Viva voice Questions:

Marketing:
Customer vs Consumer:
 In simple vocabulary, a consumer is someone who consumes a product. Similarly,
a customer is the one who buys or purchases a product
The SPACE matrix is a management tool used to analyze a company. It is used to determine
what type of strategy a company should undertake. The SPACE matrix can be used as a basis
for other analyses, such as the SWOT analysis, BCG matrix model, industry analysis, or
assessing strategic alternatives (IE matrix).
Holistic marketing
“A holistic marketing concept is based on the development, design, and implementation of
marketing programs, processes, and activities that recognize their breadth and interdependencies.
A holistic marketing concept is based on the development, design, and implementation of
marketing programs, processes, and activities that recognize the breadth and interdependencies.
Holistic marketing recognizes that ‘everything matters’ with marketing and that a broad,
integrated perspective is necessary to attain the best solution.” Holistic marketing concept
includes all elements of marketing mix 4P, closely related to the marketing mix 4C and web
marketing mix 4S. According to both authors, there are four main components of holistic
marketing:
• Relationship Marketing: Relationship marketing is a strategy designed to foster customer
loyalty, interaction, and long-term engagement. It is designed to develop strong connections with
customers by providing them with information directly suited to their needs and interests and by
promoting open communication."
• Integrated Marketing: Integrated Marketing is an approach to creating a unified and seamless
experience for consumers to interact with the brand/enterprise; it attempts to meld all aspects of
marketing communication such as advertising, sales promotion, public relations, direct
marketing, and social media, through their respective mix of tactics, methods, channels, media,
and activities, so that all work together as a unified force. It is a process designed to ensure that
all messaging and communications strategies are consistent across all channels and are centered
on the customer.
• Internal Marketing: Internal marketing is the promotion of a company's objectives, products,
and services to employees within the organization. The purpose is to increase employee
engagement with the company's goals and fostering brand advocacy. • Socially responsible
marketing: Socially responsible marketing (SRM), sometimes referred to as ethical corporate
marketing or green marketing, are practices that some companies adopt to acknowledge the
larger social and environmental impacts of their products and services.
Guerrilla Marketing: is a creative content marketing strategy that prides itself on being
unconventional. In your daily life, you may encounter examples of other businesses' guerilla
marketing tactics, without even realizing it. Examples include the use of publicity stunts, viral
videos, stencil graffiti.
The term itself was from the inspiration of guerrilla warfare which was unconventional warfare
using different techniques from usual and small tactic strategies used by armed civilians. It
involves high imagination and energy to execute a guerrilla marketing campaign.
Content marketing: a type of marketing that involves the creation and sharing of online
material (such as videos, blogs, and social media posts) that does not explicitly promote a brand
but is intended to stimulate interest in its products or services.
"social media is an integral part of content marketing"

Societal marketing A promotional process whereby a business first assesses the interests of
targeted consumers and then aims to deliver products more effectively and efficiently than its
competition so that it benefits their customers and society's overall welfare.

The societal marketing approach tends to balance the pursuit of business profits with consumer
desires and society's best interests.

Societal marketing is a marketing concept that holds that a company should make marketing
decisions not only by considering consumers' wants, the company's requirements, but also
society's long-term interests.
Social marketing is an approach used to develop activities aimed at changing or maintaining
people's behavior for the benefit of individuals and society as a whole

Green marketing: Marketing of products that are presumed to be environmentally preferable to

others. Thus green marketing incorporates a broad range of activities, including product
modification, changes to the production process, sustainable packaging, as well as modifying
advertising.

Green marketing is a category of marketing where products and services are promoted based on

their environmental benefits.

Or Green marketing can be defined as the marketing of eco-friendly products which are not
harmful to the environment and are also produced using an eco-friendly production process

Grey marketing:

A grey or gray market (sometimes confused with the similar term parallel market) refers to the
trade of a commodity through distribution channels that are legal but unintended by the original
manufacturer or trademark proprietor. A gray market is an unofficial market where securities are
traded. Gray (or “grey”) market trading generally occurs when a stock that has been suspended
trades off-market, or when new securities are bought and sold before official trading begins
Negative marketing is a technique that involves painting your business competitors in a bad
light. It is a ploy that is often used by companies and businesses at large to make their products
look better than their competitors in the eyes of consumers

OTL: on the line marketing. Means to market online. Social media On the Line (OTL): digital
marketing is evolving. OTL is a clear abbreviation and refers to communication done online

International marketing: international marketing is simply the application of marketing

principles to more than one country. However, there is a crossover between what is commonly
expressed as international marketing and global marketing, which is a similar term.

