Several factors contribute to new product development. While most are related to external environmental variables, the most important internal factor in new product development is the surplus capacity that a firm may have at any given time.Read more
The specification of values forms a basis for evaluation .The basis of evaluation and the mode of collection of information necessary for evaluation should be determined at the planning stage. The process of training evaluation has been defined asâ€? an attempt to obtain information on the effects of training performance and to assess the value of training in the light of that information.â€?Read more
Master Production Schedule (MPS)
This is the schedule of the quantity and timing of all end products to be produced over a specific planning horizon.MPS is developed from customerâ€™s firm orders or from forecasts of demand or both. It is an input to the MRP system.Read more
One of the central characteristics of total quality management (TQM) is the use of teams. But why are teams an essential part of TQM?
The essence of TQM is process improvement, and employee involvement is the linchpin of process improvement.
Letâ€™s briefly review how stimulating conflict can provide benefits to the organization.
Conflict is a means by which to bring about radical change. Itâ€™s an effective device by which management can drastically change the existing power structure ,current interaction patterns, and entrenched attitudes.
Demand for a firmâ€™s products/services is also affected by the nature and intensity of competition in an industry .While analyzing the competition , Michael Porter, in his book on Competition Advantage and Competitive Strategy , mentions that a firm should extend its competitive analysis to include substitutes also, besides scanning direct competitors .The objective of such an analysis is to assess and predict each competitorâ€™s response to change in the firmâ€™s strategy and industry conditions This analysis will hopefully ensure the firm emerging as a competitive organization and also deciding on whom it should pick up as its major rival in the industry .Read more
Communication can be thought of as a process or flow. Communication problems occur when there are deviations or blockages in that flow .In this section, we describe the process in terms of a communication model, consider how distortions can disrupt the process, and introduce the concept of communication apprehension as another potential disruption.Read more
Can the misunderstanding of a few words literally mean the difference between life and death? They can in the airline business. A number of aviation disasters have been largely attributed to problems in communication .Read more
It is not only products differ. Even the buying situation differs. each time the buyer is to take a purchase decision ,it may or may not be the same as the previous one. The differentiation between the two buying situations may be caused by the absence of any or all of the following factors.Read more
The economic environment affects the demand structure of any industry/ product .In order to assess the impact of these forces, it is necessary that a marketer examines the following factors in a greater detail:Read more
We mentioned earlier that organizational purchase decisions. All individuals who participate in decision-making are referred to as the decision-making unit (DMU).To be able to get classified as a DMU it is important that concerned individuals should have a common goal and share the risk arising out of the decision. These individuals may or may not be a part of the buying organization ,like a consultant who is an outsider ,but plays a key role in the decision-making process.Read more
Branding is an important strategy to differentiate the product from its competitors .Its a name ,logo ,trade mark, even patent number or package design, intended to identify the firmâ€™s products or services from others. It represents to the customer the source of the product which leads him to associate with the brand. In taking brand decisions, the firm has to consider the target market, cultural influences on the market and the role the brand will play in its business strategy.Read more