Every business transaction has its own unique selling environment. Therefore, consumer markets and business markets are different in important ways that are often overlooked. Businesses that cater to consumers sell their products directly to consumers, whereas businesses that cater to other businesses acquire raw materials and intermediate products to employ in the production of their own goods and services. This essay will break down the several key differences between retail and wholesale markets. What are Business Markets? Business markets consist of companies and other organizations that buy raw materials and intermediates for use in production. Products and services that are ... Read More

The world we now inhabit is not perfect. The news is constantly filled with stories of natural disasters like hurricanes, tornadoes, and tsunamis that wipe away entire towns and put a halt to human economic activity when they pass through our globe. Natural disasters have a devastating impact on business operations across the world, in addition to disrupting the lives of ordinary people. The need for organizations and service providers to prepare for the likelihood of disruptions to their operations and the services offered by technology has consequently increased dramatically. Having a number of different contingency plans available might ... Read More

Any kind of disruption must be avoided at all costs if a business is to continue to thrive. Most events with the potential to disrupt business operations cannot be foreseen. Terrorist activities, cyberattacks, and natural disasters like floods, earthquakes, and fires all fall within this category. These things have a negative effect on organizations financially, as well as in terms of consumer loyalty and market share. Because no one can predict what will happen or how fast businesses will be able to resume regular operations, it is the duty of businesses to ensure that their operations can continue normally ... Read More

Many different types of disruptions can seriously impact a business's ability to function normally. As a result of the high-stakes nature of modern life, disruptions may occur with little to no warning. Some may be the consequence of human error and foolishness, while others may be the result of natural disasters like earthquakes, floods, and natural fires. In times of economic difficulty, some businesses are stronger than others and are able to persevere. The key differentiator between the organizations that are able to continue working regularly during these disruptions is the level of preparation, which includes a business continuity ... Read More

Cost management and control is the most important aspect of business management since it directly affects a company's ability to stay in business and earn money. The first stage in cost management is to examine each individual expenditure and justify its need and continued importance. Expenditures are a necessary evil in any enterprise, so there are both predictable and uncontrollable costs associated with running any business, but a firm may prioritize its spending based on which type of expense it is. Business owners and managers benefit from differentiating between controllable and uncontrollable expenditures for better management and cost monitoring. What ... Read More

Economic surplus, often known as welfare surplus, is a central concept in the study of economics. Mr. Paul Baran is credited with initially proposing this idea. As can be seen in the demand and supply curve, it factors in both the surplus of consumers and the oversupply of producers. The differences between consumer surplus and producer surplus in economics are laid out in the table below. What is Consumer Surplus? The term "consumer surplus" describes the disparity between the price at which a client is ready to pay and the price at which the market is deemed to be in ... Read More

For most people, the first tool or software they learn and use for the purpose of data analysis is Microsoft Excel. Microsoft Excel is a part of the wider umbrella of professional software released by Microsoft under the Office brand. While Microsoft Excel’s first release was in 1987, Minitab’s first release came 15 years prior in 1972. However, despite having the first-mover advantage, Minitab did not become a user favorite as Microsoft Excel did. Most part of Microsoft Excel’s outstanding success can be attributed to the fact that most computers run on Microsoft Windows. However, Minitab too has some ... Read More

According to the majority of manufacturing organizations, collecting data is one of the fundamental concepts of running a successful, productive operation. A company's ability to function and develop within a certain sector, as well as the difference between succeeding in the market and going out of business, can be strongly impacted by its capacity to collect and manage production data. Cycle Time, TAKT Time, and Lead Time are three of the most often monitored parameters across most discrete manufacturing plants, despite the fact that there are innumerable measurements and KPIs to monitor. In this article, you will learn how ... Read More

In today's digital era, one of the most popular process-optimization approaches is Six Sigma. With the key objective of reducing operational waste and redundancies and thus abolishing defects, errors, and waste, it establishes a set of standards for enterprises to adhere to. The fundamentals of Six Sigma were initially created as a type of quality control, mainly for major manufacturing businesses, with the goal of enhancing performance in the industrial sector. The primary goal of this quality control system was to improve production processes while reducing the number of errors discovered in them. Eventually, the Six Sigma approach was applied ... Read More

In the simplest of terms, Software Quality Assurance or SQA refers to a technique to ensure the right quality and standards during the development of software. Similar to other forms of quality testing procedures, Software Quality Assurance is used to keep a check on the functionality as well as the correctness of a particular software. An organization uses Software Quality Assurance to find out if the software being developed for use meets the requirements and quality standards that it seeks. For instance, imagine a food delivery company, developing software to keep their riders/delivery persons in touch with the restaurants and ... Read More