Integrated Marketing Communications is a simple concept. It ensures that all forms of

communications and messages are carefully linked together. At its most basic level, Integrated
Marketing Communications, or IMC, as we'll call it, means integrating all the promotional tools,
so that they work together in harmony.

DescriptionMarket segmentation is the activity of dividing a broad consumer or business

market, normally consisting of existing and potential customers, into sub-groups of consumers
based on some type of shared characteristics.

Service recovery is a company's resolution of a problem from a dissatisfied customer, converting

them into loyal customers. It is the action a service provider takes in response to service failure.

A vision statement focuses on tomorrow and what an organization wants to ultimately become.

A mission statement focuses on today and what an organization does to achieve it. Both are
vital in directing goals. Mission, vision, values

Glocalization the practice of conducting business according to both local and global
considerations. E,g, McDonald's

Marketing promotion: refers to any type of marketing communication used to inform or

persuade target audiences of the relative merits of a product, service, brand, or issue. The
promotion aims to increase awareness, create interest, generate sales, or create brand loyalty.

Marketing Management: Marketing management is the process of developing strategies and

planning for products or services, advertising, promotions, sales to reach desired customer
segment.
Marketing mix: A marketing mix is a business tool used in marketing and by marketers. The
marketing mix is often crucial when determining a product or brand's offer, and is often
associated with the four P's: price, product, promotion, and place.

Marketing has traditionally been defined by the "Four Ps," or pillars of marketing: product,
price, place, and promotion. Most recently, a fifth "P" – people – has been added to signify the
critical importance of people, or employees, in a growing service-based economy.

Holistic marketing refers to a marketing strategy that considers the whole of a business. And all
the different marketing channels as a system. Under this approach, a business with different
departments comes together. As a result, departments collaborate in
interconnected marketing activities.
mass marketing: Mass marketing is marketing to sell something to as many people as
possible. There's no requirement for building relationships or bespoke messaging; the focus is on
volume sales. ... For example, Walmart is probably the most successful mass-market retailer in
the world.

Niche marketing: the business of promoting and selling a product or service to a specialized
segment of a market.
"niche marketing can be extremely cost-effective"

Negative demand: Negative demand is a type of demand which is created if the product is

disliked in general. The product might be beneficial but the customer does not want it. An
example of negative demand is a) Dental work where people don't want problems with their
teeth and use preventive measures to avoid the same
Maslow:

Product line A series of different products which form a group, all made by the same company.
OR A group of related products manufactured by a single company. For example, a cosmetic
company's makeup product line might include foundation, concealer, powder, blush, eyeliner,
eyeshadow, mascara, and lipstick products that are all closely related. The same company might
also offer more than one product line. The cosmetic company might have a special product line
geared toward teenagers and another line geared toward women older than 60, in addition to its
regular product line that can be used by women of any age.

Marketing mix vs Promotion mix

 The marketing mix is a business tool used in marketing and by marketers. The marketing mix is
often crucial when determining a product or brand's offer, and is often associated with the four
P's: price, product, promotion, and place.
The promotional mix describes a blend of promotional variables chosen by marketers to help a
firm reach its goals. It has been identified as a subset of the marketing mix. It is believed that
there is an optimal way of allocating budgets for the different elements within the promotional
mix to achieve the best marketing results, and the challenge for marketers is to find the right mix
of them. Activities identified as elements of the promotional mix vary, but typically include the
following: Advertising, Personal selling, Sales Promotion, Public relations or publicity, Direct
Marketing, Corporate image, Sponsorship, Guerrilla marketing, Product placement, Product mix

BCG matrix (also referred to as Growth-Share Matrix) is a portfolio planning model used to

analyze the products in the business's portfolio according to their growth and relative market
share. The model is based on the observation that a company's business units can be classified
into four categories: Cash Cows. Stars
According to the logic of the BCG matrix, as an industry grows, all investments become cows
or dogs. The matrix intends to help companies make good portfolio-management decisions,
focusing investment in the areas that are likely to provide returns and fund future growth.

