The theory is that a dollar should have equal purchasing power in all countries. This means the exchange rate between two countries should move over a period of time towards a rate that equalizes the price of an identical basket of goods and services in each country. The Economist chose a basket that consisted of just one good, the Big …

Establishing a brand on the market is the true art of marketing. It’s not the product being consumed, but rather the image one has of it. Building a brand is not simply giving a product a name, but also creating an experience. This means keeping in mind the contact people have with the brand. A brand is a name, but …

Bleeding Madras is a hand-spun yarn woven in India, made popular in the 1960s (most notably in S E Hinton’s book The Outsiders). Dyes that were not colorfast were used, resulting in bleeding and fading colors that gave the fabric a new, personalized look each time it was laundered. As the colors bled into the water during each wash, it …

Umbrella brands are brand names utilized by a range of different but related products. Sometimes referred to as family branding, the idea behind this type of approach is to enhance the marketability of all the products that carry the same name, thus building an increased rapport with consumers. Because of this, the manufacturer can introduce new products related to the …

A vacation bank or leave bank is what an employer allots to a staffer every year. A Vacation Deprivation study found that many employees failed to use their leave completely, adding many man-days to production. An employee dips into the bank to lengthen weekends, and sprinkles them over the year. ‘Vacation bank’ has gained a more current meaning – the …

A traveling exhibition is that which is available for circulation on a local, national or international level. The collection of the exhibition can be entirely loaned to organizations for a fixed period of time. Traveling exhibitions are usually supported by governmental organizations to spread knowledge and local culture.

Even with economic restrictions, companies are finding ways to pay the big bosses with incentives and discretionary bonuses. ‘Pity bonus’ is one such sum given to a CEO who fails to qualify for a big payout because of the downturn. Boards of companies make special concessions to award such incentives. CEOs may not be taking home good salaries, but the …

A geek hotel is for those who suffer from technophilia; it is fitted out with gizmos and gadgets, rooms are Wi-fi enabled, computers packed with software, like photo, video and sound editing, cameras, wireless, the works… so the geeky sort enjoys his / her holiday without missing out on the digital life. Those who wish to work on holiday can …

An extremely rapid decline in the stock market is called a flash crash. Such a decline occurred on May 6, 2010, at the United States stock market. In the flash crash, the Dow Jones Industrial Average plunged about 900 points. However, it recovered those losses within minutes. It is also known as the May 6, 2010 Flash Crash, The Crash …

Coco taxis are the Cuban equivalent of a rickshaw – a three-wheeled, fibre glass egg-shaped vehicle with two seats glued to a moped. They are called so because they are almost like spherical giant coconuts. Their plastic and fibre glass body, which looks round from the back and sides, forms a protective canopy around the passengers. They tend to flock …