Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Gantt Charts – Tool for Project Planning and Scheduling

Project Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Dealing With Customer Complaints

The Customer is always right!   There are occasions when the customer is right, however there are also times when the customer is not entirely right or when their behavior in making a complaint is such that they need to be appropriately challenged so that the substantive issue is dealt with. Tactics for Dealing with Customer Complaints When dealing with customer complaints, mangers can use tactics  based on a five-category scheme called conflict-handling modes: competing, compromising,  collaborating, accommodating and  avoiding. Competing: (It has been decided that enough is enough, if the customer sues, you’ll meet them in court) Repeat what you have said Remind them that they can have their goods back Warn the customer that you will not continue the conversation if they become abusive Note what is said (possibly need to use in court) Keep calm yourself and remain professional Recognize when the conversation has gone on long Continue reading

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Working Capital – Definition and Factors Affecting Working Capital

Working capital is the amount of money that a company has tied up in funding its day-to-day operations. A company has to tie up money to fund its stocks, credit sales and other current assets, but this is offset by its ability to fund this from current liabilities liabilities such as purchases on credit. In the Annual Survey of Industries (1961), working capital is defined to include “Stocks of materials, fuels, semi-finished goods including work-in-progress and finished goods and by-products; cash in hand and bank and the algebraic sum of sundry creditors as represented by (a) outstanding factory payments e.g. rent, wages, interest and dividend; b) purchase of goods and services; c) short-term loans and advances and sundry debtors comprising amounts due to the factory on account of sale of goods and services and advances towards tax payments”. Modern industrial concerns produce an anticipation of demand. Payment has, therefore, to Continue reading

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What is the Difference Between Marketing and Sales?

When thinking of marketing and sales and what the difference is, we tend to scratch our heads. Both activities that go into this topic have the same result, generating an income base for the company. What is the definition of marketing?  Marketing refers to the events that take place in a company connected with buying and selling a product or service. Depending on the size of the company, typically depends on the approach in reaching its audience.  A baker in a small town just starting out may use the newspaper. Whereas a restaurant owner of a major food chain may utilize television, and the internet to reach its clientele.  Before we break down marketing in more detail let us look at the definition of sales.  Sales can be described as a deal between two parties where the buyer receives goods, services, and/or assets in exchange for money. It can also Continue reading

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Customer Journey Mapping

Every time a customer contacts the organization or its representatives, there is an opportunity for a customer “moment of truth”. These “moments of truth” are opportunities for the organization to make a good or bad impression on the customer and are key moments in the customer journey. This concept of ‘moment of truth’ was first introduced by Jan Carlzon, the former president of Scandinavian Airlines, in his 1986 book titled Moments of Truth. Carlzon defines the moment of truth in business as: “Anytime a customer comes into contact with any aspect of a business, how ever remote, is an opportunity to form an impression.” Customer journey mapping builds on this concept by providing a strategic tool to start the process of ensuring that every interaction with your organization is a positive one. Customer journey mapping is a tool organizations use to help them see what their customers truly want — Continue reading

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Schedule as a Data Collection Technique in Research

Schedule is the tool or instrument used to collect data from the respondents while   interview is conducted. Schedule contains questions, statements (on which opinions are elicited) and blank spaces/tables for filling up the respondents. The features of schedules are : The schedule is presented by the interviewer. The questions are asked and the answers are noted down by him. The list of questions is a more formal document, it need not be attractive. The schedule can be used in a very narrow sphere of social research. The main purposes of schedule are three fold : To provide a standardized tool for observation or interview in order to attain objectivity, To act as memory tickler i.e., the schedule keeps the memory of the interviewer/ observer refreshed and keeps him reminded of the different aspects that are to be particularly observed, and To facilitate the work of tabulation and analysis. Types Continue reading

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Accounting Basics : The Accounting Cycle Explained

The accounting cycle is a sequence of steps starting with recording transactions and takes it to the preparation of financial statements. The main purpose of recording transactions and keeping track of expenses and revenues. The accounting cycle is a set of steps that are repeated in the same order every period. The highest of these steps is the preparation of financial statements. Some companies prepare financial statements every three months while some complete twelve months. 10 Steps of Accounting Cycle Explained The first step is to analyze and record transactions in the journal. This step is where information must be carefully read to determine if a transaction is an asset, liability, common stock, retained earnings, revenue, dividend, or expense. In this step, each account must be determined to see if the amount increases or decreases. Those increases and decreases should be recorded as a credit or debit before entering the Continue reading

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