Industrial Organization

Industrial Organization

Business is classified in two categories one is industrial organization and the other is commerce. We can distinguish between industry and commerce in a way that Industry converts one product into another whereas commerce is a service that deals with sales and purchase. Industries and commerce are interdependent on each other. Industries include conversion of resources into useful products. The activities performed during conversion are all part of industry.
In economics, industrial organization is a field that builds on the field of firm by examining the structure of firms and markets. It adds real world complications to the perfectly competitive model. These complications could be transaction costs, limited information and barriers to entry of new firms that may be associated with an imperfect competition. It analyses determinants of firms and markets organization and behavior as between competition and monopoly including government actions.

Types of Industries

Industries can be classified into two types; primary industries and secondary industries. Primary industries deal with production and reproduction from natural resources. When we talk about production we categorize it in extractive industries and in case of reproduction we call it genetic industries. Hence primary industries are further classified in extractive and genetic industries. The extractive industries utilize earth, water and soil to form products. Examples of such industries are farming, mining and fishing. On the other hand genetic industries reproduce resources such as breeding of cattle or formation of nursery by reproduction of various plants.
Secondary industries utilize the products of primary industries to form its final product. Thus the products of primary industries become the raw material of secondary industries.

Classification of Industry

Secondary industries are further classified in two types; manufacturing industries and construction industries. Manufacturing industries include analytical industries, in which one material is separate into a number of products. Such as oil refining industries. Crude oil form by primary industries but when that oil is further process by analytical industry it forms diesel and petrol. Which are an outcome of secondary industry.

Another example of secondary industry is synthetic industry where two products mix to form a new product; examples are paint and fertilizers. Next is processing industry which takes successive steps to reach the final product, example is sugar mills. Finally we have assembling industry in which different parts bring together. And assemble to form a new product such as production of car, TV and watches. Unlike synthetic industry which combines its raw materials chemically assembling. Industry has product which can  break down to its raw materials. Construction industry makes construction of dams, building, roads, and bridges possible.

Impact of Industrial Organization

Industrial organization has also had significant impact on anti tans law and competition policy. Assessment of this subject has differed over time. This subject has a theoretical side and a practical side. According to textbook on one plane the field is abstract based on a set of analytical concepts about competitions and monopoly.

Money and its Major Functions

Money and its major functions Definition

Money is anything that is used as a standard medium of exchange for goods, service and the payment of debts. The Money and its major functions People do transaction of goods and services through money. For example, if a one teaches in the school, he will get a payment at the end of the month in exchange his service in the form of money.
Economists say that money is just a medium of exchange. The founder of classical economics Adam Smith says that “Money is like a road which helps in transporting the goods and services produced in a country to the market, but this road does not itself produce anything”.

Functions of Money

There are three major functions of money:

1. Medium of exchange

Money is a standard medium in any country or any part of the world for exchanging goods and services. For example, if a man grows wheat and wants to buy potatoes which his neighbor grows, he will have to exchange some wheat with some potatoes. people call it barter system. In this system, it is difficult to set the terms of value of exchanged things. For example, it will be difficult for a man to negotiate the amount of wheat he will give to get a certain amount of potatoes.

Since the survival of man depended on buying and selling of goods to fulfil his needs, he invented money. Money is widely and uniformly accepted mode for buying and selling goods unlike barter system.

Today, if one wants to buy a kilogram of potatoes, first he will sell some of his wheat. Let’s say, he sells it for Rs 100 per kg and buys 1 kg potatoes in Rs 50. The state usually fixes the rate of market prices of goods in a country.

1. Unit of account

Money is a common standard for measuring the relative worth of goods and services. As discussed above, in barter system it is difficult to establish a common and widely accepted standard of measuring relative worth of goods and services. For example, it is difficult to measure the worth of exchanging 1 meters of cloth with few litres of milk. A man selling the cloth and the one selling milk can disagree on the rate and the amount of goods they are ready to exchange.

