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
Performance Appraisal
Definition: Performance Appraisal is defined as a systematic process, in which the personality and performance of an employee is assessed by the supervisor or manager, against predefined standards, such as knowledge of the job, quality and quantity of output, leadership abilities, attitude towards work, attendance, cooperation, judgment, versatility, health, initiative and so … [Read more...] about Performance Appraisal
Contract
Definition: The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved. Process of Contract First and foremost, an offer is made by one party to another, which when accepted by the … [Read more...] about Contract
Cost Sheet
Definition: Cost Sheet, as the name signifies, is a periodical statement that reflects a detailed overview of the cost incurred on various components during the process of production. It is used to determine the cost of a cost object, i.e. product, service, or a cost unit. Specimen of Cost Sheet Cost Sheet helps in the classification and analysis of the cost components of a … [Read more...] about Cost Sheet
Joint Venture
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
Process Analysis
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
Job Satisfaction
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
Licensing
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
Strategic Management
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
Retailing
Definition: Retailing is a distribution process, in which all the activities involved in selling the merchandise directly to the final consumer (i.e. the one who intends to use the product) are included. It encompasses sale of goods and services from a point of purchase to the end user, who is going to use that product. Any business entity which sells goods to the end user … [Read more...] about Retailing