What will you do if a whole task is given to you and you even do not have expertise in this task? Probably you can not perform that task easily and effectively. The solution to this problem is a division of work. What is the Principle of Division of Work? The principle of division of…
Objectives of Management The objective of management can be referred to as its basic goals. Primarily talking about objectives of management are the decisions, actions, and practices taken by management to bring smoothness and productivity to the organization. Management has an important role in the prosperity and progress of the business by handling the company’s…
Importance of Management Why management is important? In this modern yet competitive business environment, the importance of management can not be ignored since every organization’s fundamental success factor is effective management. Do you know, that almost 90% of startups fail during the first five years of their operation – there are many reasons these startups…
Features/Characteristics of Management Management is a means to optimally guide men, machines, materials, money, and methods in a way that assures the accomplishment of desired goals. Management is a fundamental aspect of an organization and has various characteristics/features. The significant characteristics of management are mentioned below: Goal Focused The first characteristic of management is that…
What are the Functions of Insurance? Insurance is a collective device that aims to minimize insured parties’ financial risks. The followings eight are the main functions of insurance policies. Protects Financially To Insured Parties One of the key functions of an insurance contract is to protect the policyholder financially in case of an unforeseen event…
What is Insurance? Insurance is a legal agreement between two parties an insurer (insurance company) and the insured (an individual) in which the insured parties receive financial compensation for any unexpected losses and events. In the insurance agreement, insured parties are agreed to pay some money periodically which is called an insurance premium in exchange…
Product Vs. Service Usually, the tangible item is called the product, and an intangible item is a service. The products and services are the core concepts of marketing. In fact, both products and services are the same. Here is how – traditionally products and services are treated differently. But the modern marketing concept suggests that…
For every product we buy, we have to pay some prices. The price is the main factor for determining the value of the product or service. Pricing determines the prices for the products or services. So, what is the pricing? Let’s understand what it is, its objective, importance, and strategies. What is Pricing? Pricing is…
Product Mix Vs. Product Line Product mix and product line are two marketing terms that define the products a company produces and have. Product line on the one hand refers to the group of similar products marketed and sold by a single brand. On the other hand, the product mix refers to all product lines…