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Business Continuity Plan: Meaning and Importance of Having a Business Continuity Plan

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A business continuity plan is a major component in the risk management process in any type of business organization. It can be easily misunderstood as a business contingency plan due to the similarity in the usage of planning. However, a business continuity plan has a broader perspective for business activities. In simple terms, a business […]

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Revenue Management: Meaning and Importance

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What is Revenue Management? Revenue management is the process of adjusting the pricing of individual products and services using analytics with the intention of increasing the total sales and profits generated by the product or service. By applying the necessary analytics that can predict consumer behavior at the micro-market levels, businesses are expecting to maximize

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How to Create a Luxury Brand: 05 Main Steps

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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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Importance of Having a Contingency Plan in Business

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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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07 Types of Pricing Strategies

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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 – 08 Steps Guide to Analyze Your Competitor

03 Main Types of Knowledge: Explicit, Implicit, and Tacit Knowledge

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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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07 Key Responsibilities of a Production Manager

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07 Main Responsibilities of a Production Manager

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: Meaning, 10 Main Advantages and Disadvantages

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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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