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Product Life Cycle
Alike anything a product also has a life cycle. A product life cycle has five stages, introduction, growth, maturity, saturation and decline. Introduction is the most difficult and expensive stage. It...
Marketing Mix: 4Ps of Marketing.
A marketing mix is the combination of product, price, place and promotion in order to make a perfect product. In order to start a business, the producer needs to create a product, which fits the needs...
Market Research: Primary Research and Secondary Research.
Market research is the systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods and techniques of the applied social sciences to...
Communication: Effective communication and barriers.
Communication can be defined as the process by which a message is exchanged from a sender to a receiver. It can be either internal or external. Internal communication is the one one done within the business,...
E-Commerce: Benefits and Drawbacks.
E-Commerce is a digital market where goods and services are sold. It has many benefits and drawbacks too. It is an easier and convenient way, and people use it to save time and energy. People can also...
Interest Rate
Interest rate is the cost of borrowing. Interest rate usually set on loans by banks. Interest rate is determined the rate of demand and supply, rate of inflation and decisions of the government.If there...
Objectives of a Business and their importance.
Business objectives are the set aims and goals of a business. A business is always set up in order to gain profit. If a business is successful in gaining profit, it is considered a successful one. Productivity...
The Break-even Chart
A break-even chart is a line graph used in break-even analysis to estimate when the total sales revenue will be equal to the total costs, or the point where loss will end and profit will begin to accumulate....
The 4P’s of Marketing
The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four Ps: ▪️...
Equilibrium Price, Equilibrium in the Market
The equilibrium price is where the supply of goods matches demand or the price at which the quantity of a product offered is equal to the quantity of the product in demand. Equilibrium is the state in...
Methods of measuring a business
Following are the methods of measuring a business: ▪️ Amount of sales turnover ▪️ Amount of profit ▪️ Capital employed ▪️ Stock market valuation ▪️ Number of employees ▪️...
E-Commerce
E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the Internet. These business transactions occur...
Entrepreneurs
Entrepreneurs occupy a central position in a market economy. Entrepreneurs seek disequilibrium, a gap between the wants and needs of customers and the products and services that are currently available....
Joint Ventures
A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint...
Franchise Businesses
A franchise is a business system in which private entrepreneurs purchase the rights to open and run a location of a larger company. The franchising company, or franchiser, signs a contractual agreement...
Limited Companies
A limited company is an organisation that someone can set up to run their business, it’s responsible in its own right for everything it does and its finances are separate to the owners' personal finances....
Business Partnerships
A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner...
Sole Trader
A sole trader is the simplest form of business structure and is relatively easy and inexpensive to set up. A sole trader is legally responsible for all aspects of the business. They make all the decisions...
Problems with Business Growth.
Majorly, the purpose of a business is to gain profit, hence expansion is inevitable. However, while expanding a business might face many problems. Usually, businesses try to expand as quickly as possible,...
Ways to Grow a Business
The growth of a business is either internal or external. Internal growth occurs when a business expands its existing operations, however external growth is when a business takes over or merges with another...
Needs, Wants and Scarcity.
The concept of needs, wants and scarcity is the basis of Business Activity. Their is a slight difference between needs and wants. Needs are essential things one needs to survive, yet wants are the things...
Value Added Concept
When something is manufactured, a sum of money is spent on it, usually for the raw materials. That is the production cost. The enhancements a company adds to it's products before offering it to the final...
Value Added Concept
In the business world, the value added concept explains a basic feature of a business.This concept explains that a primary product can be sold for a higher price after some advancements are made to it....
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