Owyn
Member
I think it would help us all sound smarter if we had a list of terminolgy and words and stuff, so just throw in as many as you can think off.
Terminolgy and Buzwords list (1 Viewer)
- Thread starter Owyn
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goan_crazy
Hates the waiting game...
All the Biz words from the business studies textbook
I didn't do this, my friend did
See attachment for the document
Enjoy!
Marketing
Augmented product: additional consumer services and benefits in addition to the core product.
Behaviour segmentation: subdividing a market intogroups based on the consumers’ attitude towards a product.
Benefit segmentation: dividing the market into groups based on the different benefits that consumers seek from a product.
Brand: a name, term, symbol or design that identifies a product of one particular business.
Brand equity: the value of a brand, based on the degree to which it has loyalty, awareness, percieved quality and brand association.
Breakeven pricing: setting price in order to break even on the costs of production.
Business market: all the organisations that buy goods and services to use in the production of other products to sell or rent for a product.
Buyer: the person who actually makes the purchase of the product.
Consumer market: all the individuals and households who buy products for personal use.
Core product: the benefits that customers are really buying when they pay for a product
Cost-based pricing: using the costs of production as the basis for setting the price of the product.
Cost-plus pricing: setting a price by adding a mark-up to the cost of making a product.
Cultural environment: aspect of the external business environment made up of the community’s values and attitudes, which affects the demand for products and services.
Customer satisfaction: the extent to which the product’s percieved performance matches a buyer’s expectations.
Customer value: the difference between what benefits the customer gets from buying and using a product and the cost of obtaining the product.
Decline stage of product lifecycle: the stage when sales and profits fall quickly.
Demographic segmentation: dividing a market into groups based on age, gender, income and education.
Demographics: the study of social population trends and statistics.
Economic (business) cycle: changes in the level of economic activity over time, ranging from recession to recovery, boom and contraction.
Economic environment: aspect of the business environment made up of factors such as the stage of the economic cycle, the level of unemployment, interest rates and inflation. All these factors influence buying patterns of customers.
Emotional appeals: advertising or promotional messages that target negativeor positive emotions in customers.
Experimental research: a method of collectingprimary data by conducting experiments on consumer behaviour.
External environment: all aspects of the total business environment putside the control of the business.
Focus group: a method of collecting primary data using a group of people to discuss a product, business, or some aspect of the marketing program.
Geographic segmentation: dividing a market into geographical units, such as country, state or cities.
Government market: government bodies across all levels of government that buy products.
Growth stage of product lifecycle: the stage when sales and profits rise.
Industrial market: all the individuals and organisations that buy products to use in production of other products that are sold or rented to others.
Institutional market: a market that is made up of schools, hospitals, nursing homes and other institutions that provide products for people in their care.
Intensive distribution: when a business sell its product in every possible outlet.
Introduction stage of product lifecycle: the first stage of the product lifecycle, which sees the product first, made available to the market.
Legal environment: influences from the legislation and the regulations that control marketing activities.
Manufacturer’s brand: a brand that is owned by the producer of the product.
Market segmentation: dividing the total market into different parts with each part having similar characteristics.
Market share: one business’s percentage share of the total sales in a particular market.
Market skimming pricing: pricing strategy which sets a high price on a product, hoping to maximise profits quickly.
Marketing: a system of business activities designed to plan, price, promote and distribute want satisfying products to customers.
Marketing concept: a business philosophy which places the customer at the centre of all business activity.
Marketing mix: a combination of four elements – product, price, promotion and place – which make up the core of the marketing plan.
Mass marketing: a marketing strategy where a business regards its market as having the same needs and wants.
Maturity stage of the product lifecycle: the stage where sales growth peaks, then starts to deline.
Non-price competition: competion based on factors such as promotion, a variety or service and product features.
Observational research: a method of collecting primary data by watching people’s behaviour in certain situations.
Opinion leader: people who can influence others, either by special knowledge, personality or other characteristics.
Penetration pricing: pricing strategy which sets a low price to win as many customers as possible immediately.
Physical distribution: activities involved in the physical movement of goods from the producer to customer.
Positioning: the image a product holds in the mind of a customer.
Product: a set of tangible and intangible features that satisfy customer wants, a good or service.
Product lifecycle: the stage a product goes through from its introduction, growth, maturity and final decline.
Production orientation: the approach to business that assumes that making a good product will ensure success.
Promotion: the element of the marketing mix that is used to inform and persuade customers about the business’s products.
Rational appeals: an advertising message that targets the consumer’s self-interest and focuses on the product’s benefits.
Reference groups: groups that have a direct influence on a person’s attitudes and bahaviour.
Retailer: a business that sells products to consumers.
Sales forecast: an estimate of what a business expects to sell in a specific period of time.
Sales orientation: the approach to business that focuses on selling whatever the firm produces.
Sales-volume analysis: a detailed study of a business’ sales volume over a given period of time.
Secondary data: information that already exists, having been collected for another purpose.
Selective distribution: the strategy used when a business uses a limited number of intermediaries to sell its product.
Societal marketing: a business philosophy that believes that a business must take into account the impact on society in its actions to meet consumers, and the business.
Strategy: a general plan of action used to reach objectives.
Tactic: a specific course of action which implements a business strategy.
Target market: the group of customers on which a business focuses its marketing effort.
Technological environment: the forces of technological change which affect the marketing program of the business.
Telemarketing: a marketing technique which uses the telephone, television and computers in a business’ sales effort.
Test marketing: experimenting with a new product in specific geographic areas.
Value-based pricing: using buyer’s perception of value to set a price.
Word-of-mouth: personal communication about a product between buyers and family, friends, neighbours, and associates.
Business management and change
Autocratic leadership style: where managers use a high degree of direction and permit little or no participation in decision-making by subordinates.
