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 […]
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The manufacturing and service sectors are two distinct categories representing different economic activities within an economy. These sectors play crucial roles in shaping the economy, generating employment, and contributing to the overall well-being of a nation. Manufacturing Sector Nature of Activities: The manufacturing sector involves the production of tangible goods through various processes, such as
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Business Environment Books – Francis Cherunilam – Indian Institute of Material Management
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A government license was necessary to launch new businesses or increase production. To encourage the establishment of new businesses in economically underdeveloped areas, incentives such as easy licensing and the subsidization of essential inputs such as electricity and water were used. This was done to address inequalities between regions of the country. Only after the
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A strategic state attempt to promote economic transformation, or the transition from lower to higher productivity activity, within or within sectors, is known as industrial policy. Industrial policy is any form of selective government action or policy that seeks to alter the structure of production to favor industries that are expected to provide better economic
Even before India gained its independence, the colonial government had established a planning board that operated from 1944 to 1946. Planning in India dates back to the 1930s. In 1944, three development plans were published by independent manufacturers and economists. Hence, planning was not entirely new to the economy even before independence. Soon after gaining
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The “product life cycle” is the time between when a product first hits the market and when it’s taken off the shelves. It’s a concept used by management and marketing professionals to decide whether it’s time to improve marketing, lower prices, expand into new markets or switch packaging. The process of planning how to consistently support
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The phrase “product decision” in marketing describes the company’s intentional decisions—large or small—about its product. The 4Ps of marketing—Product, Pricing, Place, and Promotion—rank it first. These choices are made by organizations in an effort to achieve their goals and generate long-term profits. Product decisions must be made at several levels of marketing. These judgments generally
New product development (NPD) is the process of creating a new product through a set of design, engineering, and research activities. NPD is focused on creating an entirely new idea and seeing it through the entire product development process, as contrast to traditional product development. The capacity to provide items that fulfill customers’ requirements and
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Modern manufacturing systems integrate a wide range of cutting-edge methodologies, technologies, and procedures with the goal of enhancing production process flexibility, quality, and sustainability. These systems have seen tremendous development over time and are still evolving to meet the demands of the market and new technical developments. Aspects of contemporary production systems include the following:
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