Business Terms From Glossary

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139 Terms

1

360-degree feedback

A process where an employee receives feedback from all people they interact with in their job.

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2

Above-the-line promotion

Various forms of promotion aimed at mass audiences, like TV and radio ads.

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3

Acquisition

The process of one company taking over another.

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4

Arbitration

A method of dispute resolution where a third party makes binding decisions.

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5

Artificial intelligence

Computers performing tasks associated with intelligent beings.

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6

Autocratic leadership

Leadership where the leader makes decisions without input from subordinates.

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7

Bankruptcy

Legal process for insolvent companies to restructure or liquidate.

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8

Batch production

Producing similar items in groups.

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9

Below-the-line promotion

Promotion focused on specific segments or groups.

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10

Benchmarking

Comparing a company's performance to industry leaders.

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11

Big data

Extremely large data sets analyzed for insights.

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12

Brand awareness

Degree to which consumers recognize a product.

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13

Brand development

Process of building brand awareness.

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14

Brand loyalty

Continued purchase of a brand despite alternatives.

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15

Brand value

Estimation of a brand's worth.

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16

Bureaucracy

Organizational structure with multiple layers of authority.

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17

Capacity utilization

Percentage measure of how much a business uses its productive capacity.

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18

Capital expenditure

Expenditure for assets with a useful life over one year.

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19

Centralization

Concentrating decision-making authority at the main office.

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20

Chain of command

Official hierarchy in an organization.

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21

Collective bargaining

Employees bargaining with management about wages and conditions.

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22

Commission

Payment to an employee based on completed sales or services.

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23

Competitive pricing

Pricing based on competitors' prices.

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24

Conciliation and arbitration

Dispute resolution methods in collective bargaining.

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25

Contribution pricing

Price based on variable costs plus markup.

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26

Cooperatives

Businesses owned and operated by members who share profits.

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27

Copyright

Exclusive right for the creator to reproduce their work.

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28

Corporate social responsibility (CSR)

Businesses acting in ways that benefit society and stakeholders.

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29

Cost centre

Department in a company that incurs costs but doesn't generate revenue.

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30

Cost-plus (mark-up) pricing

Pricing method adding costs and markup to determine sales price.

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31

Cradle-to-cradle design

Designing products for reuse of materials indefinitely.

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32

Current assets

Assets convertible to cash in less than one year.

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33

Current liabilities

Debts due within one year.

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34

Customer loyalty programmes

Marketing strategies rewarding repeat customers.

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35

Cybercrime

Malicious attacks on electronic systems.

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36

Cybersecurity

Defending electronic systems from cyberattacks.

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37

Data analytics

Analyzing data for business insights.

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38

Data mining

Finding trends and patterns in large data sets for predictive analytics.

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39

Database

Systematic set of electronic data files.

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40

Decentralization

Delegating decision-making authority to regional offices.

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41

Defect rate

Percentage measure of product failing quality guidelines.

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42

Delayering

Removing levels of hierarchy in an organization.

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43

Delegation

Assigning authority or responsibility to someone lower down the organizational chart.

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44

Democratic leadership

Leadership style encouraging input from organization members.

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45

Depreciation

Loss of value of a long-term asset over time.

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46

Economy of scale

Reduction in per-unit production cost with business growth.

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47

Employees share-ownership schemes

Programs granting employees company shares.

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48

Empowerment

Long-term process of developing employees to make decisions.

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49

External growth

Business expansion through external resources like acquisitions.

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50

Fixed costs

Costs that do not vary with output or activity.

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51

Formative appraisal

Continuous employee appraisal for performance improvement.

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52

Franchising

Business model selling rights to use brand and products to others.

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53

Fringe payments

Compensation beyond salary, like insurance or car use.

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54

Incremental innovation

Small continuous improvements to existing products or processes.

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55

Indirect cost/overhead

Costs not directly traceable to a specific cost object.

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56

Induction

Welcoming new employees and providing company-specific training.

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57

Industrial democracy

Allowing workers to have a say in company decision-making.

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58

Innovation

Creating something new with value.

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59

Insolvency

Inability to pay bills or when liabilities exceed assets.

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60

Insourcing

Company's own personnel performing tasks previously outsourced.

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61

Intellectual property

Intangible proprietary rights like patents and trademarks.

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62

Internal growth

Business expansion using its own resources.

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63

Internet of things (IoT)

Interconnected computerized devices transmitting data.

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64

Job enlargement

Adding tasks to a job description horizontally in terms of skill.

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65

Job enrichment

Adding challenging tasks to a job for professional growth.

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66

Job production

Individual production of unique products.

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67

Job rotation

Regularly rotating employees into different positions.

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68

Joint venture

Creation, ownership, and operation of a third organization by two businesses.

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69

Just-in-time

Inventory management strategy minimizing stock on hand.

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70

Kaizen

Continuous improvement philosophy encouraging small changes.

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71

Laissez-faire leadership

Leadership style allowing group decision-making.

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72

Lean production

Systematic approach to reducing waste in production.

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73

Levels of hierarchy

Number of layers of authority in an organization.

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74

Liquidity

Ability to convert assets into cash without loss.

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75

Lockouts

Management action preventing workers from entering premises.

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76

Loss leader

Product sold at a loss to attract customers.

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77

Margin of safety

Difference between current sales and break-even sales.

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78

Market growth

Increase in consumers buying a product or service.

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79

Market orientation

Approach focusing on customer needs and wants.

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80

Market share

Percentage of market controlled by a company or product.

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81

Mass customization

Combining mass production with individualized customization.

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82

Mass market

Market for goods produced in large quantities.

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83

Mass/flow production

Continuous production of standardized products.

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84

Matrix structure

Reporting to more than one person in an organization.

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85

Merger and acquisition

Legal consolidation or purchase of shares between companies.

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86

Niche market

Small specialized part of a larger market.

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87

Non-governmental organizations (NGOs)

Independent non-profit organizations.

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88

No-strike agreement

Provision in collective bargaining agreement prohibiting strikes.

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89

Offshoring

Business moving operations to another country.

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90

Off-the-job training

Training provided offsite by an outside party.

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91

On-the-job training

Training provided onsite during work hours.

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92

Organizational chart

Visual representation showing reporting relationships.

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93

Organizational culture

Beliefs, norms, and customs of an organization.

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94

Outsourcing/subcontracting

Internal function performed externally.

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95

Partnership

Business owned and run by two or more persons sharing profits.

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96

Patent

Exclusive right to make, use, or sell a product for a specific time.

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97

Paternalistic leadership

Leader treats employees like family, expects loyalty.

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98

Penetration pricing

Initially low price to attract customers for a new product.

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99

Performance-related pay

Compensation based on individual or unit performance.

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100

Predatory pricing

Selling at low prices to eliminate competition.

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