Marketing and selling of Glass & Pen

Segmentation Market segmentation is the process of dividing a market of potential customers
into groups, or segments, based on different characteristics. The segments created are composed
of consumers who will respond similarly to marketing strategies and who share traits such as
similar interests, needs, or locations.

Pricing strategies :
1. Penetration Pricing: Penetration pricing sets product prices low for a specific period to gain
market share and lure consumers away from current competitors. This is a common strategy
when introducing new products into the current economic marketplace. Once companies develop
a strong clientele base, they often raise product prices to the normal level.
2. Economy Pricing: Economy pricing usually represents the lowest price a company can
charge for goods or services. The economy pricing strategy can help undercut the current price
levels of current competitors by offering a similar product with no frills or fancy features.
Companies do not usually spend a lot of money on administrative features, such as marketing or
branding strategies when using economy pricing.
3. Price Skimming: Price skimming out allows companies to charge a higher price for specific
goods or services based on the company and its competitive advantage. Because the company
expects competitors to flood the market with similar products, the price skimming strategy
requires companies to reduce their product prices to compete with competitor products.
4. Bundle Pricing: Companies can use bundle pricing by attaching new products with a current
good or service at a specific price point. Bundle pricing usually includes a slight discount over
buying these items separately. Companies use this strategy to help provide additional value for a
specific product. This strategy is also useful if the new product requires consumers to purchase
additional items relating to the new product.
5. Promotional Pricing: Promotional pricing usually involves company’s creating
various marketing strategies to inform consumers about the new product. Promotional pricing
may include a buy-one-get-one-free offer, discounted initial price, or free items given to
consumers who purchase the first 100 products. Promotional pricing may also drive sales of
other products if companies require consumers to visit retail locations to benefit from
promotions.
6. Captive Pricing: Captive pricing is a strategy where companies offer new products at lower
prices, but consumers may be required to purchase additional items down the road relating to the
product. A classic example of this strategy is shaving razors. Although purchasing a new razor
may be relatively inexpensive, manufacturers make up the income difference by charging higher
prices for replacement blades.

What are consumer products? Describe with examples Consumer goods are products bought
for consumption by the average consumer. Alternatively called final goods, consumer goods are
the result of production and manufacturing and are what a consumer will see on the store shelf.
Clothing, food, and jewelry are all examples of consumer goods. Basic or raw materials, such as
copper, are not considered consumer goods because they must be transformed into usable
products.

What is the product life cycle?

Product life-cycle management is the succession of strategies by business management as a
product goes through its life-cycle. The conditions in which a product is sold change over time
and must be managed as it moves through its succession of stages. A new product progresses
through a sequence of stages from introduction to growth, maturity, and decline. This sequence
is known as the product life cycle and is associated with changes in the marketing situation, thus
impacting the marketing strategy and the marketing mix.
What is the difference between product mix and promotion mix?
The promotional mix describes a blend of promotional variables chosen by marketers to help a
firm reach its goals. It has been identified as a subset of the marketing mix. It is believed that
there is an optimal way of allocating budgets for the different elements within the promotional
mix to achieve the best marketing results, and the challenge for marketers is to find the right mix
of them. Activities identified as elements of the promotional mix vary, but typically include the
following: Advertising, Personal selling, Sales Promotion, Public relations or publicity, Direct
Marketing, Corporate image, Sponsorship, Guerrilla marketing, Product placement, Product mix
What is product mix Product mix, also known as product assortment, refers to the total
number of product lines a company offers to its customers
Endorsement A has written or public statements by a celebrity, business, or professional group
extolling the virtues of a product and recommending the use of the product to the public. A
product endorsement from an authoritative figure is a key element in business advertising and
marketing campaigns. Can always be of Celebrity? No, it can be a socially acceptable personality
like Eidhi of Coca-Cola.
Penetration pricing relies on a low upfront price to attract customers, while skimming is the use
of high upfront prices to maximize short-term profits from the most eager and interested
customers.
The services marketing mix is predominantly governed by the 7 Ps of marketing namely
Product, Price, Place, Promotion, People, Process, and Physical evidence