Business culture: the values and beliefs held by the people in a business that give that business its character.
Chain of command: the line of authority from the top of a business to the bottom; the order of who reports to whom.
Change: an alteration from the status quo.
Coalition: the joining together of groups with different interests to better meet those goals through working together to achieve a common goal.
Code of ethics: a formal statement of the values the business believes are important and the ethical rules it expects its employees to follow.
Controlling: measuring the actual performance in a business and comparing the measurements to what was planned.
Decision: a choice made from two or more alternatives.
Delegation: giving another person the authority and responsibility to carry out a specifc activity.
Democratic leadership style: where managers encourage a high degree of employee participation in decision-making as well as open communication channels.
Division of labour: the breakdown of jobs in narrow, repetitive tasks.
E-commerce: the use of the internet to buy and sell products.
Ecologically sustainable development: development which meets the needs of the present without compromising the ability of future generations to meet their own needs.
Effectiveness: achieving goals.
Efficiency: the relationship between inputs and outputs. The goal is to miniise resource costs.
Ethics: the principles that define what is right and wrong behaviour.
Flattening: removing some of the layers of middle management in the business’s pyramid. This action brings the people at the bottom closwer to the top. It also involves a widening of the span of control.
Goal: a desired future outcome than a business wants to achieve.
Group goal: a goal that most or all members of the group agree as on a common goal.
Group: two or more people who interact with each otherto achieve a certain goal.
Industrial revolution: associated with the use of machine power and mass production as well as dramatic improvements in transportation.
Inertia: the lack of energy or resolve to do something about a problem.
Management: a process concerned with coordinating and integrating work activities to achieve the goals of a business, with and through other people.
Multiskilling: involves training the employee in a range of skills required to do all the tasks in a particular unit. It enables efficient job rotation to take place.
Organisation: a collection of people who work together to achieve individual and organisational goals.
Organisational behaviour: concerned with the study of how people act in the work environment.
Organisational structure: the formal way in which management sets out how the people in the business are to interact in order to achieve the goals of the business.
Organising: designing the structure or framework of a business.
Outsourcing: the purchase of services, traditionally performed by a business, from other businesses that specialise in that function.
Planning: the process of setting goals and working out the best way of achieving them.
Power: the ability of a person to influence the beliefs or actions of other people.
Productivity: the output per person in a set period of time.
Responsibilities: the required duties and care the business has to individuals and groups that are its stakeholders.
Role: a set or behaviours or tasks a person is expected to perform because they hold a particular position in a business.
Self-managed work group: a formal work group that consists of people who are jointly responsible for making sure the group achieves its goalsand who leads themselves.
Skill: an ability to act in a way that allows a person to do their job well.
Social responsibility: a business’s responsibility to society generally in such areas as solving pollution problems, providing employment and preventing discrimination.
Span of control: the number of subordinates who report directly to a specific manager.
Stakeholders: any individual or group thathas an interest in what the business does.
Strategic alliance: where two or more businesses join forces to achieve a particular goal.
Strategic direction: where the manager wants to be in the future while at the same time anticipating changes in the environment.
System: a set of interrelated and interdependent parts that are arranged in such a manner that they make a unified whole.
Tariff: a tax on imports.
Team: a group in which members work together intensively to achieve a common group goal.
Technology: the way people use raw materials and equipment to produce finished products.
Transformation: totally changing something into something else.
Vision: the ideal a business must strive to fulfil in order to achieve its mission.
Work team: a group of people who work intensively together on a particular task to achieve a common group goal.
Financial planning and management
Accounts payable: money owed by the business to suppliers of products,
Accounts recievable: customer debts owed to a business because it has supplied products on credit.
Accruals: amounts owed for services when a bill for the service has not yet been recieved.
Accumulated depreciation: the total of the used up value of the long-term assets.
Bank overdraft: a short-term agreement between a bank and a business that allows the business’s cheque account to go into deficit for a specified time limit established in the agreement.
Capital expenditure: an outlay of funds by the business that is expected to produce economic benefits over a period of time greater han one year.
Charge: means the lender can sell the property to recover the debt if the borrower is unable to pay the debt.
Conserve: means to protect working capital and be careful not to use it unecessarily.
Creditors: people or other businesses owed money by the business for the products or services they have provided to the business.
Depreciation: the used-up value of an asset.
Discount: a reduction in the total payment if conditions, such as early payment are met.
Economic life: refers to the time period in which the asset will contribute value to the business.
Factor: a financial institution that buys accounts receivables from a business.
Family issue: when a company issues a debenture to its own shareholders and a private placement is when the debenture is sold to a single institution such as a superannuation fund.
Franchise: purchasing the right to use another business’s name. The purchasing conditions usually include restrictions onhow the business will operate and payment of a royalty on sales.
Gearing: the proportion of debt finance compared to equity finance in the capital structure of the business.
Generally accepted accounting principles (GAAP): the practice and procedure guidelines used to prepare and maintain financial records and reports.
Gross long-term assets: the total value of those assets which will provide economic benefits to the business over a period longer than a year.
Inventory: the goods a business has available for sale to customers but have not, as yet, been sold.
Invoice: a document delivered with goods sold on credit setting out the quantity, quality and price of the goods as well as the payment conditions.
Liquid assets: assets which are readily changed into money.
Liquidity: a business’s ability to pay its short-term obligations as they fall due.
Long-term debt: debt that will be repaid over a period longer than a year.
Marketable securities: very liquid short-term investments, such as bills or certificates of deposits.
Merger: occurs when two or more businesses combine into one operation.
Net long term assets: the value of long term assets after depreciation has been deducted.
Notes payable: outstanding short-term loans, usually from commercial loans.
Overdraft facility: an arrangement with a bank to write cheques to a certain value above the balance in the bank.
