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Things to Consider When Pricing Products

in Business Management
Product Pricing

Effective Product Pricing Strategy for Business Owners

Tips for small business owners to determine the price of a new product.

Effective product pricing concerns six factors.

Establishing an effective pricing strategy for new products is an art. Reaching that delicate balance between consumer demand and product value generally takes a great deal of research and insight especially when trying to price products in a competitive marketplace. Keep Reading

Business Permanent Cost Reduction Strategies

in Business Financing
Business Cost Reduction

How to Cut Company Expenses over the Long Term

Companies that have had a major decline in business need to have solutions for reducing expenses that will continue to be effective over the long term.

When a business finds itself in financial difficulty, it has two options to turn around the situation, either grow revenues or reduce expenses.

Revenue growth is often outside the control of management, and the decision to spend money can be made internally.

Short term measures can work during a crisis, but if a company is losing market share permanently, if there is a prolonged recession, or if the industry is in decline, effective long term solutions are required. Keep Reading

How Strategic Are You?

in Business Management
Business Strategy

What does strategic thinking mean in today’s chaotic world?

Being strategic is vital for success in business today. Competitors can outflank you so fast that you won’t know what happened.

You must therefore think continuously about where you should place your main efforts and investments. Keep Reading

The Marketing Methods of Business Partnerships

in Business Management
Business Partnership

How Entrepreneurs Share Customers and Products

Forming a business partnership is a useful business strategy, and effective marketing tools help facilitate the acquisition of new customers attracted to your product.

Partnerships are relative to all the other attributes of marketing which include packaging, advertising, budgeting, placement, and distribution; in addition, forming a successful partnership helps promote brand recognition in the marketplace. Keep Reading

Use Balanced Scorecard and Build Alignment

in Business Management
Balanced Scorecard 2017

Alignment is Critical Success Factor of Effective Strategy Execution

A Balanced Scorecard is an effective tool for strategy management. However, without alignment between the board and all of the business units strategy execution can fail.

Kaplan and Norton published their book ten years ago: Alignment: Using the Balanced Scorecard to Create Corporate Synergies. It is a testament to the popularity and usefulness of the original concept, and its subsequent development, that the Balanced Scorecard movement is still going strong since the release of the original article in 1992 and the first book in 1996. Keep Reading

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