Business

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

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

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

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

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

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

Definition: Feedback is the response of the receiver of the communication, to the message. It plays a vital role as it makes communication effective. Also, without proper feedback, communication is considered incomplete. With feedback, a person can express his/her feelings and perceptions to another individual regarding their behaviour and work style. In the process of … [Read more...] about Feedback in Communication

Business organizations make use of different types of business letters on a day-to-day basis. It is a life-breath of any business, no matter if it is big or small. Even after the availability of digital modes of communication, conventional mail is still in vogue. Business Letters implies any written communication that plays the role of the company's representative. Hence, a … [Read more...] about Types of Business Letters

Presentation is a kind of oral communication in which information flows from the speaker to the audience. It needs prior preparation, organization, event planning, making use of visual aids, handling stress and answering questions. The presentation involves public speaking. It is all about presenting the facts, statistics, data or a point of view on any topic formally. Further, … [Read more...] about Types of Presentations