Jin is a content coordinator and SEO strategist for the Hubworks marketing team. When she's not busy writing and conducting research, she enjoys reading, binging Netflix, and exploring the outdoors with her rescue dog.
Product life Cycle management handles the movement of products as they go through their life cycle, from market introduction to their eventual decline.
Product differentiation allows businesses to market their items as unique and more appealing to their consumer base. By leveraging differentiation techniques, businesses can gain a competitive edge.
When the production process of a company is optimized to become more efficient, businesses can achieve cost advantages, also known as external and internal economies of scale.
Improving a business's profitability requires an understanding of the average profit margins in the organization's industry and how these metrics can be calculated.
The key to effectively ordering, handling, and managing inventory is creating a data-driven stock management system that is backed by inventory KPI metrics.