Definition: Monopolistic competition is a type of market structure (imperfect competition) where a large number of firms sell differentiated products that are similar but not identical. In other words, the similar products or services offered by sellers are substitutes for each other but have certain differences. The objective of differentiation is to create or evolve … Read more
A nonprofit organization is a legal entity formed and operated for collective mutual, public or social benefits rather than the pursuit or accumulation of profits for owners or investors. The revenues of non-profit bodies are seen as surplus instead of profits in the organization’s income and expenditure account. A notable characteristic of non-profit organizations is … Read more
Definition: PESTLE Analysis is a study that takes into consideration the six crucial factors of macro environment, namely Political, Economic, Social, Technological, Legal and Environmental for determining the gap in business operations. It is an excellent analytical tool used for strategic decision making and gap analysis by the companies. With this one strategical move, the … Read more
Definition: Gap analysis is a means of attaining the aspired goals by figuring out the changes required to meet the difference between the present and future state of an organization, process or operations. In other words, it simply states the course of action required for meeting the desired standards or benchmark. A gap in general … Read more
Definition: Business Agility (BA) can be defined as a corporate system which promptly adapts and responds to the market dynamism, technological advancement and varying customer requirements. It is considered as the core of keeping ahead in business competition. A small enterprise can be revolutionized into a technologically upgraded giant with a superior supply chain management, … Read more
Definition: A Limited Liability Company (LLC) is a form of organization popular in the United States. It incorporates the mixed traits of a sole proprietorship, partnership and corporation along with releasing the owner’s assets from business debts and liabilities. An LLC operates according to the regulations of the State in which it is located. Every … Read more
Definition: Omnichannel retailing is a customer-centric approach where the company believes in unifying all the available channels to standardize their sales and marketing functions. It is an initiative of employing the same set of retail strategies along all the channels to provide a flawless shopping experience to the users. A compact solution to all the … Read more
Definition: Business communication refers to any form of interaction or information exchange taking between the individuals or entities within an organizational setup, for the purpose of attaining a corporate goal or objective. Communication can do wonders for the humankind. Right from daily chores to crucial business operations, everything involves some form of interaction among individuals. … Read more