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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What is a Contingency Plan? A contingency plan is one of the most important components of a business. It is a plan designed by the business to face negative impacts that can interrupt the smooth run of the business activities. Businesses can face many unpredicted situations that can create harmful impacts on business processes. A
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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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Competitor analysis is one of the most important parts of the marketing plan of any business. When entering a market, it is majorly important to know about the competitors who provide the same type of products to the same market segment. Competitor analysis provides an insight about the products they are selling pricing techniques, their
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Understanding the types of knowledge is important for any type of business when forming a knowledge management strategy. Different types of knowledge cater to different purposes of business organizations and help the business to grow and achieve its goals and objectives. Even though gaining and sharing knowledge was a business practice from long ago, the
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A production manager is a person who is in charge of the process of planning to coordinate and control the manufacturing process of a business. From production and quality assurance to deliver the products on time comes under the managing scope of the product manager. Below listed are the eight main responsibilities that are assigned
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Mass production is the process of manufacturing goods in large quantities. These products are usually standardized products that are made using assembly lines or automation technology. Mass production is considered the most efficient production type to manufacture a large number of similar products. Generally, mass production involves several assembly lines and various people are involved
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The procurement management plan can be considered as a part of the project management plan. The procurement management plan is the plan that is necessary to purchase or acquire the products or services that are necessary during the project and how the business is planning to acquire the necessary products and services. A procurement management
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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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