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Demand in Economics

Demand

In economics, the term “Demand” refers to the desire for goods and services backed by the purchasing power and the willingness to purchase. Mere “Desire” for products does not reflect in the market. The demand supported by the purchasing power is termed as the “Effective demand”. Hence, the demand for a good can be defined …

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Entrepreneurship and Creativity – An Innovative Perspective

Entrepreneurship and Creativity

Entrepreneurship is about creating new businesses by using unmet possibilities in the world. Entrepreneur builds new businesses by taking advantage of the available opportunities. When creating new businesses, the entrepreneur should have to face many risks throughout the entrepreneurial journey. Importance of entrepreneurship Entrepreneurs are known as people who see the things that other people …

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Strategic Alternatives: 04 Main Types of Strategies

Strategic Alternatives

Strategic alternatives are long term plans that businesses develop to set their direction. When setting the organizational direction, the human and organizational resource availability will be considered and the goals will be set based on the resource availability. Generally, analysis methods such as SWOT will be used when building the strategic alternatives of an organization. …

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The e-Commerce Industry and its Effects on Society

The e-commerce industry and its effects on society

The E-commerce industry is one of the most popular business industries in the modern world. Its popularity and importance are getting higher day-by-day due to the increase in technological advancements. The E-commerce industry provides a virtual facility where the goods and services will be displayed for the customers to purchase and complete a transaction through …

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Innovation Management – An Introduction

Innovation management - An introduction

Innovation management is considered as a combination of management processes, innovation, and change management. It involves product or service, business process, marketing the product, and organizational innovation. The initial concept of innovation management was put forward by an Austrian economist Joseph Schumpeter in around the 1930s. According to him, innovation is considered a significantly important …

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The Ethical Perspective of Business Outsourcing

The Ethical Perspective of Business Outsourcing

It is important to explore the ethical perspective of business outsourcing concept as is argued that there are both pros and cons in outsourcing external parties for business activities. Outsourcing is the organizations’ practice to hire an outside individual or a company to get a task done without assigning it to internal employees. This habit …

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Three main approaches to the marketing planning process

main approaches to the marketing planning

Marketing planning is identified as one of the key components of the marketing planning process. There are three main approaches to the marketing planning process. 1.     Top-down planning-   According to the top-down planning method,  the senior management of the organization sets the goals and most of the plans in the organization.  Once the goals and …

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Marketing planning process – 04 main stages

Marketing planning process

With the increase of the competition occurring due to globalization, marketing has become a key factor that decides the profitability of any organization. This has brought out the importance of having a proper marketing planning process for the successful placement of the products or services in the correct market segment.  It is important to identify …

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