by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Process in the Marketing Mix? The Value-added services that differentiate the product from the competition (e.g. after-sales service, warranties) Is there a method for feedback on customer satisfaction, quality control? What minimum shipping orders are...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is an Action Plan in Marketing?The action program includes the procedural steps necessary to carry out the marketing strategy (strategic use of resources) laid out above. The action plan is generally constructed as a table of activities that assign various tasks,...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is the External Environment or Macro-Environment of a Firm? The external environment includes the external factors that can indirectly influence an organization. The external environment is often divided into: Political (Governmental or or Legal) Factors Economic...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
Understanding Your Business Position in the Industry The previous discussion analyzes the business and the overarching environment affecting the business. Now we turn our sights to understanding our business place in the industry. The most common and well-known tool...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Competitive Advantage? Competitive advantage, as the name implies, is an advantage that a company or market participant has over other competitor market participants in a given function or industry. Plainly stated, it concerns the ability of a company to...
by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation
What is Customer Priority?Customer priority involves the emotional drive of the customer to buy your product or service. An entrepreneur may create a product that fulfills an important need or want for the customer; however, the customers willingness to buy that...
