Functions of a Store: Primary and Secondary | Materials Management

November 4, 2015, 8:34 am

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The stores function is important for many organisations and industrial concerns. The primary and secondary functions of store are discussed in this article. Functions of a Store # 1. Primary Functions: The main objective of the store is to provide necessary inputs to the production/op­erations departments at a minimum cost. To ensure this the following […]

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Discounts Offered by Sellers

November 4, 2015, 8:34 am

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This article throws light upon the two main types of discounts offered by sellers. They are: 1. Price Discount 2. Payment Discount. Type of Discount # 1. Price Discounts: A price discount is normally offered by the sellers on volume of sales, i.e., quantity and on payment terms for two main reasons: (i) To derive […]

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Disposal of Surplus, Scrap and Obsolete Materials | Materials Management

November 4, 2015, 8:38 am

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This article throws light upon the six main routes for disposal of surplus, scrap and obsolete materials. The routes for disposal are: 1. Feedback 2. Return to the Supplier 3. Direct Sale to Another Company 4. Sale to Dealer or Broker 5. Sale to Employees 6. Donation to Educational/Research Institutions. Disposal Route # 1. Feedback: […]

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VED Analysis, SDE Analysis and FSN Analysis

November 4, 2015, 8:40 am

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VED Analysis, SDE Analysis and FSN Analysis! Short Notes # VED Analysis: VED stands for vital, essential and desirable. This analysis relates to the classifica­tion of maintenance spare parts and denotes the essentiality of stocking spares. The spares are split into three categories in order of importance. From the view-points of functional utility, the effects […]

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Purchasing: Objectives, Polices and Procedures | Materials Management

November 4, 2015, 8:42 am

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Read this article to learn about Purchasing in Modern Industries:- 1. Objectives of Purchasing 2. Policies of Purchasing 3. Procedures. Objectives of Purchasing: Four broad areas or specific objectives of purchase depart­ment are: (a) Economic purchase operation: Purchasing is an economic function that contributes to the profits of an organisation and thus is vital to […]

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6 Main Principles of Purchasing | Materials Management

November 4, 2015, 8:42 am

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This article throws light upon the six main principles of purchasing in materials management. The principles are: 1. Right Quality 2. Right Quantity 3. Right Price 4. Right Source 5. Right Time 6. Right Place. Purchasing Principle # 1. Right Quality: Quality has been defined as the capability of doing a certain thing or the […]

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Just-In-Time (JIT) Classification of Inventories | Inventories

November 4, 2015, 8:42 am

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Read this article to learn about the Just-In-Time (JIT) classification of inventories. The concept of just-in-time is considered to be a Japanese origin and a creation of Toyota Corporation. Toyota developed the system in order to reduce inventory in the production systems, reduce costs and increase quality. JIT has attracted a great deal of interest […]

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Product Pricing: Top 2 Methods of Product Pricing

November 4, 2015, 8:42 am

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Price of any material is related to its quantity and is expressed in terms of money. The top two methods of pricing are: 1. Published Price List 2. Competitive Bidding. Product Pricing Method # 1. Published Price List: The established manufacturing organisation fixes up the price of its product(s) on the basis of an analysis […]

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ABC Inventory Control: Subject Matter and Steps in Its Analysis | Inventory Control

November 4, 2015, 8:43 am

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Read this article to learn about ABC Inventory Control:- 1. Subject Matter of ABC Inventory Control 2. Steps in ABC Analysis 3. Control Based Classification. Subject Matter of ABC Inventory Control: Control of inventory is exercised by controlling individual items called stock-keep­ing units. In controlling inventory, four questions are to be answered: 1. What is […]

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Essay on Marketing Mix: Meaning, Components and Observations

November 5, 2015, 12:13 am

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Essay on Marketing Mix: Meaning, Components and Observations ! Essay 1 # Meaning of Marketing Mix: Marketing mix might be defined as follows: Marketing mix is a unique combination of the basic ingredients of marketing viz. product, price, place (channels of distribution) and promotion-designed for the best realisation of the objectives of marketing management. (1) […]

