Definition: Licensing is a business arrangement where a company permits another company to use its intellectual property for a certain time, mostly in return for a financial payment. Intellectual property can be a production process, patent, copyright, etc. Examples of a license can be KFC, McDonald’s, Coca-Cola, etc. Here, these companies give authorization to local …
Definition: Pricing strategy in marketing is a process where businesses determine the price of their product or service. Product pricing is an integral part of marketing, and it considers all factors to reflect the market value of the product. Product pricing is the value that the seller gets in exchange for goods and services. The …
Definition: A span of control, also known as a span of management, is a resource management term and refers to the number of employees who report to a manager. A span of control means a manageable number of employees that a manager can control. The bigger the staff, the bigger the span of control. In …
The strategic planning process involves creating precise business strategies, acting on them, and assessing the outcomes concerning an organization’s long-term objectives. Strategic planning rose to prominence in the 1960s when there was a resurgence of interest in strategic business planning, which is still useful. Importance of the Strategic Planning Process This process helps a business …