What is Marketing Strategy? A marketing strategy refers to a long-term plan formulated by a business to achieve specific organizational objectives. The plan details how the business will reach its target market, and the exact process it will follow to turn potential customers into actual consumers of the company’s products and services. Marketing strategies should…
What is Product Market Reorientation? Product market reorientation is a turnaround strategy for a business that prioritizes strategies that reflect the consumers’ needs and desires. It offers improvement in the ability of a company to provide consumer value through various marketing concepts. The approach is typically employed where a fundamental cause of a company’s decline…
What are Turnaround Recovery Strategies? Turnaround recovery strategies are a range of measures that companies employ to recover from a period of a performance decline. The range of measures is important since they mark an upturn phase of a company after a period of significant negativity. The concept of turnaround strategies is also applicable in…
What is Value of Risk? Value of risk refers to the financial benefit that an organization will gain for pursuing a risk-taking activity. Businesses undertake different activities all the time – such as starting a new product line, opening a new retail store, entering into a new geographical market, etc. – and all the activities…
What is the Series 7 Exam? The Series 7 exam is formally known as the General Securities Representative Examination, and it is administered by the Financial Industry Regulatory Authority (FINRA). In the United States, financial professionals are required to take and pass the exam to obtain a license to trade security products, such as corporate…
What is the Magnetic Ink Character Recognition (MICR) Line? The term Magnetic Ink Character Recognition (MICR) refers to the small digital characters at the bottom of a check or a financial document. The MICR line is a set of digital numbers that represent the bank routing number, account number, and check number. The…
What is a Make-or-Buy Decision? A make-or-buy decision refers to an act of using cost-benefit to make a strategic choice between manufacturing a product in-house or purchasing from an external supplier. It arises when a producing company faces a diminishing capacity, experiences problems with the current suppliers, or sees changing demand. The make-or-buy decision compares…
What is a Managed Account? A managed account is a portfolio of stocks or bonds – or a combination of the two – that is owned by a single manager. The investor hires a professional investment manager to oversee the account’s operations to achieve specific objectives, such as long-term growth or current income. It is…
What is Manufacturing? Manufacturing refers to the processing of finished products from raw materials using various methods, human labor, and equipment according to a detailed plan in a cost-effective way. Large-scale manufacturing uses core assets, including assembly line processes and sophisticated technologies for the mass production of goods. Manufacturers take advantage of the economies of…
What are Maintenance Expenses? Maintenance expenses are costs incurred on a regular basis to keep an asset working in its optimal condition. Maintenance costs come into play when a person purchases an asset, such as a motor vehicle, speed boat, or even a condo. The asset requires ongoing maintenance during their useful life to keep…
