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The economic system is broadly classified into three categories including capitalism, socialism and the mixed economy. Here is a brief guide about these three major types. ·          Capitalism  – It is the economic system based on free enterprise. AN important feature is individual ownership of resources. Individuals can conduct any type of business with control and command over various resources. The main objective of the system is to maximize the private gains. ·           Socialism  – It refers to the economic system in which the resources are owned by the state or state-owned institutions. Production is not intended for maximizing the profits of individuals or organizations, but for the interest of the society. The government decides the type of productive efforts to be permitted in this economic system. ·      ...

Individuals or groups who are involved in the formulation, implementation, and evaluation of strategy are called strategists. There are various kinds of strategists in an organization. Here are the different type of strategists in a business organization. ·         Board of directors – They are the owners of an organization like the shareholders, controlling agencies, financial institutions etc. ·         Chief Executive Officer – The CEO is answerable for all aspects of strategic management starting from the formulation to evaluation. ·         Entrepreneurs – These are the strategists who start a new business and are implementers and evaluators of strategies. ·          Senior Management – They include managers at the highest level managerial hierarchy and look after renovation, the progression of technology, etc. ...

Traders oriented promotional method target dealers, wholesalers and retailers and is carried on with the intention to assure best cooperation from the distribution channel members. Here are the methods aimed at motivating traders •     Point of purchase display – Targeted at dealers or traders, manufacturers provide display facilities to traders to display at their showrooms or shops. •     Trade fair – Intended for the traders, a trade fair includes a large number of manufacturers displaying their wares to take orders. •     Traders meeting – The Company arranges meeting of traders to discuss and sort out issues related to business. Participants can include traders or their salesmen. •     Sales contests – The Company also arranges sales contests for traders who achieve the quota of sales within the said time period to encourage them to put efforts for increasing the sales. •     Train...

Project risk management involves the processes aimed at conducting risk management planning, identification, qualitative and quantitative analysis, responses, monitoring a project, etc. Here is a brief guide on the processes involved in project risk management •     Risk identification – It includes the identification and determination of the possible risks associated with the project and also proper documentation of the properties and effect of each one. •     Risk quantification – This step includes the evaluation of the risks that are identified in the first step and risk interactions to analyse the possible project outcomes. It is the primary method to determine which risk need the response. •     Risk response development – It includes clearly defining enhanced steps to utilize opportunities and to respond to threats. Threat response can fall into categories of risk avoidance or risk transfer. •   ...

Even though entrepreneurs are innovators and create new opportunities, they might possess personal traits and behaviours that can harm their roles as managers or workers. Following are the reasons that create drawbacks in entrepreneurship. • Life cycle of business venture – Entrepreneurial development stages can sometimes fail due to life cycle of business venture. Entrepreneurs are most likely to face an increasing risk and potential for business failure during the start-up stage as market demand is not very certain and profits are less. • Failure of new small firms – Managerial incompetence, lack of experience, low financial control, absence of strategic management, incorrect or inappropriate place, having not enough inventory control and failure to create entrepreneurial transitions or changes can be the common causes of failure. • Making wrong decisions – A manager might not have detailed knowledge of probabilities of what might happen in the future, which might contrib...

A research report is drafted with the purpose of presenting the facts in its true form for the people to understand. The research report requires reader orientation, purpose orientation, time orientation, and technology orientation. The steps in writing a report are listed below. • Organization of thought – It involves how the report has to be presented in the most important starting point in the journey of preparation of a research report. • Acquaintance with research – Full acquaintance with research is important. It is facilitated by notes and accuracy and adequacy are vital. • First draft – It concentrated on a substance that is the fullness of facts where all the facts of value are to be brought together. It should also have balance, proportion, and development in facts. • The second draft – After writing the first draft, a revision is made for writing the second draft. In the second draft, the researcher should concentrate largely on form and language. • Third dr...

Market failure can be defined as the situation with the inefficient allocation of goods and serviced by the free market. Here are the reasons that lead to market failure. • Inadequate competition – It exists when the economy market is a monopoly where the market is controlled by one person or a small group of people. • Inadequate information – In the absence of adequate information, it is difficult to employ and distribute resource at an efficient level. • Resource immobility – When resources are restricted, it can lead to market failure as resources can be allocated at an inefficient level. • Externalities – It can be defined as an economy side effect that either benefit or harm a third party who is not directly involved in the activity. • Public goods – These are those goods that are collectively consumed by the whole society like roads, national defense, police, fire protection etc. These lead to market failure as no payment is made on public goods. • Imperfect com...

The number of brands that sell a product may affect the strength of the competition. And when there are many businesses selling a particular product, price considerations and product differences are considered more important and hence, number of brands selling the similar product determines the structure of the market. Here are the types of business competition that exists in a market. • Monopoly – It exists when there is only one brand marketing a product for which there are no close substitutes. • Oligopoly – In an oligopoly, there are few firms marketing a product for which they control much of the supply. Products in an oligopoly are similar or uniform in nature like coal or steel with only perceived differences. • Monopolistic competition – When many firms are marketing a product, each firm attempts to differentiate its product to convince consumers that their product is the one to buy. • Perfect competition – If a perfect competition existed, it would be a marke...

