A-Team: An elite group that works together, having a special mission; a group to create innovative solutions to difficult problems. Ex: His intelligence got him into the A-Team.
Abatement: Reduction in debt or lent money. Ex: The Company received abatement owing to their financial troubles.
Ability: Quality required by a person or owned by a person to carry out the tasks successfully at a job. Ex: Based on her ability to work under stress, the company hired her immediately.
Access: Process to input or retrieve data and files from computer systems. Ex: All work was delayed when staff could not access the systems.
Accountability: Obligation of an Individual or organization to accept responsible for its activities. Ex: There was no accountability from the management which made the worker inefficient.
Accounting: Systematic and comprehensive account of financial information pertaining to business by processing, recording and compiling data. Ex: Margaret had great quantitative aspects and was aptly suited for accounting in the firm.
Accrue: Accumulate or receive payments in increasing amounts over time. Ex: The supervisor advised Jim to stay long with the company, so that his benefits would accrue.
Accurate: Precisely done work, free of errors. Ex: The CEO was very particular about detail-oriented and accurate work.
Agenda: List of items, tasks and problems to be discussed at a meeting. Ex: Their client’s agenda clashed with that of the company’s.
Appraise: Evaluate the value, price or quantity of something. Ex: After completing the project, the team stepped back to appraise their hard work.
Arbitration: A technical process of submitting and solving disputes in a private manner, outside the courts. Ex: Due to monetary benefits, he called for arbitration to settle the disputes.
Authorization: Function of using authority to establish authenticity of someone or something. Ex: Nick handed the authorization papers to the firm.
Back Office: Administration and support personnel for handling functions like online transactions, settlements, clearances, accounting, etc. Ex: She successfully cleared the interview to be a member of the back-office.
Bad Credit: Faulty or delayed payment of money borrowed. Ex: While still in college, he had accrued bad credit due to student loans.
Bad Debt: Amount worthless to the creditor because it cannot be recovered or paid. Ex: When the firm went bankrupt, the lender had no option left except to write them off as bad debt.
Balance Sheet: Financial statement summarizing a company’s assets, liabilities, net worth and shareholder equity. Ex: Owing to her intellectuality she accurately interpreted the company’s balance sheet and made good investments on its basis.
Benchmark: Process of comparing a business’ performance to the best performance metrics in an industry; a standard reference. Ex: Wal-Mart’s Christmas sales set a benchmark for their rivals.
Bookkeeper: Person who records financial transactions and handles accounts of a firm. Ex: She hired a bookkeeper after a very careful selection.
Boom: Increased commercial activity in a firm, company, market or general economy; high employment and wages’ levels. Ex: There was a boom in production after the company added young intellects.
Brainstorming: A management technique for group creativity to find, debate, produce ideas and generate innovative solutions to problems. Ex: The A-team arranged for a brainstorming session to foster ideas for increasing sales.
Brand Equity: Commercial value of a product or service of a brand name based upon consumer perception. Ex: The brand equity of the overpriced clothes’ band remained ever high despite people questioning its real value.
Bricks and Clicks: An integration of traditional and Internet business models and techniques. Ex: Nowadays more and more retailers are using Bricks and Clicks strategy to boost sales.
Briefing: Critical information imparted through facts, data, graphs, analysis and conclusions for efficient decision making. Ex: The CEO always gave a briefing not only by just presenting mere facts but by generalizing a whole concept.
Budget: Quantitative expression of a plan generally estimating expenditure. Ex: The start-up laid a budget for advertising and promoting of product.
Campaign: Collective efforts to generate business through emails, phone, advertisements and general promotion. Ex: The store launched a massive campaign to promote the new clothing line.
Capable: Ability or skill to achieve a desired objective; highly ambitious. Ex: My team is capable enough to compete with growing competition.
Capital: Wealth required for purchasing assets, maintaining operations and producing goods and services. Ex: They were accumulating capital for stating their own business.
Chaordic Organizations: Firms, companies or groups which can go back and forth from order to chaos without any crisis. Ex: It is a known fact that Chaordic organizations are better adapted to work under stress conditions.
Closing: Appropriate actions and procedures carried out for the conclusion of a business transaction or ending of sale. Ex: The buyers brought down the fees to the closing of the business deal.
Cohort: Group of people with common characteristics; Team or band of people sharing a common aim or goal. Ex: Although cohorts work in a similar manner, but it is wrong to assume that there can be no contradictions in it.
