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by Sina Bayer (Author)
Seminar paper from the year 2021 in the subject Communications - Public Relations, Advertising, Marketing, Social Media, grade: 1,5, University of Ulm, language: English, abstract: "Good tools lead to half the work" (Hungarian proverb) In this context, good tools can be regarded as technical tools. The quote illustrates that the right technical tools can save a great deal of work and according to that costs as well. The primary goal of a retail company is to reduce costs in order to maximize the company's ultimate profit. The increasing price sensitivity of the customers is leading to an intense competitive pressure between all companies. The costs incurred by products offered at a discount must therefore be saved elsewhere, otherwise the profit will be reduced. These points are leading to the fact that the control of cost dynamics and the greatest possible increase in efficiency are becoming more and more important for companies.
