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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → Cause related marketing is a marketing strategy that links the purchase of a product with fundraising for charitable or social cause and yields profitable results for both the benefactor and the business. Companies may take up cause-related marketing in order to market products and enhance their public image, or for positive publicity of a service. [...]
Continue reading → 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. [...]
Continue reading → 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, [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → 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 [...]
Continue reading → Sales Logistics A sales, like war, needs a carefully planned approach to succeed. For the success of an organization, it is important that sales should evolve as a well-managed process. Two critical factors that impact sales are territory planning and time planning. Territory Planning Territory Planning aims at matching selling efforts with the sales opportunities [...]
Continue reading → One might argue that if appropriability of innovation can be ensured, it may help nascent entrepreneurs to overcome the financing problems. While this may be true, one cannot ignore the problem with the present systems of appropriability – namely patent, trademarks, etc. While, on the one hand, some degree of appropriability is being ensured, on [...]
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