Explain the Importance of IT for Nonprofit Organizations

question 12

Essay

Explain the importance of IT for nonprofit organizations.

Grasp the fundamentals of break-even analysis including the calculation and its importance in business decision-making.

Recognize different types of costs (variable, fixed, total) and their behavior in various business scenarios.

Identify various pricing strategies used by firms in different competition settings (e.g., oligopolistic, monopolistic, pure competition).

Understand the concept of price elasticity and how changes in prices affect demand and supply.

---

Definitions:

Innovation

The process of creating new ideas, products, or methods that bring something new or improved to the market.

Commercialization

The process of bringing new products or services to market, including production, distribution, marketing, and sales strategies.

Efficiency-Enhancing Innovations

Changes to existing products or ideas that make them lower cost.

Market-Creating Innovations

Innovations that generate new markets by fulfilling unmet needs or creating new categories of products or services.