Game Theory is the concept of Operation Research used in decision making for analyzing competitors’ strategies and planning to gain competitive advantage in the market Competitors play a vital role in the decision-making of an organization. Each strategy by an organisation is formulated after keeping its competitors’ actions in mind. In the same way, the […]
Plant Location or Facility Location is an important decision for an organization at the strategic level. An important feature of the manufacturing system is its efficiency in transferring products to the end customer. This feature can be well fulfilled on the basis of the location of its plant or facility. The decision to select the
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The phrase “product decision” in marketing describes the company’s intentional decisions—large or small—about its product. The 4Ps of marketing—Product, Pricing, Place, and Promotion—rank it first. These choices are made by organizations in an effort to achieve their goals and generate long-term profits. Product decisions must be made at several levels of marketing. These judgments generally
New product development (NPD) is the process of creating a new product through a set of design, engineering, and research activities. NPD is focused on creating an entirely new idea and seeing it through the entire product development process, as contrast to traditional product development. The capacity to provide items that fulfill customers’ requirements and
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A multinational corporation (MNC) operates and generates at least 25% of revenue outside its home country, with offices and facilities globally. Advantages include increased market share and cost efficiencies, while disadvantages involve job outsourcing, monopolization, environmental impact, and ethical violations. MNCs can be decentralized, centralized global, international division, or transnational corporations, each with distinct structures and operations.
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Marketing management involves creating and executing strategic plans aligned with business goals, tracking KPIs, and streamlining operations. Goals include expanding into new markets, generating earnings, and improving brand recognition. Key concepts encompass the five marketing concepts, needs, wants, demand, product characteristics, utility, cost, satisfaction, exchange, transaction, transfer, relationships, and defining markets, marketing, marketers, and prospects.
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The business environment encompasses all external and internal factors that impact a company, affecting its operations and decision-making. It includes specific and general forces, dynamic nature, uncertainty, complexity, and relativity. Understanding the environment helps identify opportunities, plan, tap resources, improve performance, cope with changes, face competition, and adapt to threats. This knowledge is crucial to business success and growth.
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