Owners’ equity: money contributed by the owners in the form of either capital or the purchase of shares.
Profitability: the relationship between revenues and costs that result from the use of the business’s assets in productive activities.
Residual: what money is left over liabilities have been paid.
Retained earnings: profits of the business kept for future growth rather than disctributed to the owners in the form of dividends.
Risk: the degree of variability of net cash flows – how much the cash that flows into the business from sales varies from month to month and year to year.
Security: any type of written undertaking to repay money that is owed.
Shareholders equity: the owners’ claim of the assets of the company.
Short-term borrowings: debts that will be repaid during the year.
Short-term debt instruments: contracts to repay money that has been borrowed within a year.
Statement: sets out the sales to the business in the current month and the total amount owed and due for payment within 30 days plus any outstanding amounts every 30 days after that.
Total current assets: the sum total of the value of short-term assets.
Total current liabilities: the sum total of liabilities that must be paid within the year.
Employment relations
Absenteeism: the percentage of employees, on an average day, who are away from work or on sick leave without being approved in advance.
Affirmative action: a program of action for women designed to eliminate discrimination and promote equal opportunity in relation to employment matters.
Arbitration: the process that occurs when an industrial commissioner evaluates the arguments of both parties and comes to a decision which is legally binding.
Australian workplace agreement (AWA): an individual agreement between an employer and an employee about the empoyee’s terms and conditions of employment.
Autonomous work groups: work groups where employees are allowed to make a lot of their own decisions about various aspects of their work.
Awards: legally enforceable documents made by industrial tribunals and determine the minimum wage that must be paid to employees covered by that award.
Benchmarking: comparing something against a standard.
Benchmarks: a measure of business performance compared with the best achievements of similar organisations around the world.
Best practice: when a business is internationally competitive through such things as efficient work and management practices.
Breach: an action that breaks a contract, an agreement or a duty to do something.
Career breaks: agreements where the employee arranges a fixed period away from work to undertake study or take care of family commitments and the employer guarantees a job at the end of the period.
Certified agreements: collective agreements made between an employer and a group of employees.
Collective bargaining: the process where a group of employees and their employer negotiate the terms and conditions of employment for their workplace.
Common law: the group of laws that are created when judges make decisions in the higher courts.
Conciliation: a form of mediation ordered by an industrial tribunal.
Conflict: disagreement and argument between two or more parties.
Contract: an agreement which gives rise to legal rights and obligations between the parties to it and which will be enforced by the courts.
Court action: an action is a civil proceeding commenced by writ or summons. It usually refers to proceedings in which the common law remedy of damages is sought.
Covert: if something is covert it is not openly acknowledged or displayed.
Demarcation: the action of fixing the boundary or limits of something.
Desktop meeting: a meeting between management and workers where discussion can take place.
Discrimination: treating a person less favourably than another person because of their race, sex, marital status, pregnancy, potential pregnancy, family responsibilties or disability.
Dismissal: when an employee has their employment terminated by management for reasons other than redundancy.
Duty of care: an employer’s obligation to take ‘reasonable care’ for the safety of employees.
Employees: people who work in a business, the people who are paid to work for an employer.
Employment contract: an agreement between an employer and an employee which creates rights and obligations that are enforceable by law.
Employment relations: the function that deals with managing the total relationship between the employers and the employees of a business.
Empowerment: giving someone the authority and power to do something.
Enterprise: another name for a business.
Enterprise agreement: an agreement on terms and conditions of employment, negotiated by the employees and employers at an enterprise.
Enterprise bargaining: the process where employees and employers negotiate the terms and conditions of employment for their work place. Also called workplace bargaining or collective bargaining.
Equal employment opportunity: is about ensuring that all employees are treated with fairness and respect in the workplace.
Flat structure: a business structure that has few, if any, middle management levels.
Freedom of association: the right of employees and employers to choose to join an organisation or association of their choice, or not to join an organisation or association.
Fringe benefits: extra benefits an employee may get as well as their wages or salary such as a company car, subsidised meals and private health care (paid for by the employer).
Globalisation: the move towards the situation where individual businesses compete in a global or worldwide market.
Grievance: a complaint, especially about unfair treatment.
Grievance procedure: the series of steps which set out the process to be followed in the event of an issue or dispute arising in the workplace.
Human resource management: the management of people in a business.
Human resources: one of the names for people who work in a business.
Induction: the training given to new employees when they start their employment.
Industrial action: generaplly involves the withdrawal from work by a group of employees who are not happy about something.
Industrial dispute: a dispute between employees and their employer.
Industrial relations: the relationship between management and labour.
Intrinsic rewards: rewards for successful performance.
Job-sharing: an arrangement that allows two or more people to share one full-time job.
Joint consultative committee: a meeting of management and employee representatives where employees are consulted about decisions affecting them and information about the business is shared.
Labour turnover: the rate at which employees leave a business to be replacd by new emloyees.
Line manager: a person in charge of other employees who together work directly on producing the goods and services that the business offers.
Lockouts: an action by employers where workers are not permitted to enter the workplace unless they agree to follow management orders or work as directed.
Mediation: a voluntary negotiation process where a neutral third person assists the parties to try and find a way to resolve their dispute.
Mobility: the ability of workers to move between organisations rather than remaining in the same business for most of their working life.
Negotiation: a discussion between the parties concerned to try to mutually resolve a dispute.
No-disadvantage test: a test applied by the Employment Advocate to make sure that employees will not be worse off overall if they accept the terms of a workplace agreement.
No-fault compensation system: where an injured employee is almost always guaranteed compensation, even if the injury was their fault.
Occupational health and safety: protecting the health and safety of people in the workplace.
Over-award payments: payments to employees that are above the minimum amount set down in the award.
Personnel: one of the names for people who work in a business.