To solve these day to day complex issues man invented money w It serves as a fixed unit of account for measuring the relative worth of goods. One knows that in Pakistan, a litre of milk will be sold at the rate ranging between 100 – 150- Rupees or 1 kilogram of potatoes will be sold at the rate in between of 50-70 Rupees. This has solved the problem of measuring the relative worth of goods.

2. Liquid store of value

Money is a liquid asset. By this, one means that we can store money for a long period of time. Its value will remain the same. That is the reason that people store wealth in banks and even in the form of cash (note money). They use it in when the need arises.

Unlike money, one cannot store any commodity for long. For example in barter system, one cannot store wheat or fruits for years. The fruits will rot in just few days. Similarly one can save wheat for a year and a half at max. And there will also be chances of pantry pests affecting wheat’s quality. On the contrary, people can store money for years and years and can use it when the need arises. Besides, one can also save money in the form of durable goods or assets like gold/ silver/ diamond and land. These are the assets one can utilize in times of need by selling them and getting a certain amount of money according to their worth.

Importance of Business

Importance of Business Analytics to Run a Successful Business

The main goal of any organization is to get the profit as well as the satisfaction of customer for their business importance. However, when a company innovates and will stay ahead from its competitors it can fulfill the expectation of their customers. Most of the companies are still using some time taking and ineffective techniques for the decision making the process. It can’t provide you any benefit.

Here the business analytics is the right solution for your business. It’s a great move that ensures competitiveness in today’s world. Business analytics is one of the best emerging fields in data science. It refers to the different quantitative and statistical techniques as well as the methods. They are used by the organization for informed business modeling and decision making.
Analytics is a great change that helps your business to get on track. It will assist your business to convert a humongous amount of generalized data into the observation, pattern, and vision.

Benefits of Using Business Analytics

There are several advantages that you can get while using business analytics. Here we are going to tell you some important benefits of this technique.
1. The fast decision can be taken easily but the important thing is to take decision smartly in the shortest time. Business analytics helps you to take smarter as well as faster decisions that are important for your business. While using this strategy the company can empower a team that can extract the targeted information. When a company will able to essential and accurate data it can easily take the right and smarter decision.
2. Secondly, business analytics will help you to qualify the value of your business.

3. Most of the organization conducts training programs for their fresh as well as older employees in the company. These training are organized to impart or refresh the core business values. But it is not an effective way now the companies should move ahead and choose business analytics. It can easily translate the values of your business into numbers which can save a lot of time and cost.

Business Analyst’s Career Path

A business analyst is a person who will assist your business while using the process of business analytics. There are several things that can help you to know about the career path of a business analyst. Hence, everything will be based on qualification, preferences, industry, and interests.
1. Training will provide trainees with knowledge and skills that require to get proper data interpretation and understanding.
2. Training courses will help students to get expose the data systems and tools such as SAS, or R, etc. they can make them able for the various analytical jobs.
3. Learn about the different skills that can help to increase the pay scale of a business analyst such as SAS etc.

Conclusion

The business analyst plays an important role in an organization. Their strategies can allow you to make your business a brand name. There are different courses in business analytics. They can help you to achieve all the advantages that are mentions in this article.

How to become competitive?

What is it to be competitive?

Firstly, we need to know that being competitive means to be more determined or trying very hard to be successful than other people. Moreover, if you are competitive you would like to be the best, we know that no one likes to lose, but if you are competitive, it will be hard for you to see another person win.

How to become competitive?

Moreover, to be competitive you need to have an inner courage to move up. Most people think they’re competitive but they aren’t. They just like to win. It is true that everyone likes to win, but a true competitor is hard to find. Remember, a competitor wants to test his or her limits. Secondly, you have to compare yourself only with yourself not with others, it is useless to compare your position on the path of others because you need to improve yourself, they can’t make you better or worse. Only you can. Thirdly, if you are competitive you don’t mind a loss because losing is a part of life and getting up is what matters to them. Competitive people never make excuses for why they lost, in fact they tell the truth and perform better.

Competitive people never thank themselves if they win because that builds in them a sense of pride. Hence, such people are constantly overcoming challenges to become a better person and role model for others. Competitive people never care about their past but looking towards their successful future.

