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
Competency Mapping
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