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      The evolution of marketing concepts is a ways that explains the dramatic change the marketing sectors has seen in the last century. As explained earlier, the focus of marketing has now shifted from product and selling to the customers. Competition among the firm is intense with focus now on innovation and successful customer relationship. In this scenario, marketing has become a very tough job these days. Every marketer is facing challenges in today's era.         Michael E porter, a professor in Harvard Business School introduced Porter's Five Forces Model. Porter's Five Forces model is a framework that analyzes the level of competition.  Michael Porter has identified five marketing challenges of the firm's competitive position:                                     Fig: Porter's Five Forces Model of Competition. Above figure is explained below in b...

        Various monetary tools are used by the central bank to control the money supply in the economy. The main monetary control instruments of the Central Bank are CRR(Cash Reserve Ratio), SLR(Statutory Liquidity Ratio), Repo-rate and  Reverse repo-rate. With each of these instruments, the central bank can affect the supply and demand of money in the economy.           Following is a discussion of each of these tools: 1. Cash Reserve Ratio(CRR):           It is the legal rules issued by the central bank and implemented on the all bank. Example: In the bank, total deposit is 50% then the central bank required fixed deposit of 10%  in its own bank ( that is: Central Bank) and remaining 40% will remain in the bank itself (that is: commercial or government bank) which can be regulate in the authority of bank itself. 2. Statutory Liquidity Ratio(SLR):          It is also the legal rule...

             HRM is concerned with the total working life of an employee at work. It performs a variety of functions from the time of entry to exist of an employee in the organization. Functions denote components of HRM. Functions helps achieve the objectives of HRM. The major functions of HRM are: 1. Acquisition Function:          This is staffing function. It ensures entry of the right number of employees at the right time in the organization. It is concerned with hiring competent employees. It consists of the following activities: Human resource planning: It is the process of predetermining future resource needs. Human resource information systems is developed for planning purposes.   Job analysis: It specifies job requirement and determines qualification and skills for various jobs. Recruitment: It consists of identifying prospective candidates and stimulating them to apply for the job. It locates employees. Selectio...

           HRM is an important function management. Its overall objectives is to ensure a competent and committed workforce to achieve organizational goals.  The  objectives of HRM are: 1. Goal Achievement:  HRM helps achieve the following goals: Personal Goals HRM Goals Organization Goals Societal Goals 2. Goal Harmony:          HRM creates harmony between organization goals and the personal goals of employees. It satisfies individual needs. it maintains high morale of employees. It promotes job satisfaction and commitment. 3. Structure Maintenance :           All organizations have structure. It assigns tasks to people. It defines jobs and relationships. HRM helps maintain organization structure. It staffs the positions provided in the structure. It fulfills vacancies.  4. Productivity Improvement:           HRM continuously develops employees. Better quality hu...

   Human resource management is concerned with the management of human energies and competencies. It has following characteristics: Human Focus Management Function Pervasive Function Continuous Commitment Dynamic System Mutually oriented These above mentioned points are explained below in brief: 1. Human Focus:          HRM is people centered. It is concerned with human element at work. It focuses on people possessing energy and competencies. It regards people as the most important resource of an organization. It develops human potential. Employees are regarded as human assets. Every employee is the concern of HRM. 2. Management Function:             HRM is concerned with management function of staffing. it is an important function of management. HRM function is needed in all types of organization.   3. Pervasive Function:          HRM is a pervasive function of management. It is concerne...

    People are the focus of human resource management. Organization need people and people need organizations. Human resource management is concerned with managing people in organizations. It is essential function of management. It is every manager's job.              Human resource are vital for achieving organizational objectives. Better people achieve better results. Organization effectiveness depends on the performance of people working in organizations. All people posses energy and physical strength. People become human resource when they combine energy and physical strength with competencies. Competencies consists of knowledge, skills, attitudes and potential for growth.    Human resources are people who are ready, willing and able to contribute to organizational objectives. Human resources of an organization include all employees engaged in various jobs at different levels. It is about managing people. It is concerned with t...