Product Management: Key Concepts and Differentiation
Product Management – Lecture 2
What is a Product?
- A product is something that can be offered to a market to satisfy a need or desire.
- It can be a concrete object or an abstract concept that meets the needs and desires of consumers. Consumers are looking for objects, services, or ideas that enable them to live a satisfying experience or solve a problem.
- Consumers do not buy the products themselves, but the benefits they provide.
- Products can be tangible goods or services.
- Variables that make up a product:
Effective Business Communication: Letter and Envelope Standards
Key Aspects of Professional Correspondence
Essential elements of effective business communication include clear and concise language. The primary goal is to ensure accurate and precise communication. When adhering to these standards, remember to:
- Avoid spelling errors.
- Use a broad and appropriate vocabulary.
- Maintain an objective tone.
- Avoid pleonasms (redundancy).
- Minimize the use of gerunds, especially at the beginning of sentences.
Envelope Standards
Business envelopes, whether classical or American
Read MoreBusiness Operations: Leasing, Renting, Factoring, and More
Leasing
Leasing is a method of financing that allows a company to use assets in the medium and long term without the need to own them. It is a credit operation. The leasing operation is a contract in which the lessor leases an asset to a company in return for the payment of lease installments.
Renting
Renting consists of leasing movable assets in the medium to long term. In the contract, the renting company agrees to pay a monthly rent for a fixed term, and the renting company agrees to facilitate
Read MoreBusiness Model Canvas, Market Analysis, and Innovation Strategies
Business Model Canvas
The Business Model Canvas includes the following key elements:
- Value Proposition: What you offer.
- Customer Segments: Who will buy your product.
- Channels: How clients access your product.
- Customer Relationships: How you relate with clients.
- Revenue Streams: How money comes into the business.
- Key Activities: Things you do very well.
- Key Resources: What you invest in to grow.
- Key Partners: Who you partner with for a great business model.
- Cost Structure: Your costs.
Business Model Questions
- What
Supply Chain and Inventory Management: Best Practices
Department of Supply and Storage
ITEM 4: Department of Supply or Storage focuses on:
- Purchase: Buying supplies for the company, from production inputs to cleaning equipment and office supplies, taking into account the price, delivery, payment terms, etc.
- Storage: Location of stocks waiting to be used. The store’s features depend on the characteristics of the goods. It can also be used to store goods at another stage of the production process.
- Warehouse Management: Inventory management. Orders set the
Understanding Accounting Law and its Impact on Businesses
Accounting law comprises a set of rules and documentation governing the activity of entrepreneurs and their results, expressed in monetary terms. It encompasses accounting, bookkeeping techniques, the meaning of entries or book entries, and the documents (traditionally books) in which these are manifested.
Such standards, as structural elements of a company and the status of the employer, are of a heterogeneous nature, belonging to different bodies of law. Therefore, we discuss their legal nature:
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