Picketing: a form of industrial action where striking workers gather outside their place of work and prevent entry into the workplace.
Pluralists: take the view that organisations are complex, are made up of many parts and have a number of stakeholders, each with their own goals.
Quality circles: work groups, commonly of eight to ten employees and supervisors, sharing an area of responsibility, and involved in problem solving and decision-making within their workplace.
Quality management: about focusing on the continuous improvement of the systems within businesses.
Renumeration: the reward for work that has been done, commonly in the form of pay.
Shop steward: a union’s representative in the workplace.
Stakeholder: any individual or group who has a genuine interest in the way a business conducts its operations.
Statute law: the group of laws that are created by parliament. Also called legislation.
Strikes: occur when employees wthdraw their labour to enforce a demand or express a grievance.
Team briefing: a meeting between management and workers where discussion can take place can take place. Also known as a desktop meeting or a toolbox meeting.
Team-building: one of the most common forms of worker participation or employee involvement involving discussion and direction from management.
Teams: when a group of workers are given the reponsibility for a particular part or task within the business, without day to day supervision.
Telecommuting: home-based work involving employees working away from the workplace on a part-time, full-time, temporary or permanent basis, remaining in touch with the business via phone and e-mail etc. Also known as teleworking.
Toolbox meeting: a meeting between management and workers where discussion can take place.
Tort: a civil wrong.
Unions: organisations that represent employees.
Wage demand: a demand by employees for an increase in their wage rate or changes to the way in which their wages are calculated and determined.
Worker participation: involves workers, together with their managers, making decisions about matters which affect them in the workplace.
Worker’s compensation: compensation payments for workers if a worker is injured as a result of their job.
Workplace: any place where people are required to work.
Workplace agreement: an agreement on terms and conditions of employment, negotiated by an employee and their employer at the workplace.
Workplace bargaining: the process where employees and employers negotiate the terms and conditions of employment at their workplace.
Work-to-rule campaigns: union members work to the strict letter of any agreements or awards, refusing to do any extra duties.
Global business
Bilateral agreements: agreements between two countries only.
Bill of exchange: a document ordering an importer to pay an exporter at a certain point in time.
Bond: a form of debt that specifies the timing of principal and interest payments.
Countertrade: the practice of selling products that are paid for with other products.
Differentiation: a strategy in which a business designs its marketing mix to clearly stand out from competitors.
Direct exporting: when a business sells its products directly to overseas buyers.
Economic cycle: the periodic rise and fall in an economy’s level of activity.
Economic exposure: the impact of unexpected exchange rate changes on the value of a business’s operations.
Economies of scale: the cost savings a business gains by increasing the size of its production.
Ethnocentric staffing: where foreign subsidiaries mainly use home country nationals to staff higher-level foreign positions.
Eurobonds: bonds issued to lenders in other countries, but in the borrower’s currency.
Export management company: a company that exports products on behalf of another business.
Export trading company: a company that is involved in activities such as exporting, importing, investing and manufacturing.
Exporting: the selling of goods and services to a foreign country or countries.
Factoring: a source of finance where a financing company buys the accounts receivable of the client business.
Foreign bonds: bonds sold outside of the borrower’s country but denominated in the currency of the country of issue.
Foreign direct investment: investment that gains control of the foreign business or assets.
Franchising: an arrangement where one business supplies another with intellectual property and ongoing support.
General agreement on Tariffs and Trade (GATT): international organisation formed in 1948 to promote free trade by reducing tariffs and other trade barriers. Ceased to operate in 1995 when the World Trde Organisation started operations.
Geocentric staffing system: policy of employing the best available person, regardless of their nationality.
Indirect exporting: the practice of using intermediaries to distribute products in other countries.
Intellectual property: assets that result from people’s intellectual abilities an efforts. Includes trademarks, copyrights, geographical names used to identify products, original artistic material such as literature, music and film, and industrial designs.
International bond market: a market for the sale of the bonds issued by organisations outside their own countries.
International capital market: a network of individuals, businesses, financial institutions and governments that invest and borrow across national borders.
International equity market: a market made up of all shares bought and sold outside the issuers home country.
Joint venture: a separate business created and jointly owned by two or more separate businesses.
Letter of credit: a guarantee by the importer’s bank to pay the exporter when the exporter fulfils the terms of the document.
Licensing: an arrangement where a business sells the right to use intellectual property to another business.
Management contracts: agreements where one business provides managerial assistance, technical expertise or specialised services to another organisation for a certain period of time.
Multilateral trade agreements: trade agreements made between more than two countries.
Political risk: the chances that political changes in a society will negatively affect business activity.
Polycentric staff system: policy of predominantly employing host country nationals in a range of positions.
Portfolio investment: investment that does not involve obtaining control of a business.
Protectionism: government policy or philosophy that supports or protects domestic businesses from foreign competition.
Regional trading bloc: a group of nations in geographic region undergoing some form of economic intergration.
Sourcing: the set of processes and steps a business uses to acquire the different resources it needs to make its own products.
Standardisation: offering a common product on a worldwide basis.
Strategic alliances: arrangements between two or more businesses with a common business objective.
Tax havens: countries or economies that have little or no corporate income taxes.
Trading bloc: a group of countries that have agreed to reduce trade barriers between each other but keep barriers to non-member countries.
Transaction exposure: when currency fluctuations can affect the financial costs or revenues of an overseas business transaction.
Transfer price: the price charged for a product traded among a business and its subsidiaries.
Translation exposure: when currency fluctuations can affect the value of a business’ foreign assets, liabilities and profits.
Vertical integration: the extension of business activities into stages of production that provides a business’ inputs or absorbs its output.
Wholly owned subsidiary: a business owned and controlled by a parent company.
