The business canvas model is one of the more commonly used frameworks that are used to explain the business model of a firm, and to explain the more important elements of the business. The canvas displays all this information in a single view thereby … [Continue reading] about Business Canvas Model
Value Proposition Canvas
The Value Proposition Canvas is a useful tool to understand how a new product/service that a business plans to introduce can help the buyers. The canvas consists of two sections, the customer profile and value proposition (Osterwalder et al., … [Continue reading] about Value Proposition Canvas
Role of WTO (World Trade Organization) in International Trade
What is WTO (World Trade Organization) and its importance in international trade. Introduction to WTO The World Trade Organization (WTO) is a global body that deals with the rules of trade between nations. The WTO strives to ensure trade flows as … [Continue reading] about Role of WTO (World Trade Organization) in International Trade
Technological Environment: Impact on business
Technological Environment (Domestic or Foreign Technological Factors) and its impact on business. Two of the principal divers of global development have been speed of communication and the reduction in cost of technology. New technologies in both … [Continue reading] about Technological Environment: Impact on business
The Economic Environment facing Business
Economic environment refers to the external economic factors that can influence businesses as well as consumer behavior, and in turn impact the performance of a business. Economic environment factors are further categorized as macroeconomic factors … [Continue reading] about The Economic Environment facing Business
The Legal Environment facing business
The legal environment of a country is framed by its government and comprises of business laws that every business operating in that country must adhere to. Legal Environment (Domestic or Foreign Legal Factors) stems from the political stance and … [Continue reading] about The Legal Environment facing business
The Political Environment facing business
Political Environment (Domestic or Foreign Political Factors) includes any domestic and foreign political factors which may affect the organization’s decision making, planning, implementation and control mechanisms. Marketers have to work within the … [Continue reading] about The Political Environment facing business
Most favoured nation (MFN) principle of WTO agreements
In international trade, most-favored-nation (MFN) treatment means a policy of non-discrimination towards all the WTO members. Although the name implies favoritism and exclusive trading privileges toward one particular nation, it actually means equal … [Continue reading] about Most favoured nation (MFN) principle of WTO agreements
Socio-Cultural Environment and its impact on business
Culture differs in different markets. For example, social class and income have a significant effect on purchases of consumer goods and services. For example, Food is a basic need but what we eat depends on culture and income. Socio-Cultural … [Continue reading] about Socio-Cultural Environment and its impact on business
How to do Competitor Analysis
As part of the industry or sector analysis, it is important to examine the activity of competitors. Competitive analysis is about assessing the nature and extent of competition in the organisation’s market place. As part of competitive analysis, … [Continue reading] about How to do Competitor Analysis
Introduction to Marketing: Useful Concepts
Introduction to marketing: Various definitions, marketing mix, sales vs. marketing, marketing plans, and more. What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating and delivering value to … [Continue reading] about Introduction to Marketing: Useful Concepts
Ansoff Matrix Explained
Ansoff Matrix, often referred to as the Product/Market Expansion Grid, is a strategic planning framework used by firms to help plan their growth initiatives. The matrix talks about four different growth alternatives - market penetration, market … [Continue reading] about Ansoff Matrix Explained
Strategic Capabilities
Strategic capabilities refer to the resources and competences of a firm that it uses to compete with rivals in the market. These usually comprise a firm's strengths and weaknesses and could serve as a source of competitive advantage (or disadvantage) … [Continue reading] about Strategic Capabilities
McKinsey’s Three Horizons of Growth
McKinsey's Three Horizons of Growth suggests that a firm should categorize its various goals into three different 'horizons' in order to effectively focus on growth as well as innovation. Horizon 1 Current core activities – extend and defend these … [Continue reading] about McKinsey’s Three Horizons of Growth
Internal Environment Analysis
The Internal Environment includes all aspects that are directly within the span of control of the global company and can be altered, stopped or started at its decision, e.g. strategy, structure, people, processes, resources. What is the Internal … [Continue reading] about Internal Environment Analysis
Mission, vision and value statements: Definitions & examples
Understanding mission, vision and value statements. A mission statement talks about the organization’s business, its purpose, its objectives and how it intends to meet those objectives. A vision statement details what the organization hopes to become … [Continue reading] about Mission, vision and value statements: Definitions & examples
Porter’s Five Forces: Analysis of Competitive Environment (Micro Environment)
A useful way of gaining insights into competitors and the competitive environment is through industry analysis. Porter's five forces model is a framework that helps understand the competitive patterns within the industry in which a firm … [Continue reading] about Porter’s Five Forces: Analysis of Competitive Environment (Micro Environment)
Business Level Strategies
While strategies at the corporate level provide the broad direction, below this level are the business level strategies. Corporate level strategies lay down the framework in which business strategies operate. These strategies are then applied at the … [Continue reading] about Business Level Strategies
What is Strategic management?
