Environmental issues have gained importance in business as well as in public life through out the world. It is not like that a few leaders of different countries or few big renowned business houses are concerned about the day to day deterioration of oxygen level in our atmosphere but every common citizen of our country and the world is concerned about this common threat of global warming. So in this scenario of global concern, corporate houses has taken green-marketing as a part of their strategy to promote products by employing environmental claims either about their attributes or about the systems, policies and processes of the firms that manufacture or sell them. Clearly green marketing is part and parcel of over all corporate strategy; along with manipulating the traditional marketing mix (product, price, promotion and place), it require an understanding of public policy process. So we can say green marketing covers Continue reading
Modern Management Practices
The Importance of Going Green
A definition of green management according to is the process within an organization of applying innovation in order to achieve sustainability, waste reduction, social responsibility and a competitive advantage by the aids of continuous learning and development. Organizations shall be doing such developments, by implementing environmental goals and strategies which match the goals and strategies of the organization. This will therefore help the organization to stay focused to its mission and vision. Nowadays, it is found that companies advertise their products by promoting their environmentally – friendly behavior. It does not matter whether it is on TV or on banner; the message of “go green” is almost always used. But why green? Green is not simply a color. Going green is a way of making changes in the lifestyle of some organizations as well as the society also. This implies bringing in some changes which are friendlier towards the environment. Continue reading
What is Electronic Customer Relationship Management (eCRM)?
Information Technology has made a huge impact on how a business operates; thereby it is being seen as an important area of commerce which needs to be tapped. Despite the large scale investments in trying to automate a business entity, many businesses have failed to attract customers. The factors such as time frame of response, understanding customer needs and new ways to attract customers are making it difficult for the businesses to cope up with. Customers pose a key role in success of an e-business and it has called for extensive research in understanding the key areas of Customer Relationship Management (CRM) in the field of Information technology. Customer Relationship Management from the Information Technology perspective is called as Electronic Customer Relationship Management (eCRM). What is Customer Relationship Management (CRM)? In today’s market trend, customers are more educated, better informed, more technology aware and hence demanding more in the service Continue reading
The Concept of Entrepreneurial Opportunities
Most entrepreneurial firms are started with finding the opportunities. The opportunity is very importance. It is a favorable set of circumstances that creates the need for a new product, service, or business idea. An opportunity has four essential qualities: it is attractive, durable, timely and anchored in a product, service or business that creates or adds value for its buyer or end user. The entrepreneurs usually use three ways to identify an opportunity. There are observing trends, solving a problem and finding gaps in the marketplace. Entrepreneurial opportunities as situations in which new goods, services, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationships. These situations do not need to change the terms of economic exchange to be entrepreneurial opportunities, but only need to have the potential to alter the terms of economic exchange. In addition, unlike optimizing or satisfying Continue reading
Corporate Social Responsibility as a Source of Competitive Advantage
Corporate Social Responsibility (CSR) means that a corporation should be held accountable for any of its actions that affect people, their communities and their environment; it may require a company to forgo some profits if its social impacts are seriously harmful to the corporation’s stakeholders or if its funds can be used to promote a positive social good. Tougher competition recently has compelled the firms to adopt something that is different from their rivals and has also put a pressure on the firms to examine their philanthropy and other social activities, by doing so the company can sometimes achieve a strategic advantage over its competitors. There is a business case for CSR but it is much less important or influential than many proponents of civil regulation believe, CSR is best understood as a niche rather than a generic strategy: it makes business sense for some firms in some areas in Continue reading
Objectives and Scope of Internal Audit
Internal audit is and self-governing assessment function established by the management of an organisation for the review of the internal control system as a service to the organisation. It separately examines, evaluates and reports on the sufficiency of internal control as a involvement to the correct, economic and successful use of resources Scope of Internal Auditing The possibility of internal auditing currently embraces wider concepts of community governance: risk and power – recognizing that organize exists within an organization basically to manage risk and advance valuable governance . The most significant vary is that the internal auditors are estimated to modify their mindset: from faultfinders to advisers. Internal auditors should take care of the auditee as their consumer. As with a client, the internal auditor should obviously communicate with the auditee, engage management in the audit development process, consider organizational risks that are prospective areas of audit anxiety, work with Continue reading