Definition: A contract is nothing but an agreement which is supported by law, i.e., the concerned parties have to necessarily fulfil their obligations as they are lawfully enforced to do so. Every contract emerges out of an agreement where the two parties promise each other to meet their duties effectively. No trade practice or business activity is possible without entering … [Read more...] about Types of Contracts
Human Resource Planning (HRP)
Definition: Human resource planning (HRP) is a constant practice of filling the gap between the requirement and availability of the manpower in an organization. It ensures the proper blend of skills, knowledge, experience and capabilities in the workforce composition. For instance; in one of the most crowded outlets of a restaurant chain, seven out of eighteen service staff … [Read more...] about Human Resource Planning (HRP)
Deferred Tax Asset (DTA)
Definition: Deferred tax asset (DTA) refers to the excess tax paid or carried forward by the company in the current year as per the income tax provisions. However, such excess tax amount does not get recognition in the books of accounts during the same period. To accurately record this tax difference in the books, an intangible asset is created. In simple terms, the taxable … [Read more...] about Deferred Tax Asset (DTA)
Network Marketing
Someone from your close circle must have approached you to try some products at factory rates. Moreover, they might have also asked you to become a distributor just like him and earn a decent commission. If yes, then you have been pitched for Network Marketing Business. Definition: Network Marketing implies a people-oriented business model that involves direct sales and … [Read more...] about Network Marketing
Mass Marketing
Definition: Mass Marketing, also known as Undifferentiated Marketing, is a marketing strategy that targets the whole market (without segmentation) with a single product. It appeals to many customers with a generic business strategy developed for a core product. Mass marketers target one big market, offering one product for all the buyers. Therefore, the firm produces one … [Read more...] about Mass Marketing
Value Investing
Definition: Value investing is a trading strategy that entails identifying the potential yet undervalued stocks and purchasing them at a reduced price after doing a thorough fundamental study to generate good returns over the long run. In simple terms, purchasing stocks of an underestimated company on sale or at a sensible price. This concept was introduced by … [Read more...] about Value Investing
Women Entrepreneurs
Definition: Women entrepreneurs are referred to as women or a team of women who establish an enterprise or adopt one, take the risk, plan and combine the resources needed to manage the business. In simple words, the women lead, organize and manage their own enterprises. Moreover, they are always ready to face any financial and economic challenges attached to it. As … [Read more...] about Women Entrepreneurs
Bundle Pricing
You might have purchased different combos or packages made of several products. Moreover, you must have saved some amount while buying them. The overall price of these bundles or packages is the Bundle Pricing. Definition: Bundle Pricing is a popular pricing strategy where a group of individual products are sold together as a single product whose combined price is lesser … [Read more...] about Bundle Pricing
Staffing with Example
If an organization is a Car, then human resources are its Driver. The organization acquires this vital resource through the Staffing function of management. It takes the organization to its ultimate destination, towards short and long-term goals. Definition: Staffing is a managerial function that involves all the activities from workforce planning and management to … [Read more...] about Staffing with Example
Complements and Substitutes
There are many goods whose consumption and price are affected by other goods. These goods are known as related goods, which act as Complements and Substitutes for each other. For Instance, when you buy a Desktop, you buy a Keyboard, CPU and UPS along with it. On the contrary, a customer can also buy a Laptop instead of a Desktop. Thus, all these products are the related … [Read more...] about Complements and Substitutes