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12 Main Components of Operations Management

12 Main Components of Operations Management

When discussing operations management, components of operations management take major importance in the subject. It is vital to identify what has created the operations management field. There are 12 main components of operations management that can be identified. The picture below depicts the 12 components of operations management. Forecasting– This component is related to using …

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Just In Time Inventory Management System (JIT): Meaning, Advantages and Disadvantages

Just In Time Inventory Management System (JIT): Meaning, Advantages and Disadvantages

Just in time inventory management system (JIT) is one of the most popular inventory management systems in the modern business world. With the increase in the use of supply chain management processes, the just in time inventory management system has become a strategy that aligns the orders of the raw material for the production process …

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Customer Relationship Management (CRM): 5 Main Components

Customer Relationship Management (CRM): 5 Main Components

Customer relationship management (CRM) is a concept that helps businesses to create long-term customer loyalty to the business. It refers to the practices, principles, guidelines, and processes the organization should follow when creating and maintaining connections with customers. From the business’s perspective, the relationship with customers is based on the sales, services provided by the …

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Business Communication: Why It is Important for the Business Success?

Business Communication: Why It is Important for the Business Success?

Effective business communication is one of the most important factors for the success of any business. Since the business world is getting more and more complicated, and business processes are getting complex more than ever, the importance of an effective business communication system is majorly identified by business experts. Business communication is the process of …

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What is a Franchise? 05 Methods of Franchising

What is a Franchise? 05 Methods of Franchising

Franchising is an addition to modern business concepts. A franchise is a type of license grant for a business that provides franchisee access to the franchisor’s proprietary business processes, business knowledge, trademarks. This allows the franchisee to sell a product or a service to the customers under the franchisor’s business name. There are two main …

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What is a Brand? The Things You Should Know About Branding

What is a Brand? The Things You Should Know About Branding

A brand is considered as one of the main identifiers of a product or a set of products. It is a term, name, design, symbol, or any other feature that helps to identify a particular seller’s products from the competitor’s products. Brands are used for production, advertising, and marketing purposes as an identifier for the …

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