In simple terms, a retrenchment strategy involves the abandonment of those products or services, which are no longer profitable for the organization. It also includes withdrawal of the business from those markets where even sustenance is difficult. For example, a corporate hospital may decide to focus only on specialized treatments, and thus, realize higher revenues. Besides, a retrenchment strategy also [...]
Competency is a concept that gives an indication to the employee about the areas and levels of performance that he would be expected to do. It is like a map that shows the employee the kind of behaviour that would be valued, recognized, and in some organizations, rewarded as well. Competency is a cluster of related knowledge, skill, and attitude [...]
Everything you need to know about relationship marketing. Relationship marketing refers to those marketing activities that are aimed at developing and managing long-term relationships with the customers. The details about the customer, his buying patterns, contacts, etc. are maintained in a sales database and an account executive is assigned to fulfill the needs of the customers and maintain the relationships [...]