Methods of demand forecasting are important when estimating the future demand for a particular product. There are multiple methods of demand forecasting have been identified. However, only a few methods are been used in practical scenarios. Out of all the methods of demand forecasting available, selecting the best type for the business is highly important …
Demand Forecasting is identified as the process of predicting the demand for a particular product or service in the future. It is the process of identifying and predicting what the future demand will be for the product in order to make smart and profitable business decisions related to cash flow, profit margins, supply chain management, …
Demand Forecasting: Meaning and 05 Factors Influencing Demand Forecasting Read More »
A business continuity plan is a major component in the risk management process in any type of business organization. It can be easily misunderstood as a business contingency plan due to the similarity in the usage of planning. However, a business continuity plan has a broader perspective for business activities. In simple terms, a business …
Business Continuity Plan: Meaning and Importance of Having a Business Continuity Plan Read More »
What is Revenue Management? Revenue management is the process of adjusting the pricing of individual products and services using analytics with the intention of increasing the total sales and profits generated by the product or service. By applying the necessary analytics that can predict consumer behavior at the micro-market levels, businesses are expecting to maximize …
A luxury brand is a brand that can be characterized by the level of high quality, high price, and exclusivity. Luxury brands are aesthetically pleasing, unique, and difficult to access even though they are not rare. It is identified that the demand for luxury brands increases with the rise of disposable income. Luxury brands usually …
What is a Contingency Plan? A contingency plan is one of the most important components of a business. It is a plan designed by the business to face negative impacts that can interrupt the smooth run of the business activities. Businesses can face many unpredicted situations that can create harmful impacts on business processes. A …
Importance of Having a Contingency Plan in Business Read More »
Pricing strategies followed by businesses when pricing their products play a key role in the profit or loss in the businesses. Many businesses set their product prices without paying much thought about it. This can cause a loss to the business as the set price may not be the ideal price for the product. It …
Competitor analysis is one of the most important parts of the marketing plan of any business. When entering a market, it is majorly important to know about the competitors who provide the same type of products to the same market segment. Competitor analysis provides an insight about the products they are selling pricing techniques, their …
Competitor Analysis – 08 Steps Guide to Analyze Your Competitor Read More »
Understanding the types of knowledge is important for any type of business when forming a knowledge management strategy. Different types of knowledge cater to different purposes of business organizations and help the business to grow and achieve its goals and objectives. Even though gaining and sharing knowledge was a business practice from long ago, the …
03 Main Types of Knowledge: Explicit, Implicit, and Tacit Knowledge Read More »
A production manager is a person who is in charge of the process of planning to coordinate and control the manufacturing process of a business. From production and quality assurance to deliver the products on time comes under the managing scope of the product manager. Below listed are the eight main responsibilities that are assigned …
