Pillars of marketing are the foundational elements of an effective marketing strategy. The 4Ps of marketing (Product, Price, Place, and Promotion) are the most commonly…
What are Close Ended Questions? Examples of Closed Ended Question
Have you ever come across a question where there is no possible answer than Yes or No? Well, there might be a chance that you…
Buffer Stock: Meaning, Methods and Examples
Buffering stock means the excess amount of goods that are used to manage the price fluctuation and unpredictable emergencies which occur in the market. What…
8 Features of Bureaucracy: Advantages and Disadvantages
Bureaucracy is defined as the organization and its administration that handles the everyday transactions and business of a society or a government. The term bureaucracy…
The 10 Most Important Features of Business you should know
Definition of Business: A business is an activity or organization that seeks to provide goods or services to customers in exchange for money. It generally…
The 6 Features of Centralization: Its Advantages and Disadvantages
There are two ways to operate an organization one is centralization and decentralization. These two processes are opposite to each other. In centralization, the authority…
15 Features of Culture and the Meaning of Culture
Culture is defined in various ways by various sociologist and anthropologists. Here are a few definitions of culture. E.S. Bogardus defines culture as “A way…
11 Characteristics Of Organisational Culture
Each organisation has a different culture, like the culture of different communities. People of one community follows the same beliefs, values, assumptions, and rituals. Similarly,…
Unity of Command: Meaning, Example & Its Importance
Being accountable and answerable to more than one supervisor is never liked by the employees. Unity of Command is the one business management theory that…
Unity of Direction: Meaning, Role, Benefits and Importance
Do you know about the best technique of motivating the workforce to work with uniformity and coordination to accomplish the common objectives of the company?…
Competitive Strategies – Definition, Limitations, and the Importance
Definition A Competitive strategy can be defined as the action plan which takes place over a long period of time and is used by different companies…
What is Commoditization? Definition, Examples, and How to Avoid It
What Is Commoditization? The term “commoditization” refers to a product or service becoming a commodity. Commodities are goods or services that are interchangeable with other…
Joint Venture: Meaning, Objective, Feature, Advantages, & Disadvantages
The joint venture is a commonly used word in the business environment. A joint venture is a business arrangement where two or more companies get…
What is Field Testing and How to do It? Advantages & Disadvantages
Field testing is an experiment which is conducted on a small scale to evaluate its cost, duration and also monitor its adverse effects and improve…
The 7 Different Modes of Payments Explained with Pros and Cons
Making payment is a day-to-day activity of every business. One party is required to make payment to another party to use its services and goods….
