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ADKAR model
A change management framework focusing on Awareness, Desire, Knowledge, Ability, and Reinforcement.
Remedial action
Steps taken to correct a problem or deficiency.
Alteration product-mix strategy
Changing existing products to better meet customer needs or preferences.
Company’s bottom line
The net income or profit of a business shown in the income statement.
Quality assurance
Ensuring products meet certain standards.
Pricing strategy
The approach used to determine the price of a product or service.
Business process change
Modifications made to improve efficiency or effectiveness in operations.
Exclusive distribution
Granting rights to sell a product to a single retailer or distributor in a specific area.
The law of diminishing returns
A principle stating that adding more of one factor of production, while keeping others constant, will eventually yield lower per-unit returns.
Personal selling
Direct interaction between a salesperson and a customer to promote products.
Competitive advantage
A unique benefit that allows a company to outperform its rivals.
Occasion response
Customer behavior based on specific events or times, like holidays.
Corporate governance
The system of rules and practices that directs a company’s operations and controls.
Cloud computing applications
Software services accessed via the internet rather than installed locally on computers.
Free points
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Open corporation
A public company that sells shares to anyone who wants to buy them.
Free points
Yay pop off
Common-sized statements
Financial statements expressed as a percentage of a key figure, allowing for easier comparison.
Market basket analysis
A technique to understand the purchase behavior of consumers by examining the combinations of products they buy together.
Income statements
Financial reports showing a company’s revenues and expenses over a specific period.
Gross margin
The difference between sales and the cost of goods sold, expressed as a percentage of sales.
SWOT analysis
A framework for analyzing a company’s strengths, weaknesses, opportunities, and threats.
Market leadership
Refers to a company being the most successful or influential player in a particular market, allows said company to “control” the market
Inclusive distribution
A strategy that seeks to reach all possible customers in a target market.
Free enterprise
economic system where individuals and businesses have the freedom to operate and make their own choices about production, distribution, and consumption of goods and services. In a free enterprise system, prices are determined by supply and demand, and there is minimal government interference. This encourages competition and innovation.