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 … [Read more...] about Franchising
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 … [Read more...] about E-commerce
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 wage … [Read more...] about Staffing
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, right or wrong behaviour, in pursuing … [Read more...] about Business Ethics
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 … [Read more...] about E-Governance
Planning
Definition: Planning 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 an organisation's objectives and develops various courses of action, by which the organisation can achieve those objectives. It chalks out … [Read more...] about Planning
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 for all the partners. The Partnership is the … [Read more...] about Partnership
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 sole … [Read more...] about Sole Proprietorship
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 lying within the … [Read more...] about Gross Domestic Product (GDP)
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 for the business … [Read more...] about Porter’s Five Forces Model