What are the Different Types of Customers? Customers play a significant role in any business. To understand customer behavior and better allocate resources to different customers to generate the highest profit, it is necessary to identify and segment different types of customers. By better understanding the different types of customers, businesses can be better equipped…
What is a Homeowners’ Association? A Homeowners’ Association, or an HOA, is the governing body of a certain subdivision, townhouse development, condominium complex, or community that is established when a realty development is built. It is installed to provide a set of rules and regulations that are enforced on a property that is under its…
What is the Hofstede’s Cultural Dimensions Theory? Hofstede’s Cultural Dimensions Theory is a framework used to understand the differences in culture across countries and the ways that business is done across different cultures. In other words, the framework is used to distinguish between different national cultures, the dimensions of culture, their impact on etiquette and…
What is Figurative Language? Figurative language refers to the use of words in a way that deviates from the conventional order and meaning in order to convey a complicated meaning, colorful writing, clarity, or evocative comparison. It uses an ordinary sentence to refer to something without directly stating it. Understanding figurative language is an important…
What is Human Resource Management? Human Resource Management (HRM) is a collective term for all the formal systems created to help in managing employees and other stakeholders within a company. Human resource management is tasked with three main functions, namely, the recruitment and compensation of employees, and designating work. Ideally, the role of HRM is…
What is a Wire Transfer? A wire transfer is the electronic transfer of funds between people or entities. It allows people in distant locations around the globe to safely transfer money across geographical locations without being in physical contact with each other. When sending money via wire transfers, information is passed between two banks on…
What is Volunteer Management? Volunteer management refers to the process of creating systems for recruitment, training, engagement, and coordination of volunteers. In simple terms, it involves managing the volunteers in a non-profit organization and the work that they do. Putting a proper volunteer management plan in place can help an organization speed up the progress…
What is GMAT? If you want to study in a business school, you will come across the term GMAT, or the Graduate Management Admission Test. The exam is one of the requirements for admission to graduate business programs for MBAs all over the world. The GMAT comes with multiple-choice questions and is designed to serve…
How to Start a Non-Profit Organization? A non-profit organization is one that is formed for any other purpose other than making a profit. Instead of distributing the profits among the directors and members, they are cycled back into the organization to help in achieving its mission. A non-profit organization can take any business structure, including…
What is Pigouvian Tax? Pigouvian Tax is a tax on economic activities that generate negative externalities, which create costs that are borne by unrelated third parties. The costs arising from negative externalities are not reflected in the final cost of a product or service. Therefore, the market becomes inefficient. The main purpose of Pigouvian taxes…
