In developed economies, most workers specialize in performing particular tasks in production of a good or service. Very few workers make a complete product. Firms, regions and countries. For example Sri Lanka and The Maldives, concentrate on tea and tourism respectively. The division of labour The division of labour id the splitting of the production process into a number of individual operations and making each operation a special task of one worker. So it involves [...]

Sarbanes-Oxley Act was introduced to USA financial reporting legislation in 2002 and set of regulations were prepared by Senator Paul Sarbanes and Michael Oxley. To acknowledge the great contribution of  Act makers this piece of legislation was named as Sarbanes-Oxley Act (SOX) but it is also called as Public Company Accounting Reform and Investor Protection Act of 2002 in legal dictionaries. Sarbanes-Oxley Act basically focuses on financial reporting practices and the corporate governance in business organizations and it has [...]

CRM can be defined as a frame work to identify, attract, satisfy and retain profitable customers by managing effective relationships  in order to achieve increased and guaranteed profitability. This is where the company focuses on building long lasting relationship only with profitable customers by giving financial and social benefits. And also CRM advises firms to ignore unprofitable/less profitable customers and focus only on high profitable customer who will have long term relationship with customers. Role of the marketing has [...]

Segmentation refers to “the identification of likeminded clusters of consumers who can be expected to behave in similar ways, making similar ways decisions in the marketplace in similar situations.”  When it comes to fitness products, segments can be based on gender, age, physical ability of the consumer and the income level.  Segmenting market should be done according to the STP process and thereafter develop a suitable marketing plan to deliver expected benefits. Segmenting the market [...]

Product Position is defined as “the place the product occupies in consumer’s mind in relative to competing products”. Companies use product positioning to capture market share and preserve it by occupying a place in the mind of the consumer.  After a firm acquiring a certain place in the mind of the consumer it would be harder for competitors to capture that position. This gives the advantages of preserving the market share, brand loyalty and strong [...]

The Total product concept refers to the bundle of services offered by a product/service.  As an example for fitness equipment total product can be explained can be explained as all the benefits customers receive by using the product, from good health to the psychological feeling associated with using the product to the time saved by purchasing the good online to the after sales services provided by the manufacturer. Total product concept is used by the [...]