Definition: Service marketing refers to the application of a different set of tactics or strategies to anticipate the consumer's need for an intangible product. And thus, meet their requirements accordingly, to create maximum value for them from their purchase. The marketing of services is different from the marketing of products. While selling off services, convincing the … [Read more...] about Service Marketing
Wheel of Retailing
Definition: The wheel of retailing refers to a hypothesis, which depicts the life cycle of a retail organization. It starts as a discount retail business to attract price-sensitive consumers and then gradually converts into a luxury brand store or departmental store to cater to high-end consumers. Prof. Malcolm Perrine McNair proposed this theory in the year 1931. He … [Read more...] about Wheel of Retailing
Social Loafing
Definition: Social loafing refers to a psychological phenomenon which has brought forward a different side of human resource. It states that the employees working in a group, underperform a given task in comparison to their potential, ultimately hindering the group performance. This is because they develop a casual attitude towards the assigned responsibilities by putting in … [Read more...] about Social Loafing
Marketing Information System
Definition: The marketing information system refers to the use of technology for the arrangement of the relevant data related to the market, sales, promotion, price, competition and allocation of goods and service. This information is acquired after a proper analysis and understanding of the marketing environment to ensure effective decision making in the organization. It … [Read more...] about Marketing Information System
Global Retailing
Definition: Global retailing is the concept of selling products (i.e., goods and services) across the geographical boundaries of a country to the consumers available in the different parts of the world to attain global presence and recognition and to capture the opportunities prevailing in the potential overseas markets. The concept of global retailing is widely adopted … [Read more...] about Global Retailing
Joint Cost
Definition: The joint cost refers to that cost which is incurred before the split-off point on the production or manufacturing of multiple products, by consuming the same inputs or factors of production (i.e., raw material and manufacturing process). This type of cost accounting is usually common in primary industries. Split-off Point: The production stage at which all the … [Read more...] about Joint Cost
Service Costing
Definition: The term service costing or operating costing refers to the computation of the total operational cost incurred on each unit of the intangible product. These intangible products or services can be either in the form of internal services that are carried out by industries as supporting activities for the manufacturing of goods. Or in the way of external services that … [Read more...] about Service Costing
Cost Sheet
Definition: A cost sheet is a statement which represents the various costs incurred at different stages of business operations, in a tabular format. It determines the total cost or expenditure made by the organization, along with the cost incurred on each unit of a product or service in a particular period. The cost sheet of a business organization provides an insight into … [Read more...] about Cost Sheet
Cash Book
Definition: A cash book is that unique book of accounts which fulfils the objective of both, a journal and a ledger. Like a journal, it is the first book which records all the cash transactions of the business. It also acts as a subsidiary book to post all the cash transactions, similar to a cash account in the ledger. It can be broken down into two words, i.e., 'cash' and … [Read more...] about Cash Book
Journal Entries
Definition: Journal refers to a 'book' or 'diary' and entry means noting down of something. On combining these two words, we get 'journal entry'. It can be explained as a book meant for the original recording of the day to day business transactions or activities in a systematic order. The formal step by step entry of these business activities in a journal is termed as … [Read more...] about Journal Entries