Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Five Important Organizational Cultural Models

Management Principles

Financial Management for Small Businesses

As a small business owner, managing your finances is crucial to running a successful business. Financial management involves creating and maintaining a budget, managing cash flow, and making data-driven decisions. However, with so many financial management principles to consider, small business owners can struggle to know where to start. This article details key principles for financial management for small businesses. Understanding Financial Management Financial management is the practice of managing cash in a business. This includes keeping accurate records, predicting where money will be spent, creating financial statements, and getting funds to keep the business running. Having a clear grasp of this can help you make smart decisions that will help your small business succeed.Tips to Manage Small Business Finances 1. Establish a healthy financial habits It is important to be proactive when managing finances. Designating a regular time to review and update financial information can pay off in the Continue reading

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Role of Communication Process in International Advertising

Advertising is one of the most visible forms of communication. Because of its wide use and its limitations as one-way method of communication, advertising in international markets is subject to a number of difficulties. Advertising is often the most important part of the communication mix for the consumer goods, where there is a large number of small volume customers who can be reached through mass media. International advertising entails dissemination of a commercial message to target audiences in more than one country. Target audiences differ from country to country in terms of how they perceive or interpret symbols or stimuli, respond to humor or emotional appeals, as well as in levels of literacy and languages spoken. International advertising can, therefore, be viewed as a communication process that takes place in multiple cultures that differ in terms of values, communication styles and consumption patterns. International advertising is also a business activity involving Continue reading

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Social Cost Benefit Analysis of a Project

The foremost aim of all the individual firm or a company is to earn  maximum possible return from the investment on their project. In this  aspect project promoters are interested in wealth maximization. Hence  the project promoters tend to evaluate only the commercial profitability of  a project. There are some projects that may not offer attractive returns as  for as commercial profitability is concerned but still such projects are  undertaken since they have social implications. Such projects are public  projects like road, railway, bridge and other transport projects, irrigation  projects, power projects etc. for which socio-economic considerations  play a significant part rather than mere commercial profitability. Such  projects are analysed for their net socio economic benefits and the  profitability analysis which is nothing but the socio-economic cost benefit  analysis done at the national level. All the projects imposes certain costs to the nation and produces certain  benefits to the nation. Continue reading

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Concept of Internal Controls in Accounting

What are Internal Controls? In a broad sense, internal control comprises controls which embrace the organizational plan and the methods used to protection the assets, create the dependability of financial data and records, endorse working efficacy and loyalty to managerial policies. Internal control is categorized by independence between departments and lines of vicarious duty and authority. It is important that these internal controls verify the dependability and correctness of the data supportive all transactions using control total techniques, sanctions and approvals, contrasts, and other tests of data accuracy. Why Internal Controls are Important? Before management can make judgments to maximize the long run profit of a firm, it must first have dependable accounting data on which to base these decisions. This info should be timely, accurate, complete, and reliable. The protection of the assets of the firm against losses from misappropriation, robbery, failure to take discounts, inadequacy, and unjustified delays Continue reading

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Profit Forecasting in Managerial Economics

Profit planning cannot be done without proper profit forecasting. Profit forecasting means projection of future earnings after considering all the factors affecting the size of business profits, such as firm’s pricing policies, costing policies, depreciation policy, and so on. A thorough study including a proper estimation of both economic as well as non-economic variables may be necessary for a firm to project its sales volume, costs and subsequently the profits in future. Approaches to Profit Forecasting in Managerial Economics According to Joel Dean, a famous  economist, there are three approaches to profit forecasting, which are as follows: Spot Projection: Spot projection includes projecting the profit and loss statement of a business firm for a specified future period. Projecting of profit land loss statement means forecasting each important element separately. Forecasts are made about sales volume, prices and costs of producing the expected sales. The prediction of profits of a firm Continue reading

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Case Study: Apple Switch Ad Campaign

By June 2002, after 18 months of new products that included the eMac, OS X operating system, G4 processor, iPod, and new flat-screen monitor, Apple Computer, Inc., still held only 5 percent of the U.S. market and between 2 and 3 percent of the worldwide market in personal computers. Apple’s proprietary lock on technology in the 1980s had forced hardware manufacturers like Dell, Gateway, and Compaq to avoid Apple software and to ship their PCs with Microsoft’s operating system. Apple isolated itself from the masses even more with its 1997 ‘‘Think Different’’ campaign, which associated the brand with revolutionary figures like Mahatma Gandhi and John Lennon. It was to attract a broader range of computer users that Apple launched its ‘‘Switchers’’ campaign in 2002. With the cost estimated at $75 million, the ‘‘Switchers’’ campaign was executed by Apple’s longtime partner and marketing firm TBWA\Chiat\Day (TBWA\C\D). Using print, television, and the Continue reading

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