BUSINESS ESSENTIALS

SWOT Analysis SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic framework used to analyze the internal and external factors that can affect the success of a business. Strengths: Identify the company’s positive attributes, such as its skilled workforce, strong brand reputation, or technological advantages. Leverage strengths to capitalize on opportunities. Weaknesses: […]

Opportunity cost is a fundamental concept in economics and finance that refers to the trade-off between alternative uses of resources. In other words, it is the value of the best alternative use that is given up when a decision is made. Explanation: Resources: Inputs used in production or consumption, such as labor, capital, and materials. […]

Business Continuity Planning (BCP) is a critical business process that ensures the continuity of essential operations during and after a disruptive event. It involves developing strategies and procedures to maintain essential functions, minimize downtime, and ensure the resilience of the organization. Key Components of a BCP: 1. Identification of Business Impact:– Identifying the most critical […]

Merchandising Merchandising is a retail function that involves the activities of selecting, buying, and selling merchandise to customers in order to generate profit. It is a key aspect of retail operations and plays a crucial role in shaping customer experience and driving sales. Key Elements of Merchandising: 1. Product Selection:– Determining customer needs and wants- […]

Attrition is the process of employees leaving a company. It can be caused by a variety of factors, including poor job performance, a desire for better pay or benefits, or personal issues. Attrition can have a negative impact on a company’s bottom line, as it can lead to increased costs and decreased productivity. Here are […]

Succession Planning Succession planning is the process of identifying and developing potential successors for key roles within an organization. It involves anticipation, preparation, and implementation steps to ensure a smooth transition of responsibilities when a founder or key employee departs. Key Steps in Succession Planning: 1. Identify Key Roles:– Determine the roles that are critical […]

Layoff A layoff is a termination of employment for a group of employees usually initiated by a company due to economic hardship, company restructuring, or other factors. Key Points: Employee Termination: Layoffs involve the termination of employment of selected employees. Reason for Layoff: Companies typically lay off employees due to economic downturns, business restructuring, or […]

Bankruptcy is a legal process in which a person or business declares that they are unable to pay their debts. There are many different types of bankruptcy, each with its own unique set of benefits and drawbacks. Types of Bankruptcy: Chapter 7: Also known as liquidation, this is the most common type of bankruptcy for […]

Definition: A paradigm shift is a fundamental change in the way a particular field of knowledge is understood and practiced. It is a fundamental change in the concepts, theories, methods, and practices that dominate a field. Key Features: Change in fundamental assumptions: The shift includes a change in the fundamental assumptions and beliefs underlying the […]

Definition: Inferior goods are products that have a low demand and low price. They are typically inexpensive and of poor quality. Characteristics: Low demand: Inferior goods are not desirable to consumers, and they have a limited market. Low price: They are inexpensive to purchase, usually at a price well below the cost of other goods. […]