Amnesty scheme Tax amnesty is a limited-time opportunity for a specified group of taxpayers
to pay a defined amount, in exchange for forgiveness of tax liability (including interest and
penalties) relating to a previous tax period or periods and without fear of crime.
Dealing With Negative Word-of-Mouth
The best way to counter negativity is to create positive word-of-mouth. Try to get to the source
of the problem and specifically answer the charges. Negative comments are often spread by
discontented customers. Compile your customer complaints, and see if there's a pattern
Intrinsic value is an estimate of the actual true value of a company, regardless of market value.
Market value is the current value of a company as reflected by the company's stock price.
Therefore, the market value may be significantly higher or lower than the intrinsic value. May
20, 2020
Economic value is the maximum amount of money an agent will pay for a good or service. The
economic value of an item changes as the price or quality of similar or associated items changes.
Global marketing is the application of a single marketing strategy in the worldwide market, for
a product or service.
International marketing refers to the company's penetration into the prospective markets of
different countries by directly engaging in the local marketing environment.
Reach and frequency are terms generally used when planning advertising campaigns. ... Reach
is the number of people you touch with your marketing message or the number of people that are
exposed to your message.
Frequency is the number of times you touch each person with your message.
Brand equity: Brand Equity is the value of a brand, or can be summarized as the perceived
value by consumers over other products. The equity of your brand is important because, if
your brand has positive brand equity, you can charge more for your products and services than
the generic products or other competitors.
The most important characteristics of services are:
 Lack of ownership.
 Intangibility.
 Inseparability.
 Variability.
 Perishability.
 User participation.

Management:
Arfeen Questions:
Management is the administration of an organization, whether it is a business, a not-for-profit
organization, or a government body.

Definition of Management: The Management Process. Management functions include

planning, organizing, staffing, leading or directing, and controlling an organization (a group of
one or more people or entities) or effort to accomplish a goal.
Research methodology is the specific procedures or techniques used to identify, select, process,
and analyze information about a topic. In a research paper, the methodology section allows the
reader to critically evaluate a study's overall
Quantitative vs qualitative research:
Quantitative research deals with numbers and statistics, while 
qualitative research deals with words and meanings. Quantitative methods allow you to test a
hypothesis by systematically collecting and analyzing data, while qualitative methods allow you
to explore ideas and experiences in dept
Primary data vs secondary data:
Primary data is the type of data that is collected by researchers directly from main sources
while secondary data is the data that has already been collected
through primary sources and made readily available for researchers to use for their research.
Likert scale: A Likert scale is a psychometric scale commonly involved in research that
employs questionnaires.  It is the most widely used approach to scaling responses in survey
research, such that the term is often used interchangeably with a rating scale, although there are
other types of rating scales.
A type of psychometric response scale in which responders specify their level of agreement to a
statement typically in five points: (1) Strongly disagree; (2) Disagree; (3) Neither agree nor
disagree; (4) Agree; (5) Strongly
total quality management (TQM) describes a management approach to long-term success
through customer satisfaction. In a TQM effort, all members of an organization participate in
improving processes, products, services, and the culture in which they work.
In an observational study, we measure or survey members of a sample without trying to affect
them. ... In a controlled
 experiment, we assign people or things to groups and apply some treatment to one of the
groups, while the other group does not receive the treatment.
Management: HR:
Recruitment vs selection:
Recruitment is the process of searching the candidates for employment and stimulating them to
apply for jobs in the organization
WHEREAS selection involves the series of steps by which the candidates are screened for
choosing the most suitable persons for vacant posts.
Staffing is the process of finding the right worker with appropriate qualifications or experience
and recruiting them to fill a job position or role. ... In management, staffing is an operation of
recruiting the employees by evaluating their skills and knowledge before offering them specific
job roles accordingly.
Structured interviewing simply means using the same interviewing methods to assess
candidates applying for the same job.
There are many ways in which you can conduct structured interviews. For example, you can
conduct them over the phone, face-to-face, over the Internet, using computer programs, such as
Skype, or using videophone. Structured interview questions can be open-ended or closed-
ended.
Nonmanagerial positions
Managerial employees are responsible for overseeing a group of employees to ensure their
efficient functioning. They are thus responsible for not only their work but also for how their
reporting team performs. Non-managerial employees are only responsible for their work and
have no
Skills for diff managerial levels

