finances its assets by using a combination of equity, debt, or hybrid securities. A firm's capital structure is…
It is regarded as the most dependable source of longterm finance. Retained earnings are an easy source of internal financing to use because they are…
Term loans are provided to the industrial sector by commercial banks, development financial institutions, state level financial institutions and investment institutions. Terms loans are secured…
Venture capital: The term 'venture capital' represents financial investment in a highly risky project with the objective of earning a high rate of return. Venture…
What is Debentures? Definition: Debentures are a fixed-interest, fixed term investment. They are offered by finance and industrial companies which are referred to as issuers.…
What is Preference Share? Preference shares as those shares which carry preferential rights as the payment of dividend at a fixed rate and as to…
Equity capital is funds paid into a business by investors in exchange for common or preferred stock. This represents the core funding of a business, to which debt funding may be added.
Human Resource Planning is a process that forecasts the company’s future manpower demand by analyzing the current supply and the gaps if any.
Human Resource Management covers various operative and managerial functions that are performed at all the levels of the organization.
An audit is an independent examination of financial information of any entity, whether profit-oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.
Human Resource Information System (HRIS) is an organized procedure for collecting, storing, maintaining, retrieving and validating data needed by an organization about its human resources. It is usually a part of the organization’s Management Information System (MIS).
Mission Statement can be defined as a sentence describing a company's function, markets and competitive advantages. It is a short written statement of your business goals and philosophies. It defines what an organisation is, why it exists and its reason for being.
MIS is the acronym for Management Information Systems. MIS is a set of procedures which, when executed, provides information to support decision making. MIS is a software system that focuses on the management of information technology to provide efficient and effective strategic decision making.
HR Audit is like an annual health check-up, it plays a vital role in encouraging the sense of confidence in the Management and the HR functions of an organization. It is a comprehensive evaluation of existing HRD strategies, systems, styles, skills and culture and their appropriateness to achieve the short term and long term goals of the organization.
4 methods of human resource accounting are 1. Historical Cost Method 2. Replacement Cost Method 3. Present and Economic Value Method 3. Asset Multiplier Method
Human Resource Accounting is about identifying and measuring data of human resources. It is used to develop a financial assessment of people in the organization during a particular time period. It is also about evaluating the economic result of investment in people.
There are various problems and challenges faced in Performance appraisal. Broadly, problems in performance appraisal are categorized into 4 types: 1. Judgment Error 2. Inappropriate appraisal methods and forms 3. Lack of training 4. Ineffective implementation
Human resource management (HRM) is the process of acquiring, training, appraising, and compensating employees, and of attending to their labour relations, health and safety, and fairness concerns.
What is Performance Appraisal? Performance appraisal works towards measuring the performance quality of the job holder. Performance appraisal evaluates the jobholders' performance over a period…
Definition: Performance Appraisal Process is a well-thought step by step approach of evaluating the performance of the employees. Performance Appraisal Process Below are the performance…
The Training Process consists of well-planned step by step process that should be adopted while deciding a training program.Training is an investment made by an organization with the objective of achieving some desired results.
Training is a very important tool in all the departments of the business e. g. finance, production, marketing etc. The return on investment in training is huge in terms of higher productivity, enhancing skills of the employees, increasing the motivation levels etc.
Training refers to programs and procedures undertaken with an attempt to improve current or future employee performance. Let's now look into types of training. Types…
Management by Objectives (MBO) is a strategic management technique in which measurable goals are set by a joint effort of senior and subordinate and the contribution of each individual is measured in terms of their accomplishment of the goals.
Broadly, types of contract are divided into 3 types: On the Basis of the 1. Mode of Formation 2. Performance 3. validity or Enforceability
The Indian Contract Act mostly deals with the general principles and rules governing contracts. The Act is divisible into two parts. The first part (Section 1- 75) deals with the general principles of the law of contract and second part (Sections 124-238) deals with certain special kinds of contracts
Business Law is also known as Commercial law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.
Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
What is SOA? Service Oriented Architecture (SOA) is an architectural approach in which application components makes use of a collection of services available in a…
5 Pirates and 100 Gold Coins: There are 5 pirates (in strict order of seniority A, B, C, D and E) who found 100 gold coins. They must decide how to distribute them.
Rat and Poison Puzzle 1: You have 1000 wine bottles, one of which is poisoned. You want to determine which bottle is poisoned by feeding the wine to the rats. The poisoned wine takes one hour to work. How many rats are necessary to find the poisoned bottle in one hour?
What Is Non Verbal Communication? Non-verbal communication is the sending or receiving of wordless messages. We can say that communication other than oral and written,…
In oral communication, spoken words are used. It includes face-to-face conversations, speech, telephonic conversation, video, radio, television, voice over internet.
The barriers to business communication are anything that interferes in the communication process as a consequence of which the message may not be received by the receiver as was intended by the sender.
