The Times 100 glossary of terms

Below is a list of The Times 100 case studies organised alphabetically by company. To view more companies, please choose a letter from the list below.

[0-9]


  • 360 degree feedback
    Assessment coming from all directions. This includes feedback from managers, colleagues, subordinates and even external parties such as suppliers.
  • 3G
    Third generation of mobile telecoms standards using higher data transfer rates. First and second generations involved analogue and digital mobile phones respectively.
  • 3rd Generation (3G) phones
    Mobile phones enabling access to richer content including video calling, games, music track downloads and TV.
  • 45 nanometres (45nm)
    The smallest production transistors used to make microprocessors and allowing up to double the number of transistors in the same silicon space.. A nanometre is one billionth of a metre.
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[A]


  • A.R.P.U.
    Average Revenue per User. This is a measure of how much money each customer spends over a period in using their mobile phone.
  • ABC1
    Social grades (by occupation) A, B and C1 that include mainly more affluent, middle class consumers.
  • Above the line
    Promotion through advertising: TV, radio, internet, press etc.
  • Absenteeism
    Staff failing to attend their place of work.
  • Account Managers
    Sales managers responsible for handling particular customers accounts e.g. working with specific supermarket chains.
  • Accountability
    Taking responsibility for decisions and justifying actions that have been taken.
  • Accountable
    Being required to provide an explanation for decisions and consequent actions.
  • Acquisition
    Where one business takes over another, usually by obtaining over 50 per cent of the shares.
  • Act of Parliament
    A law passed by Parliament and usually drawn up by the government.
  • Adam Smith
    Famous Scottish philosopher and economist (1723-1790). His best known work is The Wealth of Nations (1779).
  • Add more value
    Any increase in the market value of a product. This usually incurs additional costs. From the point of view of the business, value is only added when the increase in market value is greater than the extra costs.
  • Add value
    Any increase in the market value of a product. This usually incurs additional costs. From the point of view of the business, value is only added when the increase in market value is greater than the extra costs.
  • Added value
    Any increase in the market value of a product. This usually incurs additional costs. From the point of view of the business, value is only added when the increase in market value is greater than the extra costs.
  • Adds value
    An increase in the market value of a product. This usually incurs additional costs. From the point of view of the business, value is only added when the increase in market value is greater than the extra costs.
  • Administration
    A temporary legal status for a company unable to pay its debts on time. An 'insolvency practitioner' is appointed to run the company and resolve its financial problems.
  • ADSL broadband
    High speed internet link using the standard phone lines provided by BT.
  • Advertising campaign
    A range of targeted advertisements aiming to raise awareness and sales in a chosen market segment.
  • Advertorial
    An advertisement in a newspaper or magazine that is designed to look like an article by the writers of the magazine.
  • Advocate
    Person who argues in favour of another person, a cause or a point of view.
  • Aesthetic
    A principle of taste and style adopted by a person, group, oganisation or culture.
  • Aesthetics
    Principles of taste and style adopted by a particular group, person, organisation or culture.
  • Affiliate
    Become part of or form a close relationship with another, usually larger, group or organisation. Affiliation may be loose or tight.
  • Affiliates
    Engaged in a close relationship with another, usually larger, group or organisation.
  • AG
    The German and Swiss equivalent to plc.
  • Agenda 21
    In 1992 at the Earth Summit at Rio de Janeiro, heads of state agreed on Agenda 21, a blueprint showing how to make human development socially and environmentally sustainable.
  • Aggregates
    Broken stone and sand used in making concrete.
  • Agroforests
    Trees grown among or around crops, as a means of preserving or enhancing the productivity of the land.
  • Aim/aims
    Broad statement of purpose and direction for an organisation in the context of which specific objectives can be set.
  • Alternative Investment Market (AIM)
    Known as AIM and established in 1995, this is the London Stock Exchange's specialist market for smaller companies to raise share capital.
  • Ambience
    Surroundings or atmosphere.
  • Ambient
    Of surroundings or atmosphere.
  • Ambient foods
    Foods stored at room temperature.
  • Amway Business Owners
    Independent business owners directly selling Amway products.
  • Annual General Meeting
    A yearly meeting held by public limited companies when the board meets shareholders to report on progress, approve accounts, elect directors and take questions.
  • Annual Percentage Rate (APR)
    The Annual Percentage Rate is the rate of interest payable on the outstanding amount of a loan taken over a full year. It enables borrowers to compare rates on different loans, cards or mortgages.
  • Annual performance review
    A yearly evaluation of an employee's work and achievements
  • Annuity
    A financial product that involves exchanging a lump sum on retirement for a regular income over the life of the buyer.
  • Ansoff's matrix
    Model developed by Igor Ansoff (b 1918) that highlights a firm's strategic options and likely risk in developing new products and entering new markets.
  • Anthropologist
    Person who studies human societies looking at their origins, religious beliefs, social relationships
  • Anti-trust legislation
    US term meaning laws that prohibit certain behaviour and/or agreements that restrict competition between firms.
  • Appraisal
    A process to assess the performance of an employee, often based on comparing outcomes with targets.
  • Appraisal grading
    A graded assessment of an employee's progress and performance in meeting agreed targets.
  • Apprentices
    Young person with an agreement to undertake on-the-job training provided by a firm for a particular job or trade.
  • Apprenticeship
    An agreement with a young employee where a firm provides on-the-job training in the skills for a particular job or trade.
  • Articles of association
    A legal document that sets out a company's internal rules and the relationship with its shareholders.
  • ASA
    The Advertising Standards Authority that is the 'watchdog' and regulator of the UK advertising industry.
  • Aspirational identification
    Where consumers identify with what they see as a desirable social group and then aspire to the associated lifestyle eg older children identifying with teenagers.
  • Assessment centre
    A unit within a personnel or human resources department that provides a range of unbiased tests for job candidates or employees wanting promotion.
  • Asset marketing
    Basing marketing strategy on the firm's particular strengths rather than directly on what customers appear to want.
  • Asset Optimisation (AO)
    Making best use of a firm's assets. Assets include natural resources as well as plant, equipment and machinery and its people.
  • Asset/assets
    Anything yielding value for a business over a given length of time. Assets in a firm's accounts have a money value and may be fixed (eg buildings, machinery) or current (eg stock, debtors).
  • Assumptions
    Propositions that are taken as being true for the purpose of an argument.
  • Asylum and Immigration Act 1996
    This law requires employers to see proof of an employee's right to live and work in the UK.
  • ATM
    Automatic Telling Machines or 'cash machines' enable the user to obtain cash using a card and PIN.
  • Attitude surveys
    An investigation
  • Attitudes
    Views and beliefs of people that affect the way they behave.
  • Audit
    A systematic check and evaluation relating to any variable
  • Auditing
    Checking and verifying information (often financial) about an organisation.
  • Auditor
    Typically an accountant who checks financial information about an organisation.
  • Auditors
    Accountants who carry out an independent check on an organisation's accounts to make sure that they give a 'true and fair view' of the firm's financial affairs over the stated period.
  • Autism
    Complex life long disability, involving a lack of response to people and limited ability to communicate.
  • Autocatalysts
    Car engine components that are designed to convert potentially harmful waste substances into non-harmful ones. Formerly known as catalytic converters.
  • Autocratic
    Taking decisions without consultation or discussion.
  • Autocratic manager
    Where a leader makes decisions alone and conveys it to staff without allowing dispute or discussion.
  • Autocratic style
    Where a leader makes a decision alone and conveys it to staff without allowing dispute or discussion.
  • Automated
    A production process that operates without human intervention.
  • Automated machinery
    Programmed machinery that operates without human intervention.
  • Automation
    The introduction of machines to complete jobs without any input from people.
  • Autonomy
    Independence to make decisions without reference to other sources of authority.
  • Availability losses
    Periods of time when equipment is unable to carry out its intended purpose eg a power station being unable to generate energy.
  • Average rate of return
    The average annual profit on an investment project expressed as a percentage of the original outlay.
  • Aviation
    The activity of flying aircraft or of designing, producing and maintaining them.
  • Away days
    Training or other opportunities offered away from the workplace e.g. at a hotel or conference centre.
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[B]


  • B2B
    Sales by one business to another, rather than B2C which involves selling directly to the final consumer.
  • B2B markets
    Business to business markets, also known as industrial or organisational markets.
  • B2C
    Sales by a business to final consumers.
  • Backward vertical integration
    Where a firm merges with its suppliers.
  • Balance sheet
    Financial accounting statement that shows what a business owns (assets) and who has financed those items (liabilities). Logically the two totals balance.
  • Balanced business scorecard
    Framework developed in the USA by Kaplan and Norton (1992) to evaluate business performance using financial and non-financial measures (eg customer perceptions or rates of learning)
  • Bankrupt
    An individual or unincorporated business that is judged by a court as unable to pay debts at the required time.
  • Bankruptcy
    Being judged by a court as unable to repay debts at the required time.
  • Banner advertisements
    An advertisement that is embedded into a web page.
  • Bargaining agenda
    Series of issues that are itemised when two sides in a dispute or contract meet for discussion.
  • Barriers to entry
    Obstacles that may prevent a competitor entering or contesting a market eg licensing agreements or dominant brands.
  • Base year
    The starting point in time against which changes in an index are measured.
  • Basis points
    One hundredth of one per cent (0.01%)
  • Batch production
    Indirect sales promotion other than advertising eg price promotions and point-of-sales displays.
  • Below the line
    Indirect sales promotion other than advertising eg price promotions and point-of-sales displays.
  • Below-the-line promotion
    Indirect sales promotion other than advertising eg price promotions and point-of-sales displays.
  • Benchmark
    A standard against which performance and progress can be measured.
  • Benchmarked
    Setting and using a standard against which performance and progress can be measured.
  • Benchmarking
    Setting and using a standard against which performance and progress can be measured.
  • Benchmarks
    Indexes, standards or points of reference in measuring or judging a quality or value.
  • Benefit
    The advantages gained by consumers from the goods or services they buy.
  • Benefits
    The advantages gained by consumers from the goods or services they buy.
  • Best practice
    The development of performance standards based on the most effective methods or procedures in the industry.
  • Best-in-class
    The most successful business in a particular grouping of firms eg best ferry operator, best small hotel.
  • Biased
    Tendency to favour a particular point of view.
  • Bids
    A written submission in which a firm offers to provide a specified product or service in return for a stated fee.
  • Biodiversity
    The variety of animals, plants and other organisms in a particular habitat.
  • Biofuel
    Fuel produced from recently living organisms, usually plants. Examples are bioethanol and biodiesel.
  • Biofuels
    Fuel produced from recently living organisms, usually plants. Examples are bioethanol and biodiesel.
  • Blogs
    Personal online journal that is frequently updated through discussion.
  • Blue Chip companies
    Large well-established firms that are widely recognised as a safe investment.
  • Blue-sky research
    Technical research undertaken with no immediate commercial application in view.
  • Bluejacking
    Means the sending of unrequested messages over Bluetooth to mobile phones or laptops
  • Board of directors
    The top decision-making group in a company elected by the shareholders to represent their interests.
  • Body corporate
    When a company is formed it becomes a corporate body or a legal entity that can own property and take legal action.
  • Bonds
    An IOU issued by a borrower to the lender. Bonds carry a rate of interest, can often be bought and sold and usually have a date for final repayment.
  • Bonus
    An extra amount of money often given as a reward to employees.
  • Boston matrix
    A matrix that positions products according to their market share and growth in the market. It helps to relate cash flows and best growth prospects.
  • Bottom-up
    Process of communication starting a lowest levels in the hierarchy and moving up through the levels above.
  • Brainstorming
    Generating large numbers of possible ideas without filtering them for feasibility.
  • Branch
    The local organisational unit of a trade union based on a geographical areas or a particular place of work.
  • Branch secretary
    Local officer elected to represent a union branch by his or her colleagues.
  • Brand
    A name, design or symbol that gives a product, product range or company an identity that is distinct from competitors. link to 136
  • Brand affinity
    Degree of customer identification and loyalty in relation to a brand.
  • Brand awareness
    Degree of customer recognition for a brand.
  • Brand equity
    The value of a brand in terms of added value and increased sales. Brands create a relationship between customers and a firm or product that can be a barrier to competitors.
  • Brand ethos
    The character and values of a brand.
  • Brand franchising
    Allowing other firms to sell a range of branded products, often in return for a fee or commission.
  • Brand heritage
    The historical background to a brand that can strengthen its appeal to consumers.
  • Brand identity
    The values or 'personality' of a brand that are expressed through its name, design or logo.
  • Brand image
    How a particular brand name is perceived within the market by potential buyers.
  • Brand leader
    The brand with the largest market share.
  • Brand loyalty
    The strength of commitment felt by consumers towards a particular brand.
  • Brand migration
    Extending a brand into a new market or product category.
  • Brand Positioning
    The process of designing a company's products and image so that a brand occupies a given place in target customers' minds.
  • Brand profile
    Ingredients, elements and characteristics that make up a brand at a particular moment in time.
  • Brand promise
    The qualities that a brand 'promises' to deliver to consumers.
  • Brand proposition
    The intended qualities to be expressed by a brand; these should be attractive in the target market and differentiated from the offerings of competitors.
  • Brand truth
    A short statement expressing a brand's tried and tested value to the customer.
  • Brand values
    Series of perceptions, thoughts and images created by a brand that influence customers and encourage them to choose it in preference to other brands.
  • Brand vision
    A firm's perception of the desirable qualities represented by its brand.
  • Branded goods
    Goods which are distinguished from rival products by a name, image, or other visual form.
  • Branding
    The process of using a name, sign, symbol or other creative element to identify a product and to differentiate it from competitors.
  • Brands
    Names, symbols or designs used to identify specific products and to differentiate them from competitors
  • Break even
    The output level at which total revenue equals total cost i.e. no profit or loss is made. Often shown in graphical form.
  • British nationals
    People who are legally recognised as citizens of the United Kingdom.
  • British, European and International Standards
    British Standards (BS), European Standards (EN) and international standards (ISO) all represent best practice and provide assurance that companies and products meet the relevant criteria for quality.
  • Broadband
    A digital signalling method that involves a broad bandwidth of frequencies, so allowing a very fast flow of data (measured in kilobits or megabits) to be received.
  • Brokers
    An agent who enables a client and an underwriter to make a contract and receives a fee for the service.
  • Brown goods
    Electrical goods such as TVs, DVD players and hi-fi equipment.
  • Brownfield
    Development site that has had previous industrial or commercial use. Greenfield sites, by contrast, have only had farming or recreational use.
  • Brownfield site
    Development site that has had previous industrial or commercial use. Greenfield sites, by contrast, have only had farming or recreational use.
  • Budget
    Development site that has had previous industrial or commercial use. Greenfield sites, by contrast, have only had farming or recreational use.
  • Budgeting
    Process of setting financial plans showing month-by-month projections for costs, sales, profit, cash flow and other quantitative variables..
  • Budgets
    Process of setting financial plans showing month-by-month projections for costs, sales, profit, cash flow and other quantitative variables..
  • Building envelope
    The external shell of a building. The external shell can be made with different materials e.g. pre-finished steel, aluminium, brick, etc.
  • Bulk products
    Standardised goods with a high bulk or weight to value ratio.
  • Bureaucracy
    Systems for the application of rules and regulations involving paperwork its electronic equivalent.
  • Business continuity
    The maintenance of a business enterprise regardless of adverse circumstances eg fire or floods.
  • Business cycle
    Fluctuations in the overall demand for goods and services moving through stages of boom, recession, depression and recovery over a period of time.
  • Business environment
    The complex factors largely outside a firm's control that still affect its performance eg government decisions, the business cycle, social trends and new technologies.
  • Business ethics
    Moral principles and codes of conduct that firms may maintain and enforce.
  • Business Improvement (BI)
    A deliberate process that involves analysing the effectiveness of current processes, researches new approaches that can be applied, and inplements best practice in order to make improvements to business performance.
  • Business in the Community
    An organisation that unites and mobilises firms to upgrade their environmental and social responsibility.
  • Business in the Community Corporate Responsibility Index
    The leading UK benchmark of responsible business practice.
  • Business in the Community PerCent Club
    Over 200 companies contributing at least 1% of pre-tax profits to investment in the community.
  • Business models
    Representations of business reality that can be manipulated to analyse problems and explore 'what if...?' questions.
  • Business objectives
    Outcomes that a business seeks to achieve.
  • Business philosophy
    System of belief about how business should be conducted.
  • Business plan
    A report that explains the product, the marketing strategy and the financial projections in a business start-up.
  • Business principles
    A company's beliefs and standards that guide how its staff should behave.
  • Business processes
    Applying and integrating a range of operations that transform inputs into more valuable outputs.
  • Business ratios
    Ratios are standard calculations used to analyse a companys accounts in order to judge business performance.
  • Business strategy
    The overall plan a company has for itself.
  • Business values
    Beliefs and principles that underlie the ways in which an organisation operates.
  • Business-to-business (B2B)
    Transactions between business enterprises.
  • Business-to-consumer (B2C)
    Transactions between a business and consumers.
  • Buy-one-get-one-free
    Often called by its initials (BOGOF). A promotion is sold, effectively, at half price.
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[C]


