Cost of Quality includes all codes incurred in the pursuit of quality or in performing quality related activities. Cost of quality studies are conducted to provide a base line for the current cost of quality, to identify opportunities for reducing the cost of quality, and to provide a normalized basis of comparison. The basis of [...]
Business
QUALITY CONTROL (QC)
QC is the series of inspections,reviews, and tests used throughout the development life cycle to ensure that each work product meets the requirements placed upon it. QC includes a feedback loop to the process that created the work product. The combination of measurement and feedback allows us to tune part of the manufacturing process QC [...]
QUALITY OF CONFORMANCE
Quality of conformance is the degree to which the design specifications are followed during manufacturing. Again, the greater the degree of conformance, the higher the level of quality of conformance. In software development, quality of design encompasses requirements,specifications and design of the system. The requirements must be gathered formally and there should not be any [...]
QUALITY CONCEPTS
Its Quality concepts 1. Quality 2. Quality control 3. Quality assurance 4. Cost of quality The American heritage dictionary defines quality as “a characteristic or attribute of something”. As an attribute of an item quality refers to measurable characteristic-things, which we are able to compare to known standards such as length,color,electrical properties, and malleability and [...]
Operations in business
A service department of a major parts distributor conducted a customer satisfaction survey and identified three key areas for improving customer service. Since the service department was primarily a telephone response team, customers wanted less waiting time and wanted to speak to a representative more quickly than navigating through a long series of prompts and ending [...]
Objectives of Financial Reporting
Financial reporting refers to external financial reporting by business enterprises. Financial reporting includes financial statements & other means of communicating information that relates to the information provided by the accounting system, information about an enterprise’s resources, obligations, earnings etc. Management personnel may be required to communicate information to those outside the enterprise by means of [...]
Business Cascade
Considering that the cultural and communication frameworks have been established, there is a high readiness factor for the deployment of the company business strategies and aligning those in the functional plans. The business cascade is an effective way to engage and mobilize the workforce to complete these plans so that their individual performance can be [...]
Personal Selling
Personal selling involves verbal communication with prospective buyers regarding a product with the intention of closing the sale. Personal selling involves the implementation of a predefined marketing strategy for the success of the product and increase in company revenues. The different types of personal selling include: 1. Direct Marketing – This entails face-to face contact. [...]
Advertisement
Advertising is an effective form of non-personal communication by a company about its products. Advertising is done to inform large number of consumers about the product and its key features. It develops in the target audience, an interest in the product, and even a desire to purchase it. The various media of advertising include newspapers, [...]
Target Market
Effective communication is one of the most important aspects in the integrated marketing scenario. Communication messages that are used while marketing the product to the target market must contain concepts that are easily identifiable by them. Only when a message is the relevant to the context of an individual ‘s perception , will the individual [...]
Defining Service Standards
Along with products, companies provide a set of services to achieve the following : Increase market share Ensure customer satisfaction A service like a product is designed to address customer requirements and provide value for money. It may or may not have a human interface involved in its delivery depending on whether the service provided [...]
How is a Good Product Developed ?
A recent lifestyle survey of the customer profits at DreamKids indicates a rise in purchases by the young adult age group (teenagers). More and more teenagers are showing a keen interest in the products sold by the store. To capitalize on this development and expand their target audience, the DreamKids Product Definition team plans to [...]
Defining Product Standards
In a consumer-driven society, as shopping via carious media increases so do the expectations of the customer. A variety of products are offered with attractive packaging and at reasonable prices. However, customers remain cautious about purchasing these, as they need a guarantee regarding the quality of the product. The customer needs continual assurance of the [...]
Selling Situations
The situation where a salesperson approaches a client to make a sale is termed as a Selling Situation. Selling situations can be of two types : Service Selling and Developmental Selling. Service Selling Salespersons often make sales calls to customers who may already be awre of the company’s products. This type of selling has less [...]
