summary day 1

quality assurance

The checking for the quality standards throughout the production process, whether it is the production of a product or service.

Total Quality Management (TQM)

the continuous improvement of products and processes by focusing on quality at each stage of production

market

the set of all actual and potential buyers of a product or service; the people who trade in a particular good; to make goods available to buyers and encourage them to buy them

market leader

the company with the largest market share

market nicher

a small company that concentrates on one or more particular niches or small market segments

market research (GB)/ market research (US)

the collection, analysis and reporting of data relevant to a specific marketing situation (e.g. a proposed new product)

market segment

part of a market; a group of customers with specific needs, defined in terms of geography, age, sex, income, occupation, life-style, etc.

market share

the sales of a company (or brand or product) expressed as a percentage of total sales in marketing - the process of identifying and satisfying consumers' needs and desires

marketing channel

the set of intermediaries a company uses to get its goods to their end users

marketing mix

the set of all the various elements in a marketing programme, and the way a company integrates them

marketing strategy

a plan or principle designed to achieve marketing objectives

product life cycle

the standard pattern of sales of a product over the period that it is marketed

Advertorial

A paid-for advertisement which includes editorial content; normally identified in a print magazine with the word "Advertisement" printed as a head across the top of the page to distinguish it from genuine (in theory unbiased) editorial content

advertising agency

the organization that takes care of advertising for clients

advertising campaign

A time-limited set of ads - campaigns may run across different media, and for one month or ten years, but can be categorized together as they are the execution of a central idea

Demographics

describing an audience by age, gender, ethnicity, or location - i.e the facts about them

focus groups

Small, select groups representing a target audience who are paid to answer questions at the behest of a market research organization

product placement

The practice of paying for a branded product to be used by a character in a movie - e.g James Bond driving a BMW Z3

product positioning

establishing the market niche of a product - which may not be as the brand leader - and advertising to the appropriate segment of the audience

USP

United States Pharmacopeia/Point - a highlighted benefit of a product which makes it stand out from all rival brands

deposit

to place money in a bank; or money placed in a bank

liquidity

available cash, and how easily other assets can be turned into cash

collateral

anything that acts as a security of guarantee for a loan

a mortgage

a type of loan used to purchase or maintain a home, land, or other types of real estate. the borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. the property then serves as collateral to secure the loan

overdraft

Something that occurs when you make a purchase with your debit card or write a check for an amount that exceeds your checking account's available balance. Many bank accounts offer overdraft protection to help avoid overdraft fees. Some banks don't charge overdraft fees at all.

a current account

an account at a bank against which checks can be drawn by the account depositor; a checking account

a savings account

a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.

a deposit account

a bank account maintained by a financial institution in which a customer can deposit and withdraw money

solvency

When banks have enough money to cover potential losses. Banks are expected to maintain a sufficient level of capital to remain solvent and avoid failure. The FDIC and other federal regulators work with banks to maintain standards for solvency.

maturity date

This is the date of expiration for the contractual obligation of a financial instrument. For example, certificates of deposit have a maturity date that depends on the length of the CD term. When the CD matures, you have the option to withdraw the money. Some banks and credit unions also allow you to roll it into a new CD or enable the CD to renew automatically.

cost accounting

calculating all the expenses involved in producing something, including materials, labour, and all other expenses

tax accounting

calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)

auditing

inspecting and reporting on accounts and financial records

accounting

preparing financial statements showing income and expenditure, assets and liabilities

managerial (or management) accounting

providing information that will allow a business to make decisions, plan future operations and develop business strategies

creative accounting

using all available accounting procedures and tricks to disguise the true financial position of a company

bookkeeping

writing down the details of transactions (debits and credits)

cash flow statement

a statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing

income statement (or statement of income, profit and loss statement, or profit and loss account)

a statement showing the difference between the revenues and expenses of a period

balance sheet (or statement of financial position)

a statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the business has that belongs to its owners)

business cycle model

a model showing the increases and decreases in a nation's real GDP over time; this model typically demonstrates an increase in real GDP over the long run, combined with short-run fluctuations in output.

expansion

the phase of the business cycle during which output is increasing

recession

the phase of the business cycle during which output is falling

Depression

a deep and prolonged recession

peak

the turning point in the business cycle between an expansion and a contraction; during a peak in the business cycle, output has stopped increasing and begins to decrease.

trough

the turning point in the business cycle between a recession and an expansion; during this, output that had been falling during the recession stage of the business cycle bottoms out and begins to increase again

recovery

when GDP begins to increase following a contraction and a trough in the business cycle; an economy is considered in recovery until real GDP returns to its long-run potential level.

potential output

the level of output an economy can achieve when it is producing at full employment; when an economy is producing at its potential output, it experiences only its natural rate of unemployment, no more and no less.

growth trend

the straight line in the business cycle model, which is usually upward sloping and shows the long-run pattern of change in real GDP over time

positive output gap

the difference between actual output and potential output when an economy is producing more than full employment output; when there is a positive output gap, the rate of unemployment is less than the natural rate of unemployment and an economy is operating outside of its PPC.

negative output gap

the difference between actual output and potential output when an economy is producing less than full employment output; when there is a negative output gap, the rate of unemployment is greater than the natural rate of unemployment and an economy is operating inside its PPC.

international trade

purchase, sale, or exchange of goods and services across national borders

free trade

a trade policy that does not restrict imports or exports/ the free market idea applied to international trade

protectionism

the economic policy of restraining trade between nations, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies

trade barriers

government laws, regulations, policies or practices that either protect domestic products from foreign competition or artificially stimulate exports of particular domestic products

Tariff

A duty or tax levied on certain types of imports (usually as a percentage of their value) as they enter a country.

quota

restriction on the amount (measured in units or weight) of a good that can enter or leave a country during a certain period of time

absolute advantage

ability of a nation to produce a good more efficiently than any other nation, but an ability to produce that good more efficiently than it does any other good

an infant industry

a new industry, which in its early stages experiences relative difficulty or is absolutely incapable in competing with established competitors abroad.

a strategic industry

an industry which is essential for the promotion or stabilization of the growth of the locality in which that industry is situated