Business Management

Definition: Benchmarking is the process of continually improving the business or the organization by evaluating the scope for improvement, comparing the current position with that of the previous one or with the business practices of the relevant competitors, thereby establishing standards to be achieved. For Example, A food delivery service chain was facing a problem of … [Read more...] about Benchmarking

Definition: Centralization refers to that organizational structure where decision-making power is confined to the top management, and the subordinates need to follow the instructions of their seniors. Centralization of authority is essential for the small-scale organizations which lack resources and finance. Example: A person running a departmental store appoints a manager, … [Read more...] about Centralization

Definition: Team building is a management technique used for improving the efficiency and performance of the workgroups through various activities. It involves a lot of skills, analysis and observation for forming a strong and capable team. The whole sole motive here is to achieve the organization vision and objectives. Now, you must be wondering; How to Build a Great … [Read more...] about Team Building

Definition: Decentralization refers to the assignment of authority along with the responsibility at each level of the organization. Distribution of the power of decision making along with the related responsibilities among the different managerial levels is necessary for better management. Example; A bakery manufacturer and outlet owner opened two more retail outlets in his … [Read more...] about Decentralization

Definition: Wantrepreneur is the person who strives to become an entrepreneur, but neither has an idea nor has any practical grounds of achieving his aspirations. They lack a clear vision and the commitment required to accomplish that vision. They are more often the daydreamers. Such people can be seen chasing their wants of becoming successful or earning money without … [Read more...] about Wantrepreneur

Definition: A successful entrepreneur is a person who with his passion, determination, persistence and right attitude takes the initiative, generates an idea and develops a product or service which can be sold in the market. He can transform his vision into reality and is focused on achieving his goals. Entrepreneur: An entrepreneur is a person who develops an idea and … [Read more...] about Successful Entrepreneur

Definition: Johari window is a psychological tool to self-assess one's behaviour as well as the relationship with others, through feedback or disclosure. It is one of the most effective means of self-analysis by considering the other's perspective to understand oneself in a better way. It helps in determining the areas of expertise or strengths, the shortcomings, the scope … [Read more...] about Johari Window

Definition: Business Communication refers to the exchange of thoughts, ideas, views and information among the personnel working in or associated with the organisation. Communication, i.e. interacting in some or the other way is essential for humans beings to survive in a social environment. Similarly, effective communication is the foundation of a successful organisation and … [Read more...] about Types of Business Communication

Definition: Effective communication is a process of exchanging ideas, thoughts, knowledge and information such that the purpose or intention is fulfilled in the best possible manner. In simple words, it is nothing but the presentation of views by the sender in a way best understood by the receiver. We can say that it generally involves; Sender: The person who initiates … [Read more...] about Effective Communication

Definition: Business activities refer to all the economic activities, whether directly or indirectly related to making the goods and services available to the consumer and ensure profit earning through customer satisfaction. All the business activities depend on each other to ensure constant process and cannot serve the purpose of customer satisfaction solely. Example: A … [Read more...] about Business Activities