Cold Call: An unsolicited telephone call to a prospective customer by a seller. Ex: Generally people making cold calls are in a more awkward situation than the ones on receiving ends.
Comparative Advantage: Ability of a firm to engage in production at lower cost than another firm; ability to carry out a particular activity better than any other. Ex: Comparative Advantage made the new start-up become a success at an early stage.
Competencies: Ability, knowledge, skills, attitude, etc. required for performing efficiently in a particular job. Ex: He had all the necessary competencies for the highly specialized job.
Conflict of Interest: Contradiction between leader’s decisions and his personal interest which end up influencing his decisions. Ex: The contractor’s knowledge about his inherent conflict of interest made him resign his post as a decision maker.
Corporate Bylaws: Rules and guidelines governing the internal working and affairs of a company generally lay down by Secretary of corporation. Ex: Effective Corporate bylaws are every essential for smooth working of firm.
Creditor: Individual or Organization from which money has been owed. Ex: Jane often gets into trouble with her creditors.
Critical Path method: Technique for estimating the duration of a project by scheduling the sequential activities and noting their pace. Ex: The leader used CPM to determine pace of project.
Data Warehouse: Resource of Historical business data and data mining. Ex: Appropriate information was dug out from within the data warehouse.
Deal Flow: Steady rate at which new projects and proposals are made in business. Ex: As the start-up grew, the incoming deal flow increased steadily.
Debenture: A written promise made by a firm or company to repay the loan or the amount borrowed to the creditors. It is also called as promissory note. Ex: The new company signed off many debentures.
Deep Pockets: Individual or firm with more resources than its contenders and is also more likely to be sued for damages in case of business failure. Ex: Maura has deep pockets. It is going to damage her now, as her company is failing.
Delegation: Organizational contribution to achieving a goal; Division of work; empowering others (juniors) by passing prime responsibilities. Ex: Successful people keep happy by delegating tasks necessarily.
Differentiation: Change in the competitive course due to introduction of an offering, process or business model of superior performance. Ex: The Company struggled for differentiation on the launch of a new product.
Direct Marketing: Marketing and Promotion strategies directly to the end user without involving any third-party. Usually done through emails, telemarketing and telephone calls. Ex: No strategy is as useful for getting customers as direct marketing.
Dirty Data: False or inaccurate information from the database due to missing or incorrect data input. Ex: The project missed the deadline due to dirty data and had a hard finding its cause.
Diversification: Distributing assets among different investments for risk reduction; a growth strategy for business. Ex: The firm had to use diversification to stay in business.
Divest: To transfer a title to someone or get rid of a particular interest. Ex: The Company concluded to divest its interest in countryside to keep the business going.
Dog: A venture or firm who is unsuccessful and is not performing well which leads to its decline. Ex: Despite knowing that the start-up was a dog, he decided to invest in it.
Downtime: Idle time during normal working hours for a factory, machine or department. Ex: Financial department’s downtime started increasing day by day due to unaccountability on part of CEO.
Earnest Money: Partial payment done in advance by a buyer to show its seriousness regarding product and intent to buy. Ex: He paid more than half as earnest money.
Efficiency: Using resources to best potential; output to input ratio. Ex: To increase efficiency of workers, the manager decided to introduce some form of appraisal.
Elevator Pitch: Quick and concise presentation of idea, product or service; brief time a person has to sell his/her idea. Ex: He had a quick elevator pitch with the CEO which landed him the project.
End User: The individual, client, person or group for whom the product/service is aimed at or the one who is the ultimate user. Ex: All marketing strategies and campaigns are aimed at the end user.
Entrepreneur: A person who is willing to take financial risk and indulge in a new venture for profit; one who starts his/her business. Ex: The entrepreneur chose his hometown for his new business venture.
Entrepreneurial Chaos: A productive environment, fostering new ideas and having turbulence and unpredictability; a chaos but organized. Ex: The young CEO once again made the work life exciting by inducing entrepreneurial chaos.
Ephemeralization: Doing more with limited resources; small efforts amounting to large results. Ex: The gradual decline in the company, lead to Ephemeralization and the employees became more creative and eventually successful.
Execution: Process of concluding something; accomplishing something. Ex: The manger left the execution of the project to the team.