7 C of Communication are Completeness, Conciseness, Consideration, Clarity, Concreteness, Courtesy, Correctness.
Public relations is a unique management function which helps organizations to establish and maintain mutual lines of communications, understanding, acceptance, and cooperation with their public(s). Public relations are a strategic communication process that builds mutually beneficial relationships between organizations and their publics.
Cloud computing advantages are Cost-saving, Better performance, Automatic software updates, Unlimited storage capacity, Mobility, Increased computing power. Cloud Computing Disadvantages are Internet connection is required, Performance can vary, Technical issue, Security Threat etc.
Cloud Computing Definition: Cloud Computing refers to configuring, manipulating, and accessing the software resources and hardware remotely. It offers online data storage, infrastructure, and application.
Expectancy theory is a motivation theory first proposed by Victor Vroom of the Yale School of Management in 1964. Vroom's Expectancy Theory separates effort, performance and outcomes. Vroom’s Expectancy Theory has assumed four assumptions. Expectancy, Instrumentality and Valence.
Herzberg’s motivation-hygiene theory, also known as the two-factor theory and dual-factor theory was coined by Frederick Herzberg in 1959. He argues that there are two factors that influence the motivation of the employee in the organization.
Psychologist Abraham Maslow proposed Maslow’s Hierarchy of Needs theory in psychology in 1940. Maslow categorized the five needs into higher and lower orders. Lower-order: Physiological and safety. Higher-order needs: Social, esteem, and self-actualization.
Motivation is an inner psychological force which activates and compares the person to behave in a particular manner. Motivation theories are categories into two: content and process theories.
Motivation is defined as inner burning passion caused by need, wants and desire which propels an individual to exert his physical and mental energy to achieve desired objectives. Motivation is goal-directed behavior.
Attitudes are evaluation statements either favourable or unfavourable or unfavourable concerning objects, people or events. They reflect how one feels about something.
Theories of learning have been developed as models of learning which explain the learning process by which employees acquire a pattern of behavior. Four Theories of Learning are: Classical conditioning theory, Operant conditioning theory, Cognitive learning theory, Social learning theory.
Learning is any relatively permanent change in behaviour that occurs as a result of experience. There are two primary elements in learning definition: The change must be relatively permanent and change must occur due to some kind of experience or practice.
Perception is the process by which a person interpret and organize sensation to produce a meaningful experience of the world. It is a cognitive process by which people attend to incoming stimuli, organise and interpret such stimuli into behaviour.
Personality is a pattern of stable states and characteristics of a person that influences his or her behaviour toward goal achievement. There are four theories of personality: psychoanalytic theory, type theories, trait theories, self theory.
The word personality is derived from a Greek word “persona” which means “to speak through.” Personality is the combination of characteristics or qualities that forms a person’s unique identity. It signifies the role which a person plays in public.
A field of study that investigates the impact of individuals, groups and structures on behaviour within organisations for the purpose of applying such knowledge towards improving an Organisation's effectiveness.
OD interventions are the building blocks which are the planned activities designed to improve the organisation’s functioning through the participation of the organisational members. OD innervations include team development, laboratory training, managerial grid training, brainstorming and intergroup team building.
Planned change or developmental change is undertaken to improve the current way of operating. It is a calculated change, initiated to achieve a certain desirable output/performance and to make the organization more responsive to internal and external demands.
Organization Development is an effort planned, organization-wide, and managed from the top, to increase organization effectiveness and health through planned interventions in the organization's 'processes,' using behavioral-science knowledge.
The Boston Consulting Group (BCG) Matrix is a simple corporate planning tool, to assess a company’s position in terms of its product range. The Boston Consulting Group (BCG) Matrix is a portfolio management tool created in 1970 by Bruce Henderson. It is also referred to as the BCG growth-share matrix.
The value chain model is also known as Porter’s Value Chain model. Analysis is a business management tool that was developed by Michael Porter and described in his popular book Competitive Advantage: Creating and Sustaining Superior Performance in 1985.
Strategic management process is a method by which managers conceive of and implement a strategy that can lead to sustainable competitive advantage. It is the process of managing, planning, and analyzing in order to reach all organizational goals.
Strategic management can be described as the identification of the purpose of the organisation and the plans and actions to achieve that purpose. It is that set of managerial decisions and actions that determine the long-term performance of a business enterprise.
Brand equity is the value of the brand in the marketplace. We can say, the total accumulated value or worth of a brand. Financial accountants define brand equity as the total value of a brand as a separable asset and often called brand valuation or brand value.
Customer Based Brand Equity (CBBE) Model is also known as Keller's Brand Equity Model. CBBE concept is that the power of a brand lies in what customers have learned, felt, seen, and heard about the brand as a result of their experiences over time.
Strategic brand management process involves the design and implementation of marketing programs and activities to build, measure, and message brand equity. Strategic brand management process has four main steps .
Brand Management is the function of marketing techniques to a specific product, product line, or brand. It seeks to increase the product’s perceived value to the customer and thereby increase brand franchise and brand equity. The process of maintaining, improving, and upholding a brand so that the name is associated with positive results.
