Business

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…

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…

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…

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…

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,…

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…

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…

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…

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…

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…