Importance of being Competitive

Furthermore, being competitive develops in you a sense of learning and keeping up with the competition so that you aren’t left behind. Competition helps you to set new goals and perspectives for yourself. Likewise, competitiveness is a driving factor that makes people work very hard for personal development, they thrive more and improve on what they know and what they have. If you are competitor you can get high- ranked job very easily. Competitiveness develops the passion for trying new things of high creativity and innovation.

Description of Competition

Competition occurs among two parties that strive for a goal in which one loses and the other wins. It occurs among humans on studies and jobs. Animals also compete over water supplies, food, mates and other biological resources. It is a major factor in market, economies and business.
Competitive Fields:
1. Creative Manager
2. IT Manager
3. Data Scientist
4. Pharmacist
5. Finance Manager
6. Procurement Manager
7. Business Manager

How to make your place in Competitive Job Market?

Moreover, if you want to compete in job market you need to understand your market and competitors so you can grow your business. Do as much market research as possible, which includes analysis information about your market. In addition to this, you also need to build niche for high rank in business market. Do your work freely without any stress and pressure. Improve your skills day by day and finally you need to have a good information and structure about your business.

Conclusion

Finally, we should keep in mind that the biggest competition is with yourself. You are not looking to follow others or pull them down, but you should plan your own boundaries.

Restaurant Industry Business Model

Industry Restaurant

Restaurant Industry and companies are the retailers of various prepared foods and drinks. Restaurants are usually of various themes and diverse types. Typically, there are the following types:
1-Fine Dining
They are the costly restaurants that offer special cuisines and unique dishes with certain specialties of their own.

2-Mainstream Restaurants
They are usually the average priced restaurants that offer a theme or branded chain. They usually contain all types of food common in a locality.
3-Fast food Restaurants
These type of restaurants usually offer fast food only for instance pizza, burgers etc.

4- Cafes
Cafes usually offer hot/cold drinks such as coffee, tea, shakes etc. They also contain some snacks to get along with drinks on the menu.

Background of Industry Restaurant
Back in Roman Empire, the inns started serving food to the guests. They made dining halls for the travelers who came to stay in the inns. After the construction of roads, more travelers started coming, specially to the Holy Land. Due to more travelers, the inns and dining halls started increasing. In the 1500’s, various places were introduced in England where travelers could stop and eat.

Coffee was introduced in Europe in the 17th century by Turkey. First Coffee house was built in 1645 in Vienna. This coffee house became the meeting point for the public.

The modern day restaurants were first established in France. In 1765, Paris opened a place, “restaurateurs”, in which people could choose a dish from the menu. Restaurants started getting flourish and by the 1800’s, there were more than 500 restaurants in Paris.

Business Model of Restaurants

Restaurant businesses are typically run just as other retail stores but there are also certain factors different from other industries in the restaurant industry. Since, there are a limited number of foods to present, the restaurants have a large competition between each other. Also, they have to compete with other publicly traded and dominant chains. In this way, the restaurant industry is highly cyclical.

Sales in Restaurants

There are various factors that impact the sales of a restaurant. The restaurant owner can either open a new branch of a restaurant or enhance the sales of an existing one.

If the owner is opening restaurant at a new site, then it should be considered that new branch is not close to the previous one so they do not cut the market of each other. While opening, highly profitable location should be assess and targeted first for a restaurant.

The existing branch of the restaurant can also  target to boost up sales. Managers should introduce some innovations in the products and increasing the price on the menu might help also. Remodeling of the restaurant can assist to attract more customers. Apart from that, restaurant managers should keep introducing special offers, discounts and vouchers, every now and then to keep the customers engaged.

Industry Restaurant Conclusion

It is always advisable that restaurants should keep the type of food that is appreciate by majority palates. Apart from that, they should keep an eye on the food costs, service costs and the average check paid by the customer.
The industry of restaurant and food is very huge and successful. This industry also has the largest number of employees in the private sector and is continuously growing.

