Having a good location for retail is one of the crucial impacts in the case of the marketing strategy of retail because many of the associated long-term decisions and commitments depend on the location of the retail. Having a good location is one of c primary element in attracting prospects and customers. At times a …
Interviews are a part of the hiring process as it gives an in-depth impression of the applicant to the interviewer. It is vital to get the most out of an interview with the help of suitable questions and active listening to gauge the mood and behavioral pattern of the candidate. The interviewer must personalize his …
Secondary industry is defined as the industry that deals with the raw materials effectively collected by the primary industry so that they can convert them into finished products. These finished goods are in turn sold by Tertiary industries in the consumer market. In an economy, the industrial sector is dominated by producing and manufacturing of …
Cross-Functional team is defined as a workgroup that includes employees from different levels of an organization having different skills and knowledge collaborating for completing a particular task or project. The objective of bringing people together from the different functional area is to increase decision making and improve problem-solving as a cross-functional team is equipped to …
Risk mitigation is defined as a process adopted by organizations for systematic reduction of the risk it is exposed to. Specific measures are adopted to minimize the likelihood of its occurrence and are directed towards minimizing the organization’s exposure to risk, reducing the probability of its occurrence, and minimizing the severity of the consequences. Meaning …
A borrower requires an official document that can give proof that the borrower will be able to repay the debt to the lender. A borrower can use either letter of credit or bank guarantee as these both promises from a financial institution and ensures that the debtor will repay his debt no matter what his/her …
Optional Product Pricing is a method to determine product costs where a business sets a low cost for its most basic product and then profits from selling more costly accessories. Optional product pricing is distinguished in the market of computer printers and cell phones that mostly have a low initial entry price, whereas the cost …
A workflow diagram is defined as a linear version of a business process that is undertaken gradually from the starting line to the finishing line. It projects the ways and means that must be followed so that the task in question is finished. A workflow diagram is a visualization tool that is simple and easy …
Tacit knowledge is defined as the knowledge that is very difficult to impart to another individual either by telling him or writing it down. Several types of knowledge become impossible to transfer, like the ability to play an instrument and using complex musical instruments. It signifies that a person knows more than he can tell …
Target costing is defined as a management technique that helps the company to decide the prices by estimating market condition. It includes cost planning in the initial designing stage and also the cost control that exists throughout the lifecycle of a product. Although the primary role of target costing is not to surpass target cost, …