This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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Value chain and information system: part 2
Hello readers, hope you are doing good. Yesterday, I told you I was going to write about the support activities in another article. You should read part 1 first before reading this article. Support activities include the firm's infrastructure, human resource management, technology development and procurement. These activities will be discussed below.
These are the systems that support the daily activities of your company. It supports the capabilities of your company. Information system can be used to enhance the budget of the company, manage finances efficiently and effectively so as to gain a competitive advantage.
Human resource management
This has to do with employing the right individuals, giving them the best training to enhance your services, motivating them appropriately and any other activities that will help secure the loyalty of your staff as well as get them to provide excellent services All of this will help create a competitive advantage for your company. Information system can be used to make appraisals, recruitment and training to be more efficient.
This has to do with the equipment used by the company. It also has to do with the hardware, software and technical knowledge the firm uses to convert raw materials into finished goods. Information system can be used to improve the processes used by your company.
This has to do with acquiring resources and inventories for your company. Information system can be used to let you know when to order for inventories. Thank you for reading this article. Keep checking my blog regularly, cheers!
Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.
For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.
Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…