  • Cable broadband
    A high speed Internet link accessing the cable television network via a cable modem.
  • Cadence
    Rhythmic, measured movement
  • Call centre
    A centralised office designed to receive high volumes of telephone calls that are closely monitored and handled using IT under clear rules.
  • Can banks
    Large containers in public places for collecting used steel and aluminium cans.
  • Capacity building
    Process of increasing the maximum capabilities of a firm; may relate to plant, human skills or organisational and computer systems.
  • Capital
    The financila resources committed to a business by the shareholders (share capital) or lenders (loan capital).
  • Capital costs
    Expenditure on capital assets such as plant, equipment, brands and knowledge.
  • Capital employed
    The long term finance in a business plus the working capital. Defined in accounting termsas longterm liabilities plus current liabilities less cirrent assets
  • Capital expenditure
    Use of a firm's resources to purchase fixed assets such as land, buildings, equipment and machinery.
  • Capital intensive
    A production process where the major input comes from plant and equipment rather than from people.
  • Capital investment
    Spending money on long term (fixed) assets such as buildings, plant and equipment that yield a stream of benefit over time.
  • Capital market
    Entitlement held by a business to generate a specific level of carbon emissions; this can sometimes be traded.
  • Carbon capture
    Technology that filters out carbon emissions from power station gases before release into the environment.
  • Carbon credits
    Entitlement held by a business to generate a specific level of carbon emissions; this can sometimes be traded.
  • Carbon footprint
    The quantity of carbon created by individuals, businesses or countries as a result of their activities e.g. using heating and lighting, using a car or mobile phone charger.
  • Cartel
    A group of producers who agree to restrict their output in order to ensure higher market prices.
  • Cascade
    Method of communication where each level in an organization is responsible for conveying a package of information to the level immediately below.
  • Cash and carry
    Wholesale warehouse where retailers pay by cash to take products away.
  • Cash flow
    The movements of cash into and out of a business in a given period of time.
  • Cash flow forecasts
    A projection of cash inflows and outflows that highlights any cash shortages (or surpluses).
  • Cash Flow Statement
    An accounting document that shows a firm's cash inflows and outflows over a stated period in the past.
  • Casual factors
    Unpredictable events or influences that can affect performance or planning eg severe weather
  • Catalyst
    An event or person that fuels change.
  • Category
    ... fuels change ...
  • Category team
    Group of employees from different functional areas working together on a class of products.
  • Cause marketing
    Where a firm links itself to a charitable cause (eg through sponsorship) in the hope that mutual benefit will result.
  • Cement clinker
    Hardened lumps from firing limestone, clay and other minerals that are ground up to make cement.
  • Centralised
    The concentration of decision-making and executive authority in top management and often within the organisation's head office.
  • Centres of excellence
    Pioneering business units and groups of employees who incorporate all of the latest quality initiatives and model them for others to encourage change within an organisation.
  • Certification
    Formal recognition of meeting specific standards.
  • Chain network
    A vertical communication channel running from top to bottom of a hierarchy..
  • Chain of command
    The stages through which orders are passed down the levels in a organisational hierarchy eg directors ? regional managers ? branch managers ? shop floor assistants.
  • Champions
    People who enthusiastically support or defend a person, belief or cause.
  • Chancellor of the Exchequer
    Head of the UK Treasury and the minister responsible for government finance and economic affairs.
  • Change process
    The way that an organisation manages change.
  • Channel of distribution
    Stages of ownership through which goods and services move between producer and final consumer.
  • Chartered engineer
    An engineer with a Masters degree who is registerd with the Engineering Council.
  • Chat rooms
    A virtual computer-based environment where people can communicate with others, including people they don't know, by exchanging written words or images.
  • Chief Executive Officer (CEO)
    Director of a company who has responsibility for effective running of the enterprise, its profitability and its ability to satisfy key stakeholders.
  • Child mortality
    Generally means the number of child deaths under the age of five per 1 000 live births (5.8 in UK; over 100 in poor countries).
  • Child Tax Credits
    Support for people who are responsible for at least one child or qualifying young person but with a relatively low income.
  • Child Trust Fund
    A savings account for children born since September 2002. The government provides the first
  • Chilled foods
    Foods stored at refrigeration temperature, typically 5 degrees centigrade.
  • Circle network
    A decentralised communication channel where messages pass directly between all members.
  • Citizens Advice Bureaux
    A network of centres that help people resolve their legal, money and other problems by providing free information and advice.
  • Civil law
    Laws governing relationships between individuals and organisations in society (distinct from criminal law).
  • Civil legal problems
    Disputes between individuals or organisations where no criminal offence is involved. They are often settled by agreement or compensation.
  • Civil servant
    A government employee whose job involves the development and implementation of government policy.
  • Claims
    The section of an insurance company dealing with claims for repairs or compensation by customers who are covered by relevant policies.
  • Client relationship management
    Building an enduring relationship with clients that ensures quality of service and encourages ongoing business.
  • Clients
    Individuals or organisations that are sold a service.
  • Climate change
    Long-term changes in general weather conditions.
  • Closed-ended funds
    An investment fund with a fixed number of shares; these can be traded on the Stock Exchange.
  • Club together reward
    Cardholders within a learning centre club their points together to win a reward for their learning centre.
  • Co-operatives
    A legally recognised form of business organisation where each member makes an investment and has an input to the process of management. Co-ops may be formed by producers (eg farmers) or consumers.
  • Coaching
    Providing training, feedback and support for staff to help them improve performance in their work role.
  • Code of conduct
    Guidelines that specify appropriate behaviour in a given role eg customer service.
  • Code of ethics
    A set of principles with a moral basis that apply to a given group eg sales staff.
  • Code of practice
    Written guidelines governing business behaviour. This could take the form of a voluntary code or an enforceable set of regulations
  • Collective bargaining
    The process by which representatives of the workforce negotiate with an employer over pay, conditions and terms of work.
  • Command economy
    See Planned economy
  • Commercial content
    What commercial content providers offer to their mobile customers - including pictures, video clips, mobile games, music, gambling.
  • Commercial implications
    Effects on business.
  • Commodity
    Any product that cannot be differentiated and is therefore traded at a ruling market price. Typically agricultural produce, raw materials or standardised industrial components.
  • Comodities
    Any product that cannot be differentiated and is therefore traded at a ruling market price. Typically agricultural produce, raw materials or standardised industrial components.
  • Companies Act 1985
    Was the key legislation governing the operation of public and private companies in the UK; now replaced by the Companies Act, 2006.
  • Companies House
    Offices in Cardiff where the legal and financial records of every company are kept for official and public access.
  • Company
    A business organisation that exists as a legal entity separate from the shareholders who are its owners. Companies may be private (usually small to medium sized) or public (large).
  • Company Voluntary Arrangement (CVA)
    A legal agreement that allows a company that has debt problems or is insolvent to continue trading and to reach voluntary agreements for repaying its creditors.
  • Competencies
    The ability of an individual or a firm to perform a particular type of task to a given standard.
  • Competency
    The ability of an individual or a firm to perform a particular type of task to a given standard.
  • Competency-based training
    Training that enables employees to perform to prescribed standards.
  • Competition Act 1998
    Key UK legislation that prohibits cartels, restrictive practices and abuse of a dominant market position.
  • Competition analysis
    Analysis of competitors and their products to learn from the ways they are meeting customer needs.
  • Competitive
    The ability to sustain a place among rivals in a contested market (one open to competition).
  • Competitive advantage
    An ability to earn superior profits through lower costs or distinctive product quality that competitors cannot readily copy.
  • Competitive edge
    The distinctive capability that enables a business to keep ahead of its competitors.
  • Competitive environment
    The presence of competitors in a given market and their ability to constrain one another's prices and sales.
  • Competitive market place
    Any marketplace where there is more than one producer offering similar or comparable products.
  • Competitive strategies
    Planning pathways designed to achieve objectives in spite of or at the expense of competitors.
  • Competitors
    Other producers offering similar goods or services in the same market.
  • Complementary products
    Products that add value to other products eg software for computers.
  • Comply
    Act within the terms of an order or set of rules.
  • Compounds
    Substance combining two or more elements (or ingredients).
  • Compressed working
    Working extra hours each day to reduce the days worked.
  • Computer modelling
    Using a computer to develop a model of a process or product. Mathematical modelling can also be used for testing a new product or process.
  • Concept
    A classifying or constructive idea; general principle.
  • Concession
    A shop-within-a-shop
  • Congestion charge
    A fee that drivers have to pay when entering an area of high traffic congestion
  • Conglomerate
    A company made up from a range of unrelated businesses.
  • Connectivity
    Process of linking people and organisations together.
  • Consensus
    A broad convergence of opinion; general agreement.
  • Conservation
    Process of protecting wildlife, natural resources or the natural environment.
  • Consolidated
    The outcome of mergers or acquisitions in an industry so that the market is shared between fewer, larger firms.
  • Consulate
    Smaller offices in non-capital cities cities of a foreign country that offer assistance to British nationals.
  • Consultancy
    Providers of specialist advice within their field of expertise.
  • Consultation
    The act or procedure of consulting, i.e. finding out peoples views on issues and taking these into account in deciding what to do.
  • consultative
    Process of consulting: considering the views of other people.
  • Consumer expectations
    The benefits that consumers anticipate fro a firm or product.
  • Consumer marketing
    Selling and promotional activity designed to influence final consumers into a purchasing decision.
  • Consumer penetration
    Extent of consumer awareness of a product or brand in a given market.
  • Consumer-led
    Responding to the needs of consumers in the market.
  • Consumer/consumers
    A person who buys and/or consumes a product. The consumer may not be the buyer eg person who has received a gift.
  • Consumerism
    An emphasis on consumers: their choice, value-for-money, rights.
  • Contact centre
    Usually large office that handles telephone enquiries from customers.
  • Content control
    Methods of restricting access to content, including barring eg in controlling access to a website.
  • Contingency planning
    Advance plans to cope with an unlikely but very significant event eg computer failure, terrorist attack.
  • Continual improvement
    Process and culture of making frequent small improvements to production or ant other business process.
  • Continuous flow
    Where a productive process is designed to operate in a continuous sequence rather than in discreet stages.
  • Continuous improvement
    Culture and practice of initiating frequent small improvements in every business process; often known by Japanese term Kaizen.
  • Continuous Professional Development
    Where staff undertake training to improve their knowledge and skills throughout their working lives.
  • Contract
    An agreement between two parties that is binding in law.
  • Contract of employment
    A legal document that sets out the terms and conditions under which a person is to be employed.
  • Contract out
    OK (work that is central to the firm's competitive strengths)
  • Contractor/contractors
    Person/persons who is/are given a contract to complete a particular job or to perform specific duties for a stated period.
  • Contracts
    Agreements between two parties that are binding in law.
  • Control
    Power to decide or direct how operations are carried out.
  • Copyright
    Legal protection for authors, composers and artists from having their work copied or reproduced without their permission.
  • Core activities
    The main activities and markets of an organisation.
  • Core brands
    The brands owned by a firm that are central to its marketing strategy.
  • Core business
    A firm's main activities and markets.
  • Core competence
    A firm's distinctive capabilities that enable it to outperform competitors; the basis for competitive advantage.
  • Core competencies
    A firm's distinctive capabilities that enable it to outperform competitors; the basis for competitive advantage.
  • Core competency
    A firm's distinctive capabilities that enable it to outperform competitors; the basis for competitive advantage.
  • Core purpose
    Broad statement of intent like a mission.
  • Core range
    A company's most important products that underpin its market share and profitability.
  • Core strengths
    the most central and distinctive strengths in a business.
  • Core values
    Principles that are used to guide the conduct of an organisations
  • Corporate banking
    Banking services for companies.
  • Corporate brand
    A company-wide brand that usually embraces all products.
  • Corporate citizen
    The company as an active player in the wider society around.
  • Corporate culture
    The assumptions, values and patterns of behaviour within a corporate organisation.
  • Corporate goal
    Overall objective for an organisation that sets an direction for all of its activities.
  • Corporate governance
    The systems within a company for regulating power and influence in their effect on stakeholder interests.
  • Corporate objectives
    Specific outcomes that an organisation seeks to achieve.
  • Corporate planning
    The process that translates objectives and strategy into detailed plans that involve every business function (eg marketing, human resources, finance).
  • Corporate responsibility
    The wider responsibility of a company that extends beyond shareholders to include other stakeholders such as employees, suppliers and the community as well as the natural environment.
  • Corporate Responsibility (CR)
    The wider responsibility of a company that extends beyond shareholders to include other stakeholders such as employees, suppliers and the community as well as the natural environment.
  • Corporate responsibility programme
    Practical steps taken by a company to fulfil its objectives towards non-owner stakeholders eg sponsorship of community projects or support for environmental initiatives.
  • Corporate responsibility report
    An annual report explaining a company's perception of its responsibilities and showing how the firm has worked on practical initiatives with non-owner stakeholders.
  • Corporate social responsibility
    Responsibility of a company to be a fair and positive force for good in the local community and wider society.
  • Corporate Social Responsibility (CSR)
    Responsibility of a company to be a fair and positive force for good in the local community and wider society.
  • Corporate strategy
    Alignment of a organisation behind a plan for the fulfilment of agreed objectives.
  • Corporate values
    Principles and standards that guide attitudes and behaviour in a organisation.
  • Cost
    The price of any activity in terms of the resources that it consumes.
  • Cost centre
    Any part of an organisation for which the use of resources can be measured separately eg e research laboratory or a canteen.
  • Costs
    The price of any activity in terms of the resources that it consumes.
  • Countline
    Chocolate confectionary bars sold separately and designed to be eaten on a single occasion.
  • Credit
    Money borrowed or available for borrowing. It carries a rate of interest and/or a repayment date.
  • Credit reference agency
    Company that collects, organises and supplies information about borrowers so that lenders can evaluate risk (of non-payment).
  • Credit scoring
    System (normally computerised) used by lenders to assess the risk of a borrower failing to make scheduled repayments.
  • Creditor
    Individual or organisation to whom or to which money is owed.
  • Creditworthiness
    The degree of confidence in a borrower to make full and prompt repayments.
  • Criminal charges
    Accusations of law-breaking that could typically lead to fines or a jail sentence.
  • Criminal law
    Law relating to crimes and their punishment.
  • Criteria
    Standards used to make a judgement.
  • Critical Path Analysis
    An analytical method that breaks a task or project into stages on a diagram and calculates the sequence of activities that cannot be delayed without delaying the whole project.
  • Critical success factors
    Specific indicators of progress towards objectives that are vital to the success of an activity or project (eg a new product launch).
  • Crop yields
    The amount of crops per acre of farmland used
  • Cross-functional teams
    Teams of staff drawn from different business functions eg production, marketing, finance.
  • Crown court
    Higher court (above magistrates' court) where more serious criminal cases are tried by jury.
  • Cultural change
    Moving towards a different pattern of values, attitudes and behaviour.
  • Cultural icons
    Objects, people or procedures / events that are specially admired and symbolic to a culture.
  • Culture
    Set of assumptions, beliefs and patterns of behaviour that are characteristic of an organisation or group of people.
  • Culture change
    Moving towards a different pattern of values, attitudes and behaviour.
  • Current assets
    Stock, debtors and cash that are all relatively liquid ie can be turned into cash in the short term.
  • Current liabilities
    Obligations to repay amounts owing in the short term eg bills from suppliers, short term bank loans.
  • Current ratio
    The ratio of current assets to current liabilities.
  • Curriculum vitae (CV)
    A document setting out a job applicant?s background, qualifications, experience and interests.
  • Customer
    An individual or organisation that buys a product.
  • Customer base
    The main basis of customers for a business
  • customer centric
    When an organisation puts satisfying the customer at the centre of everything it does.
  • Customer charter
    A documented list of a business?s commitments to the client.
  • Customer companies
    The shops, dealers and distributors that buy Philips products to resell.
  • Customer expectations
    What customers expect to receive when they consume a product or enjoy a service.
  • Customer experience
    What happens to a customer when they contact a company by any channel.
  • Customer Relationship Management
    Methods used by a business to manage relationships with customers.
  • Customer retention
    Retaining or holding on to existing customers (usually much less costly than trying to attract new ones).
  • Customer satisfaction survey
    A questionnaire for customers, to discover how satisfied they are with particular products/services.
  • Customer segmentation
    Dividing up customers according to their individual or grouped characteristics rather than treating all customers alike.
  • Customer service
    A range of activities provided by a retailer designed to meet the needs of customers.
  • Customer service levels
    Standards for the achievement of customer satisfaction such as delivering all orders on time.
  • Customer service strategy
    A strategy to generate competitive advantage by providing customers with superior service that exceeds their expectations.
  • Customer-led
    Organising a business and its products around the detection and fulfilment of customer needs and wants.
  • Customer-led Innovation
    New product development and product improvement driven by customer demand.
  • Customer-orientated
    An approach that starts with the needs of customers' needs and wants which then drives every business process.
  • Customers
    Individuals or organisations that buy a product.
  • Customs
    An approach that starts with the needs of customers' needs and wants which then drives every business process.
  • CV
    See Curriculum vitae
[ Top ]

