Enterprise Resource Planning (ERP)

Definition: Enterprise Resource Planning, or otherwise known as ERP is an integrated software application, which firms use to manage and control their internal and external resources comprising financial resources, material, assets and human resources. Put simply, ERP system unites various functions of management into a rationally integrated system to streamline processes and enable the movement…

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Strategic Intent

Definition: Strategic Intent can be understood as the philosophical base of strategic management process. It implies the purpose, which an organization endeavor of achieving. It is a statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run. Strategic intent gives an idea of what the…

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Six Sigma

Definition: Six Sigma is defined as a management technique employed to maintain the desired quality in the organization’s processes and end products. It involves, taking planned and integrated steps, so as to enhance the quality of products and reducing cost. Six Sigma is a well-organized method of developing and providing, those products and services to…

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Value Chain Analysis

Definition: Value chain analysis is a process of dividing various activities of the business in primary and support activities and analyzing them, keeping in mind, their contribution towards value creation to the final product. And to do so, inputs consumed by the activity and outputs generated are studied, so as to decrease costs and increase…

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Gap Analysis

Definition: Gap Analysis can be understood as a strategic tool used for analyzing the gap between the target and anticipated results, by assessing the extent of the task and the ways, in which gap might be bridged. It involves making a comparison of the present performance level of the entity or business unit with that…

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Ansoff Matrix

Definition: Ansoff Matrix, or otherwise known as Product-Market Expansion Grid, is a strategic planning tool, developed by Igor Ansoff, to help firms chalk out strategy for product and market growth. It is a business analysis technique that is very useful in identifying growth opportunities. The matrix best exemplifies, various intensification alternatives before the firm, i.e.…

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Marginal Costing

Definition: Marginal Costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to units of cost, while the fixed cost for the period is completely written off against the contribution. The term marginal cost implies the additional cost involved in producing an extra unit of output, which can be reckoned by…

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Business Strategy

Definition: Business strategy can be understood as the course of action or set of decisions which assist the entrepreneurs in achieving specific business objectives. It is the master plan that the management use to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.…

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Business

Definition: Business is defined as an organised economic activity, wherein the exchange of goods and services takes place, for adequate consideration. It is nothing but a method of making money, from commercial transactions. It includes all those activities whose sole aim is to make available the desired goods and services to the society, in an…

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Merger

Definition: The term ‘merger’ is used to mean the unification of two or more business houses to form an entirely new entity. It leads to the dissolution of more or more entities, to get absorbed into another undertaking, which is relatively bigger in size. It is a strategy adopted by the company to maximise company’s…

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