Equity Financing: Ways to provide capital for business; funds invested by owner. Ex: The high risk venture was saved due to equity financing by wealthy investors.
Exit Barriers: Obstacles in the path of an organization that prevent it from leaving that sector or industry. Ex: The start-up failed due to exit barriers.
Exit Interview: Interview, discussion or interrogation done at the end of an activity regarding duration of employment or completion of project. Ex: The supervisor wanted truthfulness from the candidate in the exit interview.
Face Value: Amount printed on a debt instrument or a bond; apparent worth. Ex: Despite its insignificant face value, he took it for his interest.
Far-sighted: Ability to infer future from present conditions. Ex: Entrepreneurs should be patient and far-sighted to be able to make their businesses a success.
Feasibility Study: Research undertaken to determine the economic possibility of a new business or a new project. Ex: One should always conduct a feasibility study before divulging into a new business venture.
Feet on the Street: A concept stating that more the number of people in a company more will be the sales. Ex: The Company chose to increase its feet on the street for the upcoming holiday season.
First-Round Financing: First investment of capital in a new business after the founding money has been exhausted. Ex: The new members of the growing startup gave an excellent amount for first-round financing.
Fiscal: Anything in relation to finance or a firm’s finance. Ex: The contract was signed only when new fiscal policies were added.
Fluff: Information presented to entertain or motivate during a business presentation. It is additional as compared to the educational or business data. Ex: A presentation should have enough fluff to keep the viewers interested or else they get distracted.
Followership: Characteristics in people holding support positions which are aptly compatible to characteristics in people in leadership positions. Ex: The staff’s followership was so excellent that the company solely grew because of it.
Forfeiture: Loss of property and cash as a penalty on breach of legal contract. Ex: The landlord lost all his property as forfeiture when he could not provide suitable property as stated in contract.
Freeze: Maintaining of wages at a fixed level; constant prices. Ex: The manager can freeze the wages in an emergency situation.
Furlough: Absence from work, generally requested by the employee. Ex: The general director granted the woman 3 month log furlough in addition to the maternity leave.
Fuzzy Logic: Something which improves decision making when data available is scarce or faulty. Ex: Fuzzy logic saved Jim’s company despite being controversial.
Gantt chart: A graphical representation for time management of a project, primarily to track progress. Ex: Every department presented their Gantt chart to the supervisor.
Gatekeeping: Controlling flow of data and filtering out suitable information. Ex: She was still on the team primarily because of her Gatekeeping talents.
General Ledger: A primary record of accounts which along with subsidiary ledger give all financial information. Ex: The accountant burned midnight’s oil to look for discrepancies in the general ledger.
Globalization: International integration of companies for widening sales and produce. Ex: Continued globalization has resulted in increased employment opportunities.
Going Public: Opening shares for sale to public. Ex: The Company decided to go public after experiencing setback.
Golden Parachute: Benefits and incentive given to executives and directors to keep them with the company and thus reduce the imminent threat if unfriendly takeover. Ex: The executive’s golden parachute could not stop him from leaving the company.
Grant: Financial help provide to organizations for a beneficial project. This loan usually has low interest rates and is not expected to be repaid. Ex: The NGO received a grant from the Govt. for its new project on public health.
Gross sales: Total revenue generated without calculating or deducting the expenses. Ex: Amway’s gross sales were high enough to deduce that the company had made huge profit.
Group Processes: Innovative ways introduced to improve group’s efficiency and to increase its potential. Ex: The manager designed new Group processes to motivate the tired employees.
Growth Industries: Sectors predicted to grow or show a higher rate of success in coming time. Ex: Technology will always remain a Growth industry.
Handout: Relevant information given as a takeaway or during meeting for proper follow up with the presentation or discussion. Ex: I distributed the handouts to the board members before starting the presentation.
Hard Sell: Sales technique which pressurizes buyer; technique where the salesperson ahs to put a lot of effort to sell. Ex: I prefer my new job with good potential products rather than my last job which was a hard sell.
Hierarchy: Different levels in an organization; ranking. Ex: A well made hierarchy and clear cut job descriptions for each level makes an organization efficient.
Host: The parent computer in a network of computers that provides service to other computers. Ex: The IT department took special care of the host computer so that it may not crash.
Human Capital: Knowledge and skills of people working in an organization which are responsible for success of organization. Ex: The next most important thing after finance in a start-up is human capital.