[D]


  • DAB (Digital Audio Broadcasting)
    Digital radio technology used for radio broadcasting.
  • Debtors
    Individuals and firms who owe sums of money.
  • Decentralisation
    Shifting decision-making away from the organisational centre (top management and/or head office) towards the operating units such as local branches.
  • Decentralised
    Where a shift of authority has occurred from the organisational centre towards the operating units.
  • Decommissioning
    To take out of use or service. This can be a complex and time-consuming job.
  • Dehydrated
    Products that have had the water content removed for longer and easier storage.
  • Delayering
    Removing some levels in a hierarchy.
  • Delegation
    Passing authority down an organisational hierarchy while final responsibility remains at the top.
  • Demand
    Desire to buy a product backed by money.
  • Democratic
    Giving everyone affected by a decision a chance to express their point of view.
  • Democratic manager
    Providing everybody with an opportunity to participate in the process of decision making.
  • Demographic
    A population characteristic such as gender, age or income group that can be used to segment or target a market.
  • Demographic profile
    Population characteristics such as gender, age or income group that can be used to analyse and then segment or target a market.
  • Demographics
    Population characteristics such as gender, age or income group that can be used to segment or target a market.
  • Demutualise
    To convert from a mutual organisation (owned by its customers) to a public limited company (PLC). Occurred when most major building societies converted to banks.
  • Deposit protection
    The protection of people's savings in banks under a government guarantee (currently up to
  • Deregulated
    Made free of government regulations. Able to operate according to market forces.
  • Deregulation
    Giving freedom to operate without government regulations eg bus services on a commercial basis.
  • Design
    A balance between aesthetics (appeal to the senses), practicality and economic cost.
  • Development
    Experience and training designed to extend the capabilities of an individual and to assist their career progress.
  • Development centre
    Place for training based on assessment of trainee's abilities and provision of personal feedback.
  • Deviation
    Movement away from normal or expected events.
  • Deviations
    Difference between actual and expected events eg difference between calculated and actual closing stock.
  • Differentiate
    Distinguish a product or organisation from its competitors.
  • Differentiating
    Distinguishing a product or organisation from its competitors.
  • Differentiation
    Making a product or organisation distinctive relative to its competitors.
  • Direct competition
    Rivals offering similar products to the same target market.
  • Direct competitors
    Rivals offering similar products to the same target market.
  • Direct e-mail
    Contacting customers electronically with electrical messages that are personalised and sent directly to their e-mail account.
  • Direct mail
    Targeted leaflets and publicity sent through the post.
  • Direct sales
    Selling products directly to customers without using retailers.
  • Direct selling
    Selling products directly to customers without using retailers.
  • Direct taxation
    Taxes levied on earnings (eg income tax) rather than indirect taxes levied on spending (eg VAT)
  • Direct taxes
    Taxes levied on earnings (eg income tax) rather than indirect taxes levied on spending (eg VAT)
  • Directors
    People elected by shareholders to manage and take responsibility for the affairs of a company.
  • Disability
    Any physical or mental impairment with significant and long term adverse effect (on ability to work etc.).
  • Discount
    A reduction in a price or charge, usually expressed as a percentage.
  • Discount partner
    A cardholder entitled to price discounts.
  • Discriminate
    To treat an individual or group differently from others.
  • Discrimination
    Treatment of an individual or group differently from others.
  • Disposable income
    That part of an individual's or household's income that remains after deductions for tax, national insurance and a pension.
  • Disribution channels
    Route of selling and delivering by which products reach their final consumer (eg manufacturer ? wholesaler ? retailer ? consumer).
  • Dissatisfiers
    Sources of dissatisfaction within a workplace.
  • Distribution
    The process of selling and delivering by which products reach their final consumer (eg manufacturer ? wholesaler ? retailer ? consumer).
  • Distribution footprint
    A measure of the size of the presence of a company in the market. The more outlets that sell its products, the greater will be its distribution footprint.
  • Distribution strategies
    Plans for the process by which products reach their final consumers (eg use of retailers or direct to consumers on-line).
  • Diversification
    When a firm extends its scope to include new products and/or new markets, often aiming to spread business risk.
  • Diversified company
    A company that operates across a range of products and markets, often hoping to spread business risk.
  • Diversify
    Widen a firm's scope across different products and market sectors and so spread business risk.
  • Diversifying
    Widening a firm's scope across different products and market sectors and so spread business risk.
  • Diversity
    Activities offered by an organisation designed to include and develop people from different backgrounds, ethnic origins etc.
  • Diversity programme
    Activities by an organisation designed to include and develop people from different backgrounds
  • Divestment
    The process by which a company sells parts of its diversified business.
  • Dividend
    A share of the companys profit paid to shareholders.
  • Dividends
    A share of the company's profit paid to shareholders.
  • Division of labour
    Breaking down a production process or job into a number of specialised tasks.
  • Domain name
    Internet address that identifies a website.
  • Dot.com revolution
    Development of a new economic sector based on e-commerce (transactions through internet).
  • Dot.coms
    Organisations that are solely or heavily dependent upon buying and selling through the internet.
  • Dow-Jones Sustainability Index
    US index that tracks the financial, environmental and social performance of major companies whose business is related to environmental sutainability.
  • Dredging
    Removal of mud, silt and debris from the bottom of lakes, rivers, harbours and the sea.
  • Dual branding
    One company promoting two distinct brands - often to differentiate two product ranges aimed at different markets.
[ Top ]

