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Price elasticity of demand measures the responsiveness of quantity demanded for a product to a change in price. It is one of the most important concepts in business, particularly when...

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Price Elasticity of Demand
Study notes

Product Life Cycle

The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed...

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Product Life Cycle

Porter suggested four "generic" business strategies that could be adopted in order to gain competitive advantage. The strategies relate to the extent to which the scope of a business' activities...

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Porter's Model of Generic Strategies for Competitive Advantage

The Five Forces Model was devised by Professor Michael Porter. The model is a framework for analysing the nature of competition within an industry.

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Porter's Five Forces Model of Industry Competiton

Taylor put forward the idea that workers are motivated mainly by pay.

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Motivation - Taylor (Scientific Management)

Maslow focused on the psychological needs of employees. Maslow put forward a theory that there are five levels in a hierarchy of human needs that employees need to have fulfilled...

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Motivation - Maslow (Hierarchy of Needs)

Herzberg had close links with Maslow and believed in a two-factor theory of motivation. He argued that there were certain factors that a business could introduce that would directly motivate...

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Motivation - Herzberg (Two Factor Theory)

Lewin's Force Field Model is an important contribution to the theory of change management - the part of strategic management that tries to ensure that a business responds to the...

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Lewin's Force Field Model (Change Management)

The extended marketing mix (7P's) is the combination of seven elements of marketing that aim to work together to achieve the objectives of a marketing strategy. These 7 elements are: product;...

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Extended Marketing Mix (7P's)

The concept behind the Experience Curve is that the more experience a business has in producing a particular product, the lower its costs.

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The Experience Curve

Elkington's Triple Bottom Line model is an influential model that has helped share the corporate social responsibility agenda.

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Elkington's Triple Bottom Line (CSR)

Carroll's CSR Pyramid is a simple framework that helps argue how and why organisations should meet their social responsibilities.

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Carroll's CSR Pyramid

Bowman’s Strategic Clock is a model that explores the options for strategic positioning – i.e. how a product should be positioned to give it the most competitive position in...

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Bowman's Strategic Clock (Strategic Positioning)

The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands. The Boston Matrix is a popular tool used in marketing and business strategy.

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Boston Matrix (Product Portfolio Model)

The Blake Mouton Managerial Grid identifies five different leadership styles based on a grid.

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Blake Mouton Managerial Grid

The Bartlett & Ghoshal Model indicates the strategic options for businesses wanting to manage their international operations based on two pressures: local responsiveness & global integration.

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Bartlett & Ghoshal Model of International Strategy

Kaplan & Norton's Balanced Scorecard model was developed in the early 1990's as an attempt to help firms measure business performance using both financial and non-financial data.

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Balanced Scorecard (Kaplan & Norton)
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Ansoff Matrix

Ansoff's Matrix is a marketing planning model that helps a business determine its product and market growth strategy.

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Ansoff Matrix
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Core Competencies

00:8:15

Core competencies are those capabilities that are critical to a business achieving competitive advantage.

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Core Competencies

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