Effective Planning and Strategic Decision-Making
Planning Stages
- Evaluate Current Situation (Pre-planning, SWOT analysis)
- Set Objectives (Hierarchical levels, timeframes)
- Anticipate Future Conditions (Political, economic, technological predictions)
- Define Strategy (Identify, assess, and select action courses)
- Allocate Resources (Budget development)
- Implement Plan (Organization, responsibilities)
- Monitor and Control (Track progress, remedies)
Management by Objectives (MBO)
Stages
- Goal Setting (Employees and directors, SMART goals)
- Action Plan Development
- Progress
Market Research & Segmentation Essentials
Market Research
Market research involves gathering, recording, and analyzing data related to market goods and services. It draws from disciplines like psychology, anthropology, sociology, economics, statistics, and communication.
Market research informs decisions about:
- Introducing new products or services.
- Choosing distribution channels.
- Adjusting promotion and advertising strategies.
Market Segmentation
Market segmentation divides a market into smaller, uniform groups with similar characteristics and
Read MoreCritique of Capitalism and Marx’s Economic Theories
Marxian Critique of Classical Political Economy
A Critique of Classical Political Economy
Classical political economy, while positive in its study of market function and capital production, lacks a critical perspective on the proletariat’s plight. It overlooks the alienation of labor through mechanization, rural displacement, reduced wages, and worsening working conditions. Furthermore, it treats economic laws as natural laws, viewing the production system as ahistorical, rather than a historically
Read MoreInternational Economic Agreements and Organizations
European Coal and Steel Community (ECSC)
Members: France, Germany, Belgium, Netherlands, Luxembourg, Italy
Purpose: Created a common market for coal and steel to foster economic cooperation and prevent future wars.
Objectives: Economic expansion, job growth, higher living standards, secure market supply, community pricing, equal access to production, modernized production, improved quality.
European Economic Community (EEC)
Purpose: Expanded the ECSC’s principles to a broader range of goods and services.
Read MoreUnderstanding the Modern Business: A Deep Dive
What is a Business?
Economic Perspective
A business is a fundamental production unit. Its core function is to create or enhance value using inputs coordinated by management. Key functions include:
- Managing and coordinating inputs.
- Creating or increasing the utility of goods.
- Assuming risks.
- Generating wealth and employment.
Organizational Perspective (Company as a System)
Business organization involves designing and maintaining an operating system. This includes defining tasks, assigning personnel, establishing
Read MoreUnderstanding Customer Types and Commercial Contracts
Customers
A customer is a person or company involved in a commercial transaction.
Client Classes
According to Distribution Chain
- Wholesale Customers
- Retail Customers
- Late Clients
According to Product Relation
- Impulsive Customers: Customers with no specific brand preference, choosing the first option available.
- Reflective Customers: Customers who spend time considering the purchase, focusing on value for money.
- Money-Conscious Customers: Customers prioritizing the lowest price.
- Emotional Customers: Customers