Many companies face a common dilemma in the modern business world; reducing the cost of production or reducing the product quality. In most cases, the cost of production rises because of a company’s focus on keeping the quality high. If product quality is compromised while reducing costs, the firm …
The law states that all employees should have equal employment opportunities and accommodations indiscriminately. Yet, discrimination is rampant in companies based on religion, gender, and several other classes. Companies have policies and regulations that employees must adhere to in representing the image of their products and services. But, in …
A significant percentage of market leaders consider branding as critical to growth. The most loved brands have better awareness and recognition compared to competitors and usually have more loyal customers. It is associated with differences in consumer perceptions towards a brand and influenced by factors, such as instant trust, …
Job categories: Warehouse workers, marketing and website design, and delivery drivers. Step 1: Job Analysis Job analysis is a crucial step because it is the foundation of the recruitment and selection process. The manager should ask questions such as “What does the job involve?” Managers can obtain more information …
Economies of scale happen when the average cost of all units declines as the level of activity increases (Linden, 2018). Notably, it does not have to involve production. A company can enjoy this advantage because of high fixed costs, lower input prices caused by high-volume purchasing, or learning economies. …
Abstract This paper describes oligopoly, perfect competition, monopolistic competition, and monopoly markets and explains pricing strategies. Notably, this influence emanates from the inherent features of each market type that firms must contemplate while formulating the ultimate goal. Firms in perfectly competitive and monopolistic markets have limited pricing choices because …
Abstract The U.S. automotive industry is among the most competitive in the world. Both domestic and foreign carmakers have invested heavily to compete in this industry. With the changes witnessed over the years in this and other American industries, it remains necessary for firms to carry out a competitive …
Entrepreneurship is a journey that begins with identifying an opportunity. The entrepreneur can create various forms of businesses, from a sole proprietorship, general partnership, or limited partnership, to a Limited Liability Company. Patents protects an idea from duplication or unauthorized. The creation and evolution of McDonald’s business is a …
Cannibalization occurs when a new proposition reduces the value of a firm’s existing assets and organizational routines (Velu and Stiles 444). A firm’s willingness to cannibalize depends on the extent to which it can lessen the actual or potential value of its investments in assets. A company can balance …