[E]


  • E-business
    Using the internet and associated technologies for trading purposes.
  • E-commerce
    Using the internet and associated technologies for trading purposes (buying and selling).
  • E-Technology
    Technologies related to internet-based business.
  • Earnings per Share
    Profit after tax divided by the number of shares issued. The earnings are usually divided between dividends paid to the shareholders and retained profit that are ploughed back into the business.
  • Eco-efficiency
    The relationship between a production process and its corresponding net impact on the ecosystem (natural environment)
  • Ecological principles
    Beliefs about the proper relationship between human beings and their natural environment.
  • Economic activity
    The process of transforming human and natural resources into goods and services of greater value.
  • Economic development
    Process of expanding a country's overall capacity to add value. May be indicated by growth in national output.
  • Economic downturn
    A fall in the relative level of a country's economic activity. Indicated by a reduction in the rate of increase in national output.
  • Economic factors
    Variables in an economy that effect the demand for goods and services.
  • Economic growth
    An increase in the value of goods and services produced by an economy over a period of time.
  • Economic influences
    Variables in an economy that effect the demand for goods and services.
  • Economic objectives
    Objectives relating to the goal of adding value eg return on capital employed or profit margin.
  • Economic strategy
    Medium to long term plans for managing an economy towards economic objectives eg growth in living standards.
  • Economically responsible
    Making decisions that advance or protect economic objectives.
  • Economies of scale
    Reductions in long-term average costs that arise from operating on an increasing scale.
  • Economy
    A system of production and trading that adds value to economic resources.
  • ecrm
    Electronic customer relationship management.
  • Education action zones
    Areas of educational and social deprivation within which businesses are contributing resources to improve opportunity and performance in learning.
  • Efficiency
    The relationship between inputs and corresponding outputs.
  • Efficiency ratios
    Relationships that measure how well a business is converting its inputs into outputs. The key ratio is Return on Capital Employed (ROCE) that measures profits generated by a business relative to the value of resources invested in that business.
  • Embassy
    Representation for a country in the capital city of a foreign country.
  • Emerging markets
    Expanding markets that are becoming increasingly important to firms that currently or potentially supply them.
  • Emerging technologies
    Innovative technologies that are becoming increasingly significantin the production of goods and services.
  • Employability
    The readiness with which a person is likely to find employment. This will depend on the person's skills and abilities and on demand for their type of capabilities.
  • Employee engagement scores
    Measures of employee feelings about their work. These are indicators of job satisfaction.
  • Employee relations
    The communication channels and overall relationship between an employer and employees.
  • Employees
    People who are contracted to work for another person, a company or any other organisation.
  • Employer liability insurance
    Legally required insurance provided by an employer to protect employees from injury at work.
  • Employment legislation
    The framework of laws that regulate the terms and conditions under which people can be employed eg protection from unfair dismissal.
  • Empower
    To give formal and informal authority to employees so that they feel in control of their own work.
  • Empowered
    (People) given sufficient authority to exercise control and responsibility in their work environment.
  • Empowering
    Giving people sufficient authority to exercise control and responsibility in their work environment.
  • Empowerment
    Receiving sufficient authority to exercise control and responsibility in the work environment.
  • Endorsement
    Make a public statement of approval or support for a point of view or a person.
  • Engagement
    People becoming personally committed and involved with their work which may be part of a larger purpose.
  • Enterprise
    The attitude and capabilities that can conceive, launch and sustain a business.
  • Enterprise activity
    The actions and processes that conceive, launch and sustain a business.
  • Enterprises
    Business activities designed to add value.
  • Entrepreneur
    Person who carries the risk in investing ideas and money in a business enterprise.
  • Entrepreneurial
    Able to exploit business ideas and to carry the related risk.
  • Entrepreneurial manager
    A manager who spots business opportunities and takes the risk of exploiting them.
  • Entrepreneurs
    People who carry the risk in investing ideas and money in a business enterprise.
  • Entrepreneurship
    The process of identifying business opportunities and taking the risk of exploiting them.
  • Entry levels
    Different levels in a firm's organisational structure at which staff may join.
  • Environment
    The realities outside itself within which a business enterprise operates eg the economic situation or the arrival of new technologies.
  • Environmental footprint
    The net effect that a business has on the natural environment. This includes the effect of consuming and discarding its products.
  • Environmental impact assessment
    An analysis of how a business or business project has affected the business environment.
  • Environmental impacts
    The effects of business activity on the natural environment.
  • Environmental Management System (EMS)
    A set of rules, guidelines and audits that aim to regulate a firm's impact on the natural environment.
  • Environmental protection
    Rules or policies that are designed to protect the natural environment from the negative effects of business activity.
  • Environmental restoration
    Task of restoring damage caused to the natural environment and returning it to its original state.Process of analysing the external environment of a business to assess any emergent changes eg in the competitive or economic conditions.
  • Environmental scanning
    The research and assessment of proposed changes in PESTEL issues.
  • Environmental taxes
    Taxes designed to constrain business activity that is damaging to the natural environment.
  • Environmentally responsible
    Taking responsibility for the negative effects of a business on the environment and acting to limit or prevent those effects.
  • Equal opportunities
    Giving the same opportunities for employment or promotion regardless of gender, race, religion, disability or age. Legally required.
  • Equal pay
    Offering the same rates of pay and rewards to men and women for the same or equivalent work. Legal requirement since 1970.
  • Equity
    (a) capital owned by an individual or by a firm. The share capital of a company is called equity (b) fairness as distinct from equality.
  • Ergonomics
    Principles of effective design in a working environment.
  • ESQi - Enterprise Service Quality Index
    A measure for the quality of service received.
  • Esteem needs
    The human need to be valued and regarded as praiseworthy. One source of motivation in Maslow's Hierarchy of Needs.
  • Ethical
    Guided by moral principles eg not knowingly using the products of child labour.
  • Ethical and governance standards
    Moral principles and rules for organisational decision-making.
  • Ethical approach
    Conducting business while observing wider legal, moral and social responsibilities.
  • Ethical behaviour
    Behaviour based on moral principles.
  • Ethical decision
    A decision that involves moral principles.
  • Ethical direction
    Direction for strategy involving moral principles.
  • Ethical responsibility
    Responsibility based on moral principles.
  • Ethics
    Moral principles guiding attitudes and decisions.
  • Ethnic backgrounds
    Membership of a national or racial grouping.
  • Ethnic minorities
    A national or racial grouping that is outnumbered by other groupings in the same country or territorial area.
  • Ethnicity
    Identity in a national or racial grouping.
  • Ethos
    A prevailing attitude or source of approval.
  • EU
    European Union.
  • European Union
    Group of European countries (formed under the Treaty of Rome) allowing free movement of people, goods and services, administered by shared political institutions that also promote ever closer union within the group.
  • European Union Directives
    Legally binding orders from the EU that must be adopted by member states.
  • Euros
    Common currency of EU states that are signatories to European Monetary Union.
  • Evaluate
    To weigh up and assess value.
  • Evaluation
    Process of weighing up and assessing value.
  • Evolution
    Continuous process of change and development that adapts to new conditions and challenges.
  • Exchange rates
    Rate at which one currency can be exchanged for another; price of one currency in terms of another.
  • Excise
    Tax charged by the government on goods produced in this country eg petrol and alcohol.
  • Executive agency
    An organisation that exists to enforce or carry out an aspect of government policy eg Driver and Vehicle Licensing Agency.
  • Exit strategy
    Any plan for escape from a commitment of some kind eg recovering capital from an investment.
  • Exit survey
    A method of collecting information from customers as they leave the store.
  • Expected Monetary Value (EMV)
    In making a decision, the sum of possible money outcomes multiplied by the respective probabilities of those outcomes actually occurring eg A
  • Export credit guarantees
    An insurance used by exporters to guarantee payment for products supplied even if the overseas customer defaults on payment.
  • Export crops
    Crops grown to export to other countries.
  • Exported
    Goods or services that have been sold abroad.
  • Extension strategy
    A plan for extending the profitable life of a product typically through its improvement or modification eg a new feature or variety.
  • External audit
    Examination and checking of an organisation's accounts and records by independent accountants or other specialists.
  • External business environment
    All the realities outside itself that affect a business enterprise eg law, the economy, technology, social change.
  • External communication
    Messages of any kind sent from one organisation (or individual) to another.
  • External customers
    Customers outside the organisations distinct from 'customers' such as business units or departments inside the business.
  • External environment
    All the realities outside itself that affect an organisation eg law, the economy, technology, social change.
  • External growth
    Increasing the size of a business by acquiring other firms (or operating units of other firms).
  • External influences
    All the realities outside itself that affect an organisation eg changes in the law, the economy, technology, social trends.
  • External matched funding
    Where an organisation supplies funds for a project on the basis that an equal contribution will be provided by another organisation or the government.
  • External stakeholders
    Groups of people who are not part of a business but do have a stake in its activities eg suppliers, creditors, the local community.
  • Extraction
    Obtaining minerals from quarries or mines.
  • Extranet
    A private (restricted) computer network that shares information with an organisation's suppliers and customers.
  • Extrinsic motivation
    Motivation that comes from outside an individual, such as through rewards, grades and promotions .
[ Top ]

[F]