World Trade Organisation (WTO): international organisation created on 1 January 1995. The three main goals of the WTO are: to help the free flow of trade; to help negotiate further opening of a market; to settle disputes between its members.
I didn't do this, my friend did
See attachment for the document
Enjoy!
Marketing
Augmented product: additional consumer services and benefits in addition to the core product.
Behaviour segmentation: subdividing a market intogroups based on the consumers’ attitude towards a product.
Benefit segmentation: dividing the market into groups based on the different benefits that consumers seek from a product.
Brand: a name, term, symbol or design that identifies a product of one particular business.
Brand equity: the value of a brand, based on the degree to which it has loyalty, awareness, percieved quality and brand association.
Breakeven pricing: setting price in order to break even on the costs of production.
Business market: all the organisations that buy goods and services to use in the production of other products to sell or rent for a product.
Buyer: the person who actually makes the purchase of the product.
Consumer market: all the individuals and households who buy products for personal use.
Core product: the benefits that customers are really buying when they pay for a product
Cost-based pricing: using the costs of production as the basis for setting the price of the product.
Cost-plus pricing: setting a price by adding a mark-up to the cost of making a product.
Cultural environment: aspect of the external business environment made up of the community’s values and attitudes, which affects the demand for products and services.
Customer satisfaction: the extent to which the product’s percieved performance matches a buyer’s expectations.
Customer value: the difference between what benefits the customer gets from buying and using a product and the cost of obtaining the product.
Decline stage of product lifecycle: the stage when sales and profits fall quickly.
Demographic segmentation: dividing a market into groups based on age, gender, income and education.
Demographics: the study of social population trends and statistics.
Economic (business) cycle: changes in the level of economic activity over time, ranging from recession to recovery, boom and contraction.
Economic environment: aspect of the business environment made up of factors such as the stage of the economic cycle, the level of unemployment, interest rates and inflation. All these factors influence buying patterns of customers.
Emotional appeals: advertising or promotional messages that target negativeor positive emotions in customers.
Experimental research: a method of collectingprimary data by conducting experiments on consumer behaviour.
External environment: all aspects of the total business environment putside the control of the business.
Focus group: a method of collecting primary data using a group of people to discuss a product, business, or some aspect of the marketing program.
Geographic segmentation: dividing a market into geographical units, such as country, state or cities.
Government market: government bodies across all levels of government that buy products.
Growth stage of product lifecycle: the stage when sales and profits rise.
Industrial market: all the individuals and organisations that buy products to use in production of other products that are sold or rented to others.
Institutional market: a market that is made up of schools, hospitals, nursing homes and other institutions that provide products for people in their care.
Intensive distribution: when a business sell its product in every possible outlet.
Introduction stage of product lifecycle: the first stage of the product lifecycle, which sees the product first, made available to the market.
Legal environment: influences from the legislation and the regulations that control marketing activities.
Manufacturer’s brand: a brand that is owned by the producer of the product.
Market segmentation: dividing the total market into different parts with each part having similar characteristics.
Market share: one business’s percentage share of the total sales in a particular market.
Market skimming pricing: pricing strategy which sets a high price on a product, hoping to maximise profits quickly.
Marketing: a system of business activities designed to plan, price, promote and distribute want satisfying products to customers.
Marketing concept: a business philosophy which places the customer at the centre of all business activity.
Marketing mix: a combination of four elements – product, price, promotion and place – which make up the core of the marketing plan.
Mass marketing: a marketing strategy where a business regards its market as having the same needs and wants.
Maturity stage of the product lifecycle: the stage where sales growth peaks, then starts to deline.
Non-price competition: competion based on factors such as promotion, a variety or service and product features.
Observational research: a method of collecting primary data by watching people’s behaviour in certain situations.
Opinion leader: people who can influence others, either by special knowledge, personality or other characteristics.
Penetration pricing: pricing strategy which sets a low price to win as many customers as possible immediately.
Physical distribution: activities involved in the physical movement of goods from the producer to customer.
Positioning: the image a product holds in the mind of a customer.
Product: a set of tangible and intangible features that satisfy customer wants, a good or service.
Product lifecycle: the stage a product goes through from its introduction, growth, maturity and final decline.
Production orientation: the approach to business that assumes that making a good product will ensure success.
Promotion: the element of the marketing mix that is used to inform and persuade customers about the business’s products.
Rational appeals: an advertising message that targets the consumer’s self-interest and focuses on the product’s benefits.
Reference groups: groups that have a direct influence on a person’s attitudes and bahaviour.
Retailer: a business that sells products to consumers.
Sales forecast: an estimate of what a business expects to sell in a specific period of time.
Sales orientation: the approach to business that focuses on selling whatever the firm produces.
Sales-volume analysis: a detailed study of a business’ sales volume over a given period of time.
Secondary data: information that already exists, having been collected for another purpose.
Selective distribution: the strategy used when a business uses a limited number of intermediaries to sell its product.
Societal marketing: a business philosophy that believes that a business must take into account the impact on society in its actions to meet consumers, and the business.
Strategy: a general plan of action used to reach objectives.
Tactic: a specific course of action which implements a business strategy.
Target market: the group of customers on which a business focuses its marketing effort.
Technological environment: the forces of technological change which affect the marketing program of the business.
Telemarketing: a marketing technique which uses the telephone, television and computers in a business’ sales effort.
Test marketing: experimenting with a new product in specific geographic areas.
Value-based pricing: using buyer’s perception of value to set a price.
Word-of-mouth: personal communication about a product between buyers and family, friends, neighbours, and associates.
Business management and change
Autocratic leadership style: where managers use a high degree of direction and permit little or no participation in decision-making by subordinates.
Business culture: the values and beliefs held by the people in a business that give that business its character.
Chain of command: the line of authority from the top of a business to the bottom; the order of who reports to whom.
