Definition: The Going-Rate Pricing is a method adopted by the firms wherein the product is priced as per the rates prevailing in the market especially on par with the competitors. Basically, the company sets a price of its products and services in line with the competitor’s prices, and may sometimes charge more or less depending on the value, product offers. This type of … [Read more...] about Going-Rate Pricing
Perceived-Value Pricing
Definition: In Perceived-Value Pricing method, a firm sets the price of a product by considering what product image a customer carries in his mind and how much he is willing to pay for it. In other words, pricing a product on the basis of what the customer is ready to pay for it, is called as a Perceived-value pricing. The perceived value is made up of several elements such … [Read more...] about Perceived-Value Pricing
Target-Return Pricing
Definition: The Target-Return Pricing is a method wherein the firm determines the price on the basis of a target rate of return on the investment i.e. what the firm expects from the investments made in the venture. Here, the firm calculates the amount invested in the business activities and then determine the return they expect from these assuming a particular quantity of … [Read more...] about Target-Return Pricing
Mark-up Pricing
Definition: The Mark-up pricing is the method of adding a certain percentage of a markup to the cost of the product to determine the selling price. In order to apply the mark-up pricing, firstly, the companies must determine the cost of a product and decide on the amount of profit to be earned over and above it and then add that much markup in the cost. Let's … [Read more...] about Mark-up Pricing
Differential Pricing
Definition: The Differential Pricing is a method of charging different prices for the same type of a product, and for the same number of quantities from different customers based on the product form, payment terms, time of delivery, customer segment, etc. The companies adopt the differential pricing method with an objective to maximize the profit of an organization. This … [Read more...] about Differential Pricing
Investment Decision
Definition: The Investment Decision relates to the decision made by the investors or the top level management with respect to the amount of funds to be deployed in the investment opportunities. Simply, selecting the type of assets in which the funds will be invested by the firm is termed as the investment decision. These assets fall into two categories: Long Term … [Read more...] about Investment Decision
HR Audit
Definition: The HR Audit is the process of evaluating the performance of Human Resource Department and its activities undertaken, and the policies followed towards the accomplishment of organizational goals. The HR Audit is conducted to identify the lapses, shortcomings, gaps in the implementation of HR functions and suggesting the remedial actions, if any. HR audit … [Read more...] about HR Audit
e-HRM
Definition: E-HRM is the integration of all HR systems and activities using the web based technologies. Simply, when HR uses the Internet or related technologies to support their activities, procedures, processes, then it becomes an e-HRM. Through e-HRM, the HR manager can get all the data compiled at one place and can make the analysis and decisions on the personnel … [Read more...] about e-HRM
HR Dashboard
Definition: The HR Dashboard is the visual representation of the metrics that an HR manager needs to keep a track of to judge the performance of different organizational departments. Apart from the records of personnel, it includes the business performance dashboard, marketing dashboard, sales dashboard, finance dashboard, etc. There is no standard format for … [Read more...] about HR Dashboard
Sources of Business Ethics
Definition: The Business Ethics refers to the system wherein what is right and wrong, just and unjust, good or evil is studied about the actions of the businessmen. In general, the “ethics” means a sense of what is fair and acceptable to the society; the same moral principles apply to the business ethics as well. Sources of Business Ethics Religion: There are numerous … [Read more...] about Sources of Business Ethics