MBA SMILES

In Economics, use of the word ‘demand’ is made to show the relationship between the prices of a commodity and the amounts of the commodity which consumers want to purchase at those price. Definition of Demand: Hibdon  defines, “Demand means the various quantities of goods that would be purchased per time period at different prices in a given market.” Bober  defines, “By demand we mean the various quantities of given commodity or service which consumers would buy in one market in a given period of time at various prices, or at various incomes, or at various prices of related goods.” Demand for product implies: a) desires to acquire it, b) willingness to pay for it, and c) Ability to pay for it. All three must be checked to identify and establish demand. For example : A poor man’s desires to stay in a five-star hotel room and his willingness to pay rent for that room is not ‘demand’, because he lacks the necessary purchasing power; so it is merely his wishful thi

Definition, Meaning and characteristics of Principles of Management. Article shared by   Swati Gupta Definition, Meaning and characteristics of Principles of Management. A principle is a fundamental truth and is generally stated in the form of cause and effect inter-relationship. Management principles are the statement of general truth providing guide to thought or action. In the words of Herbert G. Hicks, “Principles of management are the guiding rules of laws for managerial action.” In the words of Kantooz and O’ Donnell, “Management principles are fundamental truth of general validity.” These truths are the guiding pillars in the managerial execution of functions and solution to problems. Every social science has developed its own principles. Management is also a social science and thus it has developed a number of management principles from time to time. Henry Foyol, a French industrialist, offered fourteen principles of management for the first time in 1916. Durin

Types of Communication Communication Communication is a process of exchanging information, ideas, thoughts, feelings and emotions through speech, signals, writing, or behavior. In communication process, a sender(encoder) encodes a message and then using a medium/channel sends it to the receiver (decoder) who decodes the message and after processing information, sends back appropriate feedback/reply using a medium/channel. Types of Communication People communicate with each other in a number of ways that depend upon the message and its context in which it is being sent. Choice of communication channel and your style of communicating also affects communication. So, there are variety of types of communication. Types of communication based on the communication channels used  are: Verbal Communication Nonverbal Communication Verbal Communication Verbal communication refers to the the form of communication in which message is transmitted verbally; communication