Change: an alteration from the status quo.
Coalition: the joining together of groups with different interests to better meet those goals through working together to achieve a common goal.
Code of ethics: a formal statement of the values the business believes are important and the ethical rules it expects its employees to follow.
Controlling: measuring the actual performance in a business and comparing the measurements to what was planned.
Decision: a choice made from two or more alternatives.
Delegation: giving another person the authority and responsibility to carry out a specifc activity.
Democratic leadership style: where managers encourage a high degree of employee participation in decision-making as well as open communication channels.
Division of labour: the breakdown of jobs in narrow, repetitive tasks.
E-commerce: the use of the internet to buy and sell products.
Ecologically sustainable development: development which meets the needs of the present without compromising the ability of future generations to meet their own needs.
Effectiveness: achieving goals.
Efficiency: the relationship between inputs and outputs. The goal is to miniise resource costs.
Ethics: the principles that define what is right and wrong behaviour.
Flattening: removing some of the layers of middle management in the business’s pyramid. This action brings the people at the bottom closwer to the top. It also involves a widening of the span of control.
Goal: a desired future outcome than a business wants to achieve.
Group goal: a goal that most or all members of the group agree as on a common goal.
Group: two or more people who interact with each otherto achieve a certain goal.
Industrial revolution: associated with the use of machine power and mass production as well as dramatic improvements in transportation.
Inertia: the lack of energy or resolve to do something about a problem.
Management: a process concerned with coordinating and integrating work activities to achieve the goals of a business, with and through other people.
Multiskilling: involves training the employee in a range of skills required to do all the tasks in a particular unit. It enables efficient job rotation to take place.
Organisation: a collection of people who work together to achieve individual and organisational goals.
Organisational behaviour: concerned with the study of how people act in the work environment.
Organisational structure: the formal way in which management sets out how the people in the business are to interact in order to achieve the goals of the business.
Organising: designing the structure or framework of a business.
Outsourcing: the purchase of services, traditionally performed by a business, from other businesses that specialise in that function.
Planning: the process of setting goals and working out the best way of achieving them.
Power: the ability of a person to influence the beliefs or actions of other people.
Productivity: the output per person in a set period of time.
Responsibilities: the required duties and care the business has to individuals and groups that are its stakeholders.
Role: a set or behaviours or tasks a person is expected to perform because they hold a particular position in a business.
Self-managed work group: a formal work group that consists of people who are jointly responsible for making sure the group achieves its goalsand who leads themselves.
Skill: an ability to act in a way that allows a person to do their job well.
Social responsibility: a business’s responsibility to society generally in such areas as solving pollution problems, providing employment and preventing discrimination.
Span of control: the number of subordinates who report directly to a specific manager.
Stakeholders: any individual or group thathas an interest in what the business does.
Strategic alliance: where two or more businesses join forces to achieve a particular goal.
Strategic direction: where the manager wants to be in the future while at the same time anticipating changes in the environment.
System: a set of interrelated and interdependent parts that are arranged in such a manner that they make a unified whole.
Tariff: a tax on imports.
Team: a group in which members work together intensively to achieve a common group goal.
Technology: the way people use raw materials and equipment to produce finished products.
Transformation: totally changing something into something else.
Vision: the ideal a business must strive to fulfil in order to achieve its mission.
Work team: a group of people who work intensively together on a particular task to achieve a common group goal.
Financial planning and management
Accounts payable: money owed by the business to suppliers of products,
Accounts recievable: customer debts owed to a business because it has supplied products on credit.
Accruals: amounts owed for services when a bill for the service has not yet been recieved.
Accumulated depreciation: the total of the used up value of the long-term assets.
Bank overdraft: a short-term agreement between a bank and a business that allows the business’s cheque account to go into deficit for a specified time limit established in the agreement.
Capital expenditure: an outlay of funds by the business that is expected to produce economic benefits over a period of time greater han one year.
Charge: means the lender can sell the property to recover the debt if the borrower is unable to pay the debt.
Conserve: means to protect working capital and be careful not to use it unecessarily.
Creditors: people or other businesses owed money by the business for the products or services they have provided to the business.
Depreciation: the used-up value of an asset.
Discount: a reduction in the total payment if conditions, such as early payment are met.
Economic life: refers to the time period in which the asset will contribute value to the business.
Factor: a financial institution that buys accounts receivables from a business.
Family issue: when a company issues a debenture to its own shareholders and a private placement is when the debenture is sold to a single institution such as a superannuation fund.
Franchise: purchasing the right to use another business’s name. The purchasing conditions usually include restrictions onhow the business will operate and payment of a royalty on sales.
Gearing: the proportion of debt finance compared to equity finance in the capital structure of the business.
Generally accepted accounting principles (GAAP): the practice and procedure guidelines used to prepare and maintain financial records and reports.
Gross long-term assets: the total value of those assets which will provide economic benefits to the business over a period longer than a year.
Inventory: the goods a business has available for sale to customers but have not, as yet, been sold.
Invoice: a document delivered with goods sold on credit setting out the quantity, quality and price of the goods as well as the payment conditions.
Liquid assets: assets which are readily changed into money.
Liquidity: a business’s ability to pay its short-term obligations as they fall due.
Long-term debt: debt that will be repaid over a period longer than a year.
Marketable securities: very liquid short-term investments, such as bills or certificates of deposits.
Merger: occurs when two or more businesses combine into one operation.
Net long term assets: the value of long term assets after depreciation has been deducted.
Notes payable: outstanding short-term loans, usually from commercial loans.
Overdraft facility: an arrangement with a bank to write cheques to a certain value above the balance in the bank.
Owners’ equity: money contributed by the owners in the form of either capital or the purchase of shares.
Profitability: the relationship between revenues and costs that result from the use of the business’s assets in productive activities.
