Everything you need to know about the classification of business activities. Business activities in an economy have a wide scope. It includes a host of activities and these large number of activities may be categorized under two broad sectors, i.e., industry and commerce. While production of goods falls in purview of 'industry', its distribution is a subject matter of 'commerce'. [...]
Everything you need to know about business ethics. Business ethics refers to the application of ethical principles and moral values while conducting business. A company must demonstrate ethical behaviour in all internal matters as well as in dealings with the external environment. All stakeholders must ensure that ethical standards are adhered to while handling business transactions. The challenge for management [...]
Everything you need to know about the advantages and disadvantages of scientific management. Scientific management implies the application of scientific methods of study and analysis of the problems of management. It is a systematic approach as compared to the rule of thumb or trial and error approach. It implies not just a set of techniques for improving efficiency, but substitution [...]