Importance of Work-Life Flexibility

Human Resource Management

Work Life Balance and Wellness in Organizations

Human Resource Management

What is Work Life Flexibility?

Modern Management Concepts

The Relevance of Stakeholder Management in International Business Context

International Business

Why Business Models Matter in Business?

Modern Management Concepts

Cost Accounting – Definition, Objectives, Scope and Limitations

DEFINITION OF COST ACCOUNTING An accounting system is to make available necessary and accurate information for all those who are interested in the welfare of the organization. The requirements of majority of them are satisfied by means of financial accounting. However, the management requires far more detailed information than what the conventional financial accounting can offer. The focus of the management lies not in the past but on the future. For a businessman who manufactures goods or renders services, cost accounting is a useful tool. It was developed on account of limitations of financial accounting and is the extension of financial accounting. The advent of factory system gave an impetus to the development of cost accounting. Cost Accounting is a method of accounting for cost. The process of recording and accounting for all the elements of cost is called cost accounting. The Institute of Cost and Works Accountants, London definesContinue reading

Abey Francis

Financial Accounting – Definition, Nature, Scope and Limitations

MEANING OF ACCOUNTING Accounting is the process of recording, classifying, summarizing, analyzing and interpreting the financial transactions of the business for the benefit of management and those parties who are interested in business such as shareholders, creditors, bankers, customers, employees and government. Thus, it is concerned with financial reporting and decision making aspects of the business. The American Institute of Certified Public Accountants Committee on Terminology proposed in 1941 that accounting may be defined as, “The art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof”. DEFINITION OF FINANCIAL ACCOUNTING The term ‘Accounting’ unless otherwise specifically stated always refers to ‘Financial Accounting’. Financial Accounting is commonly carries on in the general offices of a business. It is concerned with revenues, expenses, assets and liabilities of a businessContinue reading

Abey Francis

Different Tools of Integrated Marketing Communications (IMC)

Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool, avenues and sources within a company into seamless program that maximize the impact on customer and other end users at a minimal cost. This integration affects all firm business-to-business, marketing channel, customer-focused, and internally directed communications. Integrated Marketing Communications is a management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, personal selling and direct marketing work together as a unified force, rather than permitting each to work in isolation. Besides, it acts as an aggressive marketing plan because it sets and tracks marketing strategy that captures and uses extensive amount of customer information. It also ensures that all forms of communications and messages are carefully linked together to achieve specific objective. The important tools of Integrated Marketing Communications are: 1. Advertising Advertising has four characteristics:Continue reading

Abey Francis

Introduction to Integrated Marketing Communications (IMC)

Integrated Marketing Communications (IMC) is a marketing concept of the 1990’s. It will be necessary for survival in the 21st century. The advent of integration is causing marketers to take a fresh look at all the components of marketing, specifically the unique dimension that public relations bring to the marketing mix. Public relations people in turn are seizing the opportunity that integration offers them to make a difference where it counts most to their companies and clients — on the bottom line. IMC is the culmination of the shift that began in the post — World War II period, from selling what the companies make to making what the consumers want. IMC is focused on what to know about product and services, not what the marketers want to tell them in order to sell them. Integrated Marketing Communication is defined as the coordination and integration of all marketing communication tool,Continue reading

Abey Francis

Methods of Pricing a New Product

We will address the following questions after new product development: How should a company price a new good or service? How should the price be adapted to meet varying circumstances and opportunities? When should the company initiate a price change, and how should it respond to competitive price changes? In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well. The most common mistakes are these: Pricing is too cost-oriented; price is not revised often enough to capitalize on market changes; price is set independent of the rest of the marketing mix rather than as an intrinsic element of market-positioning strategy; and price is not varied enough for differentContinue reading

Abey Francis

Stages of New Product Development

New products are the lifeblood of the organisation but they are extremely vulnerable and the majority never reach commercialization. In competitive markets, the best and strongest firms sustain growth through the introduction of new products and services to meet the changing needs of the consumers. All products have a finite life span and this is influenced by the type of product, its innovativeness, the management of the product through its life cycle, as well as the markets in which it is sold. All products will eventually decline and need to be replaced by new ones and companies need to be adept at adapting marketing strategies to respond to the dynamics of the environment, so as to manage the product through its life cycle effectively. New product development is the process of developing a product from initial stage of Design to Physical Reality using concept of Designing, manufacturing processes and otherContinue reading

Abey Francis