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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...