  • Facilitate
    Make easier or help forward.
  • Facilitators
    People who enable other people to do something in a more effective or easier way.
  • Facilities manager
    Member of staff in charge of the operations, maintenance and security of sites and buildings.
  • Factors of production
    Ingredients necessary for production to take place - land (natural resources), labour, capital and enterprise (or entrepreneurship).
  • Fair price
    A price agreed to reflect both the seller's expenses and needs and the buyer's enjoyment of value. This may differ significantly from the market price.
  • Fairtrade
    A set of conditions and prices under which companies may agree to source output from small producers in poorer countries. The aim is to ensure adequate returns to producers and their workers and to promote investment for long-term sustainability.
  • Fairtrade Foundation
    A not-for-profit organisation that promotes the practice of fair trade and licenses the use of the Fairtrade label on products in the UK.
  • Farmer co-operatives
    A business organisation owned and run by farmers to share resources and rewards.
  • Fascia
    The external signage of a store which helps to show visitors and customers who the business is at first glance and gives the premises an identity
  • Fast Moving Consumer Goods (FMCG)
    Branded products that sell in high volumes and are bought frequently by consumers eg biscuits, cereals, detergents.
  • Feedstock
    Material supplied into the start of a mechanical process, e.g. steel slab prepared for subsequent rolling to steel plate
  • Final assembly
    The last production stage that ends with a finished product.
  • Finance function
    The activities of an organisation concerned with planning, managing and accounting for finance.
  • Financial goals
    Objectives expressed in terms of money.
  • Financial instruments
    Contracts that specify a financial obligation eg stocks, bonds or loans..
  • Financial services
    Services concerned with money and its management eg loans or insurance.
  • Financial Services Authority (FSA)
    An independent body that regulates the financial services industry in the UK. It has a wide range of rule making, investigatory and enforcement powers.
  • Financial services market
    The market for services concerned with money and its management. Includes High street , telephone and on-line outlets.
  • Financial services organisations
    Businesses that offer money-related services eg banks, credit card companies, insurance companies and building societies.
  • Financial statement
    A document expressed in money terms that describes or forecasts the financial affairs of a business eg a cash-flow forecast, profit & loss account or balance sheet.
  • Financial Times Stock Exchange
    See FTSE 100
  • Finished products
    Completed items ready for sale.
  • Finite resources
    Resources in limited supply, particularly natural resources such as oil, timber or fisheries.
  • Firewall
    A barrier between systems; especially a barrier between a local area network and the internet - often to prevent viral infection or hacking.
  • First mover advantage
    Theory that the first firm to enter a new market is likely to gain a long-term advantage through the chance to establish its reputation, brand, distribution network ahead of later competitors.
  • Fiscal
    Relating to government revenue and spending.
  • Fiscal policies
    Government policy in raising revenue and spending; often designed to influence overall economic and business conditions.
  • Fiscal policy
    Government policies in raising revenue and spending; often designed to influence overall economic and business conditions.
  • Fiscal stimulus
    Increasing public expenditure or reducing taxation to boost demand, typically to prevent or end a recession.
  • Fitness for purpose
    The suitability of a product for doing what it is intended to do..
  • Fixed costs
    Costs in the short-run that remain unchanged regardless of the output level e.g. rents, interest charges or insurance premiums.
  • Fixed price tendering
    Putting in a bid to undertake a defined task at a price that will not change.
  • Flat structure
    A management structure with relatively few levels of organisational hierarchy and corresponingly wide spans of control. Usually aims for better communications and faster reactions to change.
  • Flexibility
    Capacity to change purpose and direction at short notice; ability of employees to fulfil a range of roles and duties rather than be constrained by a single job description.
  • Float time
    The amount of time a specified task or activity can overrun without delaying the whole project.
  • Floated
    Where a company has been launched on the stock market through the sale of its shares to the public and institutional investors, so raising new capital.
  • Floating
    Where shares in a company are being bought snd sold on the stock market.
  • Flotation
    The launch of a business on the stock market by selling its shares to the public and to institutional investors, so raising new capital.
  • Flowchart
    A diagram setting out the logical relationship between events or processes. May apply to the flow of materials, information or people.
  • FMCG
    See Fast Moving Consumer Goods
  • Focal point
    A centre of knowledge, interest or purpose towards which people can turn.
  • Focus group
    Representative group of people having in-depth discussion designed to investigate consumer behaviour and attitudes.
  • Focus groups
    Representative groups of people having in-depth discussion designed to investigate consumer behaviour and attitudes.
  • Focus strategy
    Concentrating a firm's objectives and resources to gain a competitive advantage within a particular segment of the market.
  • Food crops
    Crops grown for consumption the farmer's own consumption and for sale in the local market.
  • Footfall
    A measure of the number of people who enter a shopping area or a particular store
  • Forbes
    Famous American business and financial magazine. It produces lists of the biggest and most important companies in Britain, America and elsewhere.
  • Forecast
    A projection of events into the future eg likely sales over the months ahead.
  • Forecasting
    Projecting events into the future.
  • Foreign aid
    Where one country helps another (usually poorer) country through some form of donation, loan or other assistance.
  • Foreign exchange
    The exchange of one currency for another eg
  • Formal communications
    Communications through recognised channels eg email from manager to subordinate or use of in-house magazine.
  • Forward vertical integration
    Merging with another company downstream in the same industry eg an oil company acquiring a chain of filling stations.
  • Four Ps
    The traditional marketing mix of product, price, place and promotion (invented by E Jerome McCarthy in 1960).
  • Fragmented market
    A market diivided between many different segments, most of them small.
  • Franchise
    Business that takes the name and business formula of another whose products it is authorised to sell for a fee or percentage of turnover.
  • Franchised
    Business that has taken the name and business formula of another whose products it is authorised to sell for a fee or percentage of turnover.
  • Franchisee
    The person or company that has taken the name and business formula of another whose products it is authorised to sell for a fee or percentage of turnover.
  • Franchisees
    The persons or companies that have taken the name and business formula of another whose products it is authorised to sell for a fee or percentage of turnover.
  • Franchises
    Businesses that have taken the name and business formula of another company whose products they are authorised to sell for a fee or percentage of turnover.
  • Fraud
    An act of deception usually for dishonest financial gain.
  • Free enterprise economy
    See Market economy
  • Freight
    The transport of goods.
  • Fringe benefits
    Rewards to employees in addition to their wages or salaries. Examples include pesions, company cars, medical insurance.
  • FTSE 100
    Financial Times Stock Exchange 100 or 'Footsie' - an index that measures changes in the average share prices of the largest 100 public companies in the UK.
  • Fuel poverty
    Occurs for households needing to spend over 10% of their income on fuel to maintain an acceptable standard of warmth.
  • Fulfilment system
    Having the integrated systems and infrastructure in place to manage a product's sales, distribution, ordering and delivery.
  • Full employment
    A situation in a country where everyone of working age who seeking a job is able to find one.
  • Functional
    Able to perform a particular task.
  • Functional flexibility
    The ability of employees to offer a wider range of skills so that they can adapt to new and changing types of work.
  • Functional structure
    Understanding of an organisation by different classes of activity performed eg operations, marketing, human resources management or finance.
  • Functions
    The purposes that something is designed to fulfil.
  • Fund managers
    Financial institutions and their employees who manage financial resources on behalf of clients.
  • Fungicides
    Chemicals which are used to kill fungus or prevent it from growing
[ Top ]

[G]


  • G8
    A forum for decision-making, discussion and information-sharing, comprised of the worlds eight major economies (USA, Japan, Germany, UK, France, Canada, Italy and Russia).
  • G8 countries
    Countries that are members of a forum for decision-making, discussion and information-sharing, comprised of the world's eight largest economies (USA, Japan, Germany, UK, France, Canada, Italy and Russia).
  • Gap in the market
    A place within a market where nobody has sold before.
  • Gate
    Region at the top of a transistor whose electrical state determines whether the transistor is on or off.
  • GDP
    Gross Domestic Product, the total value of output produced within a country over a given period.
  • Gearing
    The proportion of long term capital employed represented by loans ie non-current liabilities / capital employed X 100. Higher gearing carries higher risk.
  • gender
    The physical and/or social condition of being male or female.
  • Gender reassignment
    A process, undertaken under medical supervision for the purpose of reassigning a person's sex by changing physiological or other characteristics of gender.
  • General merchandise retailer
    A business selling many different categories of consumer goods to individuals and households.
  • Generic
    Occurring across any large group or class.
  • Global brand
    A product or product range differentiated by name and design that is recognised and sold all over the world.
  • Global branding
    Differentiating a product or product range by name and design that is intended to be recognised and sold all over the world.
  • Global brands
    Products or product ranges differentiated by name and design that are recognised and sold all over the world.
  • Global citizens
    Global community of people who recognise that in using a share of the earth's resources their actions are increasingly interdependent with other people all over the world.
  • Global consumer research programme
    Market research to identify the preferences of potential and actual customers worldwide.
  • Global marketplace
    The worldwide market place for goods and services.
  • Global markets
    Markets for goods and services covering the whole world.
  • Global strategy
    A business plan for a firm's operations and markets in all parts of the world.
  • Global turnover
    Value of annual worldwide sales.
  • Globally integrated distribution systems
    Linked distribution system co-ordinating all parts of the supply chain around the world.
  • Gluten
    A protein contained in certain cereals (e.g. wheat) which can induce coeliac disease in susceptible individuals, who then require a gluten free diet.
  • Goal
    An objective or target against which achievement can be measured.
  • Goals
    Objectives or targets against which achievement can be measured.
  • Good practice
    Ways of working or behaving that are generally acknowledged to be appropriate and effective. Best practice, by contrast, suggests only one such way.
  • Governance
    Management and decision-making especially with respect to a range of stakeholder groups.
  • Government department
    A department under the direction of a government minister eg Department for Business, Innovation and Skills.
  • Government regulations
    Rules operate by the government and backed by law.
  • Grapevine
    The unofficial relay of newsworthy information from person to person.
  • Greenfield
    A previously undeveloped site often in a rural area.
  • Gross Domestic Product (GDP)
    The total value of a country's output over the course of a year - arising from inside its frontiers. Different from Gross National Product which includes net income from abroad.
  • Gross national product (GNP)
    The total value of a country's output over the course of a year including net income from abroad (meaning income from investments overseas less income earned by the foreign owners of investments in the domestic economy.).
  • Group norms
    Socially accepted behaviours for each of the members of a team.
  • Grouping
    A form of segmentation where the market is divided up according to the purchasing power of customers.
  • Grown organically
    Growing a business by ploughing back profits and by winning new sales.
  • Growth
    Expansion - usually measured in terms of money.
  • Growth poles
    Key industries that act as 'poles' or centres of ecoonomic growth attracting inward investment. Idea is applied to assisting depressed regions by concentrating investment around poles rather than spreading it thinly across the whole area concerned.
  • Growth strategy
    Means of achieving a goal for expansion.
  • Guideline Daily Amounts (GDA)
    Guidelines for healthy adults and children on the average daily amount of key food components (eg salt or saturated fats) that they should consume.
[ Top ]

[H]


  • Hard shoulder
    A surfaced verge running along the edge of motorway for emergency stops.
  • Hectare
    Metric unit in measurement of land area - 10,000 square metres or 2.47 acres.
  • Hedging
    Reduction of risk on future transactions by buying or selling at an agreed price in advance (common for contracts involving foreign exchange).
  • Herbicides
    Chemicals which are used to destroy unwanted plants such as weeds.
  • Heritage
    Name and reputation associated with the past.
  • Hierarchical structure
    Organisational structure arranged by levels of seniority with a chain of command down which decisions are passed.
  • Hierarchy
    Organisational structure arranged by levels of seniority with a chain of command down which decisions are passed.
  • Hierarchy ladder
    A number of steps (usually in seniority) rising in an ordered sequence.
  • Hierarchy of needs
    Theory of motivation proposed by Abraham Maslow (1943) involving ascending levels of human need where only the fulfilment of each level in turn triggers the motivational force of the level above.
  • High Commission
    The embassy of one Commonwealth country in another Comonwealth country.
  • High performance culture
    A shared way of working that leads to high achievement and meeting standards of excellence.
  • High quality
    The ability of a product to meet fully the needs and wants of consumers in its target market.
  • High volume turnover
    Large quantity of sales in given period. Supermarkets, for example, have a high volume turnover.
  • High yielding shares
    Shares offering a high dividend yield - an indicator of returns to shareholders and defined as dividend per share expressed as a percentage of the share's market price.
  • High-tech
    Describing products, businesses or industries that depend on substantial use of advanced technology.
  • Hire purchase
    A system for obtaining credit where the buyer takes possession of the product on payment of a deposit and then pays the balance plus credit costs in a series of instalments. The buyer does not take ownership until the last instalment is paid.
  • Historic product mix data
    Data over time showing the combinations of menu items chosen by customers.
  • HM Treasury
    Government department responsible for taxation, public spending and economic policy.
  • Holistic
    Treating a subject as a whole and not in parts.
  • Homeworking
    Working from home rather than in a traditional work environment such as an office.
  • Horizontal integration
    Merger between firms at the same stage of production eg one bakery acquiring another.
  • Hostile takeover
    Occurs when one firm buys a controlling interest (over 50% of the shares) in another against the wishes of the directors of the target company.
  • House magazine
    Magazine produced by an organisation for distribution among employees.
  • Household penetration
    Number (absolute or proportion) of households using a brand or product.
  • Human Resource Management
    Deployment, training and development of people as a strategic resource within an organisation.
  • Human resource principles
    Set of codified beliefs about managing people as a resource within an organisation.
  • Human resource strategy
    Longer term plan for obtaining the range of staff capabilities necessary to support an organisation's overall business strategy.
  • Human resources
    The business function responsible for the deployment, training and development of people as a strategic resource within an organisation.
  • Human rights
    Basic rights that should be enjoyed by everyone (and given internetional legal status under the UN Charter of Human Rights).
  • Human welfare
    The general wellbeing of people, as measured by life expectancy, health, education, upholding of human rihts etc.
  • Hydroelectric power
    Electricity generated through the force of gravity on water ie using rivers or dams.
  • Hygiene factors
    factors designed to reduce dissatisfiers or job dissatisfaction
  • Hypertext
    Text that allows the reader direct connections to other related documents.
  • Hypertext links
    The highlighted words and symbols that link web pages (called hyperlinks)
[ Top ]

[I]


