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Michael Porter devised a framework called 'The Five Forces of competition' to classify and analyse the factors that determine the intensity and levels of competition in different industries. The five forces ...

The marketing mix, commonly associated with the 4Ps, describes the various factors that firms consider when marketing a product. These marketing mix is based upon the firm’s knowledge of its customers and th...

Definition Innovation is the successful exploitation of new ideas. This is predominantly achieved through research and development (R&D). R&D is the necessary investigations in order to discover new ...

Advantages of a Marketing Plan: -Having a marketing plan forces a business to think about how it will act in the future; this means they will be proactive and not just reactive (where they would simply react...

Advantages of quantitative forecasting: -Numerical so easy to interpret and easy to analyse for example graphs can be made.-Data can be objectively interpreted and bias is often not an issue. Disadvantages o...