It is important to explore the ethical perspective of business outsourcing concept as is argued that there are both pros and cons in outsourcing external parties for business activities. Outsourcing is the organizations’ practice to hire an outside individual or a company to get a task done without assigning it to internal employees. This habit …
The minimum wage is the lowest salary or remuneration that should be paid by the employers to their employees. It is a standard set by the law of each country. Most countries in the world have introduced the law of minimum wage by the end of the 20th century to avoid labor exploitation. The origin …
Business Process Automation is a modern business concept that evolved with the increase of technology use in the business industry. It is also known as digital transformation. This concept enables the organizations to replace the manual efforts for one or more business activities and execute the tasks using technology. Usually, this method is used for …
Business Process Automation (BPA): Definition, Advantages, and Disadvantages Read More »
The business world is getting more and more complicated every day. The number of tasks that need to be completed by each department gets higher and higher. Outsourcing is a concept that was born to help the increasing number of tasks and in reducing the increasing cost of the organizations. As the concept of outsourcing …
Outsourcing is a modern business practice of hiring an outside party to get a part of the business process done. There are many advantages and disadvantages of outsourcing that can be seen in real-life scenarios of outsourcing. These advantages and disadvantages of outsourcing are helpful for organizations to decide whether to hire or not external …
Triple Bottom Line is an accounting concept introduced to the business industry. It is important to identify the advantage of the triple bottom line concept for any organization to realize why they should start accounting based on this concept. The advantages of the triple bottom line concept can be identified both from the organization’s perspective …
Consumer products are the products or services provided in the market for the end consumers to purchase to satisfy their personal needs and wants. These products differ based on the need of the customers, purchasing power and purchasing intention. It is important to categorize the consumer products based on the different characteristics they show in …
Consumer Products: What are consumer products and the types of consumer products Read More »
Many types of business ownership styles can be seen in the current business world. Private limited companies are a fast-growing type of business in the modern business world. These are the businesses with multi-person ownership and limited liability to the owners. Even though these businesses can be seen as a simple concept, few characteristics highlight …
08 Characteristics of a Private Limited Companies Read More »
Consumers are the end-use of a product or a service. Several characteristics are affecting consumer behavior that has been identified in the modern business world. Consumer satisfaction and repeat purchases are very important for organizational growth. When selecting a suitable market segment for a product, the organizations should conduct a proper analysis of consumer behavior …
04 main Characteristics affecting the consumer behavior Read More »
The organizations are operating with the intension of achieving a defined goal. To achieve this goal, driving the organizational activities towards the success is majorly important. To identify the growth opportunities Michael Porter‘s generic strategies can be used in any type of organization. In 1985, through his book “Competitive Advantage” Creating a Sustaining Superior Performance’, …
