What's it: Revenue management is the adoption of a data-driven approach for predicting consumer behavior to maximize revenue. Companies use sophisticated computer systems to analyze consumer behavior, forecast demand, adjust inventory, and set
Management
Promotion in Marketing: Types, Affecting Factors
What's it: Promotion is a marketing effort to increase public awareness, stimulate people to buy, and increase sales. It may be for product, brand, or company itself. Promotion combines any communication between a business and a potential
Auditor: Meaning, Types, and Tasks
Who's it: An auditor is a party that carries out an official examination of the systems, accounts, legal records, and documents of a company. Their work and examinations cover various areas, such as finance, marketing, information technology, and
Reasons Small Businesses Fail
Many new businesses emerged. But, most of them failed to grow bigger. For example, in the United States, 30% of new businesses fail during the first two years of their operation, 50% during the first five years, and 66% during the first 10
Gig Economy: Meaning, Key Drivers, Pros and Cons
What's it: Gig economy is a phenomenon in the economy and employment structure where non-permanent jobs are trending and proliferating. Short term contracts, freelance, and part-time jobs are gaining popularity. The internet and technology
Leadership: Meaning, Characteristics and Types of Leadership Style
What's it: Leadership is the act and skill of leading a group of people or organization. It is usually associated with the position and traits inherent in a company's manager and chief executive. They have the authority and power and use it to
Economies of Scale: Types, Benefits, How to Achieve It
What it is: Economies of scale are the cost savings when a company increases its production scale. An increase in output allows the firm to reap a decreasing average cost of production. Production becomes more efficient because the firm can
Industry: Meaning, Classification
An industry is an economic activity related to processing raw materials and manufacturing goods in factories. This definition is synonymous with manufacturing. The term "industry" also means a group of different companies offering similar
Porter’s Five Forces: Concept and Explanation For Each Force
Porter's five forces refer to the five elements that determine a market or industry's competition and profits. Michael Porter first described it in the Harvard Business Review article in 1979. Those forces include the threat of new