Consumers go through the decision-making journey for a product or service when they feel the need for it. Henry Murray has beautifully explained the different needs of consumers that, in turn, guide their behavior and develop their personalities. Firms can target particular personalities by creating relevant advertisements and products to fulfill their needs. In this article, we will learn aboutWhat are the different types of needs. According to Murray, what are the five basic psychogenic needs? How do these needs create different personalities? How can the firms target the different needs of the consumers as well as what they have ... Read More

The end goal of any company is to sell its product and service to the consumer. Sales are the only part of the business that brings in revenue for the company. All the other wings or activities are cost-bearing activities for the business. Hence, it is important for firms and their sales and marketing executives to understand the consumer’s decision-making process. The consumer decision-making process may seem like a subjective and mysterious thing, but we can divide it into five broad steps. These are the general steps that every consumer delves into before making a purchase decision. Consumers’ Decision-making ... Read More

We are a generation of people who believe in a sustainable future. For us, growing together is the only growth that matters. Hence, it is critical for businesses to be sustainable. Businesses today are not only focused on profits and customer satisfaction but also on community happiness. Businesses today have corporate social responsibility because they are working and thriving in a common space shared by all. Part of the profits of the firm and its manpower is being utilized on different social causes that they believe in. In this article, we will be taking a look at the concept of ... Read More

The attrition rate in India has surged from 6% in 2020 to 20.3% in 2022. The attrition rate refers to the number of people who have left the organization in the current period. Attrition rate = (total number of people leaving the organization voluntarily + total number of people leaving involuntarily) / {(total number of employees at the start of the year + the total number of employees at the conclusion period of the year) / 2} The attrition rate in India is supposed to increase in 2023 as well. As a result, it is critical for employers to look ... Read More

The world has opened up, as have the number of issues affecting an individual and their lifestyle. Employee satisfaction has suffered greatly in recent years as we have transitioned to digital infrastructure and a more technologically advanced setup. With the pandemic, lockdown, war in Ukraine, and growth rate of inflation, to name a few, employees have become more detached from their work and the company. The work-from-home model has myriad benefits, but at the same time, it has also created the problem of job switching. Companies now struggle with the retention of employees. There is always another company willing ... Read More

Today, we no longer depend upon the big traditional media channels for our content consumption. Gone are the days when we used to wait for our radio slots, news show timings, or the morning newspapers for content. We create and consume content on a real-time basis. For us, a minute late is old news today, and content is unlimited; this is where the concept of the "creator economy" comes into play. In this article, we will be deeply diving into the concept of the "creator economy, " when it bloomed, and how it affects business today. The Concept of the ... Read More

The 4 Ps (product, price, place, and promotion) of marketing dictate the behavior of every producer in the market. These four factors help the producer decide the basic layout of the business. What do they want to produce? Where do they want to sell the product? What price do they want to charge for the product? How do they want to advertise the product? It is time that we take a deeper look at the concept of pricing the product. The pricing factor is of utmost importance for the business because this is the only branch that brings ... Read More

Supply Chain Management (SCM) is the foundation of managing operations to optimize user opportunities for generating a market share. It signifies a deliberate attempt by organizations to design and operate distribution networks in the most optimized way feasible. Innovations, acquisition, execution, and transportation, and perhaps even the systems engineering needed to manage these operations, are all covered by logistics. One is that every device that touches a customer is the result of the combined efforts of numerous enterprises. The distribution network is the aggregate name for these enterprises. The second concept is that, while distributors have been around for ... Read More

Six Sigma is a corporate lean manufacturing approach that evaluates the number of flaws in a current prototype and aims to eradicate them gradually. Six Sigma is a data approach that offers methods and technologies for defining and evaluating each phase. It includes strategies for increasing efficiency in a corporation, improving efficiency, and increasing base revenue. Six Sigma Methodologies There are two different methodologies used in this. DMAIC This approach is most commonly used to improve workflows. The name stands for the following − Define the issue as well as the key deliverables. Measure the several features ... Read More

Project management is a very exhaustive area. Although experience plays a crucial role, companies and individuals need a base to act. Because of this, companies have started drafting project management techniques and frameworks. Few frameworks are widely applicable and scalable and companies have started offering certifications and training to individuals. PRINCE2® is one such project management method. What Is PRINCE2®? PRINCE2 stands for Projects in Controlled Environments and is an effective process-based project management technique. It devises specific strategies and establishes a project management framework for PRINCE2-certified project managers to follow. Companies worldwide have started adopting the PRINCE2 ... Read More