Human resources: Activities like recruitment, retention and managing of employees. Ex: The University every held placements for human resources jobs.
Hype: Media generated publicity for a product or service. Ex: There was much hype about the Apple iphone.
Idea quality: Analyzing an idea to infer its likability to receive funding. Ex: The young founder of start-up had a high idea quality enough to receive a large amount of fund.
Idle Capacity: Unused potential due to lack of skill or workers. Ex: The amount of idle capacity in the organization led to its downfall.
Illiquid: Being out of money with due debts on head. Ex: The Company went illiquid and declared bankruptcy.
Import: Receiving good/services from other countries. Ex: Imported goods are always more expensive than in country ones.
Incubator: A way to accelerate an already successful joint or firm. Ex: Companies today have started employing incubators for increasing sales.
Inflation: Increase in prices which decrease sales and purchasing power of cash. Ex: The Great Depression of 1930s remains as the worst inflation ever.
Informal organization: Working done in a manner that facilitates creativity. Ex: Even successful companies are happy to keep some informal organization for better working.
Insight: Intuitive knowledge about a particular thing; understanding a difficult situation based solely on intuition. Ex: Some of the top investors in world have had insights while investing which made them what they are today.
Insolvency: Not having enough cash to pay off debts which leads to bankruptcy. Ex: The cause of the joint’s downfall was its insolvency.
Intangible Rewards: Recognition to employees other than monetary which can be in form of praise or applaud. Ex: Apart monetary benefits, intangible rewards are also very important to keep the employees’ happy.
Interface: The area in a sector where 2 different businesses or organizations affect each other. Ex: Due to interface in sales, the 2 business remained close competitors.
Intuition: Based on gut-feeling; instinctive knowledge. Ex: The investor took wild decisions based solely on her intuition.
Invoice: General information like prices, terms, date, etc. presented to customers by a business. Ex: Every buyer received a printed invoice for the product bought.
Issued Stock: Stocks sold or transferred. Ex: The issued stock in the first day of the new company surprised everyone.
Job Description: A summary describing the tasks to be carried out in a job; list of duties. Ex: One should always read the job description carefully before filling out application.
Joint venture: A joint organization formed by 2 or more parties to carry out a project or activity collaboratively. Ex: The joint venture formed by the gym and the green tea company proved out to be extremely beneficial for both.
Just-In-Time (JIT): Things required ready only at the time of production and not before. Ex: The JIT philosophy worked for many new manufacturing companies.
Kaizen: A business philosophy introduced in Japan which encourages continuous improvement of working place and the need to eliminate excessive physical and mental hard work. Ex: As the company grew and stress increased, the Director focused more on Kaizen philosophy for better efficiency.
Keystone: A pricing policy in which a business doubles the selling price of a product resulting in profit. Ex: The chain store used keystone strategy for dry-goods.
Kickback: An ethical way to influence the contract. Ex: The small start-up promised the major company a kickback.
Killer Application: An innovative solution which makes a service widely successful in short time; an application which excels its competitors. Ex: The new company introduced a killer application which left its rivals in awe.
Killing: A huge advantage; profit. Ex: Investors who invested in technology have made a killing this year.
Kiosk: A booth providing information about a company for its promotion. Ex: The merchandise company put up a kiosk in the mall’s central area.
Knowledge Management: Techniques to research, collect, organize, and analyze knowledge and experiences of employees and make them available to other members of organization for use. Ex: The organization set up such an efficient knowledge management that everyone could learn from long-term employees easily.
Kudos: Appreciation given for meeting a goal or achieving something. Ex: The leader gave Kudos to her team on successfully completing the project.
Labor pool: Skilled personnel from which an employer recruits. Ex: Employers consider top-notch universities to be ready made labor pools.
Law of Large Numbers: A law which says that if a group has large number of members, the results can be predicted. Ex: The MNCs frequently use the Law of Large Numbers to predict average number of leaves their employees will take in a year.
Layoff: A period of idleness in the workplace due to unforeseen circumstances. Ex: The layoff gave the employees’ a period of relaxation.
Lean Organization: An organization that strives for perfection and works in a productive manner. Ex: The new CEO wanted everyone to work hard so as to form a lean organization.
Learning Curve: A method to predict the duration in which an employee or organization will become efficient. Ex: The learning curve predicted the company’s growth.
