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Strategic Implementation: Meaning and 06 Steps for Successful Strategic Implementation

Strategic Implementation: Meaning and 06 Steps for Success

What is Strategic Implementation? Strategic business management takes a vast area in modern business activities. Strategic implementation is the process of executing the plans and strategies of the business. This process should aim to satisfy the long-term goals and objectives of the organization aligning the organizational vision and mission. Simply put, strategic implementation is the …

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Blue Ocean Strategy: Meaning, Advantages, and Disadvantages

Blue Ocean Strategy: Meaning, Advantages and Disadvantages

Blue Ocean Strategy is identified as the market for a product or a service where there is minimum competition or no competition. This strategy has been developed for searching for business opportunities where there are very few businesses operating in the market in a particular sector and there is no pressure for pricing. In a …

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Operations Management: Meaning and Importance

Operations Management: Meaning and Importance

The business world is becoming more and more complex every day. Operations management helps businesses to grow in the competitive market. Operations management (OM) is the administration process of business practices to create a higher level of efficiency and effectiveness within the organization. It gives attention to the supply chain management process of the organization …

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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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