In simple terms, you can understand product quality as a characteristic that is a further conglomeration of different features for fulfilling the customer needs and maintaining the industry standards, so the product does
Training Needs Analysis – Features, Components, Levels and Benefits
Training Needs Analysis is the process of identifying the training and development needs of the workforce, so they can perform their jobs more effectively to accomplish individual and company goals. In this post,
Quality Audit – Definition, Meaning, Types, Advantages
Definition Quality audit is a process of examination and verification of procedures, records, and activities of a quality system that is carried out by an audit team or an internal or external quality
Recency Effect – Meaning, Examples and Role
As per many psychological theories, when you will be asked to recall the items in any order from a list, there are brighter chances that you will remember the things that were at
What is a Lean Office? Principles and Design of a Lean Office
In simple terms, the lean office is defined as the application of lean management principles or lean philosophy to the front end processes. It was Toyota manufacturing that developed the concept of lean,
Marketing Intermediaries – Meaning and Types Of Intermediaries
It rarely happens that customers directly buy from the company. In most of the cases, there are many intermediaries which are present between the company and the customer. These intermediate facilitators are known
Strategic Groups Definition – Meaning And Examples
Definition Strategic groups can be defined as a group of companies within a particular industry that follows a similar strategy or similar business model. The companies that are part of the same strategic
Value Based Pricing – Definition, Advantages, Disadvantages
Has this ever occurred to you how companies decide the price of their products? Do they pick a number randomly? Do they consider essential factors like the production cost, the amount of the
Master Brand – Definition, Benefits, Strategy
The name of the brand is essential for a company. The image of the brand of a company impacts the sales of products and profit generation of a company. Therefore, the name of
Organisational Commitment – Definition, Meaning, Components
Definition Organisational commitment is described as the psychological attachment of an employee for the company he works. It plays a crucial role in assessing the loyalty of the employee towards his organisation and
Visual Merchandising – Definition, Elements, Objectives
Retailers use different strategies and methods to attract customers and to boost their sales. Visual merchandising is one of those methods that are used by retailers. Visual merchandising is a popular term used
Market Space – Definition, Meaning, Characteristics, Components
The market space in marketing is defined as a virtual market place in the commercial world, where the limitations of physical boundaries are not applicable. It is an integration of numerous areas that
Marginal Analysis Definition – Formula and Applications
Marginal analysis is an essential tool in marketing to decide the next step in the market. It helps the managerial heads to choose for any new investment to an activity or thing. It
Premium Pricing – Definition, Strategy, Advantages
Pricing of a product plays an essential role in deciding the value of a product in the market. Companies use different pricing strategies to introduce a product in the market depending on various
Production Planning – Definition, Objectives, Types, Importance
Definition Production planning is defined as the planning of production models in an organization or an industry. To serve different customers, production planning makes use of resource allocation of activities of employees, Production
What is a Pyramid Scheme? Meaning and Examples
A business model that recruits members with the promise of payments for recruiting other members in the same scheme is called a pyramid scheme. As more and more members join the scheme, it