A powerful strategist is required to play important roles of varying capacity in an organization. Here is a brief guide on some of the diverse roles a strategist has to carry out. • A strategist must act as a soothsayer or seer who guides his team to imagine the future world in which they need to compete. They identify the organization’s competencies and unique strengths and encourages imaginative thinking to help the team to visualize the future. • A strategist should also be a sculptor strategist who carves out a unique role or purpose for the organization and predicts why the organization will be successful according to the soothsayer’s imagined future. He also provides the future shape of the organization by defining how its future customers will choose to support it. • A strategist should also be a politician who is skilled in the art of maneuvering and manipulation. He will know the power players in the organization and will drive each leader to motivation. • When a ...

Listed below are few characteristics that an individual need to develop inside him to be a good leader. • A good leader should admit his disadvantages, weaknesses and failures. This will expose his willingness to believe in high standard, victory and activity. • He should have a power of intuiting and taking precautionary steps to bring in control the challenging situations efficiently and successfully. • He should be equipped with a characteristic of predetermining actions to be taken when needed to cope with the contrary situations efficiently. • A good leader should have the ability to develop a data of information on administrative structure, management, defense, budget, economy, etc. • He should be able to manage, control, motivate and persuade the public. • A good leader should present himself as an example before the public. • He should be able to control his emotions and anger in public and should also motivate the public through his words and actions without...

Advertising can be considered as an economic institution. It performs the important economic function for the advertiser along with affecting economic decisions of the audience and being an integral part of entire national and international economic system. The following are the benefits of advertising. • Information – Information is critical for the consumer to learn about various products, services and organizations. The lack of informed decision can have undesirable consequences and can result in consumer buying an inferior product. • Brand image building – Advertising plays a crucial role in building the brand image. It helps the consumers develop mental images of the brands that appeal to different market segments. These favourable images help build brand loyalty. • Innovation – Advertising encourages innovations and development of new products while reducing risk. It helps generate sufficient product demand to offset the cost of innovation while also being the most ...

A financial system includes a network of financial institutions, markets, financial instruments and services to facilitate transfer of funds. The system also contains savers, intermediaries, instruments and the ultimate user of funds. Listed below are the services provided by the financial system. • Risk sharing – Financial system enables risk sharing by allowing savers to hold many assets. The system also create instruments to transfer risk from savers to borrowers who do not wish for uncertainty in returns or payments to savers or investors who are willing for risk. • Liquidity – Liquidity is the second service that financial system provides for savers and followers. It is the ease with which an asset can be exchanged for money to purchase other assets or also exchanges for goods and services. • Information – The collection and communication of information is the third service of the financial system. The system gathers information regarding prospective borrowers and thei...

Project risk management involves the processes aimed at conducting risk management planning, identification, qualitative and quantitative analysis, responses, monitoring a project, etc. Here is a brief guide on the processes involved in project risk management. • Risk identification – It includes the identification and determination of the possible risks associated with the project and also proper documentation of the properties and effect of each one. • Risk quantification – This step includes the evaluation of the risks that are identified in the first step and risk interactions to analyze the possible project outcomes. It is the primary method to determine which risk need a response. • Risk response development – It includes clearly defining enhanced steps to utilize opportunities and to respond to threats. Threat response can fall into categories of risk avoidance or risk transfer. • Risk response control – It is the execution of the risk management plan developed in...

Organisations should institutionalize the innovation process to help sustain a competitive advantage and to ensure future success. The internal environment should have creative thinking as central to the values, assumptions and actions. Here are the positive effects of an innovation culture in organisations. ·         Promotes individual growth – With an employee’s willingness to invest time for creative energy at work, an innovation culture promotes individual growth. When the employee believe that their own development and growth are valued by the employer, his is more likely to make innovative contributions. ·         Builds confidence – Experimenting with innovative solutions are more likely to instil confidence in employees. And along with encouragement, there are greater chances for developing one’s skills and abilities. ·         Optimizes work environment – Bring...

From inventing something to finding the right opportunity for a business, entrepreneurs will have to face a lot of challenges. However, once past these challenges, it is more of a smooth sailing with minor glitches along the way. Here are the common challenges faced by entrepreneurs. • Money – Access to capital to fund the business is important for any business. Entrepreneurs often tend to underestimate the length of time it takes for a business to be profitable and the amount of money that is needed to invest to make it profitable. • Skill and knowledge – From research and development to product delivery to bookkeeping, an employee in a start-up will have to manage several tasks beyond his area of expertise. So, an entrepreneur will have to find the right talent who handle different responsibilities. • Feedback – An entrepreneur can often find it difficult to find the right feedback beyond sales figures for assessing business growth. Seeking o...