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Six Sigma: What It Is, Steps
Business

Six Sigma: What It Is, Steps

In the domain of quality management and process enhancement, Six Sigma is renowned as a potent methodology adopted by organisations worldwide. Initially rooted in the manufacturing sector, Six Sigma has proliferated across diverse industries, spanning services, healthcare, and technology. We…
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March 18, 2024
Trader: What It Is, What They Do
Business

Trader: What It Is, What They Do

For those captivated by the dynamic world of finance, the role of a trader beckons as an exhilarating and potentially lucrative endeavour. In this blog post, we will explore the general definition of a trader, the essential skills required, the…
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March 12, 2024
Warranty: What It Is, How It Works, Types
Business

Warranty: What It Is, How It Works, Types

A warranty is a significant aspect of consumer rights and product assurance in Australia. Whether you're a business owner offering warranties or a consumer relying on them, understanding what warranties are, how they work, and the provisions under Australian Consumer…
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March 6, 2024
Network Effect: What It Is, Pros and Cons
Business

Network Effect: What It Is, Pros and Cons

What is the Network Effect? The network effect denotes a situation in which the value of a product or service increases as more individuals or participants engage with it. The internet serves as a prime illustration of this phenomenon. Initially,…
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February 29, 2024
Salesperson turning a knob to select customer retention strategy instead of acquisition.
BusinessMarketing

New or Returning Customers: What’s Your Focus?

Customers, new or old, are crucial for running a successful business.  However, while all types of customers are equally important, their distinct characteristics require different marketing strategies.  Understanding these differences is essential for effective resource allocation and strategic planning. New…
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February 27, 2024
Customer to Customer (C2C): What It Is, How It Works
Business

Customer to Customer (C2C): What It Is, How It Works

What is Customer to Customer (C2C)? The Customer to Customer (C2C) business model facilitates direct trading between customers, often in an online setting. This model finds expression through platforms like auctions and classified advertisements. C2C commerce has surged in popularity…
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February 25, 2024
Mom-and-Pop: What It Is, Examples
Business

Mom-and-Pop: What It Is, Examples

What is a Mom-and-Pop Establishment? "Mom-and-pop" is an informal expression used to characterise small, family-owned, or independent businesses. These establishments often face challenges competing with larger enterprises, such as big-box retailers, which often have greater purchasing power. Recently, phrases like…
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February 18, 2024
Big-Box Retailers : What They Are, Examples
Business

Big-Box Retailers : What They Are, Examples

What are Big-Box Retailers? Big-box retailers are large-scale retail establishments characterised by its expansive physical footprint and diverse product offerings. These stores capitalise on high sales volumes to achieve economies of scale, enabling them to offer competitively priced goods by…
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February 1, 2024
Vendors: What They Are, Types
Business

Vendors: What They Are, Types

What are Vendors? Vendors are entities within the supply chain that offer goods and services to businesses or consumers. The term "vendor" often refers to the entity receiving payment for the provided goods rather than the actual manufacturer. However, a…
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January 28, 2024
Business-to-Business (B2B): What It Is, How It’s Used
Business

Business-to-Business (B2B): What It Is, How It’s Used

What is Business-to-Business (B2B)? Business-to-business (B2B), also known as B-to-B, is a transactional relationship between businesses, such as one involving a manufacturer and wholesaler or a wholesaler and a retailer. B2B pertains to commerce conducted between companies, as opposed to…
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January 22, 2024