That property of a commodity which satisfies the wants of the consumers is called utility. Then it is want satisfying power of a commodity. It is subjective and ethically neutral concept. The Law Of Diminishing Marginal Utility The law has seen developed by Marshall, the founder …
What is Demand The quantity of product that the consumers are willing to buy at a given price over a given period of time is called demand for that product. Thus demand is: The desire for possession, and The willingness (and ability) to pay for What …
Types of Consumer Products Consumer products are those, which are used by the customer for consumption or for household use. Consumer products are further classified and divided in: Convenience Products Shopping Products Specialty Products Unsought Products Convenience Products The consumers have enough knowledge about such type …
What is Inflation Inflation is a world-wide phenomena. Throughout the history of mankind prices have been rising due to war, famine and natural calamities. In the present age the population of every country is increasing and every country has to spend more and more on the …
Definition of Product Product can be define with two ways: Narrow Sense (Classical Approach to proudct) Broad Sense (Modern Approach to product) 1. Narrow Sense A product is a set of basic characteristic assembled in an identifiable form or product is a set of tangible, physical …
What is Socialization Process OR HR Orientation Process A socialization process or HR Orientation is often informal, informal can mean poorly planned and haphazard. Socialization or HR orientation can be divided into three phases: Anticipatory Phase Encounter Phase Setting in Phase 1. Anticipatory Phase At the …
What is HR Selection Process Given the pool of candidates that results from the recruitment effort, selection is the mechanism that determines the overall quality of an organization’s human resources. To understand the impact of selection practices during the hiring process, consider what happens when the …
Hiring Process Steps Once the firm has determined its staffing needs, it needs to hire the best employees to fill the available positions. The following are three important hiring process steps: Recruitment Process Selection Process HR Orientation / Socialization Process Recruitment Process Recruitment an important component …