Residual: what money is left over liabilities have been paid.
Retained earnings: profits of the business kept for future growth rather than disctributed to the owners in the form of dividends.
Risk: the degree of variability of net cash flows – how much the cash that flows into the business from sales varies from month to month and year to year.
Security: any type of written undertaking to repay money that is owed.
Shareholders equity: the owners’ claim of the assets of the company.
Short-term borrowings: debts that will be repaid during the year.
Short-term debt instruments: contracts to repay money that has been borrowed within a year.
Statement: sets out the sales to the business in the current month and the total amount owed and due for payment within 30 days plus any outstanding amounts every 30 days after that.
Total current assets: the sum total of the value of short-term assets.
Total current liabilities: the sum total of liabilities that must be paid within the year.
Employment relations
Absenteeism: the percentage of employees, on an average day, who are away from work or on sick leave without being approved in advance.
Affirmative action: a program of action for women designed to eliminate discrimination and promote equal opportunity in relation to employment matters.
Arbitration: the process that occurs when an industrial commissioner evaluates the arguments of both parties and comes to a decision which is legally binding.
Australian workplace agreement (AWA): an individual agreement between an employer and an employee about the empoyee’s terms and conditions of employment.
Autonomous work groups: work groups where employees are allowed to make a lot of their own decisions about various aspects of their work.
Awards: legally enforceable documents made by industrial tribunals and determine the minimum wage that must be paid to employees covered by that award.
Benchmarking: comparing something against a standard.
Benchmarks: a measure of business performance compared with the best achievements of similar organisations around the world.
Best practice: when a business is internationally competitive through such things as efficient work and management practices.
Breach: an action that breaks a contract, an agreement or a duty to do something.
Career breaks: agreements where the employee arranges a fixed period away from work to undertake study or take care of family commitments and the employer guarantees a job at the end of the period.
Certified agreements: collective agreements made between an employer and a group of employees.
Collective bargaining: the process where a group of employees and their employer negotiate the terms and conditions of employment for their workplace.
Common law: the group of laws that are created when judges make decisions in the higher courts.
Conciliation: a form of mediation ordered by an industrial tribunal.
Conflict: disagreement and argument between two or more parties.
Contract: an agreement which gives rise to legal rights and obligations between the parties to it and which will be enforced by the courts.
Court action: an action is a civil proceeding commenced by writ or summons. It usually refers to proceedings in which the common law remedy of damages is sought.
Covert: if something is covert it is not openly acknowledged or displayed.
Demarcation: the action of fixing the boundary or limits of something.
Desktop meeting: a meeting between management and workers where discussion can take place.
Discrimination: treating a person less favourably than another person because of their race, sex, marital status, pregnancy, potential pregnancy, family responsibilties or disability.
Dismissal: when an employee has their employment terminated by management for reasons other than redundancy.
Duty of care: an employer’s obligation to take ‘reasonable care’ for the safety of employees.
Employees: people who work in a business, the people who are paid to work for an employer.
Employment contract: an agreement between an employer and an employee which creates rights and obligations that are enforceable by law.
Employment relations: the function that deals with managing the total relationship between the employers and the employees of a business.
Empowerment: giving someone the authority and power to do something.
Enterprise: another name for a business.
Enterprise agreement: an agreement on terms and conditions of employment, negotiated by the employees and employers at an enterprise.
Enterprise bargaining: the process where employees and employers negotiate the terms and conditions of employment for their work place. Also called workplace bargaining or collective bargaining.
Equal employment opportunity: is about ensuring that all employees are treated with fairness and respect in the workplace.
Flat structure: a business structure that has few, if any, middle management levels.
Freedom of association: the right of employees and employers to choose to join an organisation or association of their choice, or not to join an organisation or association.
Fringe benefits: extra benefits an employee may get as well as their wages or salary such as a company car, subsidised meals and private health care (paid for by the employer).
Globalisation: the move towards the situation where individual businesses compete in a global or worldwide market.
Grievance: a complaint, especially about unfair treatment.
Grievance procedure: the series of steps which set out the process to be followed in the event of an issue or dispute arising in the workplace.
Human resource management: the management of people in a business.
Human resources: one of the names for people who work in a business.
Induction: the training given to new employees when they start their employment.
Industrial action: generaplly involves the withdrawal from work by a group of employees who are not happy about something.
Industrial dispute: a dispute between employees and their employer.
Industrial relations: the relationship between management and labour.
Intrinsic rewards: rewards for successful performance.
Job-sharing: an arrangement that allows two or more people to share one full-time job.
Joint consultative committee: a meeting of management and employee representatives where employees are consulted about decisions affecting them and information about the business is shared.
Labour turnover: the rate at which employees leave a business to be replacd by new emloyees.
Line manager: a person in charge of other employees who together work directly on producing the goods and services that the business offers.
Lockouts: an action by employers where workers are not permitted to enter the workplace unless they agree to follow management orders or work as directed.
Mediation: a voluntary negotiation process where a neutral third person assists the parties to try and find a way to resolve their dispute.
Mobility: the ability of workers to move between organisations rather than remaining in the same business for most of their working life.
Negotiation: a discussion between the parties concerned to try to mutually resolve a dispute.
No-disadvantage test: a test applied by the Employment Advocate to make sure that employees will not be worse off overall if they accept the terms of a workplace agreement.
No-fault compensation system: where an injured employee is almost always guaranteed compensation, even if the injury was their fault.
Occupational health and safety: protecting the health and safety of people in the workplace.
Over-award payments: payments to employees that are above the minimum amount set down in the award.
Personnel: one of the names for people who work in a business.
Picketing: a form of industrial action where striking workers gather outside their place of work and prevent entry into the workplace.
