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….
Who is Media Buyer? Role of Media Buyer Explained
A media buyer is a person who places and negotiates the price of all the ads on different media. This media can be television, print,…
What is Bilateral Contract? Elements, Enforcement and Examples
A bilateral contract is a type of legally binding agreement between two parties. The contract can be either oral or written. It differs from a…
Job Analysis: Meaning, Objectives, Steps involved, and Advantages
Job analysis is defined as a process that garners and later analyzes the collected data and information about the context and requirements of a job….
Prioritization: Meaning, Planning, Importance, Cons, and Examples
Prioritization is defined as activities where you list the items you want to do on their level of value. It means that you can now…
Business Process Reengineering: Importance, History, and Examples
Business Process Reengineering (BPR) can be defined as a process of analyzing and redesigning the entire business process of an organization in order to improve…
Process Control: Meaning, Objectives, Types, Importance, and Advantages
Process control is defined as an activity that ensures a process is steady, predictable, and constantly operating at the set level of performance with the…
Profit Center: Meaning & How to Measure the Performance of Profit Center
A profit center is defined as an integral part of a business entity that makes identifiable contributions towards the organization’s coffers. It is a separate…
Profiteering: Meaning, Types, Examples, and Why is Profiteering wrong?
Profiteering is defined as an activity that helps to generate an unreasonable amount of profit through sales of essential products during times of emergency. The…
Quality Circle: Meaning, Features, Objectives, Structure, and Techniques
Quality circle is a participant management method in which a team of employees works towards solving and defining a problem that is related to the…
Job Evaluation: Meaning, Objectives, Features, Methods, and Limitations
Job evaluation is an approach to determine the worth of one specific job about other positions in a company and even across an industry. The…
