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 [...]
Small Business
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 [...]
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 [...]
Sales Lifecycle
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 [...]
Regional Financial System and Financial Structure of Small Firms
The problem of financial constraints seems to extend beyond the problem of appropriability or innovation. This third study tries to find the factors beyond the firm’s purviewthat may affect firm’s financial choices. It extends the study of capital structure of firms to accommodate regional financial characteristics that are generally discussed in the banking literature. Until [...]
Business trade-offs
In businesses, trade-off situations arise when targets or goals that seem equally important cannot be achieved fully, at the same time. In such situation, companies prioritize ne product or service as more important and necessary than others. As a result, they place more weight on this product or service and may support it with a [...]
Bull whip Effect
As you move across the supply chain from the supplier to the customer, the variability in the demand increases and even small changes in the demand can trigger large variations in the execution of order to the next stage of the supply chain. This variability can result from change in demand, problems in quality of [...]
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