The following points highlight the three main types of plans that are made to achieve the objectives through the company policies. The plans are:- 1. Strategic Plans 2. Intermediate-Range Plans 3. Short-Range Plans. Type # 1. Strategic Plans : They determine both the major objectives of an organisation and the policies and strategies to achieve those objectives. Strategic plans are [...]
The following points highlight the two major issues of product classification of a firm. The issues are: 1. Competing Products 2. Market/Demand Classification for Products. Issue # 1. Competing Products: They can be classified into one of three categories as follows: (i) A breakthrough product: This offers either a radical performance advantage over competition, a drastically lower price or, in [...]
There are at least top six competitors (shown below) against which a business requires advantage. The competitors are:- 1. Direct Competitors 2. Suppliers 3. Buyers 4. New Entrants 5. Product Substitutes 6. Government Agencies. Each of them attempts to exert downward pressure on a business's return on investment (ROI). Competitor # 1. Direct Competitors: These refer to firms that make [...]