Under the current competitive marketing environment, how to manage a good marketing strategy for a certain product is quite crucial for an enterprise’s survival and development. Product is the most essential part in the marketing mix. Life cycle for a product is another most important factor which should be identified by an enterprise correctly. To understand product life cycle is very important for marketers when they are planning the marketing strategies for its product. Therefore, as far as the product life cycle is concerned, this article will first illustrate a comprehensive concept about the product life cycle. Following this, the article will analyze the specific marketing strategies which shall be referred by marketers in the marketing process.… Read the rest
Abey Francis
Abey Francis, a freelance writer and a professional blogger who enjoys
the challenges of creativity and attention to detail. He has published
many articles and editorials regarding management on different blogs and online journals. His articles stimulate thinking of corporate managers
on key issues of organizations and management. His research interests
focus on international management, International trade finance,
Investment management, leadership, social capital and knowledge
management in enterprises and cross-culture studies.
Informal Recruitment – Meaning, Advantages and Disadvantages
Informal methods of recruitment and selection always have been into debate among HR experts and consultants across the globe because it is against the standard HR principles and practice. But still it exist because it gives lot of benefits to the employers. Informal recruitment methods generate better selection in the professional and qualified jobs as well when compare to formal methods.
If organization hire the employees without following the complete procedure of recruitment and selection then these methods will be called informal methods like walk in interview given by employee without job announcement, applicant refer by existing employees.
Word-of-Mouth (WOM) recruitment is commonly used and followed informal method across the globe with irrespective the sector and technology but the percentage vary from country to country.… Read the rest
How to Develop a Mission Statement
The most common initial act in establishing organizational direction is an organizational mission. The statement that describes the mission talks about the target market and also talks about its strategy to be profitable by providing good customer service through friendly and knowledgeable people. It is essential to look into external influences like labor, conditions, competitors, government rules while considering mission statement.
Company’s mission statement should define stakeholders expected return along with the measurement of the performance of the company through those returns. The expected profit too should be included in the organization’s mission. Moreover, the company should come to consensus as to what all areas should be measured like margin growth, efficiency, competitive cost position, product quality, market share etc.… Read the rest
Competitive Strategies for Business
Competitive strategies are concerned with how a strategic business unit achieves competitive advantage in its domain of activity meanwhile competitive advantage is about how an strategic business units (SBU) creates value for its users both greater than the costs of supplying them and superior to that of rival SBUs. An SBU can have lower costs than its competitors or it can have products or services that are so exceptionally valuable to customers that it can charge higher prices than competitors. There are two basic criteria that can help in identifying appropriate SBUs: Market-based criteria and Capabilities-based criteria. For Market-based criteria, if the parts of an organization are targeting same types of customers through the same sorts of channels and facing similar competitors, they might he regarded as the same SBU.… Read the rest
Profit Maximization Objective of a Firm
In the conventional theory of the firm, the principle objective of a business firm is to maximize profit. Under the assumptions of given taste and technology, price and output of a given product under competition are determined with the sole objective of maximization of profit.
Profit maximization refers to the maximization of dollar income of the firm. Under profit maximization objective, business firms attempt to adopt those investment projects, which yields larger profits, and drop all other unprofitable activities. In maximizing profits, input-output relationship is crucial, either input is minimized to achieve a given amount of profit or the output is maximized with a given amount of input.… Read the rest
Income Elasticity of Demand – Concept and Types
The income elasticity of demand shows the responsiveness of quantity demanded of a certain commodity to the change in income of the consumer. The income elasticity of demand is also defined as the ratio of the percentage change in the demand for a commodity to the percentage change in income. Income elasticity of demand can be expressed as follows:
Income elasticity (ey) = Percentage change in quantity demanded / Percentage change in income
For example, consumer’s income rises from $ 100 to $ 102, his demand for good X increases from 25 units per week to 30 units per week then his income elasticity of demand X is: ey = 5/25 x 100/2 = 10.… Read the rest