Economic Growth, Development, and Poverty: A Global Perspective
Patterns/Sectors of Unemployment
The industrial structure of developed countries sees most people employed in the tertiary sector (services), while manufacturing and agriculture are less prominent. This distribution shifts in emerging and non-developed countries.
Externalities in Economics
An externality is the consequence of an economic activity, representing the effect of an economic choice. There are two types:
Positive Externality
A positive externality occurs when an economic activity benefits a
Read MoreThe Power of Communication Marketing: Strategies, Impact, and Evolution
What is Communication Marketing?
The strategic use of different media and communication to promote goods and services is known as communication marketing. It involves understanding consumer behavior and market trends, as well as using digital media, public relations, and advertising as communication methods to reach target audiences. Good communication marketing raises brand awareness, promotes client connections, shifts consumer decisions, and eventually increases profit. Communication marketing
Read MoreSales Force Management: Retribution, Control & CRM
Retribution System
Goals of a Retribution System
- To align the interests of the salesperson with those of the firm:
- Focus on the markets/customers chosen by the firm.
- Focus on the products with higher profits, not just turnover.
- Generate high levels of dedication and effort:
- Bonus based on outcome or certain behaviors, fosters more working hours, better organization…
- A high level of salesperson extrinsic motivation is required.
Requirements of a Retribution System
- Perceived as fair: prize and effort have
English for Marketing and Advertising: A Comprehensive Guide
English for Marketing and Advertising
Innovation
Innovation means a new way of doing something. It implies changes in thinking, products, organization, or processes. It’s considered a major driver of business. Innovation is linked to competitive positioning (differentiating your offer and creating value for your customers). However, there are risks and costs involved.
Introducing New Products
Usually, products fail because companies are often enamored of their new product that they fail to do their
Read MoreHuman Resources Management: A Comprehensive Guide
Functional Areas
HR:
- It is responsible for resolving labor problems, hiring, salaries, etc.
Sales:
- Create alternatives that help to progress and solve problems with your team or your clients.
Production:
- Responsible for planning, executing, and launching products.
- Coordinates all the teams that are involved in the product.
Finance:
- It is responsible for managing financial information, analyzing trends, and evaluating the performance of the company.
Human Resources
Human resources are the knowledge, skills,
Read MoreThe Role of Marketing and the Marketing Mix: A Comprehensive Guide
The Role of Marketing and Its Relationship with Other Business Activities
Marketing is the function of a business responsible for understanding customer needs and developing the right products, setting the right price, and promoting and distributing products effectively.
Marketing is an ongoing process because:
- Customer needs change over time.
- The business environment can change (for example, laws, economic climate).
- Competitors enter the market.
- A firm’s own strengths change.
Marketing is an exchange
Read More