For most businesses, their aim is to grow within existing markets. This can lead to many different processes when deciding, “Where do I begin?” There are expansion strategies, pricing strategies, market entry strategies, marketing strategies and so on. Whatever the strategy, a simple question needs to be asked; – “Will this venture be sustainable?” Ansoff’s…
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What is your key motivation at work? Is it climbing up the ladder? Monetary bonuses? Job satisfaction, to know you are performing well? Is it your colleagues, team or the role itself? Maslow developed a theory that combines all the main drivers to motivate an employee, he called it the Hierarchy of Needs. Maslow argues…
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The Product Lifecycle theory explains the journey of a product, from research and development to its decline. It states the different milestones a product will go through and the state of sales throughout its growth. The theory can be applied to a singular product, a brand and its product portfolio or a particular model series…
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Working in a management role can be a tough job. Not only do you have to look after your team and please them, but you have to keep those above you happy too. This can cause complications at times when handling your subordinates, how can you manage them in order to reach the company goals?…
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Any company wanting to succeed should be reviewing and analysing their markets constantly. This is how you spot any trends and other changes in the industry. One major factor which can change your market entirely can be the threat of new entrants or a change within an existing competitors market strategy. Your competitors are companies…
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In any business, you will already have an idea of who your ideal target market is, but how thorough was your research? Do you know whether your current market is your target? Do you know their demographics and psychographics? Are you supplying a lucrative demand? You should know these answers. Why do you Need to…
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Your workforce drives your business. Whether you have just taken on a new employee in your company or need to expand the skills in any existing team; – training your staff in accordance with your company culture supports their overall job satisfaction. Why Train your Staff? Training your employees allows for more accurate and successful…
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When setting up your business you need to create your vision, goals and objectives that you intend on achieving. Accomplishing these objectives are what determine whether your outlook on your company is realistic or not. Furthermore, these objectives are what your company and its workforce work towards achieving and so should be clear and understandable.…
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