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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Organizational Conflict

Definition: Organizational Conflict or otherwise known as workplace conflict, is described as the state of disagreement or misunderstanding, resulting from the actual or perceived dissent of needs, beliefs, resources and relationship between the members of the organization. At the workplace, whenever, two or more persons interact, conflict occurs when opinions with respect to any task…

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Communication

Definition: Communication is the process of transmitting information from one person to another. It is the act of sharing of ideas, facts, opinions, thoughts, messages or emotions to other people, in and out the organisation, with the use of the channel to create mutual understanding and confidence. It is not tied to words, i.e. whether…

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Franchising

Definition: The term ‘franchise‘ is understood as an exclusive right conferred by the parent organisation to an individual or enterprise to use the former’s successful business model, in stipulated areas. Franchising is a business relationship; wherein the owner authorises another party to use their brand, product, business system and process in return for adequate consideration.…

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E-commerce

Definition: E-commerce or otherwise known as electronic commerce, alludes to all sort of commercial activities, that are conducted online, by way of electronic processing and data transmission, comprising of text, graphics, audio, video, etc. In other words, e-commerce is a business model; that equips the enterprises or individuals to carry out business through the electronic…

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Business Ethics

Definition: Business ethics, connotes the form of applied ethics, which studies ethical principles, morals and problems that take place in the business environment. It is nothing but the integration of day to day morals and ethical norms to business and applies to all types of business. In finer terms, it implies the good or bad,…

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Decentralisation

Definition: Decentralisation can be understood as the orderly assignment of authority, throughout the levels of management, in an organisation. It describes the way in which power to take decisions is allocated among various levels in the organisational hierarchy. In other words, it refers to the dissemination of powers, functions and responsibility, away from the central…

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Planning

Definition: Planing is the fundamental management function, which involves deciding beforehand, what is to be done, when is it to be done, how it is to be done and who is going to do it. It is an intellectual process which lays down organisation’s objectives and develops various courses of action, by which the organisation…

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Partnership

Definition: The term partnership, is used to mean a business structure wherein two or more individuals, come together for undertaking a lawful business and have agreed to share the profits and losses arising from it. The management and operation of the business should be performed either by all the partners or any of them, acting…

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