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 is when the product has to launch itself and ...
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Marketing Mix: 4Ps of Marketing.
anusheA 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 the needs and wants ...
Market Research: Primary Research and Secondary Research.
anusheMarket 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 gain insight or support decision making. There are two types of market research; ...
Communication: Effective communication and barriers.
anusheCommunication 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, and external is the ...
E-Commerce: Benefits and Drawbacks.
anusheE-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 compare prices, instantly, ...
Interest Rate
anusheInterest 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 is an increase in the demand ...
Objectives of a Business and their importance.
anusheBusiness 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 is also a ...
The Break-even Chart
yaebizA 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. Usually, the ...
The 4P’s of Marketing
yaebizThe 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: ▪️ Price: What the price of ...
Equilibrium Price, Equilibrium in the Market
yaebizThe 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 which market supply ...
Methods of measuring a business
yaebizFollowing are the methods of measuring a business: ▪️ Amount of sales turnover ▪️ Amount of profit ▪️ Capital employed ▪️ Stock market valuation ▪️ Number of employees ▪️ Number of shops/offices These methods however are not always completely accurate ...
E-Commerce
yaebizE-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 either business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. E-commerce allows consumers to ...
Entrepreneurs
yaebizEntrepreneurs 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. The entrepreneur then brings together the factors of production necessary ...
Joint Ventures
yaebizA 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 venture each of ...
Franchise Businesses
yaebizA 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 with the franchisee, explaining in detail the company’s ...
Limited Companies
yaebizA 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. Any profit it makes is ...
Business Partnerships
yaebizA 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 shares in the profits and losses of the ...
Sole Trader
yaebizA 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 about starting and running ...
Problems with Business Growth.
anusheMajorly, 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, and face diseconomies of Scale, which are the ...
Ways to Grow a Business
anusheThe 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 business. An example of internal growth would ...
Needs, Wants and Scarcity.
anusheThe 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 that people believe they need ...
Value Added Concept
yaebizWhen 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 consumer adds value to ...
Value Added Concept
anusheIn 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. For example, if you buy ...