Scope of Business Economics – 5 Major Points | Business Economics

Scope of Business Economics

Scope of Business Economics

The field of business economics focuses on issues such as business organization, management, expansion, and strategy. Among the topics studied are how and why corporations expand, the impact of entrepreneurs, and the interaction between corporations and governments.Our daily economic lives and business practices are impacted by Business Economics. On a daily basis, organizations face many challenges.

For instance, organizations are always concerned with maximizing output at the lowest cost. The management of such problems requires the application of various economic theories and concepts. Business economics involves the use of economic theories, concepts, and tools in business decision making.

Read more

Compelling Cover Letter – How to Write a Compelling Cover Letter ? | Business Communication

How to Write a Compelling Cover Letter ?

Compelling Cover Letter

Your cover letter can be what makes you stand out from a stack of applications and get you called for an interview. Getting an offer can mean the difference between hearing nothing from an employer and finally getting hired.

Those who understand the need for cover letters understand that resumes aren’t enough to convey a person’s personality, motivations, habits, and other reasons why they would be great in a particular job. It’s not surprising that employers wouldn’t even bother to interview candidates if this weren’t true. Instead, they’d screen résumés, verify experience and accomplishments and hire the candidate with the best resume. As opposed to that, a cover letter provides an opportunity to describe that additional piece of what makes you tick.

Read more

Business Letter Formatting Guidelines – Block Format in Business Letter | Business Communication

Business Letter Formatting Guidelines

Business Letter Formatting Guidelines

Business letters are formal documents sent between companies or by companies to clients, employees, and stakeholders. Professional correspondence between individuals can also be conducted using business letters. Many important, serious correspondences, including reference letters, employment verification, job offers, and more, still take the form of printed business letters, even though email has become the most popular means of communication.

You should follow the appropriate format for each section of your letter, beginning with your contact information and that of your recipient; your salutation; the body of the letter; and your closing. Following are the formatting guidelines that is to be followed while writing a business letter by the professionals.

  1. Block Format
  2. Modified Block Format
  3. Semi Block Format
  4. Using the Right Fonts
  5. Punctuation, Grammar, and Spell Checking

Read more

Elements of Business Letter – 8 Major Elements | Business Communication

Elements of Business Letter

Elements of Business Letter

Communication skills are just as important in business as appearances. It matters a lot how we express ourselves, whether in person, on the phone, or in letters, emails, and memos. For many people, drafting a business letter is particularly challenging. The writer also needs to pay special attention to the way the letter is formatted and the way the wording is used.

Business letter writing basics are definitely worth brushing up on. This letter writing guide is designed to assist you. Incorporate it into all of your correspondence with colleagues, clients, job applications, and requests for information.

Read more

Communication Process Model – 8 Phases of Communication Process | Business Communication

Communication Process Model

Communication Process Model

Communication involves exchanging meanings, facts, ideas, opinions, or emotions with others. Our most important activity and an essential part of our existence. “Communicare/communis” means to share or participate in Latin and is derived from the Latin word communicare. We all know that most often, we share information with other human beings by speaking, writing, or exchanging symbols. Therefore, the activity primarily involves social interaction. Communication is an essential part of man’s nature as a social animal.

Read more

Why company is a separate legal entity? – Characteristics of a Company | Company Law

Why company is a separate legal entity?

Why company is a separate legal entity?

The legal entity of a company is distinct from its members and is independent. In order to recover money from creditors of the company, they will have to go after the company and its property. Individual members cannot be sued. A company’s debts are not liable in any way for those of its members.

Read more

BBA in USA – Why Study BBA in USA | BBA Courses in US

BBA in USA

BBA in USA

The USA is well known for its excellent educational system in addition to its rich heritage and diverse culture. A large number of students with great aspirations are visiting the United States of America to pursue careers in their desired fields. Students from around the world are increasingly enrolling in colleges and universities in the USA for different degrees. In the USA, Bachelors in Business Administration (BBA) are among the most sought-after degrees.

Read more

Importance of Market Segmentation – 10 Major Points | Market Segmentation

Importance of Market Segmentation

Importance of Market Segmentation

Market segmentation is the process of grouping prospective buyers into groups or segments who have similar needs and respond similarly to marketing efforts. Using market segmentation, companies can differentiate their products and services in terms of how they are perceived by different categories of consumers. By determining which products are likely to earn a share of a target market and how to market and deliver those products, market segmentation helps businesses minimize risk.

In order to maximize profitability, companies should minimize risk and clarify the marketing and delivery of products. Segmenting the market allows a company to reach a wider demographic and discover products or services they hadn’t considered before.

Read more

Henry Fayol 14 Principles of Management – Father of Modern Management Theory | POM

Henry Fayol 14 Principles of Management

Henry Fayol 14 Principles of Management

In 1916, Henry Fayol offered fourteen principles of management for the first time. Between 1920 and 1940, many authors worked hard to develop and test various management principles in the U.S. The concept of management was redefined by Henry Fayol, also called the ‘father of modern management theory.’ A general theory was introduced by him that can be applied to all management levels and departments.

Read more

Limitation of Scientific Management – Scientific Management Principles | Evolution of Management Thoughts

Limitation of Scientific Management

Limitation of Scientific Management

A scientific management system consists of rules, mechanisms and specialized managers operating in coordination in order to achieve a new standard of control and production. The purpose of scientific management is to organize the study of work, analyze it into its simplest elements, and improve the work systematically.

Read more

error: Content is protected !!