Participative Management – Workers Participation in Management

Human Resource Management

Case Study on Entrepreneurship: Larry Page

Business Analysis

The Boundaryless Career: Modern Contemperory Perspective on Career

Human Resource Management

How to Meet Costa Rica’s 2026 VASP Requirements Without Expanding Headcount

General Business Articles

Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Perception – Meaning, Definition, Process and Influencing Factors

Meaning and Definition of Perception Perception can be defined as a process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment. Perception is not just what one sees with eyes. It is a much more complex process by which an individual selectively absorbs or assimilates the stimuli in the environment, cognitively organizes the perceived information in a specific fashion and then interprets the information to make an assessment about what people select, organize, and interpret or attach meaning to events happening in the environment. Since perception is subjective process, different people may perceive the same environment differently based on what particular aspects of the situation they choose. For example, some employees may perceive the work place as great if it has favorable working conditions, good pay. Others may perceive it as great if it has challenging assignments and opportunity to grow. Managers Continue reading

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How Artificial Intelligence Has Influenced Marketing

Artificial Intelligence (AI) influences marketing mechanisms and procedures by providing insight into consumer behavior and preferences. AI is a system’s capacity to analyze data correctly, learn from the analysis, and use it to achieve specific goals. This technology uses machine-learning algorithms to customize content and products to satisfy target markets and influences consumer choices by offering suggestions based on social perceptions. This technological tool can help organizations maximize their competitive advantage and market dominance. Nevertheless, the involvement of AI comes along with doubt and disbelief due to different biases. Therefore, organizations must isolate and neutralize biases to realize the benefits of AI in inducing consumer preference. History of Artificial Intelligence Experts have exerted themselves constantly to improve technology throughout the years. The inception of AI occurred in the 1940s when Isaac Asimov, an American Science Fiction writer, developed three laws of robotics through his short story ‘Runaround’. The first law Continue reading

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Key Elements of Retail Displays

A retailer must carefully consider and plan each element of retail displays.  Display elements include the merchandise, shelf display areas or window displays, props, colors, background materials, lighting and signs. The retailer is to compare contrast, repetition, motion, harmony, balance, rhythm and proportion of each display to draw the consumer’s attention to it. Display elements must be evaluated to determine how well and if they attract and hold the attention of the passersby. “Contrast” is one way to attract attention. Contrast is achieved by using different  colors, lighting, form i.e., size and shape, lettering or textures. “Repetition” attracts consumer attention by duplicating an object to reinforce and strengthen the impression. For instance, by displaying 20 tennis rackets, the image is created of a store with a wide assortment of merchandise in that category. “Physical motion” is a powerful attention getter, as is dominance. If an item is much larger than Continue reading

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Purposes of Performance Management System

Performance Management is often a misunderstood concept most people associate it with concepts such as: Performance appraisal, Performance-related pay, Targets and objectives, Motivation and discipline. But, performance management is much more than this. Performance management is about getting results. It is concerned with getting the best from people and helping them to achieve their potential. It is an approach to achieving a shared vision of the purpose and aims of the organization. It is concerned with helping individuals and teams achieve their potential and recognize their role in contributing to the goals of the organization. A performance management system consists of the processes used to identify, encourage, measure, evaluate, improve, and reward employee performance at work. Employees’ job performance is an important issue for all employers. However, satisfactory performance does not happen automatically; therefore, it is more likely with a good performance management system. A performance management system serves a Continue reading

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Areas and Scope of Financial Management

Financial management, at present is not confined to raising and allocating funds. The study of financial institutions like stock exchange, capital, market, etc. is also emphasized because they influenced under writing of securities & corporate promotion. Company finance was considered to be the major domain of financial management. The scope of this subject has widened to cover capital structure, dividend policies, profit planning and control, depreciation policies. Some of the functional areas covered in financial management are discussed as such- Determining financial needs:- A finance manager is supposed to meet financial needs of the enterprise. For this purpose, he should determine financial needs of the concern. Funds are needed to meet promotional expenses, fixed and working capital needs. The requirement of fixed assets is related to types of industry. A manufacturing concern will require more investments in fixed assets than a trading concern. The working capital needs depend upon scale Continue reading

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Economic Order Quantity (EOQ) – Definition and Formula

In today’s marketplace, optimization of resources, their adequate use, and cost reduction are the key attributes of a successfully developing company capable of competing effectively. For the qualitative analysis of available resources and the possibility of their optimal use in business practice, there is a large number of methods and models used depending on specific tasks. One of them is Economic Order Quantity (EOQ), which is a model used to determine the optimal quantity of goods or materials to be ordered at a given time in order to minimize the total cost of inventory. The point of minimizing inventory is to save costs since unsold goods take up space, to reduce risks since inventories can become obsolete or physically obsolete, which is especially true in the food industry, and to increase efficiency since excessive inventory can make it difficult to account for them. Thus, EOQ seeks to eliminate situations in Continue reading

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