Business

Definition: Product Design is defined as the process of ideating, developing and upgrading digital or physical products to satisfy the needs of the ultimate consumer or solve their problems. The product is based on research, keeping the user's experience in mind. In other words, product design implies the development of the product, right from the preliminary stage until the … [Read more...] about Product Design

Definition: A unicorn company is a private startup firm whose valuation crosses the 1 billion dollar mark in early years without going public, i.e. without listing the stocks on a stock exchange. The worth of the unicorns is not directly associated with their present financial performance; rather, it highly depends on their growth potential discerned by the angel investors … [Read more...] about Unicorn Company

Definition: Window Shopping is a practice of spending time looking at the products or items displayed in the storefront, having no intention to purchase. It is a form of non-purchasing behaviour. It is an important element of shopping which allows the shoppers to use many senses and spend time analyzing. It is a recreational activity performed by the desire to buy something and … [Read more...] about Window Shopping

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)

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

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

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