Strategic management is the process of setting goals, objectives and developing plans, policies in order to achieve those objectives, and then allocating the requisite resources to implement those plans. This is done in order to make the firm more … [Continue reading] about What is Strategic management?
Keller’s Brand equity Model (CBBE Model)
One of the main objectives of the branding team of a company is to increase the brand equity of the organization. There are several ways in which this can be done, and one of the ways is to follow the Keller’s Brand equity model (also known as the … [Continue reading] about Keller’s Brand equity Model (CBBE Model)
Strategic Evaluation: Tools/techniques for Evaluating Strategies
Understand the criteria available to evaluate potential strategic options developed within an organisation. Here's how Strategy Evaluation is typically carried out in big organizations. First, the firm assesses the performance outcomes of the … [Continue reading] about Strategic Evaluation: Tools/techniques for Evaluating Strategies
Environmental Scanning
Environmental scanning is an activity that helps an organization to identify the opportunities and threats in its environment. It is the systematic, ongoing collection and interpretation of data about internal and external factors that affect … [Continue reading] about Environmental Scanning
Leadership Theories Explained
Overview of the various leadership theories (Great Man Theory, Trait Theory, Behavioural Theory, Contingency Theory, Situational Theory, Transactional Theory, Transformational Theory, and others) that describe why certain individuals develop … [Continue reading] about Leadership Theories Explained
Carroll’s CSR Pyramid: Understanding the Four Levels
Carroll's CSR pyramid is a framework that explains how organisations can take social responsibility, it highlights the four important types of responsibility of organisations. This is one of the most well-used models used to describe and explain CSR … [Continue reading] about Carroll’s CSR Pyramid: Understanding the Four Levels
Deviant Consumer behaviour
Consumers can often be their own "worst enemies". Consumers’ desires, choices, and actions often result in NEGATIVE consequences to themselves and / or to society. Social pressures, a culture’s value of money, exposure to unattainable ideals of … [Continue reading] about Deviant Consumer behaviour
Schiffman and Kanuk’s model of Consumer Behaviour
Schiffman and Kanuk uses a marketing segmentation approach to explain Consumer Behaviour. The authors have explained the model in their book named 'Consumer Behaviour'. Consumer buying behaviour is the study of the buying behaviour of consumers; it … [Continue reading] about Schiffman and Kanuk’s model of Consumer Behaviour
Balanced scorecard (BSC): Framework to identify and improve internal functions
Balanced scorecard (BSC) is a strategic management performance metric that provides a comprehensive view of the business. In addition to finance measures, it also measures customer satisfaction, internal processes, and the innovation and improvement … [Continue reading] about Balanced scorecard (BSC): Framework to identify and improve internal functions
MASLOW’S Need Hierarchy Theory
Maslow's Need Hierarchy Theory: Abraham Maslow propounded a theory of human motivation. Maslow identified five sets of human needs. The five sets of needs are arranged in a hierarchy of their importance to individuals. Maslow’s Hierarchy of … [Continue reading] about MASLOW’S Need Hierarchy Theory
Leadership Styles: Various types
Various types of leadership styles explained. From Mahatma Gandhi and Winston Churchill, to Martin Luther King and Steve Jobs, there can be as many ways to lead people as there are leaders. Fortunately, business people and psychologists have … [Continue reading] about Leadership Styles: Various types
Churchill & Lewis Growth Stage Model
The Churchill & Lewis Growth Stage Model is a useful framework that helps analyse what particular stage of growth a small firm is at, and the issues and problems that they need to be aware of - now as well as in the future as the business grows. The … [Continue reading] about Churchill & Lewis Growth Stage Model
Belbin’s Team Role Theory
The Belbin Team Roles theory suggests how to select the right mix of people for a team that will help the team succeed. Every person has unique strengths and behaviour that can facilitate the progress of a team. Belbin's theory identify behavioural … [Continue reading] about Belbin’s Team Role Theory
Tuckman’s theory: Various Stages of Group Development
Tuckman Model: Theory to understand the stages of team formation. This model reveals how teams transform as they go from the initial formation towards the completion of the project. You need a team to do take on bigger things and accomplish things … [Continue reading] about Tuckman’s theory: Various Stages of Group Development
7 O’s framework of consumer research
The 7 O’s framework of consumer research helps marketing managers understand more about the consumers in the target market. The 7 Os stand for Occupants, Objects, Objectives, Organizations, Operations, Occasions, Outlets. Here's what they … [Continue reading] about 7 O’s framework of consumer research
Theories of Motivation: Leading and managing people in organizations
Theories of Motivation: Understand how motivation is used to lead and manage people in organizations. What is Motivation Motivation is basically the intention or reason for an individual's activities and desires. It stimulates a person to do things … [Continue reading] about Theories of Motivation: Leading and managing people in organizations
