A promotional mix is a set of promotional variables selected by the marketers for a particular product when conducting promotional activities. Promotional mix has been identified as a subset of the marketing mix in the marketing plan. This is considered as a set of marketing approaches used by marketers of a product to reach a […]
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Sustainable development is one of the most common topics in the modern business world. Since globalization and modernization concepts are taking over the business world, the world is getting more and more concerned about the sustainability concept. Sustainable development is a concept that is followed by many business organizations in order to achieve business growth
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What is an Organizational Structure? Organizational structure can be identified as a system that summarizes how particular activities in the business organization are directed in order to achieve the identified goals and objectives. These outlines activities include job roles and responsibilities as well as the rules set by the management of the organization. The organizational
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McKinsey 7S framework is a model used in the change management context. It is a framework that helps to identify organizational effectiveness. It assumes that there are seven internal factors that any organization needs to be aligned and reinforced if they are planning to become successful in the business industry. McKinsey 7S framework highlights seven
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What is Emotional Intelligence? Emotional intelligence is the ability of a person to identify, understand, use and manage his own emotions in a positive and advantageous manner to relieve stress, empathize with others, maintain effective communication and overcome challenges positively. Due to the complexity of business activities in the modern business world, the employees have
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The risk management process is one of the main factors in the success of any business organization. In the fast-changing business environment, businesses continuously have to face risks. Business risks can be internal or external. Internal risks can be managed by the businesses as they are generated by internal factors of the organization. External risks
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Risk management plays an important role in any business. Since every business has a risk involved in its activities, it is important for the business managers to identify the associated risks and take necessary actions to minimize or eliminate the risks. The risk management process is considered as the framework for the actions that need
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Innovation is a way of practically applying new business ideas by creating a product or a service to fulfill unmet customer needs. There can be four innovation types identified in the modern technologized world. A person or a company can come up with a new product, service, business model, process or they can simply improve
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What is Strategic Implementation? Strategic business management takes a vast area in modern business activities. Strategic implementation is the process of executing the plans and strategies of the business. This process should aim to satisfy the long-term goals and objectives of the organization aligning the organizational vision and mission. Simply put, strategic implementation is the
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Blue Ocean Strategy is identified as the market for a product or a service where there is minimum competition or no competition. This strategy has been developed for searching for business opportunities where there are very few businesses operating in the market in a particular sector and there is no pressure for pricing. In a
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