What is Competence ? The capability of utilizing the resources in a harmonized way for attaining definite objectives is known as competence. Moreover, competence is associated with the processes and relations existing between the resources of an organisation, usually rooted in the definite organizational units, namely marketing sales production logistics, etc. Competency is a firm’s ability to … Read more
What is Activity Based Costing (ABC) ? Activity Based Costing (ABC) is a system by virtue of which the cost is allocated in different activities instead of different products and services. This further ensures that the overhead costs are assigned in a accurate manner to different products and services. Activity based costing also ensures strategic … Read more
What is Strategic Control ? Strategic control deals with monitoring the strategy after it has been executed in the organisation. This involves taking stock of the strategy and making any necessary corrections or clearing out any problems seen in its implementation. The authors Newman and Logan have used the term “steering control” to point out … Read more
What is Generic Competitive Strategies ? Michael Porter said that a firm has to decide on the nature and scope to which it can utilize its competitive advantage. The generic strategies are effective because they help in the framing of strategies at the most simple and broad levels. There at various risks associated with each generic … Read more
What is Blue Ocean Strategy ? Blue Ocean Strategy is a business strategy which is aimed at establishing new marketplaces for the organisation at the stage of product development. It is designed in a way to stimulate organizations towards the development of new and uncontested markets for their products. A majority of strategic models are … Read more
What is Business Process Re-Engineering (BPR)? The business processes of an organisation represent a set of activities which change the inputs into outputs in the form of goods and services which are used by other people. To do this, the organisation employs manpower and tools. Re-engineering as a concept is not well understood by few managers. The … Read more
What is Learning Organisation ? The organisation which adopts an open learning approach for the betterment of its employees as well as the whole organisation is known as learning organisation. These organizations not only believe in creating and acquiring knowledge but also transfer it to all the levels of the organisation. They make modifications frequently … Read more
What is Business Environment ? Meaning of Business Environment Business environment may be considered as a set of factors that influence the functioning and effectiveness of a business. Interacting and transacting with the environment is the basic need of every business organisation. Thus, there is a mutual interdependence between business and the environment. Definitions of … Read more
What is Strategy Implementation ? Strategic implementation can be defined as turning strategy into action for attaining the strategic objectives and goals. Since, implementing the strategy is more important than selecting it, hence, it is very important for the strategists to consider various factors while implementing. The strategy selected has to be well performed for … Read more
What is Stakeholder ? A stakeholder can be defined as an entity (a person, group or organisation) which has a stake in the organisation. This stake can be direct or indirect. Some of the major stakeholders of an organisation are its employees, its directors, creditors, suppliers, the owners, customers, the government and the community at … Read more