Business

Definition: Core Competence implies a pool of exceptional skills, strategies, moves or technology, that demarcates between a leader and an average player, in the industry. It is the vital source of competitive advantage, for a firm over its competitors, which leads to distinctive capabilities or excellence. Characteristics of Core Competence The three fundamental … [Read more...] about Core Competence

Definition: Joint Venture can be described as a business arrangement, wherein two or more independent firms come together to form a legally independent undertaking, for a stipulated period, to fulfil a specific purpose such as accomplishing a task, activity or project. In other words, it is a temporary partnership, established for a definite purpose, which may or may not uses a … [Read more...] about Joint Venture

Definition: Process Analysis can be understood as the rational breakdown of the production process into different phases, that turns input into output. It refers to the full-fledged analysis of the business process, which incorporates a series of logically linked routine activities, that uses the resources of the organization, to transform an object, with the aim of achieving … [Read more...] about Process Analysis

Definition: Job Satisfaction, as the name suggests, is the feeling of contentment or a sense of accomplishment, which an employee derives from his/her job. It is a result of appraisal that causes one to attain their job values or meet out their basic needs. It helps in determining, to what extent a person likes or dislikes his/her job. The employee's attitude towards the job … [Read more...] about Job Satisfaction

Definition: Licensing is defined as a business arrangement, wherein a company authorizes another company by issuing a license to temporarily access its intellectual property rights, i.e. manufacturing process, brand name, copyright, trademark, patent, technology, trade secret, etc. for adequate consideration and under specified conditions. The firm that permits another firm … [Read more...] about Licensing

Definition: The term 'strategic management' is used to denote a branch of management that is concerned with the development of strategic vision, setting out objectives, formulating and implementing strategies and introducing corrective measures for the deviations (if any) to reach the organization's strategic intent. It has two-fold objectives: To gain competitive … [Read more...] about Strategic Management

Definition: Differentiation strategy, as the name suggests, is the strategy that aims to distinguish a product or service, from other similar products, offered by the competitors in the market. It entails development of a product or service, that is unique for the customers, in terms of product design, features, brand image, quality, or customer service. Differentiation … [Read more...] about Differentiation Strategy

Definition: Environmental Analysis is described as the process which examines all the components, internal or external, that has an influence on the performance of the organization. The internal components indicate the strengths and weakness of the business entity whereas the external components represent the opportunities and threats outside the organization. To perform … [Read more...] about Environmental Analysis

Definition: Product Line can be understood as an array of related products, under a specific brand, offered by a particular company to its customers. For instance: Amul offers a series of closely related products such as milk, butter, ghee, dahi, yoghurt, ice cream, srikhand, Gulab jamun, flavoured milk, chocolate, etc. There are many companies which are engaged in multiple … [Read more...] about Product Line

Definition: Cost Reduction can be understood as the perennial decrease in the unit cost of goods produced and services provided by the company, without compromising with its quality and suitability for the use intended, with the help of new and improved methods. In finer terms, cost reduction is a systematic and corrective technique used by most of the firms to cut the … [Read more...] about Cost Reduction