Definition: Rightsizing is a strategic business tool that escalates the resources to reduce costs and remain competitive. It is a type of involuntary separation that filters the workforce correctly, especially at the top level. Optimization gives rise to a skilled, able and knowledgeable workforce to achieve new business goals. It reduces the operating cost and escalates the … [Read more...] about Rightsizing
Compensation Management
Definition: Compensation is the reward an employee receives in return for their valuable efforts while performing various jobs in the organization. Compensation management deals with every type of reward and its allocation in the most desirable way. These compensations are managed effectively to achieve equity, transparency and consistency across the organization. It is an … [Read more...] about Compensation Management
Direct Marketing
Definition: Direct Marketing is a personalized form of marketing that establishes direct interaction with the potential customer. In this, the marketer’s target the correct type of audience for promoting their products. Its goal is to get a response from the target customer. One must note that it does not necessarily have physical interaction. A company can opt for online … [Read more...] about Direct Marketing
Segmentation
Definition: Segmentation implies a process of fragmenting the diversified market containing similar attributes or needs. It is the first stage of the STP decision process (Segmentation, Targeting and Positioning). It is a tool to achieve stability in a highly competitive market in the long run. Classification of market segments depends on certain variables. These variables … [Read more...] about Segmentation
Circular Flow Model
Definition: The Circular Flow model represents the continuous flow of money among the sectors of the economy. The process of exchange results in economic activities like production, consumption, investment and expenditure. It plays a significant role at the time of calculating national income. The sectors include: Domestic or Household Corporate or Firms Government … [Read more...] about Circular Flow Model
Management Report
Definition: The management report is a means of communicating essential information from high to low levels of management. It consists of facts and significant data presented through written, oral and visual tools (Graphs, Charts and Pie-Charts). It provides an insight about the departmental progress through financial and non-financial data of a specified period. Timely … [Read more...] about Management Report
Financial Statement Analysis
Definition: Financial Statement Analysis is an analysis that assesses the financial wellbeing of the firm, its strengths and areas of concern. It determines relations among various items in the statements. It aims to scrutinize, interpret, compare and depict useful relationships among financial statements (Balance Sheet/ Income Statement) within and across the … [Read more...] about Financial Statement Analysis
HR Report
Definition: HR report can be defined as the summary of personnel data maintained on a monthly or annual basis. It helps the human resource managers to establish or identify the relevant patterns and correlations within this massive information pool. When the companies frame various business strategies, the HR reports act as a useful tool for crucial decision-making. For … [Read more...] about HR Report
Breach of Contract
Definition: Breach of contract refers to the termination of a contract (whether in written, oral or implied form), after one of the contracting parties, fail to meet its part of contractual terms. Such a non-compliance is usually unjustifiable from the side of the breaching party. Some of the other reasons include incomplete performance, delay in payment, failing to … [Read more...] about Breach of Contract
Contract
Definition: A contract can be stated as an agreement which is legally enforceable on both the parties involved in it. We can say that any of the party concerned can redress to the court of law on non-fulfilment of the contractual obligations by the other party. Thus, a contract has three essential components: Offer or Proposal: made by the offeror; Acceptance: … [Read more...] about Contract