  • Icon
    Representative word or sign; image, object or person that is widely recognised as representing something valued.
  • Icon products
    Products that define or particularly characterise a class of products eg Swiss Army penkniife or VW camper van.
  • Icons
    Representative words or signs; images, objects or people that are widely recognised as representing something valued.
  • Identity fraud
    Use of a stolen identity in criminal activity, usually to obtain goods or services by deception.
  • Impact evaluations
    Measuring and evaluating the effects of specific initiatives.
  • Import
    Product bought from another country.
  • Imported
    Products that have been bought from another country.
  • Improve margins
    Widen the gap between the cost and selling price of products.
  • Incentive
    A financial (eg bonus payment) or non-financial reward for a specified achievement.
  • Inclusive
    Including in an activity those people who might have been ignored.
  • Income Statement
    An accounting statement that discloses sales revenue, costs and profits before and after adjustment for interest and tax. Formerly called the profit and loss account.
  • Income tax
    Tax paid by individuals on their earnings over a tax year.
  • Incremental change
    Small but usually frequent improvements in a process or system.
  • Independent
    A starnd-alone business that is not pat of a larger company.
  • Independent retailer
    A shop or other sales outlet that is not owned by a large-scale multiple retailer.
  • Index values
    Values indicating the relative change in a variable, with reference to a previous base year eg a price index = 100 in base year and 110 this year - so price has risen by 10%
  • Indigenous
    Naturally existing in a place or country rather than arriving from elsewhere.
  • Indirect competition
    Competitors offering different ways of meeting broadly the same need eg Eurostar as a competitor for airlines on London - Paris route.
  • Indirect competitors
    Competitors offering different ways of meeting broadly the same need eg Eurostar as a competitor for airlines on London - Paris route.
  • Indirect taxation
    Taxes levied on spending and collected from the seller eg VAT or excise duty on alcohol or petrol.
  • Indirect taxes
    Taxes levied on spending and collected from the seller eg VAT or excise duty on alcohol or petrol.
  • Individual Voluntary Arrangement (IVA)
    A legally-binding agreement between insolvent debtors and their creditors, providing for monthly payments (without interest) over 3-5 years with remaining debt written off.
  • Inducted
    The process whereby new employees are introduced to a firms, procedures, practices, and personnel.
  • Induction
    Process of introducing new employees to working within the organisation.
  • Induction training
    Training process that introduces new employees to working within the organisation.
  • Industrial action
    Action taken by employees - usually through a trade union - to slow down or halt production and so pressurise management to make concessions in settling a dispute.
  • Industrial espionage
    Attempting to obtain trade secrets by dishonest means e.g. by computer tapping or telephone tapping.
  • Industrialisation
    The development of industry on an extensive scale.
  • Industry
    A group of businesses adding value through similar activities.
  • Industry innovator
    Firm within an industry that usually leads in introducing new products, processes or strategies.
  • Industry leader
    An influential firm within an industry that is typically followed by other firms in adopting technologies, making innovations and entering markets.
  • Inflation
    Increases in the general level of prices.
  • Informal communications
    Communications that are outside an organisation's official channels eg private conversations or emails.
  • Information and Communications Technology (ICT)
    Techniques for transmitting, storing, manipulating and retrieving all kinds of data.
  • Information Management Systems
    Systems for managing the effective flow of information through an organisation.
  • Infrastructure
    The basic services, systems and investment goods that enable a modern economy to function eg roads, railways, electricity and water supplies, broadband links etc.
  • Ingredient brand
    A brand identifying components that are used in making other products.
  • Initial public offerings
    Shares offered by a public company (plc) to the public for the first time. Also called a flotation.
  • Innovation
    Novel or breakthrough idea eg a new type of product or new manufacturing technique.
  • Innovative
    Tending to devise and/or adopt novel or breakthrough ideas.
  • Innovator
    Firm or individual that devises or adopts novel or breakthrough ideas.
  • Inorganic growth.
    Where a firm grows by taking over or merging with other firms.
  • Insecticides
    Chemicals which are used to kill insects that eat plants.
  • Insights
    Clear and deep understanding eg of consumers.
  • Insolvency
    The inability to meet financial obligations such as repayment of debt. Leads to bankruptcy (or, for an individual, an IVA)
  • Inspection
    Process of observing and interviewing staff and reviewing documentation in order to make judgements on the efficiency and quality of work.
  • Institutional shareholders
    Companies that own shares in other companies eg pension funds or investment trusts.
  • Insurance brokers
    Firms that sell the services of insurance companies to the end-customer or client.
  • Insured
    The person protected in the event of a specified loss who can then make a claim on the insurance company.
  • Insurer
    The company offering insurance in return for a premium.
  • Intangible qualities
    Non-physical attributes of a product that add value eg brands or styling.
  • Integrated school transport system
    A system for planning the transport of students to and from school that is designed for efficiency and effectiveness.
  • Integrating
    Joining different processes so that they work together smoothly as a system.
  • Intellectual capital
    The knowledge, experience and ideas that exist inside an organisation.
  • Intellectual property
    Patents, registered designs, trademarks and copyrights (on text, music or images).
  • Intelligent organisation
    Organisation with structure and culture intended to accumulate and apply knowledge and ideas.
  • Interest
    The charge payable for borrowing money, usually expressed as an annual percentage rate on the amount borrowed.
  • Interest groups
    Organised groups of people who aim to influence decisions from a particular perspective.
  • Interest payments
    Charges paid for borrowing money.
  • Interest rates
    The costs of borrowing money expressed as annual percentage rates on the amount borrowed. Rates vary accoring to the amount borrowed, timescale and risk involved.
  • Interim
    Occurring between scheduled events often as an update or temporary provision.
  • Intermediaries
    People or organisations that link individuals or groups often aiming to achieve their mutual agreement.
  • Intermediary
    Person or organisation that links individuals or groups often aiming to achieve their mutual agreement.
  • Internal communication
    Communications within an organisation eg by email or at a meeting.
  • Internal customers
    Units of an organisation such as teams or local branches who order goods or services from other units within the same organisation.
  • Internal growth
    Where a firm grows by increasing sales of its own products. Also called organic growth.
  • Internal memo
    Written messages between people in the same organisation.
  • Internal rate of return (IRR)
    The discount rate that gives a set of future cash flows a present value of zero. If the IRR is greater than the opportunity cost of capital, then the relevant project is potentially attractive.
  • Internal recruitment
    Filling vacancies from the ranks of existing employees.
  • Internal stakeholders
    Groups within an organisation who have a stake in its decisions and strategic objectives eg shareholders, employees, creditors.
  • International aid
    Financial and non-financial (eg educational) assistance given by some countries to others - typically to relieve poverty or allieviate the effects of war or natural disasters.
  • International environmental certification
    Certification under the ISO14000 standards which relate to effective systems for the management of a firm's environmental impact.
  • International Financial Reporting Standards (IFRS)
    New international standards for setting out accounting and financial statements.
  • International standards
    Internationally recognised standards for organisational behaviour and performance. Increasingly important in a globalised economy.
  • Interns
    Trainee obtaining practical on-the-job experience.
  • Interview guide
    Outline questions and procedures for interviewers of job applicants.
  • Intranet
    Internal computer network/website that can only be accessed by staff of the relevant organisation.
  • Intrinsic drives
    Motivators and goals that are valued for their own sake eg the urge to assist disadvantaged people.
  • Intrinsic motivation
    Motivation driven by interest in the task where individuals are effective in reaching desired goals.
  • Inventiveness
    Tendency to devise new solutions to problems.
  • Inventory
    The stock held by a business comprising raw materials, work-in-progress and finished goods.
  • Inventory control
    The process of minimising stockholding costs while (eg opportunity cost of money tied up, warehousing, handling, insurance) while ensuring sufficient stock for production and sales.
  • Investment
    Putting funds to use in the expectation of favourable returns relative to the risk involved.
  • Investment appraisal
    Formal evaluation of the costs and projected returns attached to a project such as building a new facility or purchasing machinery.
  • Investment return
    The net financial gain from an investment such as a new IT system or purchase of a new vehicle.
  • Investment trust
    A public company which exists to invest a pool of capital in the shares of other companies.
  • Investment trusts
    Public companies which exist to invest a pool of capital in the shares of other companies.
  • Investors in People
    A government-sponsored people management standard intended to improve business productivity.
  • Invoices
    Documentsthat specify the amount owing in return for goods or services.
  • IP
    Internet Protocol, the rules which define how computers and other devices communicate with one other over the Internet.
  • ISDN
    Integrated Services Digital Network: high speed digital telephone lines.
  • ISO 140001
    International standard for controlling and improving the interactionof business activity with the natural environment..
  • ISO 9001
    International standard for quality in business processes and products.
[ Top ]

[J]


  • Jargon
    Specialised words or phrases that are used by a specific group - typically at work.
  • Job advertisements
    Advertising tht describe vacancies in organisations and invite suitable candidates to apply.
  • Job description
    A document setting out the key responsibilities and tasks involved in performing a particular job.
  • Job enlargement
    Increasing the variety and responsibility within a job in order to motivate employees.
  • Job enrichment
    Making work more engaging and motivating by giving workers more independence and challenge in their jobs.
  • Job production
    Producing one-off items to individual customer order.
  • Job role
    The tasks and responsibilities carried by a particular job within an organisation.
  • Job rotation
    Where employees are moved around a cycle of different tasks in order to improve motivaton and increase flexibility.
  • Job satisfaction
    The sense of personal fulfilment gained by an employee through work.
  • Job sharing
    Where the hours and duties of a job are divided between two staff.
  • Job specialisation
    Where a job is concerned only with one small part of an overall process and is therefore specialised.
  • Joint venture
    Business run jointly with a partner company.
  • Just-in-time
    An approach to stock control meaning that all materials, work-in-progress and finished goods are scheduled to become available only when they are needed. The greatly reduces or even eliminates the need to carry stock and so cuts costs.
[ Top ]

[K]


  • Kaizen
    Japanese term meaning continuous improvement. This is achieved through constant learning on the job and sharing of ideas among staff.
  • Kerbside collection
    Using a lorry to collect recyclable waste in special boxes, bags or bins.
  • Key Influencers
    Individuals who are particularly important in forming opinion eg about choice of goods or services.
  • Key performance indicator
    Any significant variable that can be used to monitor how well an organisation is fulfilling its objectives.
  • Killer application
    An application or function in a product that gives it a decisive advantage over rivals.
  • Kiosk technology
    Kiosks fitted with touch screen technology so theat customers can adjust, crop and play around with images that they want uploading or printing.
  • Knowledge economy
    An economy where the drivers of added value are widely based on intellectual property (eg patents, copyrights), technical expertise and advanced research and learning.
  • Kyoto Protocol
    UN-based agreement between almost all industrialised countries (except the USA) to limit the emissions of greenhouse gases. Signed at Kyoto, Japan in 1997.
[ Top ]

[L]


  • Labour
    Physical or intellectual work.
  • Labour market
    Job market where buyers are employers and sellers are potential employees.
  • Labour relations
    The relationship between the workforce and management usually expressed through meetings of represntatives such as trade unions and nominated representatives of managments
  • Laminate
    Overlay with thin plastic or metal sheets eg documents bonded between plastic sheets.
  • Latest Finish Time
    The latest time that an activity within a project must finish if subsequent activities are not to be delayed.
  • Launch promotion
    Specialised sales promotion desined to launch sales of a new product.
  • Lead time
    The time lapse between a decision and a specified outcome eg the time between receiving an order and despatching the relevant goods.
  • Leadership
    The act of establishing direction, purpose and the necessary capabilities among a group of people.
  • Leading edge improvements
    Improvements in technology or systems that occur at the frontiers of learning and possibility.
  • Lean manufacturing
    Organising a manufacturing process so that all possible resource wastage is is minimised (including materials, labour inputs and time).
  • Lean production
    Organising any production process to minimise waste and inefficiency.
  • Lean stock control
    Driving down stockholding costs especially by minimising the holding of raw materials, work-in-progress and finished goods.
  • Lean thinking
    Using a series of ideas to improve efficiency and quality while reducing costs, time, space and effort.
  • Learning centre
    School, FE college or work based training organisation offering learning opportunities especially to 16-19 age group.
  • Learning organisation
    An organisation where learning is actively encouraged and shared by all employees.
  • Learning supply chain
    A regular supply of competent and skilled employees combined with a readily available supply of learning or training opportunities.
  • Lease
    The right to use a property or land for a limited period of time.
  • Leases
    The right to use a property or land for a limited period of time.
  • Leasing
    Hiring an item by paying a regular charge, but never becoming the owner of the item e.g. a small airline leasing the aircraft it uses.
  • Least-developed countries
    Countries defined by the United Nations as having lowest levels of socioeconomic development ie a very low standard of living in terms of incomes, health, education etc.
  • Legacy
    Anything inherited from the past.
  • Legal aid
    Free or subsidised legal dvice for those on low incomes or unemployed.
  • Legal compliance
    Process of ensuring that an organisation is complying with the law and any regulations backed by law..
  • Legal entity
    Any organisation that has the legal staus of existing in its own right eg a company.
  • Legal factors
    Any new laws or applications of the law that may affect an organisation.
  • Legal influences
    Requirements of the law that may affect a business organisation eg health & sfety regulations.
  • Legislation
    Enacted laws.
  • Legislative requirements
    Laws, regulations and rules that a business is obliged by law to observe.
  • Leverage
    Using an existing strength to achieve another purpose.
  • Liabilities
    Amounts that a business owes to its creditors and amounts that a company - being a separate legal entity - 'owes' to its shareholders.
  • Liability
    Amount that a business owes to its creditors (or an amount that a company - being a separate legal entity - 'owes' to its shareholders).
  • Licence
    The right - held by an organisation or an individual - to carry out a particular activity.
  • License
    Grant the right - to an organisation or an individual - to carry out a particular activity.
  • Licensing
    Process of granting the right - to an organisation or an individual - to carry out a particular activity.
  • Life cycle
    See Product life cycle
  • Life cycle assessments (LCA)
    Environmental impact assessments that take account of the whole life cycle of a material, from manufacture to eventual disposal.
  • Life cycle or Product life cycle
    The sales stages through which a product passes from its launch until its eventual decline.
  • Life skills
    The skills that are important to a person in organising and acting out their life eg skills in communication, problem-solving, money management.
  • Lifelong learning
    Continuous building up and development of knowledge and skills within the workplace.
  • Light rail systems
    A rail network based on lightweight vehicles typically operating around a city.
  • Limited company
    A business that is incorporated meaning that it is a separate legal entity and enjoys limited liability (for debts and losses).
  • Limited liability
    Means that the shareholders (owners) of a company can lose no more than the amount that they have invested.
  • Line extension
    Addition of a new variety or model to an existing product line eg Tango Citrus
  • Line manager
    Immediate superior to whom an employee directly reports.
  • Line-side
    Physically next to the production line.
  • Liquid
    Markets with a high level of transactions that can absorb volume buying or selling, without dramatic fluctuation in price.
  • Liquidation
    A formal process involving the sale of a companys assets to pay its debts after which the company ceases to exist. Liquidation may be voluntary or by court order..
  • Liquidity
    The extent to which assets are held as cash or can readily be converted into cash.
  • Listed
    Public companies whose shares feature on share listings such as FTSE 100 or Nasdaq.
  • Lobby
    Use persuasive powers to influence opinions eg supporting or opposing a proposed new law..
  • Lobbying
    Attempting to win over the support of politicians and the government in favour of a change in the law/policy.
  • Local level
    Operating through areas, towns or communities rather than on a national basis.
  • Logistics
    The logiical organisation of a cost-effective supply chain.
  • Logo
    A trademark or company emblem.
  • Logos
    Trade marks or company emblems.
  • Lone workers
    Employees who work on their own.
  • Long-term capital
    The financial resources that remian in a business over the long term and are typically invested in land, buildings, plant and machinery.
  • Loss leaders
    Products sold at less than cost price in order to attract customers into a store.
  • Low profitability
    Low level of profit relative to the resources required for its generation.
[ Top ]

