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 […]
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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
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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
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Mass customization is identified as the process of delivering customized goods and services to the market with the intention of satisfying a specific customer’s needs. This is a modern business concept that is also known as made-to-order or built-to-order. It is a technique used by marketing and manufacturing departments of many mass production organizations that
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Knowledge Management is one of the modern topics in the growing business world. It is the process of creating, structuring, sharing, using, and managing the knowledge, information, and experience within an organization. The main purpose of knowledge management is to improve the efficiency of organizational activities and preserve the knowledge within the business organization. The
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Identifying the factors influencing customer satisfaction is highly important for businesses. No matter what their internal goals and objectives are, the success of any business relies on the level of customer satisfaction it can create for the target market. Since the final purchasing decision is mainly depending on the level of satisfaction the customer is
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There are many factors influencing consumer behavior that have been identified. Consumer behavior has a direct impact on the success or the failure of a product. It is highly important for the business to identify the factors influencing consumer behavior before launching its marketing plan. Identifying the factors influencing consumer behavior helps the business to
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Goal setting theory is a theory used by many employers in order to increase the productivity of the employees of the organization. It is a theory based on the idea that implementing and setting specific goals can be effective when achieving organizational goals. these goals are measurable and achievable for the employees. This is also
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Identifying the capital budgeting process and techniques is important for business organizations to discover the most profitable project or the investment out of all the available options. The capital budgeting process and techniques explain the steps an organization should follow in order to identify the project options through thoroughly analyzing the budget for the project
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Credit management is a process of granting credit facilities for the customers, establishing payment terms and conditions that allows the customers to pay their due amounts in full and on time, payment recovery activities, and ensuring the customer adherence to the business organization’s credit policy. It is considered as the business organization’s action plan to
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