Soft n hard HRM

Soft: an employee management system in which workers are considered an important resource
for a company's growth, they are looked after, and their skills are developed.
Hard: an employee management system in which workers are considered a resource that needs
to be controlled to achieve the best possible profit and competitive advantage.
The soft model emphasizes individuals and their self-direction and places commitment, trust,
and self-regulated behavior at the center of any strategic approach to people. In contrast, the hard
model stresses the rationalism of strategic fit and places emphasis on performance management
and an instrumental approach to the management of individuals. This chapter first analyzes the
conflicts and tensions both between and within the soft and hard models. It then reports on the
findings of an in-depth empirical study which allows us to review and challenge the theoretical
foundations upon which the soft and hard models are based. One conclusion of the study is that
even if the rhetoric of HRM is ‘soft’, the reality is almost always ‘hard’, with the interests of the
organization prevailing over those of the individual.
HR resources and HR burden
Human resources are the people who make up the workforce of an organization, business
sector, or economy. "Human capital" is sometimes used synonymously with "human resources",
although human capital typically refers to a narrower effect (i.e., the knowledge the individuals
embody and economic growth).
HR burden is excessive HR. Because of that company's different costs regarding HR becomes
a burden. It can be reduced by rightsizing, rotation, without pay vacations, HR burden reduces.
HR Inventory and HR profile
Human Resource Inventory, also known as the skills inventory comprehensively lists down the
basic information on all the employees, like their education, experience, skills, age, gender,
salary-related data, job preference, and special achievements.
It is a vital tool used in HR planning and policymaking. The company makes a profile
which includes JD JS etc. and other details regarding HR This may b further used for the
selection.

360-degree appraisal
360-degree feedback (also known as multi-rater feedback, multi-source feedback, or multi-
source assessment) is a process through which feedback from an employee's subordinates,
colleagues, and supervisor(s), as well as a self-evaluation by the employee themselves, is
gathered.
Applicant and candidate
Applicants are job seekers who have “applied” for your job opening. They have either sent a
resume to you or completed an application – online or in person. You might have 300 applicants
for a particular job opening. Candidates on the other hand are applicants that you have screened
and deem minimally qualified for the job opening. They are contenders for the opening; these are
the folks that you will interview by phone or in-person or have some other form of contact to
learn more about their qualifications. Out of an applicant pool of 300, you might only identify 15
candidates.
Intrapreneurs
Intrapreneurs are usually employees within a company who are assigned to work on a special
idea or project, and they are instructed to develop the project as an entrepreneur would.
Intrapreneurs usually have the resources and capabilities of the firm at their disposal.
Job order vs process cost:
Job costing involves the detailed accumulation of production costs attributable to specific units
or groups of units. For example, the construction of a custom-designed piece of furniture would
be accounted for with a job costing system. The costs of all labor worked on that specific item of
furniture would be recorded on a timesheet and then compiled on a cost sheet for that job.
Similarly, any wood or other parts used in the construction of the furniture would be charged to
the production job linked to that piece of furniture. This information may then be used to bill the
customer for work performed and materials used or to track the extent of the company's profits
on the production job associated with that specific item of furniture.
Process costing involves the accumulation of costs for lengthy production runs involving
products that are indistinguishable from each other.
Job costing involves the detailed accumulation of production costs attributable to specific units
or groups of units.
Process costing involves the accumulation of costs for lengthy production runs involving
products that are indistinguishable from each other
Organizational development vs org Change :
Org, development: Business development is defined as "a planned organization-wide effort to
increase an organization's effectiveness and viability,"
Org. change: Factors such as improvements in technology, the need for business diversification,
and expansion are all examples of driving forces of change in organizations.
Ability and skills
A skill is the ability to carry out a task with determined results often within a given amount of
time, energy, or both. Skills can often be divided into domain-general and domain-specific skills.
An acquired or natural capacity or talent enables an individual to perform a particular job or task
successfully.
A merger means the fusion of two or more two companies voluntarily to form a new company.
When one entity purchases the business of another entity, it is known as Acquisition. The mutual
decision of the companies going through mergers. The friendly or hostile decision of acquiring
and acquired
Joint venture:
A joint venture is a business entity created by two or more parties, generally characterized by
shared ownership, shared returns and risks, and shared governance.
A Joint Venture (JV) is a cooperative enterprise entered into by two or more business entities for
a specific project or other business activity. The reason for a joint venture is usually some
specific project.

