by an identified sponsor”. Advertising doesn’t change the physical properties of the product but than also it is the most compulsory expense for creating demand for the product. 1.2 Impact of advertising Advertising plays an important role in today’s competitive business world. It provides benefits to Manufacturers, Retailers, Customers, Salesman and Society as well. * Introduces a New Product: Advertising is used to introduce a new product in the market. It helps to compete with establish
challenges adapt quickly to the unpredictable have been coming fast and furious recently as organizations struggle to environment. adjust strategy in the face of a tumbling stock market, widespread layoffs, bankruptcies of companies once considered to be icons in their industries, an increasingly global environment, changes brought by a new U.S. president, and technology that has made social networking a mainstream tool for business—just to name a few! Welcome to the tenth edition of Fundamentals of Human
increase in the importance and the role of projects in contributing to the strategic direction of organizations. Several reasons why this is the case are briefly discussed below. Compression of the Product Life Cycle One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle. For example, today in high-tech Chapter 1 Modern Project Management 11 industries the product life cycle is averaging 1 to 3 years. Only 30 years