BUSINESS ESSENTIALS

Supply Chain Management (SCM) Supply chain management (SCM) is the comprehensive process of managing and optimizing the flow of goods and services from suppliers to customers. It encompasses a wide range of activities, including planning, execution, and control. Key Components of SCM: 1. Supply Chain Planning:– Forecasting demand and inventory levels.- Selecting suppliers and route […]

There are many ways to earn money online, depending on your skills, interests, and available time. Here are a few popular options: High-Income Jobs: Freelance/Consulting: Offer your expertise in various fields such as writing, editing, design, programming, marketing, virtual assistance, or business development. Online Teaching: Teach English online to students from around the world. Software […]

Interpersonal skills are the abilities to communicate and interact effectively with others, including: Core interpersonal skills: Communication: Listening, speaking, writing, empathy, and feedback. Conflict resolution: Ability to manage and resolve conflicts amicably. Collaboration: Working effectively with others as part of a team or group. Empathy: Understanding and responding to others’ emotions and perspectives. Leadership: Motivation, […]

Crowdsourcing Crowdsourcing is a phenomenon where a large group of people, often the general public, contribute to a shared task or project. It involves tapping into the collective intelligence and resources of individuals, usually through online platforms. Types of Crowdsourcing: Idea Crowdsourcing: Collecting ideas from a wide group for product development, problem-solving, or innovation. Task […]

Market share refers to the percentage of the total market revenue or market size that a particular company or product has. It is a measure of a company’s relative market position. Formula for market share: Market share = (Company’s sales/Total market sales) x 100% Key factors influencing market share: Product quality: High-quality products will attract […]

Definition: A commission is a payment made to an agent or salesperson for services rendered in the course of business. It is typically a percentage of the total amount of the transaction. Types of Commissions: Flat commission: A fixed amount paid for each transaction, regardless of the size of the transaction. Percentage commission: A percentage […]

AGMARK AGMARK is a trademark symbol used in India to certify the quality and safety of agricultural products. It is administered by the Indian government under the Agricultural Products (Control and Regulation) Act, 1999. Purpose of AGMARK: Ensuring quality and safety: AGMARK certification guarantees that products meet specified quality standards and are safe for consumption. […]

The word “credo” is a Latin word that means “I believe.” Definition: Credo is a verb that means “I believe” or “I trust.” It is often used in formal or literary contexts. Example sentences: “I credo in the power of the human mind.” (Latin) “I believe in the importance of education.” “I don’t credo everything […]

Price discrimination is a pricing strategy that involves charging different prices for the same product or service to different groups of consumers based on their willingness to pay. Types of Price Discrimination: Explicit price discrimination: Charges different prices for the same product to different customers. Implicit price discrimination: Uses the same price for all customers, […]

Definition: The learning curve is a graphical representation that shows the relationship between the time or effort required to learn a new task or skill and the level of proficiency achieved at different points in time. Key Characteristics: Asymptotic: The learning curve approaches a limit, but never reaches it. Bell-shaped: The curve has a central […]