A reverse auction is defined as an auction where the traditional roles of both the seller and buyer have reversed hence the name. In this…
Charismatic Leader: Meaning, Best Practices, Characteristic & Advantages
The leadership position in any organization is the center of power. All the power, authority, and resources gravitate to this position. The leaders are those…
Optional Product Pricing: Meaning, Advantages, and Disadvantages
Optional Product Pricing is a method to determine product costs where a business sets a low cost for its most basic product and then profits…
Tacit Knowledge: Meaning, Characteristics, Examples, and Advantages
Tacit knowledge is defined as the knowledge that is very difficult to impart to another individual either by telling him or writing it down. Several…
What is Time to Market? Definition, Importance, & Best Ways to Reduce TTM?
Definition: Time to Market (TTM) is the total length of time required to develop a product from its conception to its actual availability in the…
What is Viral Marketing? Examples & Techniques to Use in 2023
In 2023, viral marketing is more important than ever. Brands and marketers strive to create campaigns that resonate with audiences and have the potential to…
Predatory Pricing: Effects, Advantages, Disadvantages and Examples
Predatory pricing is defined as a strategy where a product or even a service is set at such a low price that it drives most…
Continual Improvement: Meaning, Benefits, Disadvantages, & Applications
Continual improvement is defined as a process that includes ongoing and continuous effort to improve the standard of processes, services, or products. It is always…
Operational Risk: Meaning, Examples and How to stay safe from them
The financial companies and banks are in constant fear of risks and keep looking for methods to mitigate these risks. Operational risks take place because…
Line Filling: Anatomy, Examples, Factors, Case Study
The concept of Line Filling can be defined as the business strategy where the firm plans to increase the number of products in the existing…
Mom And Pop Stores : Examples, Advantages, Disadvantages of Mom And Pop Shops Business
Mom and Pop name is popularly used for private and family-owned businesses. These stores are run by a family or a small number of employees….
Primary Industry: Meaning, Types & Example of Primary Industry Explained
Primary industry is defined as an industry that is concerned with extracting the natural resources on the earth so that they can be converted into…
Natural Monopoly: Regulation, Advantages, Disadvantages and Examples
Natural monopoly as the name suggests is a type of monopoly that exists in the industry because the infrastructural costs give the largest and in…
Multidisciplinary Team: Meaning, Tips, Characteristics, and Advantages
The multidisciplinary team is defined as a group comprised of members that have complementary skills, qualifications, and experience. Their contribution is towards particular objectives of…
Cost-Benefit Analysis: Advantages, Limitations, Examples, and Relevance
Cost-benefit analysis is defined as an approach to determine the weaknesses and strengths of action in business. It is a decision making concept employed to…
