Definition: Job specification can be described as the written statement which lists out the minimum qualification, traits and characteristics (both physical and mental) which the incumbent must possess for getting the job done satisfactorily. It translates the job description into important human qualifications, traits and background required for the performance of the job … [Read more...] about Job Specification
Service Marketing Triangle
Definition: The Service Marketing Triangle is a strategic marketing model for service companies that depicts the relationship between companies, employees and customers. The model states three types of marketing which the service organization must undertake effectively in order to succeed. It displays three interconnected groups, i.e. company, employees (service provider) … [Read more...] about Service Marketing Triangle
Hindu Undivided Family (HUF)
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)
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
Equity Shares
Definition: Equity Shares can be defined as ordinary shares which represent fractional ownership of the holder in the business venture. It brings long-term capital to the company which is to be repaid only at the time of winding up of the company. The capital raised by issuing equity shares is known as equity share capital also known as owners fund, which is the primary as … [Read more...] about Equity Shares
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
Socialism
Definition: Socialism or Socialistic Economy is an economic system wherein the whole society owns the factors of production, and its operation is in the hands of public authority. Here, the government takes major economic decisions taking into account the overall well-being of the society. Hence, all areas of the economy, be it industry, agriculture, transport or business, are … [Read more...] about Socialism
Preference Shares
Definition: Preference Shares refers to the shares that possess preferred position over other classes of shares, i.e. equity shares, as to the payment of dividend and repayment of capital, when the company goes to liquidation. The dividend to preference shareholders is either paid at a certain amount or at a certain rate. Further, the shareholders have no right to attend and … [Read more...] about Preference Shares
Bank Run
Definition: Bank Run refers to a situation in which numerous depositors of a bank rush to withdraw their money at the same time. This happens due to the fear that the bank will not be able to repay their deposited sum in full and on time. As a result of this, they start withdrawing it altogether before the situation gets out of hand. In simple words, when depositors, who … [Read more...] about Bank Run
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