[M]


  • Macroeconomic factors
    Variables in the economy as a whole that affect the level of demand eg the rate of interest.
  • Macroeconomics
    The study of the economy as a dynamic and interactive whole.
  • Magnetic extraction
    Use of an electro-magnet to extract steel cans from other recycling and waste material.
  • Management
    Organising human and physical resources to achieve business aims and objectives.
  • Management accountants
    Financially qualified business leaders who interpret financial information to make business decisions.
  • Management and marketing economies of scale
    Efficiencies in marketing and management that result from operating on an increased scale and which enable a products unit costs to be reduced.
  • Management buy-out
    Where managers of a company buy out its ownership (often from a larger firm).
  • Management by Objectives (MbO)
    Breaking down an organisation's overall objectives into specific targets for operating departments and individual managers.
  • Management of risk
    Systematic assessment of risk exposure and its inclusion in decision-making.
  • Management styles
    Broad approaches to management typically characterised by by the way authority is wielded and the extent to which decisions are delegated.
  • Management systems
    Established procedures and relationships in an organisation that are designed to co-ordinate progress towards objectives.
  • Mandatory
    Something which must be done or which is demanded by law
  • Manufacturers
    Firms that make tangible goods (from cars to pens).
  • Manufacturing
    The making of goods.
  • Manufacturing strategy
    Loger term plans for manufacturing that may include changes in location, staffing, technical systems and sourcing.
  • Margin
    The proportion of a selling price that is profit. Measured as profit / selling price X 100.
  • Market
    Any medium through which sellers and buyers can negotiate a sale.
  • Market capitalisation
    A measure of a company's value calculated as number of shares X share price.
  • Market economy
    An economy based on competitive markets where production and prices depend on the forces of demand and supply.
  • Market fluctuations
    Short-term changes in conditions of demand and suppy across a market sector eg confectionery
  • Market focus
    Concentration by a firm on the needs and wants of consumers.
  • Market-focused
    Basing strategy and decisions on customer needs and wants.
  • Market information system
    An organised means for communicating prices and general market movements to buyers and sellers.
  • Market leader
    The business that has the largest share of the market, measured by sales (value or volume).
  • Market leadership
    The business with the largest share of a market.
  • Market-orientated
    Basing strategy and decisions on customer needs and wants.
  • Market orientation
    The degree to which the consumer becomes the driving force behind everything an organisation does.
  • Market penetration
    The depth of sales of a product in a particular market
  • Market place
    Any medium through which sellers and buyers can negotiate a sale.
  • Market position
    The perception of a product or brand by consumers relative to other products or brands eg up or down market, fashionable or traditional.
  • Market positioning
    Process of locating a product or brand in the perception of consumers relative to other products or brands eg up or down market, fashionable or traditional.
  • Market research
    The systematic process of collecting and analysing primary and secondary data about customers and their relationship with products and brands.
  • Market research panels
    Groups of people representative of a market who agree to express and share their perceptions of products and brands.
  • Market saturation
    Situation where all or nearly all of the latent demand in a market has been converted into sales. Market growth is slow or non-existent.
  • Market segment
    A recognisable consumer group consisting of people with similar needs and characteristics.
  • Market segmentation
    Dividing consumers within a market into groups, each with recognisable needs and characteristics.
  • Market segments
    A recognisable consumer groups consisting of people with similar needs and characteristics.
  • Market share
    The percentage of sales within a market that is held by one brand or company.
  • Market strategy
    Longer term plan for how a market can be most effectively targeted by products and their associated marketing mix.
  • Market-led
    Basing strategy and decisions on customer needs and wants.
  • Marketing
    All activities that transform a firm's capabilities into profitable sales. This means supplying the right products to the right place at the right time.
  • Marketing budgets
    Financial plans for the marketing function including, for example, funding allocations for sales promotion and advertising.
  • Marketing environment
    Organisations and forces outside the business that affect the ability of managers to develop and implement marketing plans.
  • Marketing focus
    Concentration on identifying and then meeting the needs of customers.
  • Marketing mix
    The combination of product, price, promotion and distribution (place) used to generate profitable sales - often called the 4Ps.
  • Marketing objectives
    The targets that the organisation seeks to meet through its marketing activities.
  • Marketing orientation
    Basing strategy and decisions on customer needs and wants.
  • Marketing plan
    An integrated strategy for selling products profitably.
  • Marketing strategies
    Plans for selling products profitably - typically featuring product development, pricing, promotion, advertising and distribution.
  • Marketing strategy
    Budgeted plan(s) to meet customer requirements through product, price, promotion and distribution.
  • Marketing techniques
    Tools such as promotion and advertising used to generate consumer interest and susequent sales.
  • Markets
    Any media through which sellers and buyers can negotiate a sale.
  • Mass awareness
    Consumers who understand the underpinning values associated with the brand.
  • Mass communication channels
    Means by which an organisation can communicate with a large (national or international) audience.
  • Mass market consumer products
    Products for the final consumer that sell in large quantities in large markets.
  • Mass production
    Very large-scale production of standardised products.
  • Masterbrand
    A leading brand name or logo which drives the success of sub-brands.
  • Matrix management
    Readiness to set up task or project teams with staff from different departments who report both to their usual line manager and to the project manager.
  • Matrix structure
    Organisational structure that uses more than one line of communication, often operated with employees working in teams.
  • Mature market
    A market in which the prospects of future growth have diminished.
  • Maturing market
    A market in which the prospects of future growth are diminishing.
  • Maturity
    The stage in the product life cycle where the product is established in the market and sales have peaked. Competition is often intense.
  • McClellands Three Social Motives
    Achievement (testing oneself against a standard of excellence and performing better), Affiliation (establishing or maintaining close friendly relations) and Power (feeling or being perceived as strong, impacting and influencing others).
  • Mean
    Average of all values.
  • Mechantronic systems
    Involves the integration of control engineering, computing, electronics and mechanical systems to achieve more effective and versatile performance in products eg industrial robots and automotive sub-systems.
  • Media
    Means of large-scale communication such as TV, internet, radio, newspapers and magazines.
  • Media value
    The extent and effectiveness of communication through the media.
  • Memorandum of association
    Legal document necessary in forming a company; states the company's name, objectives, authorised share capital and voting rights of shareholders.
  • Mentee
    An employee who is being coached or mentored by another employee.
  • Mentor
    An experienced and trusted employee who provides advice and encouragement to another junior employee.
  • Mentoring
    The process by which an experienced and trusted employee gives advice and encouragement to another junior employee.
  • Merchandising
    Pesenting and displaying a retailer's products to appear as attractive as possible to the target market eg in a supermarket or department store.
  • Merged
    Where two (or more) companies are combined to form a single company.
  • Merged horizontally
    Where companies at the same stage of production (eg manufacturing) combine to form a single company.
  • Merger
    The combining of two or more companies through mutual agreement.
  • Merit
    A standard of quality or achievement often desrving reward.
  • Metrics
    Measurements of performance within an organisation eg sales per employee, stock turnover ratio.
  • Micro
    Small scale.
  • Microprocessor
    An integrated circuit that contains a central processing unit on one chip. Used in many devices such as computers, cameras, car electronics.
  • Middle management
    Managers who operate at a level below senior management but above supervisors and shop floor or assistant staff.
  • Milestone
    Distinctive step in the progress towards achieving a goal.
  • Millennium Development Goals
    Targets set by the United Nations for the development of poorer nations.
  • Mindset
    Complete way of thinking that ttends to characterise an organisation.
  • Minimum wage
    Lowest permitted wage set by the government and designed to provide employees with an acceptable level of reward.
  • MINTEL
    Leading market research company
  • Mis-selling
    Failing to represent products fairly when selling to customers.
  • Mission
    Energising overall purpose and direction for an organisation.
  • Mission statement
    A statement of energetic purpose and direction that is designed to motivate managers and staff.
  • Mission, purpose and values
    Explanation by an organisation of its overall aims, its purpose and the principles that it considers to be important.
  • Mitigations
    To moderate (a quality or condition) in force or intensity.
  • Mixed economy
    An economy that is partly owned by the private sector (profit-making companies) and partly by the public sector (government organisations). in which some means of production are privately owned and controlled and others publicly owned and controlled.
  • Mnemonic
    A device to prompt the memory eg '4Ps' of the marketing mix.
  • Moderators
    Someone who ensures that users abide by the chat room's rules/codes of conduct.
  • Modern apprentices
    Arrangement between a firm and a young person (over 16) where paid work is combined with training in specific types of skill.
  • Modular buildings
    Buildings put together from different sections that have been pre-constructed in a factory.
  • Monetary policy
    Economic policy for control of the money supply achieved through interest rates and the availability of credit from the banks. The purpose is to influence aggregate (total) demand and to control inflation.
  • Monetary reward
    monetary payments and benefits received by employees
  • Monoculture
    Growing only one type of crop in a given area.
  • Monopolies and Mergers Commission
    Was government body responsible for investigating possible or potential monopolies and recommending steps to increase competition. Now replaced by the Competition Commission.
  • Monopoly
    Pure monopoly exists when there is only one supplier in the market. In practice significant monopoly power can be achieved through a large market share (25% or more).
  • Moores Law
    Observation by Gordon Moore the co-founder of Intel that the number of transistors per square inch on an integrated circuit has and will double every year since the transistor?s invention.
  • Moral
    Principle of right or wrong behaviour.
  • Moral principles
    Principles of right or wrong behaviour.
  • MORI
    The largest independently-owned market research company in the UK, providing a full range of quantitative and qualitative research services.
  • Mortgage
    A long term loan secured against a property (typically 25 years). Repayments are made monthly.
  • Mortgage endowments
    Mortgage loans for property where each month interest is paid plus a sum for investment, the value of which is targeted to repay the amount borrowed at the end of the morgage term.
  • Motivation
    Attracting a person to do something because he or she wants to do it.
  • Motivation factors
    Sources of urgency and commitment especially in relation to a job.
  • MRI scanner
    Magnetic Resonance Imaging equipment used for medical investigations.
  • MSG
    A food additive commonly used as a flavour enhancer.
  • Multi-channel
    Using a range of distribution channels in routing products to the final consumer eg via retailers, by direct mail, on-line.
  • Multi-channel communication
    Communicating through a range of media channels eg magazines, DVDs, websites.
  • Multi-channel communications
    Communicating through a range of media channels eg magazines, DVDs, websites.
  • Multi-channel selling
    Using a range of distribution channels in selling products to the final consumer eg via retailers, by direct mail, on-line.
  • Multi-functional devices
    Machines that can perform a range of functions eg printer/scanner/copier.
  • Multi-skilled
    Having a number of different skills enabling staff to undertake a range of different roles within the workplace
  • Multinational
    A company operating in two or more countries.
  • Multiple sector
    Retailers operating through many branches or units eg supermarkets.
  • Multiplier effect
    Measures the changes in income generated through successive rounds of spending an initial injection of expenditure eg of
  • Mutual benefit societies
    Organisation owned by its members or depositors.
  • Mutual interdependence
    Where any one person or organisation depends on another.
  • Mutual organisation
    Organisation owned by its members or depositors.
  • Mutual organisations
    Organisations owned by their members or depositors.
  • Mutuality
    Where people or organisations have a common or shared interest
[ Top ]

[N]


