Leadership
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Being part of corporate world in this globalised market, you must be responsive to different happenings in the world and their implications on your business. Your relations with competitors and suppliers play crucial role in product cycle and business development.

For selecting a supplier out of many and recognising competitors you require suitable information, which is only feasible through profound research and planning. Businesses can only build on trust and confidence, so it is necessary to have faithful suppliers who will meet business needs and requirements in significant time.

The importance of supplier relationship management is high in business, if you want to create competitive advantage in supply chain. After getting clear idea about what you need to buy and what are your potential suppliers, you have to make shortlist of supplier sources that will meet your basic requirements. Try to deepen relationship with your key suppliers by explaining them your business plan and how it is going to be implemented. The bargaining power of suppliers must be utilised effectively in order to control cost of the business. Remember that your business reputation may be assessed by the record of suppliers and their ethical practises. So it is essential to do prior analysis before short listing suppliers for your business.

Ignorance is not bliss in business practises and if you are not responding to the business competition at the right time, then it may damage your market share up to severe extent. It is not right business strategy to get on with your own plans and neglect competitors. Competition is not in the form of business only, but it can be another product or service, which you are looking for licensed before someone else takes it up. Apart from analysing existing competitors it is also necessary to consider upcoming competitive threats. The entry of new competitors occurs only when there is possibility of creating competitive advantage over the current firms in industry. So it is always necessary to come up with unique innovative ideas or products to create niche in market.

Business suppliers and competitors can impact your business decisions to significant extent. By implementing regular review system you can not only evaluate the performance of suppliers but also judge the competitors strategies. This will help you bring proper understanding with suppliers and make you evolve out of the business competitors.

Top Stories

Grid List

The etymology of the term ‘cybersquatting’ is simple enough to understand the purpose of its usage in internet or cyber laws. The word squatting refers to an unlawful act of illegitimately occupying a property or an entity, which is actually owned by someone else, with or without his/her consent or knowledge, having an ill-intent and lack of faith.

In order to strengthen its non-discriminatory framework of laws, the United States of America introduced the Americans with Disabilities Act in the year 1990. The American Disability Act defines disability as mental or physical impairment that is capable of substantially limiting major life activities.

Copyright law strictly prohibits the copying of creative work such as music, film and books. This law protects the rights of owners and creators, determining who can purchase, distribute and copy the creative work. This law also applies to derivative works, which means something based on the earlier or underlying work.

Ever heard of a kimono store or dashiki store in London or Paris or Rome? You will never find such stores in Europe for the simple reason being that Europeans don’t use these apparels and hence you will not get customers and because of that your revenue will not increase. You cannot think of product without knowing the consumer.

A brand is a symbol, sign, term, name or a blend of them, which is anticipated to identify the services and goods of one seller or group of sellers, and to differentiate them from those of the competition. In general, whenever a marketer creates a name logo symbol, she or he has created a brand.

Out of numerous business marketing techniques used nowadays, email marketing has marked itself as the mostly preferred way of online marketing. Being an important part of online marketing, it provides a great deal of communication tool in building relationships.

Home business depends on the skills you are expert in and so it is necessary to think about it before you start. If you are crazy about playing with machine objects like screw drivers, nails, wires, sockets etc then appliances and electronics repair would be the best to start. You can also undergo training to learn machine repairing, if you are interested in starting this home business.

Most of you must be having some creative talent or hobby of creating something new out of scrap. Have you ever thought that it can give you a good income? Often, you prepare handbags, decorative vases or showpieces for your usage. If you sell these creative materials in the market you will surely earn some amount for your savings. The products which you create can be sold even in the local flea markets or at the crafts fair. You can even create your own arts and crafts website and sell products online.

Home services refer to services like lawn care, chimney sweep, locksmith etc that you provide from your home or at client's home. There are many challenges and goals which have to be met every day in these types of business. Whenever there is an emergency at the client's home, you will have to reach on time to avoid any hazards. This type of business requires hard work and also potentials to meet new challenges.

Corporate communication is the measure of a society or association, or group, actually correspond mission, vision and brand of product to their employees, customers, competitors and the general public, i.e. public relations.

Starting a business is not a cakewalk and you must know your financial strengths and weaknesses very well before commencing the business. While finalizing an appropriate source of finance, it is necessary that you should analyse investment power and risk associated with it. Many businesses result into failure mainly in leverage because of their excessive exposure to finance as compared to investment capacity.