BUSINESS ESSENTIALS

Definition: An auction is a process of selling a property or item to the highest bidder through a public or private bidding process. The bidding is typically conducted through an auctioneer, who acts as an intermediary between the seller and the bidders. Types of Auctions: Public auction: Open to the public, where bidders can openly […]

Cost Structure The cost structure is a breakdown of a company’s expenses into various categories. It includes all costs incurred by the company in the course of business operations, regardless of whether they are fixed or variable. Common Cost Structure Categories: 1. Direct Costs:– Raw materials- Manufacturing costs- Purchasing costs- Transportation costs 2. Indirect Costs:– […]

Definition: A bill of exchange is a written order to pay a specified sum of money on a specified date to a named payee. It is a negotiable instrument that represents a debt. Key Features: Orderer: The person who issues the bill of exchange. Drawee: The person or company who is obligated to pay the […]

Green Marketing Green marketing is a type of marketing that emphasizes the environmental sustainability of a company’s products, services, processes, and operations. It involves making consumers aware of the environmental benefits of a company’s offerings and encouraging them to make sustainable choices. Key Principles of Green Marketing: 1. Environmental Sustainability:– Products and services are designed […]

Quorum A quorum is a minimum number of participants required to make a decision or conduct an action on behalf of a group. It is a threshold that must be met before any action can be taken. Definition: Quorum is derived from the Latin word “quorum,” meaning “how much” or “what amount.” It refers to […]

A business model is a framework that describes how a company creates, delivers, and captures value for its customers. It includes the company’s value proposition, customer relationships, key activities, key resources, and revenue model. Key elements of a business model: Value proposition: How the company creates value for its customers. Customer relationships: How the company […]

Big Data Big data refers to the vast and rapidly growing datasets that are so large and complex that traditional data processing methods are inadequate to handle and analyze. These datasets often include structured, semi-structured, and unstructured data from various sources, such as social media, sensors, and logs. Key Characteristics of Big Data: Volume: Enormous […]

Video Conferencing Video conferencing is a technology that allows people to conduct meetings and communicate with each other in real time through the use of video and audio conferencing tools. It is widely used in business, education, and social gatherings. Key Features: Video and Audio Conferencing: Allows participants to see and hear each other as […]

E-commerce (electronic commerce) is a type of business transaction that occurs over electronic networks, primarily the Internet. It encompasses the sale and exchange of goods, services, information, and ideas between businesses and consumers. Key Characteristics of E-commerce: Electronic Transactions: E-commerce transactions take place electronically, typically through websites, mobile apps, or other online platforms. Distance Selling: […]

Definition: A barcode is a type of two-dimensional (2D) barcode that consists of black and white modules arranged in a specific pattern. It is a visual representation of data that can be scanned and decoded by a barcode reader. Components: Barcode module: A single unit of black and white modules. Quiet zone: A border of […]