Definition: Marketing channel is a system which ensures the distribution of the merchandise from the producer to the consumers by passing it through multiple levels known as middlemen. It is also known as channels of distribution. Every product is different from one another and so are their channels of distribution. Let us take the example of Mondelez India Foods Limited … [Read more...] about Marketing Channels
Types of Marketing Channels
Definition: Marketing channel refers to the means through which the physical distribution of goods takes place from the manufacturer to the customers, either directly or through intermediaries. Multi-Channel marketing can also be adopted by the manufacturer if he finds it suitable for his product and the business. In simple words, marketing channels are a medium to … [Read more...] about Types of Marketing Channels
Wantrepreneur
Definition: Wantrepreneur is the person who strives to become an entrepreneur, but neither has an idea nor has any practical grounds of achieving his aspirations. They lack a clear vision and the commitment required to accomplish that vision. They are more often the daydreamers. Such people can be seen chasing their wants of becoming successful or earning money without … [Read more...] about Wantrepreneur
Successful Entrepreneur
Definition: A successful entrepreneur is a person who with his passion, determination, persistence and right attitude takes the initiative, generates an idea and develops a product or service which can be sold in the market. He can transform his vision into reality and is focused on achieving his goals. Entrepreneur: An entrepreneur is a person who develops an idea and … [Read more...] about Successful Entrepreneur
Johari Window
Definition: Johari window is a psychological tool to self-assess one's behaviour as well as the relationship with others, through feedback or disclosure. It is one of the most effective means of self-analysis by considering the other's perspective to understand oneself in a better way. It helps in determining the areas of expertise or strengths, the shortcomings, the scope … [Read more...] about Johari Window
Types of Business Communication
Definition: Business Communication refers to the exchange of thoughts, ideas, views and information among the personnel working in or associated with the organisation. Communication, i.e. interacting in some or the other way is essential for humans beings to survive in a social environment. Similarly, effective communication is the foundation of a successful organisation and … [Read more...] about Types of Business Communication
Effective Communication
Definition: Effective communication is a process of exchanging ideas, thoughts, knowledge and information such that the purpose or intention is fulfilled in the best possible manner. In simple words, it is nothing but the presentation of views by the sender in a way best understood by the receiver. We can say that it generally involves; Sender: The person who initiates … [Read more...] about Effective Communication
Demand Forecasting
Definition: Demand forecasting refers to a scientific and creative approach for anticipating the demand of a particular commodity in the market based on past behaviour, experience, data and pattern of related events. It is not based on mere guessing or prediction but is backed up by evidence and past trends. Example: A printing press owner forecasts high demand for notebooks … [Read more...] about Demand Forecasting
Demand in Economics
Definition: Demand in economics can be defined as the quantity of a commodity which a customer who is willing and capable of paying for it, wants to acquire at the given market price within a given period. It acts as a base for the production of goods and services. A business forecast its sale and estimates the potential market by the demand which a product creates in the … [Read more...] about Demand in Economics
Market Structure
Definition: A market structure can be understood as a system for categorising the products and services offered by the firms, according to the nature and level of competition in the market. A 'market' in economics is an actual or virtual area where sellers and buyers communicate to carry out trade activities is known as a market in economic terms. Example: Krofet Market in … [Read more...] about Market Structure