CONCEPTS

BCG Matrix

The BCG matrix, also known as the Boston Consulting Group Growth-Share matrix developed by Boston Consulting Group in 1970,  is a strategic planning tool uses graphical representations of the company’s products and services in order to assist the company to decide on the products it should keep, the ones to let go and the ones …

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SWOT ANALYSIS

  SWOT analysis is a strategic planning tool used for understanding and decision making for all sorts of situations in business and organizations. SWOT is basically an acronym for Strength, Weakness, Opportunities and Threats. SWOT analysis is used for used for business planning, strategic planning, competitor evaluation, marketing, business and product development and research reports. …

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Needs, Wants and Demands

For a marketer, it is imperative to understand the basic principle of marketing that is Needs, Wants, and Demands. These may sound to be fundamental words but they act as major differentiating factors. NEEDS: Needs are the essentials required by a human to survive. These are the things used to fulfill the states of deprivation …

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What is a PESTLE analysis?

A PESTLE analysis is a strategic management tool that is used to identify, analyze, organize, and observe key external factors that can have an impact on a company now and in the future. This framework reviews and examines threats and opportunities due to Political, Economic, Social, Technological, Legal, and Environmental forces, to help in planning …

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What is Maslow’s Hierarchy of Needs?

  A well-known theorist from the behavioral era of management history, psychologist Abraham Maslow, proposed a theory of motivation based on universal human needs. Maslow believed that each individual has a hierarchy of needs, consisting of physiological, safety, social, esteem, and self-actualization needs, as shown in the diagram below. Maslow’s theory of motivation says that …

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