Product development refers to the comprehensive process of conceptualizing, designing, and introducing a new product to the market. It encompasses various stages, starting from the initial idea to the final launch, and often involves continuous improvement even after the product has been released. The
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In a rapidly advancing world, standardization plays a crucial role in promoting efficiency, ensuring quality, and enhancing interconnectivity across various sectors.
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The concept of an organization refers to a structured and coordinated group of individuals or entities working together to achieve common goals or objectives. It involves the division of labour, delegation of responsibilities, and establishment of hierarchies to ensure effective functioning and efficient use of resources.
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Managerial accounting is the process of analyzing financial data and generating relevant information to support internal decision-making within an organization.
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Operations research (OR) is a field of applied mathematics, engineering, and management science that deals with the application of advanced
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Organizational behavior (OB) is the study of how individuals, groups, and structures interact within an organization. It is a multidisciplinary field that draws on concepts and theories from psychology, sociology, anthropology, economics, and management to understand and explain human behavior in the workplace.
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Benchmarking is the process of measuring and comparing the performance of an organization, process, or product against a set of established standards or best practices. It involves identifying and analyzing the practices and performance metrics of other organizations that are recognized as leaders in a particular industry or field, with the goal of improving the performance of the organization being benchmarked.
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Pricing is a process of setting the value that a manufacturer will receive in the exchange of services and goods. If manufacturers set prices too high, they miss out on valuable sales. Set them too low, and they miss out on valuable revenue.
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Product Packaging is the art and science of preparing goods or product for transport and sale. Packaging is the means of ensuring safe delivery of the product to the ultimate customer in sound condition at a minimum overall cost.
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Enterprise Resource Planning (ERP) is a software-based process used by companies to manage and integrate core operations like finance, HR, supply chain, procurement, supply chain, services, manufacturing, etc.
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