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Strategy. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating ...
The customer or product owner often pushes for a fixed scope for an iteration. However, teams should be reluctant to commit to the locked time, resources and scope (commonly known as the project management triangle). Efforts to add scope to the fixed time and resources of agile software development may result in decreased quality. [122]
Overchoice. [Overchoice takes place when] the advantages of diversity and individualization are canceled by the complexity of buyer's decision-making process. — From Alvin Toffler, Future Shock, 1971. Overchoice or choice overload[1] is the paradoxical phenomenon that choosing between a large variety of options can be detrimental to decision ...
Price skimming. Price skimming is a price setting strategy that a firm can employ when launching a product or service for the first time. [1] By following this price skimming method and capturing the extra profit a firm is able to recoup its sunk costs quicker as well as profit off of a higher price in the market before new competition enters and lowers the market price. [1]
Marketing mix. The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."
The single-responsibility principle (SRP) is a computer programming principle that states that "A module should be responsible to one, and only one, actor." [1] The term actor refers to a group (consisting of one or more stakeholders or users) that requires a change in the module. Robert C. Martin, the originator of the term, expresses the ...
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur (French: [ɑ̃tʁəpʁənœʁ]) is an individual who creates and/or invests in one or more businesses ...
Product (business) In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. [1] In retailing, products are often referred to as merchandise, and in manufacturing ...