Definition: Monopolistic competition is a type of market structure (imperfect competition) where a large number of firms sell differentiated products that are similar but not identical. In other words, the similar products or services offered by sellers are substitutes for each other but have certain differences. The objective of differentiation is to create or evolve … Read more
Definition: Recruitment refers to the process of identifying, screening, shortlisting, and interviewing applicants, and then hiring or selecting them as employees that will perform various duties or roles in an organization. In other words, recruitment is a continuum that involves everything from the identification of applicants to the final selection of staff. Recruiters source candidates … Read more
Definition: A stock market index is an aggregation of stocks that reflect a particular economy, market, sector, commodity, or any other investments investors might want to track. Data collected from a stock market index help stakeholders to compare current price levels with price levels in the past, in order to estimate or predict future market … Read more
Definition: A credit rating is a ranking or prediction of the debt repayment ability (credit risk) of an individual, business, or government. In other words, a credit rating is a measure that informs a lender about the creditworthiness and loan repayment capacity of a borrower. The lower the credit rating the more the credit risk … Read more
A nonprofit organization is a legal entity formed and operated for collective mutual, public or social benefits rather than the pursuit or accumulation of profits for owners or investors. The revenues of non-profit bodies are seen as surplus instead of profits in the organization’s income and expenditure account. A notable characteristic of non-profit organizations is … Read more
Cognitive dissonance refers to a mental state of conflict whereby an individual’s behaviour doesn’t go hand in hand with his/her mindset or psychology. This is because an individual’s mind is always stuck between different perceptions, values, beliefs and attitudes. Today, his theory of cognitive dissonance is considered one of the most influential theories in social … Read more
Definition: Personal branding is a promotional strategy which individuals use to project their strengths to the outside world. Optimal personal branding should enable those who use it to stay ahead in their careers and eventually become authorities in their areas of specialization. In a scenario characterized by aggressive competition, there is a need for individuals … Read more
Definition: Maslow’s hierarchy of needs is the phenomena stating that human beings follow a systematic upward order of wants or requirements. The bottom-most level involves physiological necessities while the topmost level is the desire of attaining self-actualization. Thus, at each level of needs fulfilment, human motivation rises. While this theory is old enough, it still … Read more
Definition: A line of credit (LOC) is a unique and flexible borrowing method offered by banks and other financial intermediaries to individuals, business firms, and governments. It is similar to a credit card because it allows the user to avail of a limited amount whenever needed and for whatever reason. This limited amount is referred … Read more
Definition: DAGMAR is a popular advertising strategy brought forward by Russell Colley in a 1961 report presented to the US Association of National Advertisers. This report was titled “Defining Advertising Goals for Measured Advertising Results” (DAGMAR). The theory aims at setting defined and measurable advertising goals or objectives. Both Colley and Solomon Dutka expanded it in … Read more