What do you do when you see a saleable commodity, and it touches your heart? Or, you may have to buy something of significance. Generally, the purchase decision is a process that includes many steps such as product evaluation, product comparison, benefits analysis, etc. Let’s say you finally made a decision to purchase that specific product or service. You will …
One of the biggest challenges retailers have to face is how to use their brick-and-mortar stores effectively. That said, how can they use the available space in the best possible way. Retailers also need to be careful when it comes to product placement because putting your customer at ease is equally important. So, it is obvious that a retailer needs …
There are several misconceptions when we talk about business concepts. For instance, a lot of people think that revenue and profit are the same things. In reality, they are totally different; when you deduct expenses from revenue, you get your profit. Similarly, selling and marketing are also two very different terms. Here is another very interesting fact, there is also …
The focus of many entrepreneurs and new businesses is to grow and increase their revenue. However, they rarely think of the contingency plan that how they would close down their business if things don’t work out. Today, we’ll be discussing business exit strategy, its types, and importance; What is Business Exit Strategy? A business exit strategy is when you strategically …
When you came into this world, you were given a name. As you grew older and started developing some traits and characteristics, your name became more “popular.” Then, you hit your professional life and started showing your skills; your name got the fame. So, what did that name do? Actually, it was not just that name; it was about the …
Studying the market trends and the competition level is important for businesses because it helps them to lay out their future strategies. Therefore, they use various tools and methods to achieve their goals. Industry analysis is the same process. Today, we’ll discuss industry analysis, its types, examples, and guide. What is Industry Analysis? Industry analysis is a market evaluation tool …
The business world has become very competitive in recent years. The information has become accessible to everyone but finding the right, exact, and precise information matching your needs and wishes is a difficult task. That’s why entrepreneurs and brands ask for ideas and input from customers to come up with something new. Today, we’ll talk about co-creation, its types, and …
The continually growing competition in markets has pushed businesses to do something different. They can either sell their products/services by cutting their costs and then selling their products at lower prices. Or, they can reduce their profit margins by lowering their prices and maximize market penetration. There is another method that may be difficult to implement, but it is pretty …
The main objective of a business is to increase market share and profitability. They use multiple management and marketing strategies to achieve their goals. Sometimes, things don’t go as planned. When things don’t work out, they pull out their resources to minimize the losses. Today, we’ll discuss liquidation strategy, its types, and pros and cons. What is a Liquidation Strategy? …
