Day-1 Date: 9-06-2025
Lean production: Lean production, also known as lean manufacturing, is a philosophy focused on eliminating waste and maximizing productivity in manufacturing operations. This involves identifying and removing non-value-added activities from the production process. The goal is to improve efficiency, reduce costs, and enhance quality while minimizing waste and maximizing customer value.
Non-lean prodution:The opposite of lean production, a system that focuses on minimizing waste and maximizing efficiency, can be described as mass production or traditional manufacturing, which prioritizes high output and economies of scale over waste reduction and continuous improvement.
Brand image: Brand image is the customer's perception of your brand based on their interactions. It can evolve over time and doesn't necessarily involve a customer making a purchase or using your product or service.
Economics of scale: Economies of scale refer to the cost advantages a business experiences as it grows larger and produces more. As output increases, the average cost per unit falls. Here are the two main types:
Internal Economies of Scale – Cost savings within the business (e.g., bulk buying, better machines, specialization).
External Economies of Scale – Cost savings due to industry growth or location (e.g., shared suppliers, skilled workers in the area).
Day-2 Date:10-06-2025
Income statement: An income statement (also called a profit and loss account) is a formal financial document that shows a business’s financial performance over a specific period—usually a month, quarter, or year. It measures how much profit or loss the business has made by comparing revenues with expenses.
On-job-training:Training that takes place at the workplace while the employee is doing their actual job. Examples,Watching a skilled worker,Learning by doing under supervision,Receiving instructions while working.
Advantages:
Cheap and quick.
Learners are productive while training.
Real experience in the actual work environment.
Disadvantages:
Might pick up bad habits.
Can reduce productivity if mistakes are made.
Trainer may be distracted from their own work.
Off-the-Job Training: Training that takes place outside the workplace, often in a classroom or training center. Examples,Workshops or lectures,Online coursesRole-play or simulations
Advantages:
Specialist trainers and resources.
No pressure from work tasks.
Can learn broader or deeper skills.
Disadvantages:
Can be expensive.
Takes time away from work.
May not match the real working environment exactly.
Crowd funding: Crowdfunding is a method of raising capital for a business or project by collecting small amounts of money from a large number of people, usually via the internet. Instead of borrowing from a bank or getting one big investor, the business appeals to the publicto contribute.
Reatailers: A retailer is a business or individual that sells goods or services directly to the final consumer, usually in small quantities.Retailers are the last link in the distribution chain, which goes:
Manufacturer → Wholesaler → Retailer → Consumer
Wholesailers: A wholesaler is a business that buys goods in large quantities from producers or manufacturers and then sells them in smaller quantities to retailers or other businesses—not directly to the final consumers. Wholesalers act as the middle link in the distribution chain:
Manufacturer → Wholesaler → Retailer → Consumer
Business plan: A business plan is a formal document that outlines a company's objectives, strategies, and financial forecasts, acting as a roadmap for growth.
Day-3 Date:11-06-2025
Cash flow: Cash flow refers to the movement of money, both in and out of a business or project over a specific period. It essentially represents the amount of cash generated or consumed by an entity during a defined timeframe.There are two types of cashflows:
Cash inflows: Cash inflow refers to the money coming into a business. It represents all sources of income, including sales, investment returns, and financing. A positive cash flow is achieved when cash inflows exceed cash outflows.
Cash outflows: Cash outflow refers to the money leaving a business due to expenses, payments, or any other form of cash disbursement. It's essentially the opposite of cash inflow, which is money coming into the business. Cash outflow can be categorized into operational costs, investment activities, and financing activities.
Business organisation: A business organization is a formal entity, structured to conduct commercial activities and achieve business objectives. It can take various legal forms, each with its own set of rules and responsibilities. Common types include sole proprietorships, partnerships, corporations, and limited liability companies.
Stalkeholder: Stakeholders are individuals, groups, or organizations that have a vested interest in or are affected by a business, project, or organization's decisions and actions. They can be impacted directly or indirectly by the success or failure of a business or project.
Day-4 Date:12-05-2025
Limited liabity: Limited liability means that a business owner's personal assets are protected from legal claims related to the business's debts or liabilities. In simpler terms, if a company goes bankrupt or faces a lawsuit, creditors or plaintiffs can only pursue claims against the company's assets, not the personal assets of the owners or shareholders.
Niche market: A niche market is a specific segment of a larger market that caters to a particular group of customers with unique needs and preferences. It's a smaller, more focused market within a broader industry, unlike the mass market which targets a wider audience.
Market segmentation: Market segmentation is the process of dividing a large market into smaller, more focused groups of customers with similar characteristics, needs, or behaviors. This allows businesses to tailor their products, services.
