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…
What is Product Mix? A product mix is the set of all product lines and items that a particular brand sells. It is also called product assortment or product portfolio. The product mix is the entire collection of product lines and items offered by an organization. In simple words, it is all the products that…
A company can not succeed in the long run if it sells only one product and does not make additional changes and modifications to the product. For this companies need to adopt the product line, which is a strategy for businesses to introduce groups of similar products targeting the same audience with differences in price,…
Objectives of Packaging Packaging is the process of covering a product with protective materials. The following are the main objectives of packaging. Protection The finished product itself is not safe until it is protected with some protective materials. For example, right after the production of the biscuit, you can not transfer it to another place…