Definition: Competency Mapping refers to identifying the knowledge, skills and abilities an incumbent must possess to perform the work efficiently and achieve the organisation's goals. In this process, the key competencies of the firm or job are determined to incorporate the same through different processes. It involves matching the competencies with the job role or … [Read more...] about Competency Mapping
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
Integrated Marketing Communication (IMC)
Definition: Integrated Marketing Communication is a concept that makes certain that all forms of communication and messages are intelligently linked together. It is a process of managing customer relationships. This is because it increases brand value by making use of communication efforts. It includes cross-functional processes that build and maintains fruitful … [Read more...] about Integrated Marketing Communication (IMC)
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
Auction Sale
Definition: An auction sale is a public sales event for a property or good in which the bidders are invited to place competitive bids. In this, the bidder who places the highest bid buys the product or property under auction. For this purpose, many prospective buyers arrive at the decided time and venue for participating in the event. In short, an auction sale refers to the … [Read more...] about Auction Sale
5 M’s of Advertising
Definition: Advertising implies the circulation of information regarding the product or service using mass media to achieve the desired result. The 5 M's of Advertising are nothing but the different important decisions which an organization has to take at the time of drafting the advertising campaign. The use of 5 M's of Advertising is for the explanation of advertisement … [Read more...] about 5 M’s of Advertising
Power of Attorney
Definition: Power of Attorney (POA) implies a legal authority which designates a person the power to take decisions on behalf of someone else. It is essential in the event when the principal is incapacitated or not present in person to take a decision. The Power of Attorney Act 1888 regulates power of attorney. Basically, POA is binding in nature. This means that it is a … [Read more...] about Power of Attorney
Underwriting of Shares and Debentures
Definition: Underwriting refers to the process in which an underwriter accepts the financial risk for consideration, i.e. fee. It is the process of extending a guarantee to the company to make certain that the securities offered to the public get subscriptions within the specified time. Underwriting of shares and debentures is a contract between the company and underwriters. … [Read more...] about Underwriting of Shares and Debentures
Buy Back of Shares
Definition: Buy Back of Shares, or Share Repurchase is a corporate move wherein a company purchases its own outstanding shares from the current shareholders. This buyback takes place at a higher price than the actual market price. Further, the motive behind this is to reduce the number of shares present in the open market. When the company repurchases shares, cancellation of … [Read more...] about Buy Back of Shares
Feedback in Communication
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