Pluralists: take the view that organisations are complex, are made up of many parts and have a number of stakeholders, each with their own goals.
Quality circles: work groups, commonly of eight to ten employees and supervisors, sharing an area of responsibility, and involved in problem solving and decision-making within their workplace.
Quality management: about focusing on the continuous improvement of the systems within businesses.
Renumeration: the reward for work that has been done, commonly in the form of pay.
Shop steward: a union’s representative in the workplace.
Stakeholder: any individual or group who has a genuine interest in the way a business conducts its operations.
Statute law: the group of laws that are created by parliament. Also called legislation.
Strikes: occur when employees wthdraw their labour to enforce a demand or express a grievance.
Team briefing: a meeting between management and workers where discussion can take place can take place. Also known as a desktop meeting or a toolbox meeting.
Team-building: one of the most common forms of worker participation or employee involvement involving discussion and direction from management.
Teams: when a group of workers are given the reponsibility for a particular part or task within the business, without day to day supervision.
Telecommuting: home-based work involving employees working away from the workplace on a part-time, full-time, temporary or permanent basis, remaining in touch with the business via phone and e-mail etc. Also known as teleworking.
Toolbox meeting: a meeting between management and workers where discussion can take place.
Tort: a civil wrong.
Unions: organisations that represent employees.
Wage demand: a demand by employees for an increase in their wage rate or changes to the way in which their wages are calculated and determined.
Worker participation: involves workers, together with their managers, making decisions about matters which affect them in the workplace.
Worker’s compensation: compensation payments for workers if a worker is injured as a result of their job.
Workplace: any place where people are required to work.
Workplace agreement: an agreement on terms and conditions of employment, negotiated by an employee and their employer at the workplace.
Workplace bargaining: the process where employees and employers negotiate the terms and conditions of employment at their workplace.
Work-to-rule campaigns: union members work to the strict letter of any agreements or awards, refusing to do any extra duties.
Global business
Bilateral agreements: agreements between two countries only.
Bill of exchange: a document ordering an importer to pay an exporter at a certain point in time.
Bond: a form of debt that specifies the timing of principal and interest payments.
Countertrade: the practice of selling products that are paid for with other products.
Differentiation: a strategy in which a business designs its marketing mix to clearly stand out from competitors.
Direct exporting: when a business sells its products directly to overseas buyers.
Economic cycle: the periodic rise and fall in an economy’s level of activity.
Economic exposure: the impact of unexpected exchange rate changes on the value of a business’s operations.
Economies of scale: the cost savings a business gains by increasing the size of its production.
Ethnocentric staffing: where foreign subsidiaries mainly use home country nationals to staff higher-level foreign positions.
Eurobonds: bonds issued to lenders in other countries, but in the borrower’s currency.
Export management company: a company that exports products on behalf of another business.
Export trading company: a company that is involved in activities such as exporting, importing, investing and manufacturing.
Exporting: the selling of goods and services to a foreign country or countries.
Factoring: a source of finance where a financing company buys the accounts receivable of the client business.
Foreign bonds: bonds sold outside of the borrower’s country but denominated in the currency of the country of issue.
Foreign direct investment: investment that gains control of the foreign business or assets.
Franchising: an arrangement where one business supplies another with intellectual property and ongoing support.
General agreement on Tariffs and Trade (GATT): international organisation formed in 1948 to promote free trade by reducing tariffs and other trade barriers. Ceased to operate in 1995 when the World Trde Organisation started operations.
Geocentric staffing system: policy of employing the best available person, regardless of their nationality.
Indirect exporting: the practice of using intermediaries to distribute products in other countries.
Intellectual property: assets that result from people’s intellectual abilities an efforts. Includes trademarks, copyrights, geographical names used to identify products, original artistic material such as literature, music and film, and industrial designs.
International bond market: a market for the sale of the bonds issued by organisations outside their own countries.
International capital market: a network of individuals, businesses, financial institutions and governments that invest and borrow across national borders.
International equity market: a market made up of all shares bought and sold outside the issuers home country.
Joint venture: a separate business created and jointly owned by two or more separate businesses.
Letter of credit: a guarantee by the importer’s bank to pay the exporter when the exporter fulfils the terms of the document.
Licensing: an arrangement where a business sells the right to use intellectual property to another business.
Management contracts: agreements where one business provides managerial assistance, technical expertise or specialised services to another organisation for a certain period of time.
Multilateral trade agreements: trade agreements made between more than two countries.
Political risk: the chances that political changes in a society will negatively affect business activity.
Polycentric staff system: policy of predominantly employing host country nationals in a range of positions.
Portfolio investment: investment that does not involve obtaining control of a business.
Protectionism: government policy or philosophy that supports or protects domestic businesses from foreign competition.
Regional trading bloc: a group of nations in geographic region undergoing some form of economic intergration.
Sourcing: the set of processes and steps a business uses to acquire the different resources it needs to make its own products.
Standardisation: offering a common product on a worldwide basis.
Strategic alliances: arrangements between two or more businesses with a common business objective.
Tax havens: countries or economies that have little or no corporate income taxes.
Trading bloc: a group of countries that have agreed to reduce trade barriers between each other but keep barriers to non-member countries.
Transaction exposure: when currency fluctuations can affect the financial costs or revenues of an overseas business transaction.
Transfer price: the price charged for a product traded among a business and its subsidiaries.
Translation exposure: when currency fluctuations can affect the value of a business’ foreign assets, liabilities and profits.
Vertical integration: the extension of business activities into stages of production that provides a business’ inputs or absorbs its output.
Wholly owned subsidiary: a business owned and controlled by a parent company.
World Trade Organisation (WTO): international organisation created on 1 January 1995. The three main goals of the WTO are: to help the free flow of trade; to help negotiate further opening of a market; to settle disputes between its members.
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