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10 Key Benefits of Modern Marketing Concept

November 5, 2015, 12:13 am

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This article throws light upon the ten key benefits of modern marketing concept. Some of the key benefits are: 1. Generation of Employment Opportunities 2. Increase in Social Welfare 3. Emphasis on a Scientific Bent of Mind 4. Better Quality of Production 5. Raison D’etre of Business Enterprises 6. Encourages Healthy Competition and Others. Modern […]

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Difference between Selling and Marketing | Business Organisation

November 5, 2015, 12:13 am

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The upcoming discussion will update you about the difference between selling and marketing concept. Difference # Selling: 1. Selling is production oriented. It emphasises on production and its efficiency. 2. ‘Selling’ starts with the production; and ends with selling of goods to consuming public. 3. Basic objective of selling is profit maximisation through sales-maximisation 4. […]

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Marketing Management: Concept and Objectives |Business

November 5, 2015, 12:15 am

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Read this article to learn about the concept and objectives of marketing management. Concept of Marketing Management: Marketing management might be defined as follows: Marketing management is that specialised branch of general management, which has developed with a view to providing maximum consumer satisfaction and ensuring maximum enterprise profitability; through- planning, organising, directing and controlling […]

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Consumer Behaviour: Meaning, Significance and Determinants

November 5, 2015, 12:16 am

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Read this article to learn about the meaning, significance and determinants of consumer behaviour. Meaning of Consumer Behaviour: Consumer behaviour may be defined as follows: Consumer behaviour is a study of a complex of those factors which result in particular buying decisions of consumers-based on rationality, emotions or compulsions. Ostrow and Smith (The Dictionary of […]

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4 Main Categories of Marketing Function

November 5, 2015, 12:16 am

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This article throws light upon the four main categories of marketing functions. Marketing Function Category # 1. Basic Functions: Basic marketing functions are those, without which marketing is not possible. These include: (i) Buying and Assembling: The buying function of marketing involves two aspects: (1) Buying of raw-materials, by manufacturers. (2) Buying of finished goods […]

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Top 5 Stages of Product Life Cycle (PLC)

November 5, 2015, 12:21 am

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This article throws light upon the five stages of product life cycle (PLC). Product Life Cycle (PLC) Stage # 1. Introduction Stage: In the introduction stage, the product is new and unknown and there is slow market acceptance. But there is a high risk of product failure; if the product is not accepted by the […]

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Pricing Strategies for Products

November 5, 2015, 12:22 am

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This article throws light upon the twelve major pricing strategies for products. Some of the strategies are: 1. Cost Plus Pricing 2. Below Cost Pricing 3. Competition-Oriented Pricing 4. Follow the Leader Pricing 5. Penetration Pricing 6. Skimming the Cream Pricing 7. Discriminating Pricing 8. Loss-Leader Pricing and Others. Product Pricing Strategy # 1. Cost […]

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Product Planning and Development: Top 7 Steps

November 5, 2015, 12:22 am

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This article throws light upon the seven main steps in product planning and development. The steps are: 1. Generation of New Product Ideas 2. Screening of Ideas 3. Product Concept Development 4. Commercial Feasibility 5. Product Development 6. Test Marketing 7. Commercialisation. Product Planning and Development Step # 1. Generation of New Product Ideas: The […]

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The Dimension of a Product (With Diagram)

November 5, 2015, 12:22 am

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A product is a complex of its physical and chemical attributes and its presentation, along with a bundle of accompanying services to best meet the needs of customers; for which they desire and buy the product. Following are cited a few popular definitions of the term product: (1) “A product is anything that can be […]

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Price of a Product: Definition and Determinants

November 5, 2015, 12:22 am

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Read this article to learn about the definition and determinants of price of a product. Concept of Price of a Product – Defined: In a modern money using economy, price refers to the exchange value of a commodity or service, in terms of money. In the primitive barter economy, the exchange value of a commodity […]

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