Business Definitions

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* Contingency plan:
Organized and coordinated set of steps to be taken if an emergency or disaster (fire, hurricane, injury, robbery, etc.) strikes.

* Brand Loyalty :
The extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands.

* Total quality control:
A holistic approach to long-term success that views continuous improvement in all aspects of an organization as a process and not as a short-term goal. It aims to radically transform the organization through progressive changes in the attitudes, practices, structures, and systems.

* Economies of scale :
The reduction in long-run average and marginal costs arising from an increase in size of an operating unit (a factory or plant, for example). Economics of scale can be internal to an organization (cost reduction due to technological and management factors) or external (cost reduction due to the effect of technology in an industry).

* Market share:
A percentage of total sales volume in a market captured by a brand, product, or company.

* Regional trading blocs :
A set of countries which engage in international trade together, and are usually related through a free trade agreement or other association.

* Just in time:
Production processes based on JIT inventory system which allows faster response to customer demands without large finished goods or goods-in-process inventories. - Downsizing:
1. Computing: Adapting mainframe computer based software to a desktop or personal computer (PC) based architecture, without too many compromises in system integrity, security, and control. 2. Management: Intentional reduction in the size of a workforce at all staffing levels, to survive a downturn, improve efficiencies, or become a more attractive candidate for acquisition or merger. Used often as a euphemism for indiscriminately firing the employees. See also rationalization.

* Globalization:

The worldwide movement toward economic, financial, trade, and communications integration. Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately.

* Offshoring:
The moving of various operations of a company to another country for reasons such as lower labor costs or more favorable economic conditions in that other country.

* Artificial intelligence:
Software technologies that make a computer or robot perform equal to or better than normal human computational ability in accuracy, capacity, and speed. Two very different approaches rule-based systems (see expert system) and neural networks have produced increasingly powerful applications that make complex decisions, evaluate investment opportunities, and help in developing new products. Other uses include robotics, human-language understanding, and computer vision.

* Unique selling point:
Real or perceived benefit of a good or service that differentiates it from the competing brands and gives its buyer a logical reason to prefer it over other brands. USP is often a critical component of a promotional theme around which an advertising campaign is built.

* Autocratic leadership style:
Paternalistic leadership style: A type of fatherly managerial style typically employed by dominant males where their organizational power is used to control and protect subordinate staff that are expected to be loyal and obedient. A manager with a paternalistic leadership style might be appropriate for a business with a more formal and hierarchical structure where creative thinking is not required of staff.

* Primary sector:...
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