Factors Of Production In Economics

What Do You Need To Know About Factors Of Production In Economics

“Factors Of Production In Economics” is a term. It, therefore, refers to all those resources that are important in the production of goods and services. It also means the inputs which are important to make an economic profit during the production process. Hence, we can say that they are the building blocks of the economy. There are four categories of these production factors, for example, land, labor, capital, and entrepreneurship.
The organizations interpret these factors as management, equipment, resources and labor, technology and facts. We will explain each factor, thus giving you awareness about them.

Land

It is the first factor of production and includes a natural resource for producing goods and services. Besides land, it also includes anything that comes from the land. For example, water, gas, oil, copper, coal, and forests are these factors. All these resources are in the form of raw materials. The resource owners earn the income from land resources and it is rent.

Labor

Labor is the second factor and refers to the effort of people. The effort here relates to the human input in the manufacture of goods and services. Human efforts include mental as well as physical efforts to earn income. For example, it includes the supply of workers. The workers can, therefore, be the waiters as well as the engineers. It may also include the art of an artist or the work of the pilot. Anyone who gets paid for a job contributes to labor resources. The earning is called wages. This kind of income is, therefore, the major source of income for people.
When the labor force improves in terms of quality and size, a country, therefore, experiences growth. Currently, labor migration is an important issue.

Factors Of Production In Economics Capital

Capital includes all goods that people need for further production of wealth. For example, machines, buildings, and tools, etc that are important to produce goods and services are the capital. Thus, it refers to a material source of production. All trucks, delivery vans, factories, automated machines, roads, hammers, and computers are, therefore, Capital.
Moreover, there is a difference between Capital depending on the worker and the type of work. For example, a doctor may use different equipment and offer different services than a teacher. The income that the owners of capital resources earn is interest.

Factors Of Production In Economics Entrepreneurship

It is the fourth factor of production. We can also say that it is the driving force behind business development. An entrepreneur combines the factors of land, labor, and capital. This is because the purpose is to make a profit by producing a product.
Innovators are, therefore, the most successful entrepreneurs who develop new goods and services. If they don’t combine land, labor, and capital, then we will not see innovations around us. They are in fact, an engine of economic growth. They also thrive in economies where they can start businesses as well as buy resources. This is because entrepreneurs work as the boss and they can make decisions to run businesses. The profit is a payment to entrepreneurship.

Industrial Design Process and Qualities

Industrial Design

Industrial design which Is a process of designing products. Hence, these products are used by millions of people around the world every day. Moreover, these products are manufactured through techniques of mass production.
Who are Industrial Designers
Industrial designers who work with other professionals in designing ideas for clients and turning those ideas into new products. Hence, successful industrial designers don’t stop with a bachelor’s degree. But they go for a master’s degree in case they can increase their chances to get potential jobs. When talking about their work, they develop concepts and designs for manufactured products such as automobiles, furniture, or housewares.

Design Process of Industrial Designers

Moreover, they undergo seven initial stages of design process, from the presentation of original idea to the creation and delivery of the final documents, the stages are as described:
1. Firstly, they brief the idea of how the product should be designed.
2. Secondly, they do much research to find out the elements used for the product.
3. Then they do brainstorming and draw alternative sketches and drawings.
4. Afterwards, the ideas of brainstorming are evaluated and ideas are combined for a complete design.
5. Now they present a rough structural design for the product.
6. In this step, they focus on the selected alternative and work on finishing the final product.
7. Finally, they deliver the three-dimensional model to the industry.

Important Qualities of Industrial Designers

1. They use logic or reasoning skills to recognize the need for new products.
2. Moreover, they sketch their initial design ideas.
3. They use computer software to develop their designs
4. They are innovative in their designs.
5. They develop cooperative working relationships with clients.
6. They understand how products are engineered.
7. They determine the need, size and cost of a product.