Functional Level Strategies
Strategies for different functions of management are known as functional level strategy. Functional Level Strategy is concerned with operational level decision making, called tactical decisions, for various functional areas such as: … [Continue reading] about Functional Level Strategies
Hofstede’s Cultural Dimensions Theory
Organizational anthropologist Geert Hofstede is well known for his research studies on social values that suggest that cultures of different nations can be compared in terms of five dimensions. Developed by Geert Hofstede (1984), the cultural … [Continue reading] about Hofstede’s Cultural Dimensions Theory
McDonald’s: Internal External Factors, Marketing, Competition, Strategy
McDonald's Internal External Factors, SWOT, Porter's 5 Forces, Strategy, Marketing Mix. About McDonald’s McDonald’s is a fast food chain which originated in America, and was founded by the McDonald brothers Richard and Maurice in California. On a … [Continue reading] about McDonald’s: Internal External Factors, Marketing, Competition, Strategy
Marketing Ethics: Various Concepts
Ethics in marketing promotes transparency, honesty, fairness in marketing. Marketing ethics is what guide companies to do "the right thing" - be it implementing acceptable practices, dealing fairly with customers, complying with law, or be it caring … [Continue reading] about Marketing Ethics: Various Concepts
Understanding Consumer Culture: Theory and Definition
Consumer culture is a theory in marketing that suggests that the modern human society is subjected to strong forces of consumerism where buying consumer goods has now become a cultural practice that fosters social behaviors. Transformation to a … [Continue reading] about Understanding Consumer Culture: Theory and Definition
Strategy Implementation
Strategy Implementation is the execution of the various plans and strategies to meet the desired outcomes, including meeting the long-term goals of the organization. Strategic implementation is the sum total of all the activities and choices required … [Continue reading] about Strategy Implementation
Triple bottom line (TBL)
The term Triple bottom line (TBL) was coined by John Elkington in 1994. TBL is an accounting framework with three parts: social, environmental and financial. Many organizations (Nike, Tesco, DHL) have adopted the 3BL framework to evaluate their … [Continue reading] about Triple bottom line (TBL)
Strategy Formulation
Strategy formulation is the process of offering proper direction to a firm. It seeks to set the long-term goals that help a firm exploit its strengths fully and encash the opportunities that are present in the environment. Strategy Formulation is … [Continue reading] about Strategy Formulation
Theories in Crisis Management
Crisis theory in management refers to the various plans (course of action) that firms could take when they are faced with a crisis. Crisis refer to the occurrence of sudden, unplanned events that cause major disruptions to the working of a company … [Continue reading] about Theories in Crisis Management
Entrepreneurship: Books, Journals and Resources
Best Entrepreneurship: Books, Journals and Resources Books Burns, P., 2016/2021. Entrepreneurship and small business: Start-up, growth and maturity, 4th ed. or 5th ed. Palgrave Macmillan Limited. Baron, R., and S. Shane, 2008. Entrepreneurship. A … [Continue reading] about Entrepreneurship: Books, Journals and Resources
External Environment: Analysis of Micro and Macro Environment
The external environment comprises of all external (outside) factors or influences that has could potentially impact the operation of a business. There are large external environmental forces affecting the industry in which a business operates. … [Continue reading] about External Environment: Analysis of Micro and Macro Environment
CSF, KRI and KPI Explained
Importance and implementation of key success metrics (CSFs, KRIs, KPIs) in Analytics. In order to compete, more businesses are finding it vital to monitor the various business processes so that performance can be measured and improved upon. Acronyms … [Continue reading] about CSF, KRI and KPI Explained
Corporate Level Strategies
Corporate level strategies help to exercise the choice of direction that an organization adopts. What is Corporate Level Strategy? A corporate strategy refers to the actions that organizations undertake so that the company, or one or more of its … [Continue reading] about Corporate Level Strategies
The Financial Instability Hypothesis
This hypothesis emphasises the accumulation of debt by firms which in times of rising interest rates leads to corporate collapse and hence a fall in output thus compounding the fluctuations in the business cycle. The important intermediary role of … [Continue reading] about The Financial Instability Hypothesis
Place in Marketing Mix
Place in Marketing Mix refers to the distribution channels that are needed to take the products to the end-users. Location Layout Distribution channels Retail / wholesale Internet Telephone Face-to-face selling … [Continue reading] about Place in Marketing Mix
Solow Model of Economic Growth
The Solow Model of economic growth is a model that explains the growth of an economy and suggests that sustained growth in the economy is due to growth in technology and not really due to other factors such as increase in capital and labour. The … [Continue reading] about Solow Model of Economic Growth