What is Product Differentiation? Product differentiation is a marketing strategy that is designed to separately identify a specific business’s products or services from the competitive products or services. A well-implemented product differentiation involves the identification and communication of the unique qualities of a product, service, or brand while highlighting the differences between the product and …
McKinsey 7S framework is a model used in the change management context. It is a framework that helps to identify organizational effectiveness. It assumes that there are seven internal factors that any organization needs to be aligned and reinforced if they are planning to become successful in the business industry. McKinsey 7S framework highlights seven …
The risk management process is one of the main factors in the success of any business organization. In the fast-changing business environment, businesses continuously have to face risks. Business risks can be internal or external. Internal risks can be managed by the businesses as they are generated by internal factors of the organization. External risks …
Risk management plays an important role in any business. Since every business has a risk involved in its activities, it is important for the business managers to identify the associated risks and take necessary actions to minimize or eliminate the risks. The risk management process is considered as the framework for the actions that need …
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 …
Strategic Implementation: Meaning and 06 Steps for Successful Strategic Implementation Read More »
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 …
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 …
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 …
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 …
What is a Brand? The Things You Should Know About Branding Read More »
Supply chain management (SCM) holds major importance in the production process of any organization. Since the business world is getting technologized every day, it is important for businesses to maintain a proper supply chain management system in order to make sure a smooth business process. The idea of supply chain management was first brought up …
