What's it: Strategic direction is about where we are going. It determines our plans and the steps we will take to realize our vision and mission. And strategic direction involves us rethinking effective competitive
Management
Operational Objectives. What are some examples?
What's it: Operational objectives refer to something we aim for or target through operational functions. They are specific objectives for the operations department, which not only align with objectives in other business functions but also
Corporate Objective: Definition, Importance, Types, Examples
What's it: A corporate objective is a specific, measurable, and time-specific target by which you can achieve your overall corporate goal. In other words, it is a target that your company must achieve to realize your business goal. A good
Operations Department: Roles and Relationships With Other Business Functions
What's it: The operations department is the business area dealing with production. This department is a strategic area besides marketing, finance, and human resources. It is responsible for converting raw materials and components into finished
Industrial Relation: Impacts, Policies and Procedures, Methods
What's it: Industrial relation is how workers and employers connect and work together to achieve desired goals while fulfilling their rights and carrying out their obligations. Employees often have conflicting interests with the company and vice
Accounting and Finance Department: Roles and Links with Other Departments
What's it: The accounting and finance department is concerned with planning, managing, and controlling financial resources, including managing records and information related to business finances. In addition, the department is responsible for
How Do Businesses Respond to A More Competitive Market?
Revisiting competitive strategy is one way to respond to a more competitive market. For example, in marketing, businesses identify what needs to be adapted to be relevant to today's competition and customer needs, whether related to the product,
Consumption Expenditure: Type, Determinants, Impact
What's it: Consumption expenditure refers to the money individuals spend on goods and services. In economics, we can also say it is the residual disposable income after saving. Economists assume individuals allocate their income for two
Why are some markets becoming more competitive?
Some markets become competitive for several reasons. Globalization is the first reason. It makes the competition map wider because it involves foreign players. For example, it encourages foreign goods to easily enter the domestic market, increasing