Lease: A contract to take possession of a space for home, shops or offices for a fixed amount of rent and fixed duration. Ex: The founders were happy to find space for their office at a small amount.
Leverage: Advantage gained from using an existing source; gaining profit from using borrowed money. Ex: He used leveraged money to invest in a risky project but it came out successful, leaving everyone in awe.
Lien: Payment done for a debt. Ex: The homeowners got a lien for a park made on their property.
Limited Partner: A partner in a partnership who has limited liability and thus can be temporary member. Ex: He was a limited partner in the firm and did not have much to say in the decision making process.
Liquidation: Process to convert assets in hand to cash for use. Ex: When company’s growth started declining rapidly, they went into liquidation.
Log: A record of things like a process, task, or tests. Ex: The manager hired a professional logkeeper for organizing data efficiently.
Loss Leader: A strategy for sales promotion in which product or service is sold at a low price for remaining of the product line, to attract customers. Ex: The clothes line was failing so the manager re-introduced it as a loss leader which attracted many customers.
Low hanging fruit: Customers or tasks which are easiest to target and are therefore tackled first. Ex: Since the company was new, it first aimed at the low hanging fruit.
Management by Objectives: A major style of management in which tasks and objectives for a particular job are outlined and kept as ideal targets and are also used for comparison with actual results. Ex: The successful CEO gave management by objective as a fundamental for leading a company.
Management by Walking around: A hands on approach for management in which the manager or executive walks to employees’ locations; observing, listening and talking to them. Ex: Management by Walking Around is a very practical approach for knowing you employees and getting suggestions.
Management Philosophy: A set of principles or guidelines which a person uses for management. These can personalized or basic. Ex: His unique management philosophies’ lead the organization to success.
Manifest: A detailed account everything transported. Ex: A manifest is strictly checked both after and before delivery to ensure proper transportation.
Market Challenger: A company or firm holding a strong position which uses aggressive strategies to gain quick success and can possibly threaten another successful company. Ex: The young company proved to be a market challenger for the established fast food chain.
Market Research: Strategy which involves collecting facts about industry, customers, leaders, competitors, etc. for a particular purpose. Ex: The Company hired young interns for market research.
Marketability: Degree of easiness of selling a product or service. Ex: The high marketability of the product made it a success with the store owners and customers alike.
Markup: Additional amount added to the final price for establishing its retail price. Ex: The markup inflated the products’ original price.
Merchandise: Products or services sold by the retailer. Ex: The clothing merchandise was a big hit in the market.
Merit Increase: Increase in wage as a method of recognition of good performance or achievement by an employee. Ex: His was awarded a merit increase as a result of his excellent performance in the project.
Milestone: The completion of a set significant aim or reaching a set benchmark or ideal standard. Ex: I use milestones to track my progress and to keep regular on schedule.
Milking: Extracting full benefit from a source and create new sources. Ex: My assistant is good at milking her contacts for advantages.
Moderator: A person who leads the discussion, meeting or panel. Ex: It is important that the moderator should be coolheaded yet affirmative.
Monopoly: Exclusive control regarding prices and other important things exercised over a product or service by a single company. Ex: When a product is rare in a particular area, a monopoly of a particular company is established.
Muddle Through: The idea that altering any policy in small changes is better than establishing all changes at once. Ex: Since the employees were already frustrated, the manager thought it was better to muddle through the new working hours policy.
Near-Term Market: A short period of opportunity for a product or service to have value for selling before its demand vanishes or changing likes of consumer all together eliminates it. Ex: With new technology coming up every day, it is likely that digital products vanish as fast as they come.
Net: Remaining amount after all deductions from gross or total amount. Ex: The net amount came out to be so low, that it became impossible for them to continue with their product.
Netiquette: Etiquettes of Internet; dos and donts of behavior while using Internet. Ex: Netiquette should be taken care of when writing emails or even when messaging.
New Entrants: New competitors in the market or industry who raise the level of competition. They are additional and make industry look complex and unattractive. Ex: The new entrants introduced such complexity that many companies decided to shut it down.
Niche Player: A strategy in which a company aims only at a few selected targets to establish its strong competition. Ex: The new firm started with being a niche player first rather than entering the mainstream.
Nonexempt Employee: Employees entitled to standard wage and overtime pay laws. Ex: Though the firm had nonexempt employees, they all cooperated and offered to work overtime at low pay when firm was facing financial trouble.
