Promotion is a key part of marketing, helping to inform and persuade consumers about products. Promotional activity can be expensive, so it is important that choices are made wisely. In this article we will look at the different types of promotion that businesses can use in order to benefit their business.
Read more ...Statistics is a unique branch of Mathematics which deals with the collection, calculation and interpretation of numerical data. In Statistics, tests of significance are the method used to reach a conclusion to reject or support the claims based on sample data. The statistics are well known for research based on statistical surveys. During a statistical process, we come across certain terms such as "significance", "p-value" and others. Statistical tests are used to check whether the result of a study has the desired level of significance. This is done by using a statistical test that is appropriate for your situation. For example, if you’re testing whether an abstract treatment alone works better than a different treatment (control) then you would use an independent-groups design with an independent variable and dependent variable. The key point is that it should be random assignment so neither condition can have an impact on one of the other. This could, for example, be by chance or because it was not known at the outset in advance how many people would respond well or badly. If you wanted to compare two treatments but didn't know who got each treatment beforehand so it was arbitrary who got which treatment this wouldn't fit into this model as there was no way to assign them randomly (only chance). If you had large numbers of subjects then small differences in results could mean something statistically significant had been achieved even if no patient would notice any difference between treatments as there were enough subjects doing both and only tiny differences between patients are noticed when large numbers are involved from tiny changes
Read more ...Cost containment is the practice of ensuring that expenses do not exceed revenue. By monitoring expenses and reducing them in a controlled manner, companies can reduce their risk and ensure profitability.
Read more ...Inflation is a macroeconomic indicator that is measured by year-on-year (y-o-y) price change for consumer goods and services in an economy. The calculation of inflation is simple but it has a wide range of impacts on the economy. Inflation is important because it affects all aspects of the economy, from the wages people get paid to the value of their homes, from business investments to consumer spending decisions. Since prices are only one part of overall economic activity, inflation is often seen as a secondary concern compared to unemployment and growth in GDP.
Read more ...You should ask yourself one question. How can I beat my competition? It's a very important question that you need to ask yourself when you're thinking of starting a new business. The answer is more than just looking at others in your industry and copying the "cool" things they are doing, just so you have an edge over them. No, it's a deeper dive into what makes your competition different from yours and why that matters to your business strategy, marketing plan and sales efforts. Many entrepreneurs ask the question, "If I win business from my competitors, how will that help me?" The answer is, if you can sell more than your competitors then you will have more market share. With this in hand then selling greater volumes will result in higher sales and profits. If you win a customer from a competitor then they are locked in to your offer and you get the right to sell their product or service through your website. This can be very valuable in establishing relationships with current customers who may be interested in enrolling, buying additional products or services, or even seeking out new opportunities for themselves. To win against them for good business will be a valuable way to grow your company!
Read more ...Have you heard of the term "brand funnel" but not sure what it means or how it could benefit your business? You're in luck! In this blog post, we'll be diving into the world of brand funnels - what they are, why they're important, and how to create one for your own brand. Plus, we'll take a look at Coca Cola's successful implementation of their brand funnel.
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