What is Brand Personality ?
Brand personality is the way a brand speaks and behaves. It means assigning human personality traits/characteristics to a brand so as to achieve differentiation. These characteristics signify brand behaviour through both individuals representing the brand (i.e. it’s employees) as well as through advertising, packaging, etc. When brand image or brand identity is expressed in terms […]
How Marketers Manipulate Prices?
When it comes to pricing policy, marketers tend to play with consumer psychology. Marketers play a huge role in repackaging the same price and making it look attractive. For instance, marketers are well aware of the fact that there are certain buzzwords such as “free,” “buy one get one” and “limited period offer” which get […]
The Role and Duties of the Board of Directors
Any public limited or a private company needs to have a board of directors which would ratify the management decisions taken by the leadership. These decisions can be financial or operational that affects the day to day running of the company. Further, the board of directors is expected to give a direction to the company […]
Need for Auditors, Certifiers, and Consultants to be Ethical and Manage Conflicts of Interest
How Corporates and Auditors, Certifiers, and Consultants Partner with Each Other In the corporate world, companies have relationships with a number of external and third party entities like suppliers, auditors, certifiers, and consultants who either advise them on their strategies, partner with them in the supply chain, audit their financial statements, and have a network […]
Designing and Managing Services
The art of brand building is through creating strong brand image and brand awareness with customer. However, the brand building process continues even after the product is sold to the customer. Company can come out to be a winner by showcasing differentiation in services at the point of sell and after sell customer service. Furthermore, […]
Technology is a term that is frequently used in the business world. It is a term habitually related to science. But there is a significant difference between the two. Science comprises of outcomes of basic academic studies whereas technology infers to the relevant application of science. This difference is critical when it is to be understood about the manner in which businesses attain new technologies.
The significance of technology to an organization is positioned in the reality that having of technology can provide a competitive advantage. Consequently technology can be considered as an asset of strategic importance. In addition it can be said that an organization“s capacity to handle and take advantage of technology can symbolize a core competence.
Technology competence can improve an organization“s product portfolio. This is possible in different ways as below:
A novel product can be built which permits the customer to execute activities that were earlier not doable or else extremely hard. For instance consider the growth of mobile technology. It permits customers to converse with least difficult around the world. There are users who are ready to compensate high values to have products of latest technology. These products are expected to be extremely pioneering needing good investments in new technology.
An available product can be transformed to turn it into more functional while the fundamental utility continues to be the same. For instance take the case of mobile phones having cameras. Organizations incessantly search for innovations to make their products distinctive from those of their competitors. Even if such innovations can be small, over a period of time these can combine to denote a major leap forward in technology.
With the technology developing into a more advanced stage, product dependability turns out to be a major feature in product differentiation. For instance improved utilization of specific integrated circuits can result in easiness of product assembly. Enhancements in designs and diverse techniques of construction will concentrate on performance and quality.
With the product developing into matured stage technology advancement can concentrate more on cost lessening. For instance consider the utilization of specialized integrated circuits as referred previously. They are costly to conceive but in mass production present massive cost benefits over separate components. They can present a magnificent improvement to the business that can take control of this technology.
Technology is one of the fundamental causes for the existence of a product life cycle. When the technology is in novel phase, enhancements are fast and product functioning ascents rapidly. As the technology becomes established, the speed of transformation of functioning becomes reach stability since the technological threshold is attained. At certain point, another new technology is developed and integrated in the product. The cycle will start again.
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