Non-Profit Cooperation: An organization or cooperation formed with the sole purpose of providing products or services to society without aiming for profit. Ex: The Non Profit cooperation helped so many people in the neighborhood that the MNC decided to sponsor a charity function for it.
Objections: Opposing something; reason for delaying decision. Ex: All their objections went away once they heard the improvised presentation.
Objective: Ability to think rationally without being influenced by emotions or prejudices. Ex: She grabbed the big project due to her ability to be objective.
Obsolescence: Out of date product or service; something which is no longer in demands. Ex: The director set up a research team to know the causes of obsolescence if the digital product.
Offering Memorandum: A summary providing the history, products or services provided management, sales, marketing, etc. of the business for purpose of getting financing. Ex: They had to change their sales plan after reading the offering memorandum.
Oligopoly: A market where the numbers of sellers are very large as compared to the number of buyers; some sellers dominate a market and control prices. Ex: A new company cannot grow and flourish in a market where oligopoly dominates.
Open Book Management: A straightforward way of management where all financial information of the company is presented to employees so that they make rational decisions and not be simply restricted to following orders. Ex: The firm was successful because of its popular Open Book management style.
Operating Manual: A reference book or guide to explain the functioning and use of a product or system. Ex: The new interns were distributed operating manuals and were asked to go through them studiously.
Organizational behavior: Study of behavior, culture, management, communication, leadership and other qualitative things in an organization. Ex: The team was facing problems working together so they called organizational behavior consultants to fix it.
Out-of-pocket Expense: Additional expenses incurred by an employee. Ex: On a foreign trip the team made sure to keep a check on their out-of-pocket expenses.
Outplacement: Taking care of re-employment of employees through professional services and recommendations all at expense of employers. Ex: Even though the company was in debt, it arranged for all employees outplacement.
Overrun: Production in a larger amount than what it is required. Ex: There was an overrun of pamphlets which unnecessarily increased the printing expense.
Pacesetter: A trendsetter in industry; someone who leads the industry. Ex: The newly entered digital company quickly became a pacesetter and everyone tried to copy them.
Panels: Group of experts who get together for discussion or for conducting interviews. Ex: The interview panel called at the University for Placements was known to be very strict and whimsical.
Paradox: True statements which contradict with each other; situation contradicting intuition. Ex: During the discussion the board members raised the topic of paradox in management which needed to be addressed.
Pareto chart: A graph to rank problems according to its frequency of happening. Ex: The Pareto chart was demanded during the meeting.
Parkinson’s Law: A law that states that work amplifies to adjust to the time allotted for its completion. Ex: The team unknowingly adhered to Parkinson’s Law when it took 10 days to complete the project which could have been done in 5.
Patent: Exclusive right to produce, sell or endorse a product or service for a particular period of time to keep away from imitators. Ex: Mike’s company grabbed the patent for the biotechnological invention.
Pay for Performance: A strategy to encourage efficient and sincere working in which each worker is compensated based on the performance he delivers. Ex: The chain store introduced pay for performance criteria to boost up sales.
Payroll: A list that an employer has containing an account of wages earned or salaries over a certain time by employees. Ex: The payroll is processed every month on 10th but this time it was late.
Penetration Pricing: A marketing strategy where a product or service is priced very low to enter the market or simply survive the competition. Ex: There was such a tough competition that the new company had to choose penetration pricing just to continue.
Pension: Amount of money paid at regular intervals to employee at the end of his service by the employer. Ex: She checked her bank account summary for pension amount that would be deposited every month.
PEST Analysis: Acronym stands for Political, economical, social and technological. It means to research about these aspects for strategically planning further step n marketing or business. Ex: The Company conducted PEST analysis before the launch of the new product.
Positioning: Determining the image or viewpoint of a particular product in consumer’s mind as a part of strategic planning. Ex: Before launching the ad campaign, there was positioning of the product done.
Predictive Metrics: Using measurements and analyzing tools to predict future in relation to performance. Ex: The analysts used predictive metrics for making accurate reports.
Product Life Cycle: The various stages a product goes through in making it ready for selling it in the market. Ex: An average product will have to go through every stage of product life cycle.
Push Promotional Strategy: Promoting product through every channel and means possible; advertising product to the maximum. Ex: The dying company used push promotional strategy to save their new product.
