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Order to cash (OTC or O2C) normally refers to one of the top-level (context level) business processes for receiving and processing customer orders and revenue recognition. . Order to cash is an essential function in finance; the entire cycle of events happens after a customer places an order until the customer pays for the order; that is, the order is converted to c
Marketing management employs tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.
Marketers typically begin planning with a detailed understanding of customer needs and wants. A need is something required for a healthy life (e.g. food, water, shelter, emotional bonding); A want is a desire, wish or aspiration; When needs or wants are backed by purchasing power, they have the potential to become demands.
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [ 2 ]
As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service.
Chaining is a type of intervention that aims to create associations between behaviors in a behavior chain. [1] A behavior chain is a sequence of behaviors that happen in a particular order where the outcome of the previous step in the chain serves as a signal to begin the next step in the chain.
This concept was inspired from object-oriented programming. The interface defines the layer of communication between an object and anything in its environment. The interface consists of inputs (often called resources), and outputs (often called results). Defining the interface is an art that highly skilled object-oriented management agents master.
Value in marketing can be defined by both qualitative and quantitative measures. On the qualitative side, value is the perceived gain composed of individual's emotional, mental and physical condition plus various social, economic, cultural and environmental factors.