Product Life Cycle: Understanding the Stages of Product Development

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

Understanding Market Share: Definition, Importance, and Metrics

market share

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

Economic Goods: Definition, Types, and Examples

Economic Goods

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

What is Capitalism? Definition and Characteristics


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