The market economy is considered to be an essential factor for the growth of trade and commerce in a country. While command economy, on the other hand, is essential for the overall development of the nation. However, today many nations prefer to have a blend of market and command economy. This mixed economy facilitates the […]
Holistic Marketing
Definition: Holistic marketing is a strategy that focuses on enhancing customer value by coordinating the efforts of all the departments of the organization. The research and development, production, finance, marketing and human resource departments function together for leaving a positive and enduring impression of the brand image on the customers. A highly competent marketing idea […]
M-commerce
Definition: M-commerce is that segment of electronic commerce, which functions via WAP (Wireless Application Protocol) technology providing access millions of mobile users for carrying out various online transactions and other activities through a small device. Mobile internet access is the base of mobile commerce. Since m-commerce is taking up the market on fire with a […]
Ishikawa (Fishbone or Cause and Effect) Diagram
Definition: An Ishikawa diagram is the pictorial representation depicting the factors responsible for a certain problem in such a manner that the root cause is identified. It is a problem-solving approach which focuses on uncovering the effect of various factors over a particular issue. This visual tool was brought to limelight by a Japanese engineer […]
Omnichannel Retailing
Definition: Omnichannel retailing is a customer-centric approach where the company believes in unifying all the available channels to standardize their sales and marketing functions. It is an initiative of employing the same set of retail strategies along all the channels to provide a flawless shopping experience to the users. A compact solution to all the […]
Paradox of Value
Definition: Paradox of value is a puzzle raised by Adam Smith who was one of the great economists in 1700s. Diamond-Water Paradox is defined as the difference between the value in use and the exchange value of any product. Smith questioned the enigma of a diamond being less useful than water, still, it has a […]
Viral Marketing
Definition: Viral marketing is a concept which focuses on driving the attention of a mass audience towards the brand or product by delivering a strong message or story to the public. Such a marketing campaign when once launched is effortlessly promoted by the public itself on social networks or through word of mouth. Viral marketing […]
Strategic Human Resource Management (SHRM)
Definition: Strategic human resource management (SHRM) is a managerial tool used to reform the company’s human capital such that it is in synchronization with the organizational goals and vision. It is a far-sighted approach where the strategic decision-makers analyze the company’s manpower potential and balance it with the future requirement. Globalization has extended the corporate […]
Behavioral Finance
Definition: Behavioral finance is that discipline of behavioral economics which analyzes the impact of human psychology on the investors’ actions. Thus, ultimately shaping the investing decisions of individuals, directors, managers, analysts, advisors, researchers, speculators and other market players. Behavioral finance contradicts the theory of traditional finance. This phenomenon considers human beings as normal and irrational […]
Entrepreneurial Management
Definition: Entrepreneurial management is the concept of utilizing the creative and innovative abilities, skills and expertise to efficiently open and manage a startup organization. It is a means of solving a mass problem through a unique and profitable business solution. An entrepreneur is always seen as a problem-solver. He/she considers a macro problem and finds […]