What is Total Quality Management (TQM)? Total Quality Management is a management philosophy with roots back in the 1950s. Total Quality Management represents the continual process of identifying and eliminating…

When crafting international strategies businesses need to evaluate the affected countries in terms of their distances, or in other words their differences. Pankaj Ghemawat identified this issue and has in…

What are economies of scale? Economies of Scale refer to the cost advantage that a firm experiences when it increases its output level. In other words, it is the advantage…

The BCG matrix (also known as Boston Matrix) is a marketing model that helps businesses structure their long term strategic planning. It looks into the firm’s product portfolio and respectively…

One of the most widespread tools used within Strategic Marketing is the PEST analysis which examines the various environmental forces in the macronenvironment and assists marketers in understanding how these…

The terms Marketing Mix and 4Ps are the marketing buzz words. If you have ever researched how to position your market offering, then you have surely bumped into these definitions.…

JIT production, also known as JIT manufacturing, is a management philosophy for reducing times within production systems. In simpler words, it’s about producing what the customer wants, when they want…

Corporate Social Responsibility, often referred as CSR, is an evolving business practice that encourages a company to be socially accountable towards its stakeholders and the public.  Within a CSR strategy,…

Six sigma is a data-driven approach for improving the capability of business processes within an organization. The concept was developed by Bill Smith in the 1989s and was later popularized…

USP stands for Unique Selling Proposition and is one of the most important concepts within the marketing theory and practice. It has been defined as they key feature or the…