Similar to the product planning stages, the life of a product also has its stages. The stages of a product’s life are called the product life cycle . Understanding the product life cycle is very important in the business world. Through this cycle, business people can plan marketing strategies when products start to decline. Understanding … Read more
As we know, market share is a very determining factor for the success of a business. Then actually, what is the meaning of market share , and what is its purpose? The answer is in this article. Here I will discuss in detail several things related to market share , including: A brief explanation of what market share is . Types of market shares . Measuring the … Read more
In economics, there are three types of goods that humans can use to support their survival. The three types of goods are economic goods, illite goods, and free goods. All three have different meanings and characteristics. However, because there are goods that are limited. Maybe you will not be able to enjoy the item continuously. … Read more
Ideology is an idea, thought, or principle that is owned by an individual or group of people. This time, we will briefly discuss one of the ideologies which was also coined as an economic system, namely capitalism. Capitalism upholds individual ownership of the means of production and distribution used to gain competitive advantage of the characteristics … Read more
In general, a perfectly competitive market is a market structure in which a large number of buyers and sellers are present. And all of them are involved in buying and selling homogeneous products at a single price prevailing in the market. In other words, perfectly competitive market is also referred to as pure competition, there … Read more
Like an archer athlete, a successful business can certainly determine the right target market . An archer must already know how much energy must be expended to reach the target. If the target is close, it means that there is no need to pull the arrow too far so that energy is not wasted, but … Read more
What is the Law of Supply and Demand? The law of supply and demand is a theory that explains the interaction between a seller of a resource and a buyer of that resource. This theory explains the interaction between the existence or availability of a product and the demand for that product on the price … Read more