Definition: Supply Chain Management (SCM) is a mechanism which ensures systematic procurement of raw material and distribution of final products to the end buyers. It integrates the efforts of major logistic parties, i.e., suppliers, producers, warehouses, agents, distributors, retailers and transport companies to derive overall consumer satisfaction. Digitalization and m-commerce have exposed the companies to a virtual […]
Crisis Management
Definition: Crisis management is a strategical approach of anticipating the catastrophes, preparing the organization and its people to face such threats and minimizing its repercussions over the business operations. Its successful execution depends on smart planning and effective communication. A company with a robust crisis management system can prosper even when the others are going through […]
Total Quality Management (TQM)
Definition: Total quality management (TQM) is a strategic approach adopted by the organizations to constantly raise the standards of its products, procedures, techniques and various business operations. It focuses on building a quality-centric brand to assure superior customer satisfaction. Company’s quality standards define its existence or vulnerability in the market. Therefore, the management should never […]
Entrepreneurial Management
Definition: Entrepreneurial management is the concept of utilizing the creative and innovative abilities, skills and expertise to efficiently open and manage a startup organization. It is a means of solving a mass problem through a unique and profitable business solution. An entrepreneur is always seen as a problem-solver. He/she considers a macro problem and finds […]