What is a Market In the words of Cournot, French Economist, “Economists understand by the term market not any particular market place in which things are bought and sold but the whole of any region in which buyers and seller’s are in such free inter course …
Factors Affect Price Decision Pricing is all around us. We pay for house rent, we pay for taxi, if need a laptop we must pay to buy it. Everything has a price. Who determine the price structure of a product, top management, CEO, the entrepreneur, answer …
Markets consist of buyers, and buyers differ in different ways. They differ in their wants, locations, resources and buying attitudes. The process of converting heterogeneous market into homogenous markets is called is called segmentation. Every buyer has different approaches towards product. Their wants and need are …
What is Planning Function of Management Planning function of management involves selecting missions and objectives and the action to achieve them; it requires decision-making that is, choosing from alternative future courses of action. It bridges the gap from where to where we want to go. Thus …
What is Power Power is a capacity or potential that a person A has to influence the behavior of another person B that B does things he or she would not otherwise do. It is a function of dependence, the greater B’s dependence on A, the …
What is Informal Organization Informal organization is regarded as any joint personal activity without conscious joint purpose even though possibly contributing to joint results. Thus all manner of groups fall within the sphere of informal organization. In the informal organization, people work together because of their …
What is Formal Organization The formal organization is basically goal-oriented entity that exist to accurate the efforts of individuals and it refers to the structure of jobs and positions with clearly defined functions, responsibilities and authorities. Definition of Formal Organization According to Chester Banard “an organization …
