Understanding Product Attributes, Benefits, and Classification
What is a Product?
A product is anything that can be offered to a market to satisfy a want or need. It can be a physical item, a service, or an idea.
Basic Benefits of Products
These are the core benefits a product offers, defining its primary function or raison d’être.
Ancillary (Auxiliary) Benefits
These benefits add extra features or attributes, increasing the product’s perceived value to the consumer.
Aesthetic Benefits
Aesthetic benefits enhance a product’s attractiveness through shape, design, and
Read MoreEconomic Consequences of Peace: Interwar Instability & Depression
Economic Consequences of the Peace
End of 1st Globalization: International economic disintegration (capitals, commodities & labor). End of EU hegemony (GB). Social and civil conflicts. Development of Fascism & Communism.
EU Post-WW1
After the peace treaties: Germany had to compensate the winners with reparations and the regions of Alsace & Lorraine. No more empire = Weimar Republic. War debt from the US because of the loans provided to allies. Unemployment due to the return of the soldiers.
Read MoreUnderstanding Market Structures and Competitive Dynamics
Market and Competition
We define the market as a mechanism that encompasses all procurement activities for a particular product or sale by companies and claimants. It forms the basis of market economies and mixed economies, promoting exchange through the free operation of supply and demand.
Perfectly Competitive Markets
A perfectly competitive market is one in which all goods and services are voluntarily exchanged for cash at a price set by the market, resulting from the free functioning of the laws
Read MoreBudget Cycles, Federal Process, and Budget Types
Budget Cycle Fundamentals
What is a Budget Cycle?
A budget cycle is the time frame a budget covers. Companies typically use monthly, quarterly, or annual budget cycles to manage costs and administrative duties.
Purposes of a Budget Cycle
- Helping control costs.
- Making it easier for a finance department to prepare reports.
- Enabling regular variance analyses.
For example, if a production department has a limit on how much it can spend on labor during a quarter, it can better plan its workflow.
Phases of Budgeting
- Preparing
Core Business Strategy Concepts: RBV, Generic & Growth Models
Resource-Based View (RBV)
The Resource-Based View (RBV) is a method for analyzing and identifying a firm’s strategic advantages by examining its distinct combination of assets, skills, capabilities, and intangibles. Key premises include:
- Firms differ fundamentally because each possesses a unique “bundle” of resources.
- Each firm develops competencies from these resources, which become the source of its competitive advantages.
Resource Types:
- Tangible assets: These are the easiest resources to identify
Gold’s Market Research Methods & Diamond’s Stakeholders
Market Research Strategies for Gold
Gold can utilize quantitative and qualitative research to gather market information, using it to identify and maintain customer focus.
Qualitative Research Methods
Qualitative research involves gathering information that can be interpreted in various ways; it is useful for analyzing individuals’ opinions, beliefs, and attitudes. Key qualitative research techniques include:
- Focus group interviews
- Depth interviews
- Observational research
- Projective research
For Gold, a suitable
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