Definition: Labeling is printed information on a product that is used for its identification. It is bonded on the product or encoded on the product itself so the consumer can know the product. Labeling is a legal requirement to sell products. The label provides information about the product and the brand. It provides product usage, …
A PESTLE analysis studies vital external factors (political, economic, sociological, technological, legal, and environmental) that influence an organization and help guide management to make strategic decisions. Businesses use this technique to scan their current or prospective environments, especially when planning to launch a new project, product, or service. Every organization focuses on growth. However, competition …
In 1979, Michael E Porter of Harvard Business School created Porter’s Five Forces of Competitive Position Analysis, a basic model for examining a corporate organization’s economic power and standing. Companies often check on their rivals, but in his Harvard Business Review essay, “How Competitive Forces Shape Strategy,” Porter pushed them to go beyond competitors’ behavior. …
Definition: The classical theory is also known as the traditional theory. It considers the organization as a machine and its employees as part of the machine. Here, the focus is on centralized authority and skill specialization. Employees are grouped according to their skills and motivated through incentives to drive efficiency. In American management studies, classical …