Ecommerce had brought much change in way business. It is enabled businesses to connect with each other in new way of thinking in every area on commerce. The turnover from usual business to e-commerce has anticipated exceeding far then expected by spectator. Many companies nowadays using Ecommerce had been successfully gained more profit in their business. These companies have their own features that show them as the highly rated successful companies. Most of these companies also have good strategies in planning their business that enables them to success. Amazon is one of the most famous e-commerce companies and founded by Jeff Bezos. Today, Amazon offers everything from books and electronics to tennis rackets and diamond jewelry. According to the research conducted, Amazon attracted about over 615 million customers every year. The ability of online friendly website by Amazon is one of the key of success for this company. Another company Continue reading
Modern Business Concepts
Open Innovation vs. Closed Innovation
Innovation is one of the important catalysts to the sustainable organizational growth and performance. The term of innovation is already used over the century ago and innovation meaning is focus more on the changes or improvement made by the organization either to their product/services, processes and paradigm. Innovation is the use of new technological and market knowledge to offer a new product or service that customer want and the new product must new, lower cost and the attributes of the product are improved with the attributes that never existed in the market before. The concept of innovation also defined as the process of making changes of something established by introducing something new that adds value to customers and contributes to the knowledge store of the organization. In simple words, innovation is described as a change that is made to the product and services and also to the process. Innovation has Continue reading
Case Study: Credit Card Attitudes and Behaviors of College Students
Credit cards have been very big business for several decades. The cards have made the life easier for many people because they do not need to carry large amount of cash for most purchases. However, the credit card industry is intensely competitive, highly fragmented, and growing at the rate of 3 to 4 percent. Many college students are living on the verge of a financial crisis. For this purpose many banks are interested to consider this assertion by examining college students’ credit card use behavior and attitudes. A concurrent purpose was to test the factors associated with students’ attitude toward credit cards. College students’ use of credit cards has recently received increased visibility throughout the media concluded that in addition to credit problems many students do not have a written budget, and of those who do have a budget few young people actually use it. They determined that university students Continue reading
Keiretsu – The Japanese Business Network System
The cooperation may be witnessed in highly competitive business environment. Tata and Fiat have arrangements in relations to cars. Such cooperation is not necessarily restricted to the organizations producing or dealing in same product or services. They may identify some common interest for cooperation between them. A cold drink manufacture may enter into arrangement with a chain of restaurants to offer its beverages to the clients of restaurants. Lately, various credit card companies are entering into arrangements with other businesses to launch co-branded credit cards. Such arrangements help in reaching greater number of customers. The benefits of cooperation are also seen in Japan, where large cooperative networks of businesses are known as Kieretsus. Keiretsu, also known as Kigyo Shudan, is an umbrella term that describes various highly complex and interdependent relations. These are formed in order to enhance the abilities of individual number businesses to compete in their respective industries. Continue reading
Corporate Governance – Concept, Need and Principles
Corporate governance can be defined as a set of rules and regulations according to which the behavior of a company is affected. Another aspect of it is that it is also concerned with the relationships which exists among different stakeholders of the company and with the goals which the company has in view. Shareholders, board of directors, employees, customers, creditors, suppliers, and the community at large are the main stakeholders of a business. Gabrielle O’Donovan defines corporate governance as ‘an internal system encompassing policies, processes and people, which serves the needs of shareholders and other stakeholders, by directing and controlling management activities with good business know-how, objectivity, accountability and integrity. Sound corporate governance is reliant on external marketplace commitment and legislation, plus a healthy board culture which safeguards policies and processes. The most common definition of corporate governance has been provided by the Organization for Economic Cooperation and Development (OCED), Continue reading
The Benchmarking Process
Benchmarking is the process of comparing ones business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the benchmarking process, management identifies the best firms in their industry, or in another industry where similar processes exist, and compare the results and processes of those studied (the “targets”) to one’s own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful. Benchmarking is used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others. Also referred to as “best practice benchmarking” or “process benchmarking”, this process is used in Continue reading