Law of returns to scale is one of the most important metrics to consider while running a factory. In order to understand how the change in input makes changes to the output. The Law of returns to scale discusses the change and rate of change in output due to the rate of change in the … Read more
Definition: Cardinal Utility approach was given by neo-classical economists, who said that satisfaction gained after using a certain commodity can be termed as Utility. Also, they assumed that cardinal utility can be measured in quantitative terms (or money), like 1,2,3,4 and so on. Meaning of Cardinal Utility: Consumers can express their satisfaction after consuming goods … Read more
Oligopoly Market Meaning Oligopoly market structure involves only a few competitors in the market and referred to as imperfect competition. In this form of market, products are homogeneous or differentiated and the number of sellers in the market are between two and ten. For instance, the cold drink industry in India selling homogeneous as well … Read more
Circular Flow Of Income And Expenditure: It is a model which explains the flow of income and expenditure in the circular flow that illustrates the different sectors in an economy and reveals the different sources of their incomes and the different expenditures which they have to bear. This model is used in calculating national income, … Read more
Monopoly Meaning In Economics: A monopoly market is where there is only a single seller in the market with no presence of substitutes. There are many reasons for which the firm gains monopoly power, such as: Government license ownership of resources copyright patent high starting cost These factors also become a restriction for new firms … Read more
Introduction of price level accounting Price level Accounting is also termed inflation accounting. It refers to the type of financial accounting that seeks to allow for changes in the currency during the various periods of inflation or recession in the economy. Price level Accounting converts the values using index numbers from depreciated costs to current … Read more
Definition of environment scanning Environmental scanning in strategic management is termed as the utilisation and possession of information regarding patterns, relationships, occasions and trends within a company’s external and internal environment that impact the future and current strategies. An environment should be scanned to determine forecasts and growth of the factors that influence an organisation’s success. … Read more
Introduction Executive development in hrm is one of the forms of training programs which are conducted in an organization. It allows employees to be better leaders and improve their performance. On the other hand, top management can identify future leaders. This form of training includes theoretical and practical knowledge. An executive development program enhances the … Read more
Definition Of Horizontal Marketing System Horizontal marketing system refers to the act where two or more companies unrelated to one another standing at the same level come together to take the advantage of the economies of scale. Usually, this method of marketing system is opted for by companies who either want to grow or lack human … Read more
Overview Business analyst case study is used to give near-world exposure to a business analyst. So, in this post, we will be discussing what is business analysis, what is business analysis, and what are the requirements and strategies of an analyst. Plus, a business case analysis example for better understanding. Let’s start with understanding what … Read more
Overview of elements of marketing process Elements of the marketing process is a statement that depicts the steps involved for successful marketing and gives an overall glimpse of all the terms. However, a few things must be studied before talking about the same. Marketing Process Steps Marketing is all about creating value for consumers and … Read more
What is the markettest? Markettest: In the world of advertising and business, a market test can be defined as a short-term geographical area or demographic grouping used to evaluate the profitability of a particular product or service in a specific market before a broad scale roll-out. This enables businesses to plan their: pricing marketing strategy … Read more