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Business

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
PEST Analysis: What It Is, How It Works
Business

PEST Analysis: What It Is, How It Works

What is PEST Analysis? The PEST analysis (political, economic, social, and technological) serves as a management method through which an organisation can evaluate significant external factors influencing its operations, thereby enhancing competitiveness in the market. As indicated by the acronym,…
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January 18, 2024
SWOT Analysis: What It Is, How To Do It
Business

SWOT Analysis: What It Is, How To Do It

What is SWOT Analysis? SWOT analysis, which stands for strengths, weaknesses, opportunities, and threats, serves as a framework for assessing a company's competitive standing and developing strategic plans. This comprehensive tool evaluates both internal and external factors, examining current conditions…
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January 17, 2024
Product Lifecycle Management (PLM): What It Is, Benefits
Business

Product Lifecycle Management (PLM): What It Is, Benefits

What Is Product Lifecycle Management (PLM)? Product Lifecycle Management (PLM) is the management of a product as it progresses through the standard phases of its life: development and introduction, growth, maturity/stability, and decline. This management encompasses both the manufacturing and…
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January 12, 2024
Quality Control: What It Is, How It Works
Business

Quality Control: What It Is, How It Works

What is Quality Control (QC)? Quality control (QC) is an integral process within a business aimed at upholding or enhancing product quality. It requires the setup of an environment where both management and employees are dedicated to achieving excellence. This…
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January 9, 2024
Working Capital Management: What It Is, Key Elements, Types
Business

Working Capital Management: What It Is, Key Elements, Types

What is Working Capital Management? Working capital management is a strategic approach aimed at optimising a company's operational efficiency through the effective utilisation and monitoring of its current assets and liabilities. The effectiveness of working capital management can be assessed…
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January 5, 2024
Six Forces Model: What It Is, How It Works
Business

Six Forces Model: What It Is, How It Works

What is the Six Forces Model? The six forces model serves as a strategic business tool enabling businesses to assess market competitiveness and attractiveness. This model offers insight by analysing six key areas of business activity and the competitive forces…
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January 4, 2024
Total Quality Management (TQM): What It Is, How It Works
Business

Total Quality Management (TQM): What It Is, How It Works

What is Total Quality Management (TQM)? Total Quality Management (TQM) involves an ongoing procedure of identifying and minimising mistakes in manufacturing, aiming to streamline supply chain operations, enhance customer satisfaction, and maintain employee proficiency through consistent training. The primary goal…
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December 27, 2023
Raw Materials: What It Is, Direct vs. Indirect
Business

Raw Materials: What It Is, Direct vs. Indirect

What Are Raw Materials? Raw materials are the fundamental elements used in the manufacturing of goods or the provision of services. These materials are typically in their natural, unprocessed state and serve as the building blocks for the production process.…
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December 20, 2023
Inventory: What It Is, How It's Managed
Business

Inventory: What It Is, How It’s Managed

What is Inventory? Inventory encompasses both the raw materials employed in manufacturing and the finished products ready for sale. It stands as a crucial asset for a company since the flow and management of inventory serve as a fundamental driver…
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December 19, 2023