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360-degree feedback
A process in which an employee receives feedback from all of the people with whom they come into contact.
360-degree marketing
A marketing campaign that reaches customers at all possible points of contact.
Above the line promotion (ATL)
Promotion aimed at mass audiences, generally not targeted.
Absorption costing
A cost accounting method that allocates indirect costs among products, departments or regions based on predetermined criteria.
Accountability
Being responsible for one's own and others' actions and results.
Accountant
A person who maintains, inspects and analyzes financial accounts.
Accounting
The process of recording money flows and assets of a business.
Acid test (quick) ratio
A liquidity ratio that measures the value of current assets without stock included, relative to current liabilities.
Acquired needs theory
A theory claiming that human beings have three dominant needs that drive motivation.
Acquisition
A form of external growth where one company purchases another company.
Adaptation
Changes in the marketing mix to better meet the needs of consumers in different markets.
Adverse variance
A situation where actual income and expenditure figures are worse for the business than expected.
After-sales service
The maintenance, help, and information a business provides to the customer after they purchase a product.
Agent
A person who acts on behalf of another person or group.
Agility
The ability to move quickly in reaction to changing conditions.
Algorithm
A set of instructions to solve a problem or to complete a task or computation.
Antitrust laws
Laws that limit the market power of individual companies, encouraging competition.
Appraisal
An assessment of an employee's performance; can take many forms.
Arbitration
A method of conflict resolution where management and employees present arguments to a third party.
Artificial intelligence
The ability of a computer or robot to carry out tasks previously done by humans.
Copyright
Legal protection granting exclusive rights to reproduce work for a specific period.
Corporate social responsibility (CSR)
Businesses actively seek ways to improve society and the environment through core business activities and business designs.
Cost
All expenses required to produce a good or service.
Cost centre
Department in a business incurring costs but no revenue.
Cost focus strategy
Business becoming low-cost producer in a niche market.
Cost leadership strategy
Business becoming low-cost producer in the industry.
Cost of sales
Cost of goods actually sold over a period.
Cost-plus (markup) pricing
Pricing reflecting markup on production costs.
Cost to buy (CTB)
Total cost if production is subcontracted to a supplier.
Cost to make (CTM)
Total cost if manufacturing is kept in-house.
Cradle-to-cradle design and manufacturing
Design aiming to eliminate waste and mimic nature.
Creativity
Generating new ideas and considering existing ones from new perspectives.
Creditor days
Average days for a business to pay debts.
Crisis management
Steps to limit damage from an unpredicted event.
Critical path
Minimum time needed for project completion.
Critical path analysis (CPA)
Tool showing minimum project completion time.
Crowdfunding
Finance form where many invest small amounts in a business.
Cultural clash
Conflict when multiple cultures compete for dominance.
Current assets
Cash and assets convertible to cash in less than a year.
Current liabilities
Debts and payables due within a year.
Current ratio
Ratio measuring current assets relative to liabilities.
Customer loyalty programmes
Strategy rewarding repeat customers.
Cybercrime
Criminal activity using computers and digital tech.
Cybersecurity
Technologies blocking access to tech systems by criminals.
Cyclical variations
Data variations due to cyclical economic changes.
Extension strategy
Selling overseas without establishing production units in another country; the simplest form of international expansion.
External diseconomies of scale
The increased unit cost of production for a business due to the expansion of the industry in which the business operates.
External economies of scale
Cost-saving benefits of large businesses in their region or industry that are not under the control of the business.
External growth
Expansion of a business by relying on external resources, typically with another organisation.
External recruitment
When a business fills a job vacancy by recruiting an employee from outside the organisation, usually because the company needs certain skills that it lacks in its current employees.
External sources of finance
Money for a business that is raised from outside the business, such a bank loan.
External stakeholder
An individual or group that affects, or is affected by, an organisation, but who is not directly involved inside the organisation.
Extrapolation
A forecasting method used by businesses to identify trends using past data and extending this information and trend to predict future data.
Extrinsic motivation
Where a person engages in an activity because of a reward outside the activity itself, such as being paid.
Favourable variance
A situation whereby actual income and expenditure figures are better for the business than expected.
Internal economies of scale
Cost reductions experienced by a business when it expands its output.
Internal growth
Expansion of a business with its own resources.
Internal recruitment
Filling a job vacancy from within the business by promoting and retraining an existing employee.
Internal source of finance
Money raised from the business’s or owner's existing assets.
Internal stakeholder
Individual or group directly involved inside an organization.
International marketing
Selling goods and services in more than one country.
Internet of things (IoT)
Connections of physical objects using software to communicate and exchange data.
Intrapreneur
Person developing new ideas for a business they work for.
Intrinsic motivation
Engaging in an activity for the reward or pleasure in the activity itself.
Introduction stage
First stage of the product life cycle when the product is launched.
Intuitive thinking/management
Fast reasoning by experienced managers combining emotional intelligence and past learning.
Inventory
Raw materials used in production and goods available for sale.
Investment
Spending on non-current assets.
Investment appraisal
Evaluation of an investment decision.
Iteration
Process of creating a new version of something.
Jargon
Terminology used in specific professions or industries.
Job enlargement
Adding more tasks to an employee’s job description.
Job enrichment
Giving challenging tasks to make work more interesting for an employee.
Job production
Producing unique items tailored to individual customer needs.
Job rotation
Rotating employees into different positions to gain experience.
Joint venture
Two businesses creating and operating a third organization.
Just-in-case (JIC)
Holding buffer stocks to continue operations during unforeseen events.
Just-in-time (JIT)
Ordering and delivering inputs immediately to minimize stock.
Labour intensive
Production process using more human labor relative to physical capital.
Labour mobility
Workers' ability to move to new locations or change careers.
Labour productivity
Output per worker over a defined period.
Labour turnover
Percentage of workers leaving the business in a period.
Laissez-faire leadership
Leadership style allowing group members to make decisions.
Leadership
Strategic and creative thinking inspiring people to meet challenges and goals.
Lead time
Time taken for a supplier to deliver from ordering.
Lean production
Strategies to reduce waste in the production process.
Leasing
Renting a fixed asset over a period instead of buying.
Levels of hierarchy
Number of layers of authority within an organization.
Liability
Being legally responsible for something.
Limited liability
Owners not personally responsible for business debts if it fails.
Linear production
Taking resources, making products, and disposing of them.
Line of best fit
Line expressing the relationship between data points.
Liquidity
Ability to convert current assets into cash.
Liquidity ratios
Measure of a business’s ability to settle short-term debt obligations.
Loan
Medium- or long-term source of finance used to buy fixed assets.
Location
Geographic position of a business.
Lock-out
Management blocking workers from entering the workplace.
Long-term financing
Funds needed for expensive equipment and facilities.
Long-term liabilities
Borrowing not due within a year.
Loss leader
Product sold at a loss to attract customers.