Quality: The degree of excellence of a product or service. Ex: The quality of the jam was not upto mark as the strawberries were not fresh.
Quality Circle: A group assigned to check and improve quality of a product or service through analysis and communication. Ex: The quality circle prepared report on the quality check of the new product.
Quantity Discount: Discount given on buying in bulk or price cut given when purchased in volume. Ex: The franchise offered 5% quantity discount if orders exceeded 1000.
Quick Assets: Assets that can liquidate easily or converted to cash easily. Ex: The CEO immediately chose to liquidate quick assets to save the failing company.
Ratio Analysis: Analytical tool used to compare a firm’s performance to other firms. Ex: The ratio analysis done helped employees and managers work better efficiently.
Red Ink: Term used to indicate that a venture or firm is running out of money. Ex: The firm started sinking in red ink and struggled to survive in tough competition.
Redundancy: Different productive ways to perform the same task. Ex: All the employees were required to work in harmony and reduce unnecessary redundancy.
Reengineering: The process of completely redesigning an organization to achieve drastic improvements and better results. Ex: The organization was passing into oblivion and needed immediate reengineering.
Relationship Marketing: A marketing strategy which focuses on forming and developing long term relations with customers instead of individual transactions. This involves understanding and mutual cooperation. Ex: Most MNCs disregard relationship marketing even though it is an important aspect to grow company success rate.
Retainer: A fee paid to professional for advice, guidance or general help. Ex: He paid me retainer for advice regarding his personal financing.
Risk Assessment: Identifying risks and their potential effects. Ex: A risk assessment was done before starting work on the new project.
Risk Mitigation: Reducing the effect of known possible risks to an acceptable level. Ex: Though it was unlikely yet the risk of system crashing was put in front of risk mitigation team for them to solve it substantially.
Roundtable: A group of professionals in which each member holds equal importance. These groups usually discuss policies and strategies to improve company. Ex: The roundtable meeting was held to discuss company’s critically decreasing sales.
Royalties: Fees paid to use sources of another person or natural resources. Ex: The MNC had to pay a hefty amount as royalties.
Satisficing: Accepting an attainable level of achievement rather aiming for an unattainable target. Ex: The new start-up was happy satisficing and content to proceed progressively.
Saturation: A time when a particular product has already been bought by the masses and its demand has decreased substantially. Ex: The new digital product went into saturation and company had to come up with something new.
Scenario: A business approach to predict future of business, develop strategies and save business in the ever changing market. Ex: Manager put in perspective the real world scenario to predict the future of the new product.
Seasonality: The variation in sales due to a particular time of year. Ex: The handmade decorative banners sold out quickly due to seasonality.
Secret Partners: Partners in firms, businesses or ventures which make active contributions but are not revealed to anyone. Ex: Everyone doubted the famous foreign company for having secret partner.
Seed Capital: Initial capital required for starting a company. Ex: He had to go through many troubles to accumulate seed capital.
Severance: Compensation paid to employees in case of unfair termination. Ex: She got a heft amount as severance.
Shutdown: Discontinuing work due to lack of labor or demand or capital. Ex: The organization had to quickly shutdown due to the failing of the new product.
Silent Partner: A partner in a firm or venture who had no active role and does contribute to company’s achievement/success. Ex: Even though James and Stephen were business partners, James rarely showed up to meeting and was termed as silent partner.
Six Sigma: A methodology which provide tools to identify all defects, eliminate each one of them so as to achieve zero defects. Ex: The Company decided to pursue Six Sigma to help it overcame repeated failures.
Skim the Cream: A sale strategy where price is set at a high level to take advantage of the rich customers who can afford it. Ex: The imported companies often use skim the cream principle to increase their sales.
Status Quo: An unchanging affair in market; existing conditions. Ex: The new team leader shook up the status quo of the team.
Streamline: Innovative methods to save money and foster ideas to boost sales and revenue. Ex: The presentation focused on strategy to streamline the various departments of company.
Systematic: Organized; orderly; coordinated properly. Ex: The accounts department worked in highly systematic manner.
Take-One: An incentive like a coupon or offer attached to a product for future purchases. Ex: Take-One is usually is the most successful sales strategy to win the customer.
Takeover: The situation in which a company purchases other. Ex: The union of the 2 rival companies was seen as a takeover by everyone.
