The Porter’s Diamond Model helps countries and businesses to analyze the competitive environment. It attempts to explain why certain groups, countries, or regions are more successful. Michael E. Porter, a Harvard Business School professor, developed Porter’s Diamond Model. In this blog post, we will discuss Porter’s Diamond Model in detail and provide examples of how …
Definition: Verbal communication is oral communication, where thoughts are transferred orally. It includes speech, words, sounds, etc. A sender can transfer the message verbally through speaking. A sender can express their ideas verbally through one-to-one discussion, one-to-many discussion, presentation, public speaking, etc. The effectiveness of verbal communication depends on the speaker’s body language, tone, choice …
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 …