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Business Jargons

A Business Encyclopedia

Job Description

Definition: Job Description is a written document which describes the job in the organization, on the basis of the data collected from the job analysis. It covers the job contents such as the roles, responsibilities, scope, working conditions, hazards, location, purpose, duties and tasks of the position in addition to the job title, job summary, designation of the superior … [Read more...] about Job Description

Print Advertising

Definition: Print Advertising refers to advertisements published in hard copy in large-volume publications like newspapers, magazines, journals, brochures etc. It aims to gather the attention of the target audience when they go through with the particular publication. This ultimately persuades them to try the product at least once. At present, no newspaper, magazine or journal … [Read more...] about Print Advertising

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

Unique Selling Proposition (USP)

Definition: Unique Selling Proposition, abbreviated as USP, is a one-line statement that businesses choose to stand for. It makes your business beat the competition and build a distinct identity in front of the customers. The distinct benefits the company promotes that the customers derive from consuming the product or service. It could be related to the product quality, price, … [Read more...] about Unique Selling Proposition (USP)

Bandwagon Effect

Definition: Bandwagon Effect implies a psychological fact wherein people adopt or do something because most of the people are doing it. In doing so, they keep aside their own beliefs. They do so to become part of the group. It affects an individual's spending and investing decisions. Important: You might be wondering what happens due to this effect. Well, it affects various … [Read more...] about Bandwagon Effect

Bullwhip Effect

Definition: The bullwhip effect is a concept of supply chain management. It explains how minute fluctuations in demand at the retail end can result in a very large fluctuation in demand at the wholesaler, manufacturer and supplier end. It is an internal (firm) response to external (environmental) stimuli. A bullwhip effect takes place when retailers react actively to the … [Read more...] about Bullwhip Effect

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

Advertising Campaign Planning

Definition: Advertising Campaign Planning refers to the planning of an advertising campaign, which is a combined effort of the advertiser and the advertising agency. The advertiser gives all the information regarding the product, distribution channel, competitors, target audience, company etc. to the agency. However, the advertising agency researches and gathers data from … [Read more...] about Advertising Campaign Planning

Advertising Campaign

Definition: An advertising campaign or ad campaign is a systematically planned course of action that aims to promote a company, cause, person, idea, product or service. In the advertising industry, an ad campaign is a short-term communication programme that makes use of different media directed towards a specific group of people. It encompasses a group of promotional … [Read more...] about Advertising Campaign

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

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