Categories
Business Studies

Essential Elements Of a Valid Contract

Contracts can be created from simple “meeting of the minds” between two individuals but can go as far as requiring complicated documentation to be legally enforceable. Understandably the essential elements of a valid contract will be determined by the nature of the contract. That said we can identify elements which are commonly found and expected […]

Categories
Business Studies

Functions of a Cooperative Society

Cooperative societies play an important role in any country. They can be organised to bring people of a specific occupation such as farmers, miners or tradesmen together. As a result, there different types of cooperatives but with similar functions. Some of these functions include eliminating middlemen, protecting the rights of their members and empowering the […]

Categories
Business Studies

Functions of Packaging

Packaging can be done in 3 parts; primary packaging, secondary packaging and tertiary packaging. The main functions of packaging are concerned with product identification, protection and promotion among others. What is Packaging Packaging can be defined as the designing and production of containers for a product. Packaging can also be an important and effective sales […]

Categories
Business Studies

Objectives of Inventory Control

Inventory management or control is important for the success of a firm.  Apart from managing stock shortages or excess stock, inventory control helps reduce wasted time and costs. The objectives of inventory control are to track sales and increase operational efficiency among other factors. What is Inventory Control Inventory control is the regulation of the […]

Categories
Business Studies

Objectives Of Inventory Management

Inventory represents a very important part of any business. Businesses that produce and/or sell goods hold inventory for production and resale. Businesses that provide services use inventories in the provision of services. Having inventory available as and when required is important and much money and time are spent on inventory management. The objectives of inventory […]

Categories
Business Studies

The Difference Between Condition And Warranty In Contracts

Contracts are agreements that form a legal relationship between two or more parties. Included in the features of contracts are an object, an agreement, considerations, terms, conditions and warranties. While all the other elements are clear the difference between a condition and warranty can sometimes be unclear. Both being elements of a contract we can […]

Categories
Business Studies

Types of Cooperative Societies

Cooperatives may be organised to bring together people of a specific occupation such as farming, mining and tradesmen. As a result, there are different types of cooperative societies which include consumer cooperative societies, housing and producer cooperative societies to name a few. What are Cooperative Societies A cooperative society is an association of people united […]

Categories
Business Studies

Benefits Of Strategic Management

Management is an exercise that involves dealing with complexity and one particular expression of the complexity that management has to deal with is the need to incorporate strategic management into the organisation. Strategic management seeks to align the business’ plans and actions with its ultimate goals as expressed in its mission and vision statement. A […]

Categories
Business Studies

Causes of Industrial Disputes

Industrial unrest has always been around since the first industrial revolution, which divided people into 2 parts; the capitalist that own most of the factors of production such as land, plant and machinery and the workers who sell their services. The interest of the two groups are hardly in line with the major conflicts resulting […]

Categories
Business Studies

Components of Employee Compensation

Employees sell their services to entrepreneurs or employers in return for wages and salaries. Those wages and salaries are the remuneration given to the employees to compensate them for the value they add in the organisation. Compensation is a tool used by businesses to further the existence of the company. It is also a significant […]