Definition: HUF, an acronym for Hindu Undivided Family, is a joint Hindu family. It comprises persons who are direct descendants of a common ancestor. It includes the wives and children of male descendants. The aim of creating HUF is to make families stay together, and control of the business stays within the family. 'Undivided Family' means any family whose property is not … [Read more...] about Hindu Undivided Family (HUF)
Business
Hawthorne Effect
Definition: When the participants in the experiment change or improve their behaviour because they come to know that they are under evaluation or observation. Such a change in behaviour is the Hawthorne Effect. So, it is like Human Behaviour Reactivity. More precisely, it states that people modify their behaviour once they become aware that the supervisor is watching them or … [Read more...] about Hawthorne Effect
Conference
Definition: Conference means any interaction among people for conferring a particular topic. It is a form of meeting of a large group of people who come together to discuss common issues and activities. In simple words, confer means consult. A conference, typically in a business, means a formal get-together of people having a common business objective or shared interest, … [Read more...] about Conference
Monopsony
Definition: Monopsony refers to an imperfect as well as rare market structure wherein there is just one buyer in the market and an infinitely large number of sellers. Further, the buyer in such a market is called a monopsonist. The buyer controls and dominates the entire market. Monopsonist gets their power from being the only consumer of the product or service. They use … [Read more...] about Monopsony
External Environment
Definition: External Environment refers to the part of the business environment which comprises all the outside elements or forces that affect the business operations. As a business cannot survive in isolation, it has to act or react effectively to every happening, just to keep the business going. Therefore, the external environment has the capability of influencing the … [Read more...] about External Environment
Advertising Budget
Definition: Advertising Budget refers to the estimation of the total promotional expenditure on the company's offerings. It is the amount the company incurs on advertising for a particular duration. It is a percentage share of the total marketing budget. Advertising aims at creating demand for the product. The advertising budgeting decision is divided into two … [Read more...] about Advertising Budget
Crowdsourcing
Definition: Crowdsourcing is a way to get ideas from a large pool of people. It encompasses putting forward a question or problem to a large group of people with the aim of getting the best answer. The word 'Crowdsourcing' is created by joining two words, 'crowd' and 'outsourcing'. In this, the firm or individual outsources work to a large unknown crowd of people. So, they … [Read more...] about Crowdsourcing
Consumer Cooperatives
Definition: Consumer Cooperatives or Consumer Cooperative Store implies an autonomous association that is set up, owned and managed by a group of consumers who share a common interest. For this, the consumers come together voluntarily and form cooperatives to meet the needs and expectations of its members, i.e. the consumers. These are registered under the Cooperative … [Read more...] about Consumer Cooperatives
Cluster Sampling
Definition: Cluster Sampling involves the formation of suitable clusters of units. Thereafter, collecting information on all the units in that sample of clusters chosen for research, keeping in mind the appropriate sampling strategy. For this purpose, the whole population to be studied is divided into small groups. After that, the researchers choose random groups using … [Read more...] about Cluster Sampling
Virtual Marketing
Definition: Virtual Marketing is an alternative term for digital marketing or viral marketing. When marketing is undertaken in a virtual or digital space, it is virtual marketing. It involves the use of the internet and related technologies for achieving marketing goals and objectives. So, marketing activities are performed through the internet. Marketing is an advanced … [Read more...] about Virtual Marketing