Do you think products last forever? Well, new products actually cost more than the existing products due to the high costs involved in production and development of the product. The initial customers are early adopters of the product. Whenever the product is in the declining stage, the competitors leave...
The systematic development and management of a firm’s product which includes branding and packaging is known as Product Planning. Goods are tangible, services are intangible. There are 5 product levels: core benefits, expected products, augmented products, and potential product. Products are classified into: 1) Durability and tangibility which includes...
Utility is nothing but creating something that is useful or has quality. Utility is a condition / situation in which the customer’s wants and needs are satisfied. Basic types of utility are: form utility, place utility, time utility, possession utility and image utility. The marketing management process consists of...
Strategic Management is important to organizations to develop a competitive advantage and provide a sense of direction to the organization so that they know where to spend their efforts. Strategies are large-scale plans to achieve long-term goals. Strategic management consists of all the basic management functions – planning, organizing,...
Strategic Management anticipates about the future in a rational and logical manner. Strategic Management follows a procedure that adds to the reputation of the organization. Strategic management analyzes the threats present in the external environment so that companies can foresee the events in the future and remain stable in...
These days many businesses fail because of lack of strategic focus and strategic direction. Firms that do not engage themselves in meaningful strategic planning lead to failure by internal problems and lack of focus. The difference between the firms that succeed and that fail is the way in which...
Strategic management process is defined as the process through which managers make strategic choice to achieve better performance and organizational goals. The process of strategic management includes: environmental scanning, strategy formulation, strategy implementation and strategy evaluation. Environmental scanning means analyzing the internal and external factors which influences an organization....
Strategic Management is defined as many acts or decisions that a manager undertakes to decide the results of the organization’s performance. Strategic Management is applicable for both small and large organizations. Strategic management emphasizes on the use of SWOT analysis – Strengths, weaknesses, opportunities and threats of the organization....
Management is a process of achieving organizational goals through people and resources. Management process is described as: planning, organizing, influencing, controlling. Management is all about forecasting and planning, to organize, to command, to coordinate and to control. Here we present Principles of Management Case Study For Practice: Mr. Sid,...
Human Resource Management is the process of managing people in an organization in a structured manner. HRM is the art of managing people in an innovative way. HRM covers staffing, retention, pay and perks management, performance management, change management and taking care of exits from the company. Here we...
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