Majorly there are four methods for pricing determination strategies: 1. Cost based pricing 2. Break-Even Concept 3. Demand based pricing 4. Pricing related to the market.
New product development process plays a crucial role in deciding the future of the organisation. Every product has a life of its own and it becomes obsolete after a certain period of time. It is essential to develop new products or alter or improve the existing ones to meet the oft-changing customer needs.
Demand forecasting is an attempt to estimate the future level of demand on the basis of past as well as present knowledge and experience, to avoid both under production and overproduction. Without forecasting, forward planning will be directionless and meaningless.
The buying behaviour of organizations that buy goods and services for use in the production of other products and services that are sold, rented or supplied to others. Organisational buying is also called institutional buying and when the products are used in their own production process, the buying process is called industrial buying.
Consumer behaviour refers to the actions of consumers in the market place and the underlying motives for those actions. Marketers expect that by understanding what causes consumers to buy particular goods and services they will be able to determine which products are needed in the market place, which is obsolete, and how best to present the goods to the consumers.
Marketing Environment is the combination of Internal factors and the External factors and forces outside marketing that affect top-level management’s ability to develop and maintain successful relationships with its target customers.
Marketing management process consists of four key stages, namely Market analysis, Marketing planning, Implementation of the marketing program, Control of the total marketing efforts.
Marketing Concept is the philosophy that an organization should analyze the needs of their consumers and then make decisions to satisfy those needs, better than the competition. There are five different marketing concepts: Production, Product, Selling, Marketing, Social Marketing Concept.
Marketing Mix: The set of controllable tactical marketing tools – product, price, place and promotion – that the firm blends to produce the desired response in the target market. The mix consists of 4Ps, product, price, place and promotion.
Market Segmentation is the sub-dividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected on a market target to be reached with a distinct marketing mix. Types of market segmentation are geographic, demographic, psychographic and behavioural segmentation.
A CASE (Computer Aided Software Engineering) tools mean any tool used to automate some activity associated with software development. Some of these CASE tools assist in phase-related tasks such as specification, structured analysis, design, coding, testing etc.
Risk management aims at reducing the chances of a risk becoming real as well as reducing the impact of risk that becomes real. Three activities in risk management are risk identification, risk assessment, risk mitigation.
COCOMO (Constructive Cost Estimation Model) model was proposed by Boehm (1981). According to Boehm, software cost estimation should be done through three stages: Basic COCOMO, Intermediate COCOMO, and Complete COCOMO.
Software maintenance is the process of modifying a software system or component after delivery to correct faults, improve performances or other attributes, or adapt to a changed environment.
An entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for different business of service.
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business along with any of its risk in order to make a profit. The people who create these businesses are called entrepreneurs.
A good software design implies clean decomposition of the problem into modules and the neat arrangement of these modules in a hierarchy. The primary characteristics of neat module decomposition are low coupling and high cohesion. Cohesion is a measure of functional strength of a module.
Software design deals with transforming the client requirements, as described in the SRS document, into a form (set of documents) that is suitable for implementation in a programming language.
At a technical level, software engineering begins with a series of modeling tasks that lead to a complete specification of requirements and a comprehensive design representation for the software to be built. The first technical representation of a system which is the analysis model, actually a set of models. There have been many methods proposed for analysis modeling.
A software requirement specification (SRS) is a comprehensive information/description of a product/system to be developed with its functional and non-functional requirements. The software requirement specification (SRS) is developed based on the agreement between customer and supplier.
The requirements elicitation and specification phase starts when the feasibility study phase is completed and the project is found to be technically and feasible. The goal of the requirements analysis and specification phase is to understand client requirements and to systematically organize these requirements in a specification document.
Evolutionary model is also referred to as the successive versions model and sometimes as the incremental model. In Evolutionary model, the software requirement is first broken down into several modules (or functional units) that can be incrementally constructed and delivered.
The spiral model is a software process model that couples the iterative nature of prototyping with the controlled and systematic aspects of the linear sequential model. Barry Boehm mentioned the Spiral model in this paper (1986).
A prototype model is a toy/demo implementation of the actual product or system. A prototype model usually exhibits limited functional capabilities, low reliability, and inefficient performance as compared to the actual software.
In Iterative waterfall model, the feedback paths are provided from every phase to its preceding phase. In practice, it is not possible to strictly follow the classical waterfall model for software development work. In this context, we can view the iterative waterfall model as making necessary changes to the classical waterfall model so that it becomes applicable to practical software development projects.
The classical Waterfall Model was the first Process Model. It is also known as a linear-sequential life cycle model. It is very simple to understand and use. Classical waterfall model is the earliest, best known and most commonly used methodology.
A software development life cycle (SDLC) is a series of identifiable stages that a software product undergoes during its lifetime. A software development life cycle model (also called process model) is a descriptive and diagrammatic representation of the software life cycle.
What is Software Engineering? Software engineering is the discipline that covers principles of specification, systematic development, management and evolution of software systems. It is concerned…
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