Target Market: The specific group of people aimed at for selling a particular product or service. Ex: The Company conducted a target market research to know the conditions for the launch of the project.
Team Player: A person who works most productively as a part of team or group. Ex: There is no way he can handle the project all by himself as he is a team player.
Technical Obsolescence: A product or service which went out of demand due to a superior invention. Ex: Rotary phones went into technical obsolescence due to touch tone dialing ones.
Term Sheet: A summary containing the terms and conditions proposed between an investor and entrepreneur. Ex: After the meeting the assistant prepared the term sheet.
Time Horizon: The time when a specific activity is supposed to end. Ex: Before starting the meeting it is always important to discuss the time horizon.
Trade Association: A Nonprofit organization to stand for and support its members. Ex: the trade association put up a strike after the cut in holidays.
Trailblazer: Someone who starts a new trend in market, research, art or technology. Ex: She became a trailblazer due to her numerous innovations in technology.
True North: An ultimate goal set by leader. Ex: The CEO presented a true north in his motivational speech.
Turnaround: When something goes from failing to success. Ex: The reengineering and the new CEO led to turnaround of the company.
Underemployed: A person who is overqualified for his current job. Ex: Although Mary was underemployed but she could not quit due to her financial troubles.
Unemployment Rate: The percentage of workforce that lost their jobs in a particular month. Ex: Increasing unemployment rate in a country might indicate recession.
Usability: Measure of the easiness of operating of a product by user; degree of user friendliness. Ex: The usability of the new innovation made it an instant hit in the market.
User Interface: The way user communicates with computers and other systems. Ex: Windows has the easiest user interface to use.
Value Added: Adding value to a product at every stage of its making or production. Ex: Online stores provide value added products to customers as compared to physical stores.
Variable Cost: A cost that changes as compared to cost in output. Ex: The beauty products range faced variable costs.
Variance Analysis: A tool for studying the variance, i.e., differences between actual values and planned or inferred values. Ex: The management asked for a variance analysis after the product started failing in market.
Venture: A generic term which means a business or organization involving high risks and spontaneity. Ex: Allison quit her job to start her venture which proved out to be successful.
Venture Capitalist: An investor who specially provide finance to new ventures, that they see having potential. Ex: The venture capitalist was once a venture owner and therefore related to amateurs in ventures.
Video Conferencing: A meeting or discussion that takes place through technology visually connecting two distanced places. Ex: The video conferencing was cancelled because of power cut due to thunderstorm.
Visionaries: The leader with an eye for future and create a solid aim for future and are critical of present situations to infer future. Ex: Sam was a visionary leader and was sure to lead the team to success under all circumstances.
Visual Aid: A graphic tool like a presentation to get information across more effectively and easily. Ex: Visual aids helped in distracting from the monotonous meeting.
Volatility: The rate of change of stocks in market owing to the various factors controlling the market. Ex: The investor always took care of volatility in market before investing.
Warranty: A guarantee about a particular product or service for a specific period of time. Ex: The refrigerator came with a warranty of 10 years.
Wealth Effect: A simple theory stating that people with more money will spend more and ones with less money will spend very cautiously. Ex: The ad campaign for the expensive product was formed keeping in mind the wealth effect.
Wear and Tear: The slow decay of a product or machine due to long period of usage. Ex: The desktop computer was in wear and tear after 10 years.
Webinar: A popular term for web based seminar or presentation. Ex: I am attending a graphic design webinar on Saturday.
Windfall: An unexpected large profit without having to work for it. Ex: The new startup’s product turned into windfall for them.
Windfall tax: A tax put up by government on companies who make unusually large profit due to vulnerable market conditions. Ex: Except the small businesses, every company had to pay windfall tax.
Window of Opportunity: The time when a business has a chance to make something good happen. Ex: The sellers had a brief window of opportunity before the product hit downfall.
Workstation: A desktop where a regular employee performs his daily tasks. Ex: I work in a small cabin on a workstation.
Year-To-Date: Amount accumulated in an account since 1st Jan of that year. Ex: The store owner asked for a year-to-date record of profits made.
Yield: The rate of return on investment. Ex: The investment yield was a meager 1% yet he was not disheartened, because he was helping his friend.
Zero-Based Budgeting: A logical and effective budgeting strategy in which all expenses are justified with every cycle of planning. Ex: The small business introduced the zero-based budgeting system and gained profits.