Define HRIS A HRIS,

which is also known as a human resource information system or human resource management
system (HRMS), is an intersection of human resources and information technology through HR
software. This allows HR activities and processes to occur electronically. A Human Resources
Information System (HRIS) is a software or online solution that is used for data entry, data
tracking, and the data information requirements of an organization's human resources (HR)
management, payroll, and bookkeeping operations.
A strategic alliance is an agreement between two or more parties to pursue a set of agreed-upon
objectives needed while remaining independent organizations. This form of cooperation lies
between mergers and acquisitions and organic growth.
voluntary retirement scheme, whereby an employee is offered to voluntarily retire from
services before the retirement date. The scheme allows companies to reduce the strength of
employees. It can be implemented by both the public and private sectors

The main difference between social responsibility and social responsiveness is that social

responsibility is the ethical/moral obligation/duty of an individual or an entity towards society
whereas 
social responsiveness is how an individual or an entity responds to a social need

Strategic planning is the approach used in forming an organization's direction (e.g., its vision,
mission and priorities). On the other hand,
strategic management is the overall process of achieving that direction, from planning to
executing.

Objective vs strategy:
A strategy is an approach you take to achieve a goal. An objective is a measurable step you take
to achieve a strategy.
Cost leadership is one strategy where a company is a most competitively priced product on the
market, meaning it is the cheapest. You see examples of cost leadership as
a strategic marketing priority in many big corporations such as Walmart, McDonald's, and
Southwest Airlines.\
Corporate social responsibility (CSR) is a company's commitment to managing the social,
environmental, and economic effects of its operations responsibly and in line with public
expectations.

Finance viva :
Credit: the ability of a customer to obtain goods or services before payment, based on the trust
that payment will be made in the future.
earning spread
Credit management is the process of granting credit, setting the terms on which it is granted,
recovering this credit when it is due, and ensuring compliance with company credit policy,
among other credit-related functions.
Here are seven such credit management techniques to consider.
  Perform regular credit checks. ...
 Tighten credit terms for selective customers. ...
 Send invoices electronically. ...
 Diarise courtesy calls. ...
 Invest in training. ...
 Prioritize invoices. ...
 Use a debt collection agency.

What are the 5 C's of credit?

Understanding the “Five C's of Credit” Familiarizing yourself with the five C's—capacity,
capital, collateral, conditions, and character—can help you get a head start on presenting yourself
to lenders as a potential borrower.

Compounding: is used to convert the present value into future value.

Future value: payment or series of payments will grow at a particular time in future
Compound interest calculated on the principal amount and
accumulate interest from the previous payment
Collateral vs guarantee
When an investor invests in a new business or startup. He is also called an angel investor. He is
someone who has spare cash and wants to invest and somehow meets the person who needs
investment.
Swaps are agreements between two parties when they deal with some financial instruments.\

The difference between finance and accounting is that accounting focuses on the day-to-day

flow of money in and out of a company or institution, whereas finance is a broader term for the
management of assets and liabilities and the planning of future growth
Role of accounting in finance:
Dividends are income payments made by companies to shareholders and
interest is income paid by companies or governments to their bondholders.
Verbal vs. non verbal communication

book value is equal to its carrying value on the balance sheet, and companies calculate it
netting the asset against its accumulated depreciation. Book value can also be thought of as the
net asset value of a company calculated as total assets minus intangible assets
 The main difference between preferred and common stock is that preferred stock gives no
voting rights to shareholders while common stock does. Preferred shareholders have priority
over a company's income, meaning they are paid dividends before common shareholders.
Cost accounting is a form of managerial accounting that aims to capture a company's
total cost of production by assessing the variable costs of each step of production as well as
fixed costs, such as a lease expense.

1. the recording of all the costs incurred in a business in a way that can be used to
improve its management.

A formal communication channel transmits information such as the goals, policies and

procedures of an organization. ..
Grapevine effect
the grapevine effect is “the informal transmission of information, gossip or rumor from person
to person.”
the key difference between profit and gain is
The key difference between profit and gain is that profit is the total earnings for a period
whereas gain is an economic benefit derived by disposing of an asset above its net book value
or market value

Business ethics is the study of appropriate business policies and practices regarding

potentially controversial subjects including corporate governance, insider trading, bribery,
discrimination, corporate social responsibility, and fiduciary responsibilities
agency problem usually refers to a conflict of interest between a company's management and
the company's stockholders.