Batch production: Batch production involves manufacturing items in groups or specified amounts, where each group progresses through various stages before becoming a finished product. It's a manufacturing process where items are produced in batches, meaning that a quantity of products are created and then move through different production steps in a sequential manner.
Priceing methods: Pricing methods are strategies businesses use to determine the price of their products or services. These methods can be broadly categorized into cost-oriented, market-oriented, and competition-oriented approaches, each with various specific strategies. These are the two main pricing methods:
a. Cost-Based Pricing:
Price is based on the cost of making the product plus a profit margin.
Example: If it costs ₹100 to make and the business wants 20% profit, the price is ₹120.
b. Market-Based (or Demand-Based) Pricing:
Price is based on what customers are willing to pay and what competitors charge.
Example: If similar products sell for ₹150, a company may price theirs the same or slightly lower.
Day-4 Date:17-06-2025
Sole traders:A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Stakeholder groups: Stakeholder groups refer to the various individuals, organizations, or groups that have an interest in a project, business, or organization, and can be affected by its decisions or outcomes.
Externailites: Externalities are the indirect costs or benefits that affect a third party not involved in a specific economic activity. They can be positive, like the benefits of vaccinations, or negative, like pollution from a factory. Externalities can lead to market failures, where the market doesn't allocate resources efficiently.
Day-5 Date:23-06-2025
Import controls: Import controls are measures governments use to regulate or restrict the flow of goods and services into a country. These controls can take various forms, including bans on certain items, quotas limiting import volumes, and surveillance systems requiring import licenses. They are implemented to protect domestic industries, ensure product safety, and address national security or foreign policy concerns.
Import trariffs: An import tariff is a tax or duty levied on goods when they are imported into a country. It's essentially a form of protectionism, making imported goods more expensive and potentially encouraging consumers to buy locally produced items instead. Tariffs can also be a source of revenue for the government.
Quailty assurence: A systematic process focused on preventing defects and ensuring that products or services meet specified requirements and customer expectations.
Quailty control: A process used to ensure that a product or service meets a specific set of quality standards and requirements.
Pressure groups: A organizations that attempt to influence public policy and government decisions without seeking to directly hold political office. They represent the interests of their members and advocate for specific policies or actions by the government.
Day-6 Date:24-6-2025
Gross profit: Gross profit is the money a business makes after subtracting the cost of producing or buying the goods it sells. Gross Profit = Revenue – Cost of Goods Sold
Net profit: Net profit is the money left after all business expenses, including rent, wages, and taxes, are subtracted from the total income. Net Profit = Revenue – Total Expenses
Day-7 Date:25-06-2025
Passing trade: "Passing trade" refers to customers who visit a business, like a shop or restaurant, simply because they happen to see it while passing by, rather than because they planned to go there.
E-commerce: E-commerce, or electronic commerce, refers to the buying and selling of goods and services, or the transfer of money and data, over an electronic network, primarily the internet.
Downsize the workforce: A company downsizing its workforce means it is reducing the number of employees, often through layoffs, to cut costs, restructure, or improve efficiency. This can be a difficult decision with both short-term and long-term consequences.
Day-8
Date:07-07-2025
Limited liablity: Limited liability is a legal structure where a company's owners or investors are not held personally liable for the company's debts or legal obligations beyond the amount of their investment. Essentially, if the company incurs debts or faces lawsuits, the personal assets of the owners are protected, and creditors can only claim the company's assets, not the owners' personal belongings.
Collateral: In finance, collateral is an asset a borrower pledges to a lender as security for a loan. If the borrower defaults on the loan, the lender can seize and sell the collateral to recover their losses. This provides a safety net for the lender and helps them assess the risk associated with lending money.
Niche market: A niche market is a specific, narrowly defined segment of a larger market characterized by distinct needs, preferences, or characteristics that differentiate it from the general market. It focuses on a particular group of consumers with specific demands that may not be adequately addressed by mainstream products or services.
public limited company: A public limited company (PLC) is a type of company that can offer its shares to the general public, allowing anyone to invest and become a part-owner. These shares are traded on the stock market, typically after an initial public offering (IPO). PLCs are subject to more stringent regulations and reporting requirements compared to private companies.
Private limited company: A private limited company (Pvt Ltd) is a business structure where ownership is restricted to a select group of shareholders, and shares cannot be freely traded on the public stock market. It is characterized by limited liability, meaning shareholders are only liable for their investment, not the company's debts. This structure is popular among small and medium-sized businesses (SMEs) due to its flexibility, legal recognition, and ability to limit liability.
Day-9
Date: 08-07-2025
Market segment: Market segmentation is the process of dividing a broad consumer or business market into sub-groups of customers with similar characteristics, needs, or behaviors. This allows businesses to tailor their marketing strategies, product offerings, and overall approach to better resonate with specific customer preferences and needs.
