Have you heard about backward integration? Confused how such a term plays a key role in managing and optimizing a business? Then let me define it in the simplest possible manner So, backward
When it comes to the accrual accounting and the principles associated with it, there is just one principle that always comes to the minds of the people, and that is known as the
The common organizational structure is defined as the outlining of activities in any organization. It includes apt co-ordination between all the employees and also between employers and employees through task allocation and supervision
Diffusion of responsibility is defined as a psychological phenomenon in a social setting. Sometimes when an individual is in a group, he will hesitate to take any action as others are also present.
Barriers to entry can be defined as the blockades that a new startup or a company faces entering a market. Barriers can be of different types such as technological barriers, high cost of
Middle management is defined as the management level that reports to higher managers and manages at least one – two subordinate level of managers. Its duties include supervising lower managers and carrying out
The functional organization is designed on the typical hierarchy system where position and job requirement of every employee is defined. The organization is also divided into separate departments that work individually to complete
Internal control can be defined as the process of accounting, auditing, reviewing the system, methods, and accounts of an organization in order to make sure that the business process of the organization is
When an organization asks its employees to self evaluate their performances, Self Appraisal comes in play. Self-appraisals are mostly part of the annual performance review system. The process of self-evaluation revolves around the
Analyzing the performance of an employee based on various factors is known as Performance Appraisal. This is done to assess the work quality of an employee, and this is for the betterment of
Environmental scanning is a constant and careful analysis of the internal and external environment of an organization in order to detect opportunities, threats, trends, important lessons, and weaknesses which can impact the current
A person can lose many opportunities over a period of time. Every opportunity lost is a cost. What is your next best option? Should I spend my time, money or effort elsewhere that
Definition of Non-Exempt Employees Employees who work as per the FLSA (Fair Labor Standards Act) regulations are defined as Non-Exempt Employees. FLSA decides the minimum wage and overtime laws for the non-exempt employees.
Definition The concept of Competitive Equilibrium can be defined as an equilibrium condition where the objective of profit maximization of the firm and the aim of utility maximization of the consumers in the
Gone are those days quite literally when it was quite easy to do business and attain the zenith of success and growth in a short period of time. But now the markets behave
Definition of Fashion Marketing Fashion marketing is that branch of marketing in which the industry deals with advertising campaigns and promotional events of the items of clothing and accessories to the targeted customers.