Impact of tourism

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Tourism is one of the fastest-growing industries in the world. It contributed a total of 9.8% to the world GDP ($7.2 trillion) in 2015 (World Travel and Tourism Council, 2017). However, its impact is not always positive. Tourism sometimes impacts on environment and social fabrics negatively. This article focuses on the economic, social and environmental impact of tourism. Economic impact of tourism Historically, developed countries were reaping economic harvests of tourism. However, a number of developing nations came forward and started catering for tourist needs. Thailand, Uganda, India, Maldives, Iran, […]

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8 Important Business Communication Skills

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Communication is part and parcel of life. We all communicate in different contexts everyday. However, there were perhaps situations in the past where you felt that your communication created nothing but blank looks and awkward silences. And you wondered what went wrong. While an evaluation should provide an answer to this concern, note that there are some specific business communication skills necessary for successful communication. This article focuses on 8 communication skills you should master. Listening skills You must have the ability to stop and listen to the views of […]

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Business communication and its types

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    What is business communication? According to Little (1990), communication is the process by which information is passed between individuals and/or organisations by means of previously agreed symbols (words, gestures, drawings etc.). In light of this definition, business communication is simply the sharing of information between people within and outside an organization for commercial purposes. Communication involves three important elements i.e. transmitter, recipient, and medium. While transmitter is the sender of the message, recipient is the receiver of the message. Medium is the method by which the message is […]

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Business Degrees – Top ten UK and USA universities

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Employers look for applicants with appropriate qualifications, skills, and experience. As competition is high in the job markets, a prospective job applicant needs to ensure that he/she has some kind of competitive advantage over others. A university graduate with appropriate skills should have competitive advantage over non-graduates. That being said, it will be wise to explore degrees in different disciplines. However, please note that this article focuses on business degrees only. Business degrees Graduates of business degrees are in high demand among a wide range of employers in leading economies […]

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Business ethics – Definition and meaning

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Last updated: February 2017 What is business ethics? Ethics is a system of moral principles that govern the conduct of a person. According to Hill (2012), business ethics are the accepted principles of right or wrong that govern the conduct of business people. High standards of quality, transparency, and integrity are vital to the success of any profession. Therefore, organisations need to have a set of principles that guide them on how to behave as business entities. For example, American Marketing Association (AMA) has its own code of ethics that […]

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What is BCG matrix?

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Last updated: February 2017   What is BCG matrix? BCG matrix is an important strategic planning  tool. It was developed by Bruce D. Henderson for the Boston Consulting Group (BCG) in the early 1970’s. BCG Matrix helps companies manage a portfolio of different business units (or major product lines) as they sometimes face challenges to allocate resources among their strategic business units. It should be noted that BCG Matrix is also known as Growth-share matrix, Boston matrix, and Portfolio diagram. How does the BCG growth-share matrix work? The BCG matrix […]

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Product life cycle – What is product life cycle?

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Last updated: January 2017 Definition of the product life cycle The product life cycle is a very important topic in marketing literature. According to Lancaster & Reynolds (2004), the product life cycle refers to various stages a product goes through in its life from the time it is conceived to the time it is removed during the decline stage. It has four stages namely introduction (launch), growth, maturity and decline. What are the main stages of the product life cycle? The main stages of the product life cycle are as […]

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What is Ansoff growth matrix?

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Last updated: January 2017 What is Ansoff growth matrix? Ansoff growth matrix is an important planning tool that helps organisations determine their growth strategies. There are a number of growth strategies an organisation may pursue and Ansoff has outlined four of them. They are called market penetration, market development, product development and diversification. Who is Ansoff? Harry Igor Ansoff was born in 1918 and passed away in 2002. He was a Russian American mathematician. He is one of the greatest thinkers in strategic management. Many would argue that he is […]

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SWOT analysis of SUBWAY

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Last updated: January 2017 SWOT analysis is one of the tools which many strategic planners find very useful to analyse business environment. SWOT stands for strengths, weaknesses, opportunities, and threats. While, strengths and weaknesses are internal factors, opportunities and threats are external factors (Needham et al, 1995). The discussion that follows includes a SWOT analysis of SUBWAY. SWOT analysis of SUBWAY SUBWAY is an American fast food restaurant. The business has adopted franchising as its growth model. It sells submarine sandwiches (subs) and salads. Tea, coffee, and a variety of […]

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Differences between CPM and CPC

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Last updated: December 2016 Companies (advertisers) run online advertising campaigns to create brand awareness and persuade customers to purchase their products and services. There are a variety of methods which advertisers can chose with regards to how to pay for the campaigns. Two most widely used methods are called CPC and CPM. Advertisers usually run their ad campaigns through ad networks. Ad networks use  websites and blogs of their registered publishers to run the campaigns. The discussion that follows touches on the definitions of both CPC and CPM and the […]

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