It is important for companies to have an objective picture of their current market position when making strategic decisions. Analyzing your own business activities in comparison with the competition involves comparing your internal strengths and weaknesses with the opportunities and risks posed by micro- and macroeconomic environmental influences. These factors can be determined using PESTEL...
If the price of a product is increased or decreased, this has an impact on demand. The price elasticity of demand indicates how strong this impact is. It shows whether the demand for a product or service is elastic (fluctuating) or inelastic (stable) when the price changes. We explain how this value is calculated and provide an example.
Being self-employed initially sounds tempting to many workers: Free time management, no boss, and the prospect of potentially more money and a new challenge. However, many self-employed people and their clients fall into the trap of false self-employment. What risks does this kind of employment relationship entail for both sides? We answer this question and explain which criteria help to recognize...
The bigger an organization is, the more difficult it can be for its management to keep an eye on all procedures. An internal audit – a quality assurance and consulting activity that analyzes business procedures – is helpful in achieving this. The purpose is to ensure the optimal implementation of the organization’s objectives while avoiding unnecessary risks and by complying with applicable...
Often in projects, the actual execution of something will differ greatly from the original plan. Using gap analysis, you can see just how much they will differ from the outset. It is the first step on the road to adapting a strategy to fit real-life situations within a company. With this method, you can avoid financial downturns and business setbacks from the start.
Conjoint analysis is conducted before launching a product on the market to obtain information about whether it will be competitive and which of its attributes would contribute to this. A variety of potential product designs are presented in a customer survey, and the survey participants are asked to indicate which one they would choose. The results reveal consumers’ priorities.
With many services, it is common to first obtain and compare several cost estimates before making a final purchase decision. Writing a cost estimate has long been part of the daily routine for many business owners. In our guide, you will find out what you need to keep in mind, and you can download our practical cost estimate templates free of charge.
Reducing energy costs while protecting the environment: The international standard ISO 50001 can help you to use energy resources more efficiently in your company. An energy management system run according to ISO 50001 is designed to monitor and continuously improve energy efficiency. So, what is ISO 50001?
Risk management in accordance with ISO 31000 can ensure a company’s survival: Every organization frequently encounters danger factors – however, these don’t have to be a problem if you know how to deal with them. That is why many companies set up a risk management system, and the ISO 31000 standard provides a valuable tool for doing this. What does the international standard mean?
Only a satisfied customer comes back, uses your service, and guarantees a sale. However, the way to increase customer satisfaction is often unclear. Simply putting more money into the product can be just as financially detrimental as letting fate run its course. But there is help: the Kano method can give you tips on which areas are really worth investing in!
A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.