Business

In order to track a specific set of steps or a sequence in the manufacturing process, a route sheet is used to note a number of things. Route sheets identify and number a work order, and generally...

Marginal utility refers to the benefit or satisfaction that a consumer receives from a product. Economists use marginal utility when determining how much of a product a consumer will buy. A basic...

Commerce can be considered a subcategory of economics. Economics is a very broad field of study that measures and analyzes the way in which individuals, collectives, businesses, and governments...

Kappa Omicron Nu, a collegiate honors society, describes professionalism as the feeling of support an individual has for their chosen profession or an individual’s ability to positively represent...

If a marketer is doing his or her job right, then marketing impacts consumer behavior by encouraging spending and swaying consumers' choices towards a particular brand. Marketing is actually a lot...

The first and most straightforward way that a small business can help deal with unemployment is by hiring individuals. Small business owners should hire locals that have the right expertise. They...

Businesses may operate using an open or closed system. This approach of organization may be throughout the company, or various departments may operate as open or closed within the same business. An...

An opportunity cost is the cost you incur when you choose one path and forego another. So, what needs to be examined is what path you are foregoing to go to school. Assuming that you would work...

There are many possible ways to describe the features of a bureaucracy. I will use a famous enumeration of these features put forward by Max Weber. I will examine five features of bureaucracy...

There is a difference between average cost and marginal cost. The average cost of a product is the total cost of making a product divided by the total number of products made. If a company...

The specific error that Warren and Carol Oats made during their first week in Japan was to rush in too hastily to business appointments instead of taking the time to research how business is...

External competitiveness refers to how well a company compensates its employees when compared to its competitors. For example, consider two factories—if one factory pays its workers $200 per shift...

Different models in production and operations management include the following: Fordism: This refers to the system of mass production and consumption developed by the Ford Motor Company and used...

We cannot consider external factors without internal factors or vice versa. External factors set the stage for what a company must deal with, but internal factors largely determine the extent to...

The differences between administration, management, and supervision can best be explained in terms of organizational hierarchy, often depending upon the size of the organization or business....

Process strategies refer to the method by which a company creates its consumer goods. The four most commonly accepted strategies are defined by how they relate to levels of both volume and...

The production possibility frontier, usually abbreviated PPF, is used to describe the production capacity of a country, or in some cases an individual business. Usually we draw it in two dimensions...

One of the common drawbacks in classical and neoclassical theories of management is that, despite their differences, the two theories are based on the same flawed foundational models (i.e. focusing...

Classical management theory and human relations theories contrast greatly. It can be said that classical theories were the earliest ones developed, while much of the human relations theories...

A pure service brand is one that mainly sells a service. A good example of this would be an airline that sells itself by providing a top-notch service for its customers. Unlike a product-based...

Channel richness refers to the amount of information that can be transmitted by a given communication channel. In business communication, selection of the right channel of communication depends on...

The major reason for countries to participate in international trade is to sell their surplus produce and to cover their deficits in production. Basically, the products sold by a country to another...

Trade discounts occur when a purchaser buys in bulk, and it is a reduction in cost from the normal retail price on goods. Cash discounts, on the other hand, are generally a reduction in cost if the...

Extrinsic rewards are those that originate from the company itself, providing a fairly tangible means of recognizing an employee's hard work. Employees thus want to work harder and complete tasks...

General management is about overseeing everything that goes on in a company, and making sure that all departments are working together to turn a profit. As an example, let us consider the role of a...

The government has commissioned several institutions charged with activities geared towards protecting the consumer. Additionally, the government plays an important role in the passage of laws...

While the term “forever” seems to used here to mean “a very long time,” arguments can be made both for the continued viability of a given brand and for its extinction. The underlying concept that...

People often talk about how businesses should have a "social conscience." They mean that businesses should act in ways that are meant to promote some greater societal good. This quote is saying...

Pricing policy is the determination of what price a business will charge for a product or service, and this price determination is made by considering costs of production, value of the product or...

Goods and services are, of course, of no good to consumers until the consumers can actually have access to them. Distribution (or its more sophisticated counterpart, supply chain management) can...

The idea or theory is mainly applicable in competitive markets because the seller or manufacturer will always get the same price for each product regardless of the quantity supplied. The marginal...

In other countries, hand gestures mean very different things than they do in America. In Italy, the "OK" hand gesture to which you are referring does not have a positive meaning. "Worthless" is the...

In the context of any organisation, be it a company, a charity, or a hobby group, the word "power" refers to management. Since the question was filed under the business category, I will discuss the...

"Fixed costs" are only "fixed" to a certain degree. Investments in land, buildings, equipment, and people -- and this latter category, people, is subject to numerous variables -- represent fixed...

Classical management theory includes the scientific management theory of Frederick W. Taylor, who pioneered the idea that each job should be studied carefully to ascertain its requisite components,...

In a nutshell, the kitchen brigade system helps restaurants deliver the highest-quality cuisine to customers. The kitchen brigade system was created by Auguste Escoffier. He was a French chef who...

It is reasonable to say business and management are both social sciences. The definition of social sciences refers to the study of humans and their relationships. In both management and business,...

Within a business organization, the concept of "due process" means that, before disciplining an employee for violating some rule or policy, a business must follow a specific course of action...

There can be several causes of discrepancies in inventory stock management. A discrepancy in inventory stock is when the actual stock in a warehouse of a retail store does not match the recorded...

Your question asks about converting single-entry bookkeeping to double-entry bookkeeping. In order to convert single-entry bookkeeping to double-entry bookkeeping, it is helpful to first...

Economies of scale exist when a firm expands its production and sees its long-run average costs decrease. In a situation like this, being bigger helps a firm. If a firm grows larger, its costs...

There are many pros and cons of mass marketing. Unfortunately, the term "mass marketing" is a little bit ambiguous. It could refer to the actual attempts to sell a product to a large market...

Regular external analysis is not just beneficial but essential in business. However efficient the company's internal operations, they cannot take place in a vacuum, since the company supplies its...

First, let's define what is a MIS, or Marketing Information System. The literal definition from Kotler (1988), author of the textbook Marketing Management: Analysis Planning and Control, a MIS is:...

The beta of a stock represents the volatility or market risk of investing in that stock. A stock with a beta greater than one is more volatile than the market in which it is listed. If its beta is...

In this case, a laptop is the best example of a standardized product. There are many different brands of laptops, but they all perform the same function. Additionally, all laptops have standardized...

Classical management theory became popular in the early 1900s as small businesses began to pop up with more and more problems to solve. The goal of this practice was to reduce costs, improve...

Managers need to have a basic understanding of economics to understand the concept of value, for example, product value or service value. Value has a special meaning in economics since nothing has...

There are many considerations. One is language barriers. While many people all over the world either know or are studying English, there are many more who are not familiar enough with the language...

An entrepreneur has a similar, but not identical, role under both import substitution and export promotion models of economic development. Import substitution is based on the idea that a country...