Customer experienceCustomer experience, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral consumer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages. Nihat Tavşan and Can Erdem bring an extensive elucidation to the customer experience, encompassing the dimensions of consciousness, subjectivity, and interactional nature and define customer experience as the sum of subjective ideas regarding a product or service that occur at a conscious or subconscious level due to direct or indirect interaction of a customer with brand-related stimuli.
Comparative advantageIn an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress.
Free marketIn economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations.
PropositionA proposition is a central concept in the philosophy of language, semantics, logic, and related fields, often characterized as the primary bearer of truth or falsity. Propositions are also often characterized as being the kind of thing that declarative sentences denote. For instance the sentence "The sky is blue" denotes the proposition that the sky is blue. However, crucially, propositions are not themselves linguistic expressions.
Competition (economics)In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, the lower prices for the products typically are, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly).
Porter's five forces analysisPorter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability. An "unattractive" industry is one in which the effect of these five forces reduces overall profitability. The most unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven to normal profit levels.
Military strategyMilitary strategy is a set of ideas implemented by military organizations to pursue desired strategic goals. Derived from the Greek word strategos, the term strategy, when first used during the 18th century, was seen in its narrow sense as the "art of the general", or "the art of arrangement" of troops. and deals with the planning and conduct of campaigns, the movement and disposition of forces, and the deception of the enemy. The father of Western modern strategic studies, Carl von Clausewitz (1780–1831), defined military strategy as "the employment of battles to gain the end of war.
Truth valueIn logic and mathematics, a truth value, sometimes called a logical value, is a value indicating the relation of a proposition to truth, which in classical logic has only two possible values (true or false). In some programming languages, any expression can be evaluated in a context that expects a Boolean data type. Typically (though this varies by programming language) expressions like the number zero, the empty string, empty lists, and null evaluate to false, and strings with content (like "abc"), other numbers, and objects evaluate to true.
CompetitionCompetition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including recognition. Competition occurs in nature, between living organisms which co-exist in the same environment. Animals compete over water supplies, food, mates, and other biological resources.
New product developmentIn business and engineering, product development or new product development (PD or NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income.
Competitor analysisCompetitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. Competitive analysis is an essential component of corporate strategy.
Product managerA product manager (PM) is a professional role that is responsible for the development of products for an organization, known as the practice of product management. Product managers own the product strategy behind a product (physical or digital), specify its functional requirements, and manage feature releases. Product managers coordinate work done by many other functions (like software engineers, data scientists, and product designers), and are ultimately responsible for product outcomes.
