Jun 8, 2022
Better price tag design can significantly manipulate demand to increase the company’s profit. The price should be displayed in small size, on the bottom left of the label for best results as that makes the price seem as small as possible to the consumer.
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May 25, 2022
A competitive pricing strategy focuses on matching your price with your competitors based on the assumption that the market has already defined the right price for a product.
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May 18, 2022
Prices represent a trade-off between short-term and long-term strategies, profitability and market share as well as levels of cash flow. A company sets its prices with different objectives in mind, such as profitability, cash flow or growth.
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May 4, 2022
A promotion is an activity where a type of marketing communication is used to inform a target audience of a particular product or service, for example that it now has a discounted price. Companies engage in promotions to boost sales and revenue, but also to disrupt customer behavior in their favor. When a company runs a promotion, communication must put that forward to the target audience to ensure the desired uplift in demand for that product or their store.
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Apr 27, 2022
What does it mean for a supply chain to be lean? In manufacturing, lean describes the method that maximizes productivity while simultaneously minimizing waste. A lean Supply Chain also aims to eliminate waste through better inventory control and streamlining all supply chain processes, although supply chains are by nature very complex and frequently see conflicting incentives and points of view.
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Apr 13, 2022
The global use of containers for transportation has resulted in major cost reductions, boosting supply chain efficiency. One of the container’s key advantages is its global ‘Standardization’ of its dimensions regardless of location. Cargo is shipped in containers that are either exactly the same or a multiple of the standard unit of size.
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Mar 16, 2022
Cross-docking, is a logistics method of having goods enter and exit the facility without ever being put in storage. Whilst this method removes loading and pick up operations from warehousing staff, it does so at the expense of the flexibility offered by having the goods stored at the warehouse. Not holding stock certainly comes with many attractive advantages, but also drawbacks such as worse deals with suppliers and a reduction of service to the customers.
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Mar 9, 2022
Time series are one of the most basic and versatile mathematical tools used in business to support statistical models and consist of a series of data points linked to a particular point in time. Time series are frequently used to model anything from the evolution of a company’s sales, product prices and lead times on a yearly, monthly, daily or even hourly basis.
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Feb 16, 2022
The FMCG industry is one of the oldest in our civilization. Packaging and processing technologies have continuously been evolving, but other supply chain practices such as optimizing recipe composition, are still managed through trial and error at best.
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Feb 9, 2022
The supply chain for hard luxury (high end jewellery and watches) is defined by unique challenges. Unlike how most products are otherwise generally mass produced, each piece of hard luxury is either unique or part of a limited collection. Even though these luxury goods are timeless in their value and appreciation, there is still an expectation of novelty from the customer. This sparse demand, combined with a continuous push for novelty, are the main challenges in the supply chain in hard luxury.
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Jan 26, 2022
ERP (Enterprise Resource Planning) refers to a class of enterprise software that supports and keeps track of the routine operations for a company, and tracks its resources, such as cash flow, raw materials, work in progress, end products, client orders, purchase orders, and payroll.
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Jan 12, 2022
The main goal in the spare parts industry is to minimize the downtime of your valuable assets such as aircrafts, vessels, oil rigs, wind turbines, generators, manufacturing equipment and heavy machinery. Whenever an asset needs repair or maintenance, the piece of machinery undergoes a full stop which is a highly costly scenario.
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