The process of comparing your business metrics to understand the performance of strategies and processes is called benchmarking. Benchmarking makes sure that the practices that are used for evaluation are best in the
Marketing strategy articles
What is 3C Model by Ohmae?
The 3C Model by Ohmae was developed by the Japanese organizational theorist Kenichi Ohmae and is an industrial model. It offers the strategic outlook and guidance on the factors that are required for
The Supply and Demand Curve – Explained in Detail
Supply and demand are one of the most fundamental concepts of economics working as the backbone of a market economy. The concept of demand can be defined as the number of products or
What is Theory of Constraints?
The Theory of Constraints is a unique methodology for identifying the most important limiting factor that stands in the way of achieving a goal and then systematically improving that constraint until it is
Top 10 Types of Assessment
Assessment is defined as a proper collection, interpretation and use of information in regards to learning. It gives the teacher a better awareness about the knowledge of peoples and their understanding and what
What is House of Quality? Concept of House of Quality
House of Quality can be defined as the most convenient, easy, and simple tool used to convert the customer needs into technical descriptors for the firm. House of Quality is actually a matrix
What is the 5S System Framework in Management?
The 5S system can be defined as a systematic form and methodology of visual management utilizing everything from the floor tape to operations manuals during the manufacturing process in the firm. It is
What is Just in time Manufacturing? Elements Involved
Just in Time Manufacturing is also known as just-in-time production or the Toyota Production System and can be defined as the methodology with an objective to reduce times within the manufacturing system as
What is The Kraljic Matrix – Portfolio Purchasing Model?
The Kraljic Matrix Portfolio Purchasing Model was developed by Peter Kraljic in the year 1983 and the model could be used to analyze the purchasing portfolio of a company. The matrix duly facilitates
What is Lean Manufacturing?
The concept of Lean Manufacturing can be defined as the methodology that mainly focuses on minimizing waste within manufacturing systems of the company and simultaneously maximizing the levels of productivity. Lean Manufacturing is
What is Minimum Viable Product?
A Minimum Viable Product can be defined as the product with just enough features to satisfy early customers of the company with the intention to provide feedback for future product development. Minimum Viable
What is Market Equilibrium?
The concept of Market Equilibrium is based out of the subject of Economics from the concept of Economic Equilibrium. There is a concept in Economics wherein the supply and demand curve intersect and
What is Supplier Relationship Management?
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’
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
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,
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,
