Definition: Public relations is a strategical approach towards the creation of goodwill and brand image through developing a cordial relationship between the organization and its target audience. Every organization exists in a social, legal, political environment where it has to interact with different agencies and individuals. Example; The fragrance brand Old Spice … [Read more...] about Public Relations
Sales Budget
Definition: Sales budget refers to the estimation of the sales revenue and the sales overheads for a particular period. A more accurate sales forecast means better utilization of resources, higher profitability and less wastage. Sales forecasting which is nothing but an estimation of demand for goods or services in the market is essential for preparing a sales … [Read more...] about Sales Budget
Product Development
Definition: Product development refers to the creation of a new product which has some utility; or up-gradation of the existing product; or enhancement of the production process, method or system. In simple words, it is all about bringing a change in the present goods or services or the method of production. In simple terms product development comprises of the following … [Read more...] about Product Development
Relationship Marketing
Definition: Relationship Marketing is a modern approach to marketing which focuses on enhancing the customer experience and developing customer loyalty rather than increasing the sales volume and profit of the organization. Keeping the customers engaged and providing them with the highest possible value from their purchase is essential. Here comes the role of relationship … [Read more...] about Relationship Marketing
Marketing Channels
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