Functions of Production Management
Production management’s primary goal is to add value to the organization and its products. It ensures that the goods and services businesses provide to their customers are of high quality and meet their needs. Functions of Production Production management nowadays has a wide range of responsibilities. Selecting a product and its design A prerequisite for […]
Scope of Business Environment
The scope of the term business environment includes in a broad sense both internal and external factors impacting the business, it is commonly used for external factors. Identifies Business Opportunities and Threats Businesses can identify a variety of possibilities and risks thanks to the business environment. When a business can quickly identify market opportunities, they […]
Game Theory
Game Theory is the concept of Operation Research used in decision making for analyzing competitors’ strategies and planning to gain competitive advantage in the market Competitors play a vital role in the decision-making of an organization. Each strategy by an organisation is formulated after keeping its competitors’ actions in mind. In the same way, the […]
Introduction to Plant Location
Plant Location or Facility Location is an important decision for an organization at the strategic level. An important feature of the manufacturing system is its efficiency in transferring products to the end customer. This feature can be well fulfilled on the basis of the location of its plant or facility. The decision to select the […]
9 major factors driving Globalization
Globalization is the process of eliminating barriers to trade between countries in order to enhance the integration, interconnectedness, and connectivity of manufacturing processes and capital markets, as well as the movement of financial resources, products, and services across borders, thus facilitating international trade and economic development in intricate ways. Globalization Factors The digital revolution: The […]
4 POWERFUL STRATEGIES FOR SEGMENTING AND TARGETING
Marketers have defined five basic strategies for segmenting and targeting market identification: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing (niche marketing), and micro marketing (hyper-segmentation). Different strategies for segmenting and targeting Mass marketing (undifferentiated marketing) Undifferentiated marketing/mass marketing is a method of reaching out to as many people as possible in order to […]
Financial Markets: Dynamic Powerhouse of a Thriving Economy
Financial markets are the institutional arrangements for trading various types of financial assets and credit instruments such as currency, cheque, bank deposits, bills, bonds, and so on. The financial system of an economy operates through financial markets and institutions. Functions of Financial Markets These are the major functions of Financial Markets Types of Financial Markets […]
FINANCIAL INSTITUTIONS
Introduction of the Indian Financial System Lenders and borrowers can exchange funds through the financial system. In India, the financial system is governed by independent regulators in the insurance, banking, capital markets, and various service sectors. Thus, a financial system can play an essential role in a country’s economic growth by mobilizing surplus funds and […]
DECISION-MAKING ENVIRONMENTS
Decisions are made in all areas of human endeavor. A glance at the newspaper headlines reveals the breadth of the range. The decision-making process involves economic, political, social, and technical considerations. However, the same decision-making process that may be observed for events worthy of inclusion on the front page of ‘Business Standards’ underpins even the […]
OPERATIONS RESEARCH
In today’s complex business world, operations research is gaining traction. Today, well-defined Operations Research tools provide support for every complex industry problem. Making decisions in today’s social and business environment is becoming increasingly difficult. Well-structured problems are routinely optimized at the operational level of organizations, and increased attention is now focused on broader tactical and […]