A successful business concept develops with functional areas that concentrate on different domains of the business. Based on the requirement of the business processes, skills and tasks, the functional areas can be different from business to business. Some basic functional areas such as finance and marketing are common to almost all types of businesses. When […]
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What are Business Models? In simple terms, business models are the business organization’s plan for making a profit. It identifies the products or services the business organization is planning to sell, the most profitable target market, and the expected expenses for the business when selling the product or the service. Business models are highly important
Management control systems (MCS)are structures that are put in place by the management of the business that compares the goals and strategies of the business organization against the actual outcomes of the business. Management control systems can be formal or informal. In other words, it evaluates how well the organizational functions and the business organization
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Content marketing is a marketing strategy that is used to attract, engage, and retain customers with a product or a service by using articles, videos, podcasts, and other informative media about the product or service. Content is considered as the main component of the success of marketing and it should be used correctly in order
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The marketing audit is an important element in the marketing plan for any product or service. In the modern competitive environment, it is highly important for the marketing team to fully understand the environment and the market they want to enter in order to implement a successful marketing plan. The marketing audit is a process
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Intellectual capital is considered one of the most prestigious assets an organization can hold. It is the knowledge of the organization that is usually used for the purpose of money-making or any other useful purpose that requires information or knowledge in order to achieve a competitive advantage for the business. Intellectual capital is an asset
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With the increase of business activities and the expansion of globalization concept, the risks that are involved in businesses, as well as individuals, have increased dramatically. Insurance can be considered as a method that has been introduced to minimize the impact that the risks can make on a business or an individual. Insurance is a
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Insurance is one of the main topics that is taking interest of both individuals and businesses. Principles of insurance take a major space in identifying the insurance concept clearly. Insurance is considered a form of contract between two parties. Hence, there are certain principles that are placed to ensure the honesty and validity of the
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Micromarketing is a marketing approach to advertising that helps business organizations to target a specific group of potential customers in a niche market. By using micromarketing concepts, the business can market its product and services directly to a targeted group of potential customers. This method is usually used to advertise products or services with a
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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
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