Different Fields of Industrial Design

As we discuss about different fields of industrial design, we come to know that it has four primary fields:
• UX Design which is the most lucrative field in the U.S, with an average yearly salary of $96,000. 2. Product Design 3. Video-Game Design 4. Multimedia Art and Animation Design 5. Web Design 6. Exhibit Design
Is Industrial Design a Good Career?
Moreover, this is a fantastic job for young youth. Because there are more talents on the market than jobs, this is the best field to opt for a brighter future. In addition, you can be in different type of design fields like transportation design, packaging design. So, go for it and give it a try!

Inspiring Examples of Industrial Design

Over the years, industrial designers have elevated extra ordinary products throughout the world. Hence, some of the great industrial designs include:
1. Mini Cooper which is a classic car design.
2. Coke Contour Bottle which is a masterpiece which is distinctive in dark.
3. Piaggio Vespa Scooter which is the Italian design aesthetic.
4. Rocking Wheel Chair which is German design and helps those who can’t move.
5. Dyson Cyclone Vacuum is a great household product.
6. Bergmonch Bike which can be transformed into a backpack for uphill climbs.

Best Industrial Design Companies

While talking about the industrial design companies, we come to know that the best of them are:
1. RKS in United States
2. Design Works in United States
3. Seymour Powell in United Kingdom
4. IDEO in United States
5. Ammunition in United States
Salary of Industrial Designers
Because, the industrial designers have a high scope, they earn an average salary of $51,765 and go up to $119,953. Moreover, their services are on the rise, with the increase in competition. The industrial designers focus on the usability and physical appearance of the product and make their clients happy by their outstanding work.

Conclusion

But now to the conclusion, although the industrial designers face a number of challenges, as manufactures face more competition, the designers are working up to the mark. Moreover, good designs increase sales of a product and make the company long lasting. So, they expand the industrial economy of any nation.

Industrial Revolution

Industrial Revolution

Industrial revolution means a turning point from hand-made goods to the machinery products. It is demonstrated in many sources that industrial revolution first started in Great Britain. However, many sources show that it first started in Europe and America together. In this article, I’ll drift the topic to the direction of US. In short, let’s see how Industrial Revolution worked in the US to create economy for the state.

Industry Revolution in the US

The industrial revolution in United States turned the fate of the state in a very fortunate way. Thanks to the father of industrial revolution in the US Mr. Samuel Slater. Till 1700s United States had not the sources of machinery products for growing economy like Western Europe. Neither the state had professional tools to make bridges and roads, Nor the government appointed skilled personnel for making industries and other related Mills. Sparse of the population and demands in the resources led to the state’s biggest revolution called Industrial Revolution in the US.

Why Industrial Revolution?

As already mentioned above that, fortunately there were good resources in the United States. But, the state was deprived of modern technology to utilize those resources in a meaningful way till early 1800s. There was a direct need of the machinery technology rather than labor industry in the US. Eventually, Samuel Slater, the father of revolution in the US, introduced the methods of the Great Britain in the US. However, he was born in England. Followings are the major points of the revolution in the US, and how this revolution turned the fate of the state in the economic development and sector:

1) Machine based manufacturing started.
2) Products and economic growth increased.
3) The turning point from an agrarian country to the industrial one.
4) Technological capabilities increased.
5) Competition growth between shores and companies.
6) First water-powered roller spinning textile million started in the country by the 1793 year.
7) The country’s dominancy started on better way to technology.
8) Quick utilizing the resources in the country started.
9) Economic growth started in the industrial country.
10)The revolution led to the perspective of more economy and growth in the sector.

Revolution Conclusion

In conclusion, the US seized the industrial revolution to resort to the growth in economy and resources. So the revolution helped the state to reduce financial deficits in economic sector. Therefore it gave quiescence to the state in making as much revenue as possible to meat the challenges of the modern world. In the prevailing times, the US is world’s super power country in industrial sectors. Either in technology, or in science, the US is running above the countries of the world. Hence in the fields of technology and industry, the US has strong contribution in the modern times. Secondly Socially and economically, the US is more prosperous country in the world. Due to this revolution, the US focused mainly on those factors which assist in making economy of the state.

Industry is main hub in the economy of any country. So most of the countries focusing on it and earn lot of money.