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The Product Life Cycle is a depiction that explains the stages of a product's life, the challenges and opportunities tha...
13/02/2023

The Product Life Cycle is a depiction that explains the stages of a product's life, the challenges and opportunities that come in each stage and how to manage marketing, financing, production, procurement and human resource aspect in in respect to each stage.
The goals of the Product Life Cycle consists of improving product quality, identifying potential market possibilities, maintaining sustainable operations, reducing environmental conditions and reducing time to market of products.

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According to Jerome McCarthy, the marketers essentially have Product, Price, Place and Promotion (04) variables which th...
11/02/2023

According to Jerome McCarthy, the marketers essentially have Product, Price, Place and Promotion (04) variables which they can use while crafting a marketing strategy and writing a marketing plan. Later, Bernard Booms and Mary Bitner built a model consisting of 07P's by adding People, Physical evidence and Process by focusing on marketing of services.

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Procurement is the process of acquiring goods, works and services to an organization. It consists of identifying needs, ...
09/02/2023

Procurement is the process of acquiring goods, works and services to an organization. It consists of identifying needs, shortlisting, selecting and acquiring suitable goods and services from a third-party vendor through direct purchasing, competitive bidding or tendering while ensuring timely delivery of right quantity and quality.

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An economy is a system of inter-related production and consumption activities that determines the resources allocation w...
09/02/2023

An economy is a system of inter-related production and consumption activities that determines the resources allocation within a society. The production and consumption of goods and services as a whole, fulfill the human needs & wants.
What to produce, how to produce, how much to produce and for whom to produce depends on the income of the people in the society. Therefore, different types of economies have arisen in different countries.

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Alfred Marshall is an influential English economist who was famously known for his book 'Principles of Economics'. He wa...
08/02/2023

Alfred Marshall is an influential English economist who was famously known for his book 'Principles of Economics'. He was a professor of political economy and theorized the Welfare definition of Economics.
Marshall took Economics to a mathematical and scientific approach by idealizing supply and demand, marginal utility and production costs.

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Lionel Charles Robbins was a British economist who was educated at London School of Economics (LSE) in which he was late...
08/02/2023

Lionel Charles Robbins was a British economist who was educated at London School of Economics (LSE) in which he was later appointed as the professor of Economics for over years.
He was famous for theorizing the Scarcity definition of Economics. in his essay on the 'Nature and Significance of Economic Science'.

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Adam Smith was a Scottish economist and a philosopher who pioneered in political economy and Scottish Enlightenment. He ...
07/02/2023

Adam Smith was a Scottish economist and a philosopher who pioneered in political economy and Scottish Enlightenment. He is well known as the 'Father of Economics' as well as the 'Father of Capitalism'.
He is also known for writing 'Wealth of Nations' book which was the first modern work that treated Economics as a comprehensive and academic discipline that contained the Wealth definition of Economics.

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Total Quality Management or TQM mainly focuses on a set of principles that guides organizations achieving long-term succ...
04/01/2023

Total Quality Management or TQM mainly focuses on a set of principles that guides organizations achieving long-term success through customer satisfaction.
It is a continual process of detecting and eliminating errors, streamlining processes, improving the customers' experience and making sure that all employees are fully skilled and experienced to achieve long-term goals.

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Design thinking is a process for solving product related problems and instances by prioritizing the consumers' needs. It...
01/01/2023

Design thinking is a process for solving product related problems and instances by prioritizing the consumers' needs. It explains how to observe consumers with empathy, employ hands-on approach to create innovative solutions.

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SWOT Analysis is a framework used to evaluate an organization's competitive position in the market and to develop strate...
28/12/2022

SWOT Analysis is a framework used to evaluate an organization's competitive position in the market and to develop strategic planning. It assesses the internal (Strengths & Weaknesses) and external (Opportunities & Threats) factors to improve current and future potential of the company.

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PESTEL Analysis is a management method used by any organization to comprehensively assess major external factors that in...
28/12/2022

PESTEL Analysis is a management method used by any organization to comprehensively assess major external factors that influences its business operations in order to become more competitive and contemporary.

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Michael E. Porter is an American academic and a university professor at Harvard Business School who has done great contr...
26/12/2022

Michael E. Porter is an American academic and a university professor at Harvard Business School who has done great contribution to the evolution of management theories. He is recognized as the father of Modern strategy field because of his intellect and influential thinking.
He has contributed to many theories such as Diamond model, Five forces model, Generic competitive strategies & Value chain analysis.

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