Definition: Bandwagon Effect implies a psychological fact wherein people adopt or do something because most of the people are doing it. In doing so, they keep aside their own beliefs. They do so to become part of the group. It affects an individual's spending and investing decisions. Important: You might be wondering what happens due to this effect. Well, it affects various … [Read more...] about Bandwagon Effect
Bullwhip Effect
Definition: The bullwhip effect is a concept of supply chain management. It explains how minute fluctuations in demand at the retail end can result in a very large fluctuation in demand at the wholesaler, manufacturer and supplier end. It is an internal (firm) response to external (environmental) stimuli. A bullwhip effect takes place when retailers react actively to the … [Read more...] about Bullwhip Effect
Crowdsourcing
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