Definition: Product-Market Fit is a fit between the companies product and its target market desires. The fit depicts the product's capabilities to satisfy the overall market demand. It is one of the marketing strategy models that suggest the future strategic course of action to the marketers. It is a consumer-centric approach and a key to successful entrepreneurship. Here, … [Read more...] about Product-Market Fit
Human Resource Planning Process
Definition: The Human Resource Planning Process critically analyses, forecasts, and allocates human resources as per business goals. It assists organizations in estimating their existing as well as future manpower requirements. This process is carried out in all organizations, big or small. We can also refer to it as Manpower Requirement Process. It serves as a bridge … [Read more...] about Human Resource Planning Process
Differential Costing
Definition: Differential costing is a technique that examines changes in the total cost and revenue by analyzing proposed alternatives. These changes comprise an increase/decrease in the cost of crucial elements affecting decision making. The need for comparative study is to analyze the difference in the cost due to the change in operations. It involves cost differences by … [Read more...] about Differential Costing
Rural Consumer
Definition: A Rural Consumer is an end-user of the products offered in rural markets. More precisely, a rural consumer is the one who buys goods & services for self-consumption, reselling or reproduction in the rural areas. The rural consumer has less disposable income. So, they prefer to buy less expensive products. They differ from the urban consumers in respect of … [Read more...] about Rural Consumer
Fund Flow Statement
Definition: Fund Flow Statement summarises the movements of funds in the business between the two accounting periods. It provides analytical data about the procurement and utilization of funds. It is a technique that studies, control and monitors the number of changes in the funds during a period. One can judge whether the funds are efficiently utilized in the business or … [Read more...] about Fund Flow Statement
Service Marketing Mix
Definition: Service Marketing Mix is the essential internal element based on which the strategy for marketing service will be developed. It is a tool used to place and position the services in the target market. Also, communicate the unique features of the services. In other words, the service marketing mix is a well ordered and synchronized effort. The seller initiates … [Read more...] about Service Marketing Mix
Computerized Accounting
Definition: Computerized accounting refers to carrying out accounting functions or processes using computers. It involves recording and analyzing financial transactions electronically over accounting software. The accounting software serves as a framework for data recording and processing. Companies may use readymade software available or get customized accounting … [Read more...] about Computerized Accounting
Consumer Equilibrium
Definition: Consumer equilibrium is when the customer attains maximum satisfaction from his present consumption pattern with given income and prevailing market prices. Here, the customer is not likely to change his expenditure and units consumed. He derives the highest utility from the commodities purchased with the given income. First, lets us understand what … [Read more...] about Consumer Equilibrium
Employee Separation
Definition: Employee Separation is the discontinuation of his employment contract with the company. The termination of employees services can be voluntary or involuntary. This can take the form of Retirement, Resignation, Discharge, Layoff, etc. The companies and employees must specify valid reasons behind separation. The process may be upsetting for both, company and its … [Read more...] about Employee Separation
Responsibility Accounting
Definition: Responsibility accounting is an accounting system that controls cost and revenue, by delegating responsibility to individuals or groups and apportionment of responsibility centres. It aims to achieve minimum variance between actual and planned goals. Responsibility Accounting focuses on monitoring and controlling costs through personal responsibility within the … [Read more...] about Responsibility Accounting