BUSINESS MANAGEMENT

Business Management

Business Management

World Class Chef

Having a world class chef in one's restaurant denotes the quality Human Resource, and a quality human resource is always revered as internal strength and an invaluable asset for the company. Every adept in his work possesses competency and businesses hire only qualified individuals. Competency is related to an individual's skills, whereas, the quality of his work denotes company's strength. Therefore, a world class chef is always graded as an asset.

Business Evaluating Tool

Amongst the business analytical tools, the best graded tool is the BCG matrix. The BCG matrix enables a company to judge their position in a market, with respect to the external environment and other factors. It supplies a useful way for a company to filter out the opportunities, analyzing the existing resources, strengths and competition. It also tells where a company can best allocate its resources for future prospects.

Low Cost Producer

The biggest reason behind being a low cost producer is to bring the company in a position from where it can cater to the price sensitive segment of the market. Another reason can be to invest the money that the company is securing from being a low cost producer, in other domains of the business or for further expansion purposes.

Positioning On Loyalty

A company can only be positioned on loyalty, if it already has some renowned and established brands which have a secured customer base; taking advantage of this case, a company can introduce a new product line. However, loyalty always exists from customers' end, not company's. Therefore, to position a company solely on loyalty is not feasible.

Key Success Factors

The key success factors determine the accomplishments of our business. The key success factors determine the main spheres in which a company needs to accentuate more and enhance its competency once that is achieved; it can ...