A company’s mission statement is focused on its present business scope “Who we are and what we do”. It broadly describes company's capabilities, customer focus, activities, and business make up.
What is an Induction Cooker? Other cookers use a heat transfer mechanism to heat the cookware. In an induction cooker, heat is not transferred to the cookware but heat is generated in the cookware itself using a process...
Overtrading means operating a business with insufficient long term capital. It can arise even if trading profitably. It is also called under-capitalization.
An agency relationship arises whenever a person or a group of persons hire another person or a group of persons to perform some service on behalf of the former. The Principal, on whose behalf the Agent performs the...
Strategy depends on objectives. The main strategic objective of a profit making organization is to maximize the wealth of the owners.The organization has to balance the needs of stake holders.
It is very important to manage working capital efficiently. This is important from the point of view of both liquidity and profitability. Even the most profitable business can quickly go under if it does not have...
The first Kodak camera was launched in 1888, more than 120 years ago, with the simple slogan “You press the button. We do the rest.” By 2000, Kodak was one of the most recognized and trusted brands in the...
A flexible manufacturing system (FMS) is a configuration of computer-controlled, semiindependent workstations where materials are automatically handled and machine loaded.
Materials handling covers the processes of moving, packaging, and storing a product. Moving, handling, and storing materials cost time and money but add no value to the product.
Computer-integrated manufacturing (CIM) is an umbrella term for the total integration of product design and engineering, process planning, and manufacturing by means of complex computer systems.
In year 1949 the original Volkswagen Beetle came to America.It became the most popular car in American history. Several decades later Volkswagen decided to rekindle the life cycle of this little car and in 1998 they...
Jollibee is not a household name when it comes to the global market. But in the Philippines, it’s the king of the burger market.Jollibee’s menu and flavors are specially suited to Filipino tastes. The local...
Franchising is the practice of using another person's business model. The franchisor allows the independent operator to adopt the company’s entire business format: its name, products, techniques, business methods,...
Both public sector and private sector organizations have objectives and missions. But depending on the type of organization, there are differences between the public and private sectors of a country.
Rate of interest is the price of money which is lent or borrowed. It is always expressed as a percentage of the sum lent or borrowed. It is generally calculated on an annual basis.
Inflation means rising prices and it shows the increase in cost of living. In economics, inflation is explained as rise in the general level of prices of goods and services in an economy over a period of time.