by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Commoditize?Commoditize is the process by which products become inseparable from competing offerings over a particular period. In general, commoditized products in certain categories are usually the same (or very similar) – with price as the only...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is the Business Model Canvas?The business model canvas is a strategic management and lean startup template for developing new or documenting existing business models. It can also be defined as a visual chart with elements describing a firms or products value...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Benchmarking?Benchmarking is the comparison of one’s business and performance measurement to the best industry and other companies’ best practices. The information gained from this method can then be utilized in the identification of gaps in the...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is the Bass Diffusion Model?The Bass diffusion model, or merely the Bass model, is a differential equation used to describe the process involved in the adoption of new products into the population.How is the Bass Diffusion Model Used? This model is used to...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Backward Integration?This is a type of vertical integration involving the merger with or purchase of suppliers up the supply chain. This type of integration is employed by firms when they expect it will improve efficiency and cost savings. Some of the...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Bootstrapping?Bootstrapping refers to a situation whereby an entrepreneur starts a small business and develops it into a company using the capital at their disposal without relying on other external sources of finance. An individual is referred to as...
