To elicit means to direct a response. The word "elicitation" comes from "elicit." Elicitation, in simple terms, means gathering information or provoking a response in certain situations. Now, why would one be interested in recording reactions or information? Elicitation refers to nonverbal gestures and verbal communication that aid in a better understanding of a situation. They provide a lot of information in the form of layers that helps in making better-informed decisions. For example, a comedian will crack jokes to make the audience laugh. If there is no laughter from the crowd, for him, that is a negative response. He ... Read More

In the volatile, uncertain, complex, and ambiguous (VUCA) world that we live in, there are new shocks awaiting business every day. There are a lot of geographical, political, and trade conflicts happening. These conflicts disrupt operations, the supply chain, customer demands, and other crucial factors for running a business smoothly. These disrupt the normal workings of a business. As a result, a BIA is required. Business Impact Analysis (BIA) and its Benefits BIA helps an organization understand what factors might disrupt the normal functioning of the organization or lead to delays in deliveries, payment cycles, raw material procurement, and others. ... Read More

Design thinking is a creative and innovative way to fight through the actual discomfort that a consumer faces while consuming the product. It includes the assumptions an organization might have regarding its consumers and their consumption. It is also known as a customer-centric, strategic, cognitive, and innovative approach. Benefits of Design Thinking in Today’s Era Instead of spending time and effort on research and development or market surveys, big companies like Google, Apple, Microsoft, and others now prefer design thinking. It is being empathetic with the consumer throughout their purchasing, usage, and after-consumption stages. Design thinking helps in, Introducing ... Read More

Any foray into uncharted territory, such as entering a new market, may be an exciting time for a business, but it also carries some danger. The success of a product in one market does not guarantee its success in another market. Regardless, establishing a foothold in emerging areas sets a premium on retaining a sales leadership position, which calls for widespread product distribution. Most companies often fail to properly plan for product distribution, opting for less efficient and cheaper methods. This article will compare and contrast two types of the product distribution− selective distribution and exclusive distribution. What is Selective ... Read More

Regularly, traders will explore the market for products and commodities that might provide a profit when resold. Arbitrage, or the practice of simultaneously purchasing and selling an item to benefit from the price difference between the two deals, is common practice in the market. This fad capitalizes on the pricing differences that arise when products with the same basic characteristics are marketed in different packaging or through different channels. If all markets did their jobs well, there would be no room for arbitrage. Despite arbitrage's antiquity as a tactic, modern developments have made it easier for traders to partake in ... Read More

According to professionals, running a business without marketing is similar to flying blind. We cannot refute this statement, but we can say that using an inefficient marketing strategy might waste money and fail to achieve its goals. This emphasizes the significance of business owners and marketing managers having a firm knowledge of the many marketing jargons in common use. Companies who want to see an improvement in their lead and conversion rates should use both marketing automation and email marketing immediately. Let's go right in and compare and contrast the two. What is Marketing Automation? This alludes to the plethora ... Read More

Strong customer relationships are crucial to the success of any business, but it may be difficult to efficiently manage sales processes, many marketing channels, and client interactions all at once. A wide range of instruments has been put into place to effectively handle this scenario. Examples of commercial systems that include analytical and personalized features include customer relationship management (CRM), marketing automation, and campaign management software. Managing campaigns or using marketing automation? You just can't make up your mind. This essay will go into detail on both of these methods. What is Marketing Automation? To put it simply, this is ... Read More

Companies always seek new methods of doing business to maximize revenues and enhance efficiency. The importance of internal marketing in building a brand for a firm cannot be overstated, but business growth is equally critical. Even though these statements have different meanings, individuals commonly use them interchangeably. Some organizations have started combining the roles of marketing and business development, which has led to a muddying of the lines between the two. In this article, we'll look closely at "marketing" and "business development" and see what they mean in practice. What is Marketing? "Marketing" is the word for the business practice ... Read More

What is Shrinkflation? Shrinkflation is a term used in economics to describe when the amount or size of a product decreases, but the price stays the same or rises somewhat. The word may refer to a decrease in product or ingredient quality with no change in price. The word was coined in 2009 by British economist Pippa Malmgren. This trend is now widespread in the food and drink business. Shrinkflation can be thought of as a type of "hidden inflation." Instead of increasing the price, which would be obvious to consumers, manufacturers shrink the size of the product while keeping ... Read More

What is Q-Commerce? In today’s time, people want most things to be lightning fast: be it their internet speed, their coffee at the favourite café, groceries and more. Q−Commerce, or "quick commerce, " is the newest entrant into this fast−paced market, promising to satisfy customers’ demands in 30 minutes or less. The global Q−Commerce market was estimated at $25 Billion in 2021 and is projected to reach $72 Billion by 2025. The Covid−19 epidemic has played a significant role in this, since it has not only accelerated the digital transformation of enterprises by decades but also transformed customer behaviour, a ... Read More