Staffing

Definition: Staffing is a managerial function which involves obtaining, utilising and retaining, qualified and competent personnel to fill all positions of an organisation, from top to operative echelon. In finer terms, staffing is placing the right person at the right job. It aims at employing, deploying and monitoring a competent and contented staff, i.e. daily…

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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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E-Governance

Definition: E-governance, expands to electronic governance, is the integration of Information and Communication Technology (ICT) in all the processes, with the aim of enhancing government ability to address the needs of the general public. The basic purpose of e-governance is to simplify processes for all, i.e. government, citizens, businesses, etc. at National, State and local…

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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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Sole Proprietorship

Definition: As the name suggests, ‘sole’ means ‘only one’ and ‘proprietorship’ implies ‘ownership’. Hence, a¬†sole proprietorship is a form of business organisation, wherein a single person owns, manages and controls, all the business activities and the individual who operates the business is called as a sole proprietor¬†or, a sole trader. In this business unit, the…

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Gross Domestic Product (GDP)

Definition: The term GDP stands for Gross Domestic Product, is a measure of market value of all finished goods and services which are newly produced, during a particular period and that too within the domestic territory of the country. The term domestic territory signifies a different meaning, concerning national income accounting, it includes: The area…

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Porter’s Five Forces Model

Definition: Porter’s five forces model, refers to a framework based on the competitive analysis, introduced by Harvard Business School Prof. Michael E. Porter. The model determines the intensity of competition in any industry is a mix of five competitive factors operating in different areas of the whole market. The framework is an outside-in strategy tool…

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Financial Market

Definition: Financial Market refers to a marketplace, where creation and trading of financial assets, such as shares, debentures, bonds, derivatives, currencies, etc. take place. It plays a crucial role in allocating limited resources, in the country’s economy. It acts as an intermediary between the savers and investors by mobilising funds between them. The financial market…

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