Month: February 2022

SWOT is an acronym which stands for strengths, weaknesses, opportunities and threats. A SWOT analysis summarizes the key issues from the business environment and the strategic capability of an organization that are most likely to impact on strategy development. The Read More …

The operating environment is also called the task environment and comprises of factors in the competitive situation that affect a firm’s success in acquiring needed resources or profitably marketing its goods and services. Amongst the most important of these factors Read More …

It is important that a business organization defines clearly its industry, which is an OUTPUT concept and its markets, which is a DEMAND concept. An industry is a group of firms producing the same principal product. A market is a Read More …

Factors in the remote environment The remote environment comprises factors that originate beyond and usually irrespective of any single firms operating situation i.e. they are factors outside the control of the business. The PESTLE framework is often used to analyze Read More …

Email/Contact Forms There is no question that email is one of the most valuable ways to gather candid customer feedback. However, there are a few ways you can improve the way customers reach out to you via email to maximize Read More …

1. Ask Them. The simplest way to find out what people want from your service or product is to ask them. That’s what the hairdresser does when he says, “How would you like your hair, sir?”. The trouble is, most Read More …

Two of the challenges of performing stakeholder analysis are determining how stakeholders are affected by a firm‘s decisions and how much influence they have over the implementation of the decisions that are made. Many people have a tendency to fall Read More …

Identifying all of a firm‘s stakeholders can be a daunting task. In fact, as we will note again shortly, a list of stakeholders that is too long actually may reduce the effectiveness of this important tool by overwhelming decision makers Read More …

The following are the major differences between perfect competition and imperfect competition 1. The competitive market, in which there are the large number of buyers and sellers, and the sellers supply identical products to the buyers, it is known as Read More …

1. PERFECT COMPETITION This is also known as pure competition) describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, Read More …