The Duty of Loyalty: What Everyone Needs to Know What does duty of loyalty mean in business? The duty of loyalty is a fiduciary duty that requires business owners and employees to act in the best interests of the company. This duty includes avoiding conflicts of interest, self-dealing, and other activities that could harm the … Read more
In order to create an effective assortment strategy, businesses need to have a clear understanding of what assortment strategies are available to them, and which will best suit their needs. Assortment strategies can broadly be classified into two main types: product mix and product assortment. Product mix refers to the overall mix of products that … Read more
An RFQ, or request for quote, is a formal invitation for suppliers, often through a bidding process, to submit a quote for the purchase of goods or services. The RFQ usually contains detailed specifications of the goods or services being requested, as well as the terms and conditions of the purchase. The RFQ process is … Read more
Bifurcation is the act of dividing something into two parts. In business, bifurcation is often used as a strategy to break up a company. There are a number of reasons why companies may choose to bifurcate, including to focus on two different markets, to downsize, or to sell off a division that is no longer … Read more
The term “black” is used to describe a number of different things in business. It can be used to describe a person’s race, skin color, or ethnicity. It can also be used to describe a person’s financial status. For example, a black person may be said to be “blacklisted” if they have a bad credit … Read more
As the name suggests, knowledge process outsourcing (KPO) is the outsourcing of knowledge-based processes. These processes generally require a higher level of skill and expertise than those that can be easily outsourced to low-cost labor markets. KPO can provide companies with a number of benefits, including the ability to access skilled and knowledgeable workers at … Read more
The Generally Accepted Principles and Practices (GAPP) is a set of standards that provides guidance on how businesses should operate. It covers areas such as financial reporting, internal controls, and risk management. The GAPP standards are developed by the American Institute of Certified Public Accountants (AICPA). They are voluntary guidelines that are not enforceable by … Read more
A private carrier is a company that provides transportation services to its customers using its own vehicles. Private carriers are regulated by the federal government, and they must follow certain rules and regulations in order to operate. Private carriers can either be for-hire or exempt from regulation. For-hire carriers must have a valid operating authority … Read more
A white label product is a product or service that is produced by one company but is sold under the brand name of another company. White label products are often produced by large companies that specialize in manufacturing or assembly, and then sold to smaller companies that sell the products under their own brand names. … Read more
A liquidator is a person or company that is appointed to wind up the affairs of an insolvent company. The liquidator’s role is to realise the company’s assets and distribute the proceeds to creditors. A liquidator may be appointed by the court, by the shareholders, or by the directors of the company. If the company … Read more
