The concept of Supplier Relationship Management can be defined as the systematic approach of evaluating the suppliers’ contributions and influence on the success of the organization, determining the various tactics to maximize suppliers’ performance, and developing the strategic approach to work on these determinations. The overall process and approach help to create a positive relationship
Marketing strategy articles
What is Supplier Evaluation?
The concept of Supplier Evaluation can be defined as the process of assessing and approving the potential line of suppliers of the company through various quantitative and qualitative evaluation measures. The main and vital purpose of the process is to ensure that the portfolio of the top notch suppliers is available at the disposal for
Top 10 Burberry Competitors
Burberry is a British fashion industry player that was formed during the year 1856 and is headquartered in London, United Kingdom. Its main fashion products focus on trench coats, fashion accessories, ready-to-wear outwear, sunglasses fragrances, and cosmetics. The company has initially developed outdoor attire, it gradually moved into high fashion market. This brand is synonymous
What is Procurement Management?
The process of Procurement Management can be defined as the method by which items are purchased from external suppliers in the market. The process involves managing the ordering of the goods, receipt, review, and approval of items procured from the suppliers. The entire process also specifies how the relationships with the various suppliers are to
The Value Curve Model of Strategy
The Value Curve Model was introduced by academics W Chan Kim and Renee Mauborgne in the Harvard Business Review article from the year 1997 in the month of January titles “Value Innovation: The Strategic Logic of High Growth”. The concept was further expanded in their bestselling book of 2005, “Blue Ocean Strategy”. The Value Curve
Triple Bottom Line Concept
The Triple Bottom Line Concept broadens the focus of business on the financial bottom line to include social and environmental factors as the vital considerations. The triple bottom line measures a company’s degree of economic value, social responsibility and its impact on the environment. The phrase was coined and introduced in the year of 1994
What are Strategic Alliances and its role in Strategy?
Definition of Strategic Alliances The concept of Strategic Alliances can be defined as an arrangement between the two companies with an intention to share the resources and undertake a specific project that is mutually beneficial to both the parties involved. In the process of Strategic Alliance, each of the company maintains its autonomous position whilst
7s Framework by McKinsey
The 7s Framework by McKinsey is the strategic tool that carefully analyzes the company’s organizational design by looking and analyzing the 7 different internal elements that are strategy, structure, systems, shared values, style, staff, and skills. The main aim of the model is to identify if they are effectively and efficiently aligned with the core
What is Disruptive Innovation?
Define Disruptive Innovation The term Disruptive Innovation was coined by Clayton Christensen that describes the process of a product or service that takes root and form in simple applications in the market and then eventually elevates up in the market and displaces the established competitors in the market carving a niche for itself gaining a
What is Bowman’s Strategy Clock?
The Bowman’s Strategy Clock was developed by the two famous economists Cliff Bowman and David Faulkner. The main focus of the model is to make the companies aware of their position in the market as compared to their competitors. It is purely a marketing model that helps the companies to analyze their position in the
What are Dynamic Capabilities and their role in Strategy?
Dynamic Capability can be defined as the inherent capability of the organization to optimally and purposefully adapt and catapult the organization’s resource base. This management theory was defined by David Teece, Gary Pisano, and Amy Shuen in their 1997 paper Dynamic Capabilities and Strategic Management. It focuses on the company’s ability to build, integrate, and
The 5 P’s of Strategy explained
The 5 P’s of Strategy model was developed by the Canadian management scientist Henry Mintzberg with an objective to develop five distinguished strategic visions for the organizations. The Five strategic visions are Plan, Pattern, Position, Perspective, and Ploy. All the five components allow the organizations to implement the strategy in a more effective manner.
Marketing strategy of Aldi
Brand of two German Discount supermarket chains having over 10,100 stores in as many as 20 countries accumulates a turnover of over €50 billion. Founded by brothers Theo Albert and Karl in the year 1946, the business then got split into two separate groups in the year 1960 which came to be known as Aldi
Marketing Strategy of Tata Motors
Headquartered in Mumbai Tata Motors (formerly known as TELCO acronym form for TATA Engineering and Locomotive Company) are an Indian multinational automotive manufacturing company and a member of Tata group. Products offered by the company varies from cars, trucks, vans, coaches, military vehicles, sports cars, buses and construction equipment. TATA Motors is ranked as 226th
What is the Importance of Marketing Strategy?
Definition of Marketing Strategy Marketing Strategy can be defined as building and planning a long-term and forward-looking approach with a well defined plan to attain the desired goals and objectives of accomplishing higher sales, increased revenue generation for the company, retaining the loyal base of customers, attracting the new set of customers, and gaining a
Marketing Strategy of ITC
Founded in 1910 as Imperial Tobacco Company of India the company initially dealt in tobacco products for decades before diversifying into non-tobacco products in the 1970s. ITC since then has emerged as a multi-business conglomerate having business in various industries such as Hotels, Lifestyle Retail stores, ready to eat sector, confectionary sector, Paperboards segment, body