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Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
In the United States, a typical ratio of research and development for an industrial company is about 3.5% of revenues; this measure is called "R&D intensity". [ citation needed ] A high technology company, such as a computer manufacturer, might spend 7% or a pharmaceutical companies such as Merck & Co. 14.1% or Novartis 15.1%.
A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them [1] to end consumers [2] or end customers. [3] Meanwhile, supply chain management deals with the flow of goods in distribution channels within the supply chain in the most efficient manner.
Business Process Model and Notation (BPMN) is a standard for business process modeling that provides a graphical notation for specifying business processes in a Business Process Diagram (BPD), [3] based on a flowcharting technique very similar to activity diagrams from Unified Modeling Language (UML). [4]
Basic research, also called pure research, fundamental research, basic science, or pure science, is a type of scientific research with the aim of improving scientific theories for better understanding and prediction of natural or other phenomena. [1]
Business process discovery (BPD) related to business process management and process mining is a set of techniques that manually or automatically construct a representation of an organisations' current business processes and their major process variations.
Complementary goods exhibit a negative cross elasticity of demand: as the price of goods Y rises, the demand for good X falls.. In economics, a complementary good is a good whose appeal increases with the popularity of its complement.