Showing posts from December, 2020

Introduction to Production and Operations Management

Question : Introduce and define the terms - Production management and Operations Management. Also summarise the historical development of Production and Operations Management. Answer Introduction to Production/Operations Management Operations are useful actions or activities which are done methodically as part of plan of work by a process that is designed to achieve the pre decided objectives. Production/Operations Managemen t is the management of the processes that transform inputs into goods and services that add value for the customer. Production/operations management is the process, which combines and transforms various resources used in the production/operations subsystem of the organization into value added product/services in a controlled manner as per the policies of the organization. Therefore, it is that part of an organization, which is concerned with the transformation of a range of inputs into the required products or services having the requisite quality level. The set o

Marketing Research

Question - What is Marketing Research? Describe the process of Marketing Research. Answer Introduction Today, the competition is getting more and more intense day by day, consumption pattern and behavior of consumer is changing very fast. In such environment, organizations face uncertainty and threat in understanding consumer, competitor, and market. Now the question is, how to understand the consumer, competitor, and market? Solution to this is " Marketing Research ". Marketing Research help to understand - the consumer needs and how are they changing? How to meet these changing needs? What do the consumers think about existing products or services? What more are they looking at? What are the competitors doing to retain customers in this environment? Are their strategies exceeding or influencing yours? What should you do to be more competitive? How are macro and micro environmental factors influencing your organization? How will you react to this environment

Marketing Notes - Marketing Planning

Question - What do you mean by marketing planning?

Introduction to Business Economics

Business Economics - Introduction, Meaning, Definition, and Characteristics. Introduction to Economics Economics affects daily lives of individuals, households, organizations, industries, and nations. Everytime you make decisions like - what to purchase, how much to purchase, how much to save, where to invest, or anything related to best use of your hard-earned salary; you make an economic decision. Everyone wants to get rich, increase their wealth, hold over productive resources, earn more and more profit, raise their standard of living, and make their future secure. Attainment of all this requires proper understanding of economic issues. Therefore, it is important to understand some of the simple economic factors have a bearing on our daily life. What is Economics? The word Economics originates from the Greek word " Oikonomikos " which can be divided into two parts - " Oikos " which means House , and " Nomos " which means Management . Thus,