Business

Definition: Leadership is the process of channelising the energy of an individual or a group towards the realisation of specific goals, objectives and vision. Theories of Leadership Over the decades, many great scholars, researchers and academicians have conducted various research and studies to discover the factors that contribute to effective leadership. In this process, … [Read more...] about Theories of Leadership

Definition:"The ability to create a vision and influence, motivate, inspire and transform others to achieve certain goals towards that vision is known as leadership." Leadership is the specific set of skills and attributes which can be acquired through learning. Who is a Leader? A Leader is a person who guides others and motivates them to achieve specific goals to … [Read more...] about Leadership

Definition: Strategy Formulation is an analytical process of selection of the best suitable course of action to meet the organizational objectives and vision. It is one of the steps of the strategic management process. The strategic plan allows an organization to examine its resources, provides a financial plan and establishes the most appropriate action plan for increasing … [Read more...] about Strategy Formulation

Definition: Perception is a process by which people regard, analyze, retrieve and react to any kind of information from the environment. For example, some people feel happy about earning money while others feel happy about spending money. Factors affecting Perception The factors which affect the perception are shown in the figure below: Process of Perception Reception: … [Read more...] about Perception

Definition: Labelling is a part of branding and enables product identification. It is a printed information that is bonded to the product for recognition and provides detailed information about the product. Customers make the decision easily at the point of purchase seeing the labelling of the product. Labels must comply with the legal obligations. A company’s label needs to … [Read more...] about Labelling

Definition: A Group is basically an assemblage of people. It can be understood as a collection of individuals (two or more), who come together and interact with each other, so as to achieve the objectives of the organization. These are the foundation of an organization. Characteristics of Groups Size: To form a group, it must be having at least two members. Practically, … [Read more...] about Group

Definition: Motivation is a driving force which affects the choice of alternatives in the behaviour of a person. It improves, stimulates and induces employees leading to goal-oriented behaviour. For example, promotion is a motivating factor as employees work to achieve preset targets for getting a promotion. Motivation can be monetary, e.g., rewards given in the form of a … [Read more...] about Motivation

Definition: Control is a primary goal-oriented function of management in an organisation. It is a process of comparing the actual performance with the set standards of the company to ensure that activities are performed according to the plans and if not then taking corrective action. Every manager needs to monitor and evaluate the activities of his subordinates. It helps in … [Read more...] about Controlling

Definition: Key Performance Indicator (KPI) refers to monetary and non-monetary measures that an organization employ to define and measure the progress towards achievement of long-term goals of the organization. These factors are fixed and predetermined in nature and comprise more meaning if it is compared with the information. KPI varies from organization to organization … [Read more...] about Key Performance Indicator (KPI)

Definition: By the term 'business risk' we mean the uncertainty with respect to firm's operations. It is a type of systematic risk wherein there is a volatility associated with the future income or earnings arising from events, circumstances, conditions, action, or inactions that hinders the attainment of goals and objectives and carry out the strategies. Business risk … [Read more...] about Business Risk