  • Nasdaq Composite Index
    This index measures all Nasdaq domestic and non-US based common stocks listed on The Nasdaq Stock Market.
  • NATFA region
    The countries that are signatories to the North American Free Trade Agreement, namely the USA, Canada and Mexico.
  • Nation state
    A geographical area of self-government.
  • National grid
    Electricity supply network for the UK.
  • National insurance
    System of contributions from employees and employers to pay for health service, unemployment benefits etc.
  • National Minimum Wage
    The lowest rate on which any worker can legally be paid, as determined by government (lower rastes apply for under-18s).
  • Nationalised
    Firms and industries owned, financed and managed by the state eg the BBC or the Post Office.
  • Natural resources
    All resources that are obtained from the natural environment eg minerals, oil, timber.
  • Net assets
    The total value of all assets after deduction of all liabilities (non-current and current).
  • Net present value (NPV)
    The present value of future income from an investment, less the related costs
  • Net profit
    The gross profit less all fixed overheads and other expenses. Also known as operating profit.
  • Network provider
    Companies that provide the digital and other forms of electronic links between phones and other devices e.g. O2, Vodafone, 3.
  • Networking
    The establishment of business contacts and links, with a view to benefiting from them in the future.
  • New Deal
    Government scheme to increase the employability of people who are out of work.
  • New economy
    Fast-evolving economy based on applications of electronics and computer technologies.
  • New Issue
    A company's shares offered for sale and then traded on the Stock Exchange for the first time.
  • New media
    Non-traditional media such as Web 2.0 and social networking sites.
  • New product development
    The bprocess of researching, designing and marketing a new product.
  • New technology
    New steps forward in the applications of science and invention to the creation of products and processes.
  • NGOs
    Non-governmental organisations eg Greenpeace or Oxfam.
  • Niche
    A relatively small segment of a market with distinct consumer characteristics. Often targeted by small firms.
  • Niche market/s
    A relatively small segment of a market with distinct consumer characteristics. Often targeted by small firms eg niche market for hand made chocolates.
  • Noise
    Barrier or filter to communication between sender and receiver.
  • Non-executive director
    Director with place on board but no specific management responsibility. Task is to offer broad advice and to oversee proper operation of the directors' functions.
  • Non-governmental organisations
    Non-profit making organisations that aim to influence opinion eg Greenpeace.
  • Non-price competition
    Competing on non-price ingredients in the marketing mix such as quality, brand, sales promotion.
  • Non-renewable resources
    Natural resources that once used cannot be replaced eg oil.
  • Non-verbal communications
    Unspoken communications through body language or visual aids.
  • Not-for-dividend
    A company that is limited by guarantee, has no shareholders and re-invests all its profits in the business eg Network Rail.
  • Not-for-profit
    Organisations not aiming to make profits for shareholders.
  • Notified body
    Organisation licensed to certify and award a standard or standards.
  • Nuclear legacy
    Disused sites and facilities of the nuclear power industry requiring specialist decontamination and clearance.
  • Numerical flexibility
    Flexibility in the number of staff that can be deployed as workloads rise or fall.
  • Nutritionists
    Scientists or health professionals trained to understand how food and diet affects health.
[ Top ]

[O]


  • Objective/s
    The specific goals that organisations or individuals seek to achieve.
  • OFCOM
    Government regulatory body for the communications industry responsible for promoting competition and consumer protection.
  • Off-shore operators
    Companies that are legally registered in a country where few if any of their owners live - usually for tax avoidance reasons.
  • Off-the-job training
    Training undertaken away from the workplace, e.g. block release at college.
  • Offer
    The product and all linked features and services that a consumer can expect to receive when making a purchase.
  • Official Receiver
    Court appointed official who organises the winding up and liquidation (sale of assets to pay debts) of a company that is bankrupt.
  • On-the-job training
    Training undertaken within the organisation whilst in the course of doing the job.
  • One-stop-shop
    A single supplier offering a range of different services.
  • Online communities
    Virtual community in which social interaction takes place between its members.
  • Online operation
    Where activities conducted over the internet.
  • Online service
    Providing product information and sales over the internet.
  • Open culture
    Organisational beliefs and values that encourage all staff to contribute.
  • Open door policy
    Providing an opportunity for everybody within an organisation to be in direct contact with senior managers.
  • Open ended questions
    Questions without a fixed answer that encourage diverse and speculative discussion.
  • Open learning
    Form of learning in which individuals take control of their own learning and move at their own pace.
  • Opening and closing stocks
    The value of stock held at the start and finish of each period.
  • Operating budget
    The organisation's projected income and expenditure for the year ahead including planned sales, production costs and cash flow.
  • Operating companies
    Subsidiary companies that operate in their own right and are managed as separate units.
  • Operating costs
    All costs - direct and indirect - that arise from a firm's business operations. Does not include interest or tax expenses.
  • Operating divisions
    A distinct part of an organisation specalising on a particular business activity.
  • Operating margin
    Profit after all operating costs expressed as a percentage of sales value. Measured before interest and tax expenses.
  • Operating profit
    Profit after all costs - direct and indirect - are subtracted from sales revenue.
  • Operational decisions
    Decisions affecting the day-to-day running of the business.
  • Operational review
    A study and evaluation of existing operations in order to improve them.
  • Operational role
    Day-to-day processes at lower levels within an organisation, designed to serve the needs of customers.
  • Operations
    All the day-to-day processes in an organisation that taken together generate its output.
  • Opinion formers
    Early adopters of new products whose views tend to influence others and set trends.
  • Opinion survey
    A consultation - paper-based or on-line - where members of a group are asked to express their views on a range of questions.
  • Opportunity cost
    The value, in any decision, of the next best option ie the 'cost' of the opportunity foregone.
  • Ore
    A type of rock that contains minerals such as metals and metal compounds that can be extracted through mining and refined for use.
  • Organic growth
    Growth in the size of a business through the expansion of its own sales (not through mergers or takeovers).
  • Organisation
    Any (usually business) entity that organises resources to add value.
  • Organisational culture
    Set of assumptions, beliefs and patterns of behaviour that are characteristic of an organisation or group of people.
  • Organisational structure
    The way in which authority and responsibility are arranged within an organisation.
  • Output
    Product of any process that transforms resources.
  • Outside-in
    A way of working that encourages feedback from those outside the organisation eg customers or a panel of leading specialists.
  • Outsource
    Where a firm contracts another firm to perform some part of its overall productive process.
  • Outsourced
    Buying in of goods and/or services from other organisations.
  • Overdraft
    A negative balance on a bank account - normally within an agreed limit.
  • Overheads
    Business costs that are not directly related to production eg rents, rates, insurance.
  • Overtrading
    Where a firm expands too quickly relative to its working capital. Despite profitable prospects, cash may be exhausted with the risk of insolvency.
  • Own-label brands
    Brands owned and controlled by retailers and bearing their trading name.
  • Ownership
    Taking responsibility for actions or decisions.
[ Top ]

[P]


  • Pan-European
    Including the whole of Europe eg as a single market.
  • Pan-Nordic player
    Company operating within northern European countries such as Denmark, Norway, Sweden and Finland.
  • Pareto Analysis
    Application of the 80/20 principle by which around 80% of results arise from around 20% of causes.
  • Particulate traps
    An emission control device in the exhaust system of a diesel engine that captures particulates before they can enter the atmosphere.
  • Partnership
    A business organisation jointly owned and managed by two or more people who have unlimited liability for debts or losses.
  • Passenger rail franchises
    The right to operate passenger rail services over given lines and for a limited period. Companies bid competitively to buy the franchises.
  • Patent
    Exclusive legal right to exploit an inventiongranted by the Intellectual Property Office for up to 20 years.
  • Paternalistic
    Traditional authoritarian leadership style for making decisions in what is seen as the best interssts of those led but without consulting them.
  • Pay-As-You-Earn (PAYE)
    A system for employers deducting income tax from wages and salaries on a regular basis.
  • Payback
    Way of evaluating an investment by calculating the likely time taken to 'pay back' the sum invested.
  • PAYE
    See Pay-As-You-Earn
  • Pdf
    Portable document format that uses Adobe Acrobat software to create or read an electronic document.
  • Pension Funds
    Organisations which invest pension contributions made by employers and employees to provide flow of funds from which pensions can be paid.
  • People Excellence
    A human resource development strategy which focuses on engagement with all employees in fulfilling their potential.
  • Perception measures
    Ways of measuring views and opinions about processes and initiatives typically at work.
  • Perfomance reviews
    Regular meetings of a job holder with their line manager to discuss their performance and often to set new targets.
  • Performance pay scheme
    System for pay increases dependent on the performance of individuals and the organisation as a whole.
  • Performance related pay
    Pay increases dependent on the performance of individuals and the organisation as a whole.
  • Peripheral
    Additional items used with a main/core product eg a webcam with a computer.
  • Person specification
    Details of the qualifications, experience and personal qualities required to perform a particular job.b.
  • Personal development
    Acquiring the experience and skills to improve work performance and prospects.
  • Personal Development Plan
    A plan setting out ways in which individual employees will have their training and development needs met.
  • Personal Development Programme
    A plan setting out ways in which individual employees will have their training and development needs met.
  • Personal selling
    Person-to-person (usually persuasive) selling of products to other companies or to final customers.
  • PEST
    Acronym prompting the major external factors affecting an organisation: Political, Economic, Social and Technological.
  • Phone site campaign
    Alerting consumers to a new product by means of advertising on the outside/glass of public telephone boxes.
  • Physical capital
    Long term non-current assets such as land and buildings, fixtures and fittings and machinery.
  • Physical distribution management
    The distribution of the right goods to customers at the right place, the right time and in the right condition.
  • Physical resources
    Long term non-current assets such as land and buildings, fixtures and fittings and machinery.
  • Picasa
    An image organiser and viewer for organising digital photographs.
  • Piece rate
    A payment system where payment is made according to output ie for every 'piece' produced.
  • Pilot
    Trial to assess reactions to an innovation eg a new product.
  • Pixels
    Dots on a screen that together make up the whole display or image.
  • Place
    Distribution channel for products in reaching their target market.
  • Place-of-work flexibility
    Allowing employees - subject to guidelines - to work off-site through homeworking.
  • Planned economy
    Where the central government owns the means of production and plans both investment and output.
  • Planning
    Process of scheduling events soo that objectives are met.
  • Planning cycle
    Sequence (usually over one year) in scheduling events so that objectives are met.
  • Planning regulations
    Rules relating to the location and design of any new building (or building alteration).
  • Plant
    Buidling, machinery and equipment used in a productive process.
  • Plates
    Large area of flat steel. A typical ordered size is 10m long x 2.5m wide. Thicknesses range from 6mm to 80mm
  • Platform
    Integrated set of chips and software that are designed to make new technological developments easy to operate.
  • Point-of-sale
    The retail branch or outlet where customers can purchase goods or services. This is an important contact point to ensure good customer service.
  • Point-of-sale materials
    Sales promotion material that is used where the sale actually takes place, such as displays in stores and by tills.
  • Policy
    A written contract of insurance providing cover against specific events and risks.
  • Political affiliation
    Belonging to a political party or sharing the views of a political party.
  • Political factors
    Changes arising from government initiatives or policy.
  • Polycentric
    Having many focuses or central points.
  • Portal
    Website architecture enabling internet users to have easier access, greater functionality, advanced search facilities and ability to personalise.
  • Portfolio
    A rannge of assets; a share portfolio includes shares in a range of different companies.
  • Portfolio of products
    See Product portfolio
  • Position
    Consumers' perception of the place occupied by a company or brand within a market relative to competitors eg Lidl as down market when compared with Sainsbury's.
  • Positional map
    Diagram indicating how customers perceive the position of a product in a given market relative to competitors eg Lidl as down market compared with Sainsbury's/
  • Positioned
    Consumers' perception of the place occupied by a company or brand within a market relative to competitors eg Lidl as down market when compared with Sainsbury's.
  • Positioning
    Consumers' perception of the place occupied by a company or brand within a market relative to competitors eg Lidl as down market when compared with Sainsbury's.
  • Positive free cash flow
    Cash incomings over period less changes in working capital less capital investment.
  • Power
    The ability to influence others and to reflect decisions making.
  • Power brands
    The key brands of large companies through which they seek to dominate large markets.
  • PPG3
    Government housing regulations setting out a framework within which there is more emphasis on development taking place on brownfield and other urban sites.
  • PR
    See Public relations
  • Pre-finished steel
    Where a number of paint layers and treatments are applied in an automated and controlled manufacturing process.
  • Premium
    Commanding a higher price because of (claimed) superior quality.
  • Premium brand
    High quality, higher price brands.
  • Premium brands
    High quality, higher price brands.
  • Premium price
    Higher price, usually attached to products or brands of higher quality or in high demand.
  • Premium prices
    Higher prices, usually attached to products or brands of higher quality or in high demand.
  • Premium pricing policy
    Setting higher prices, usually associated with products or brands of higher quality or in high demand.
  • presence marketing
    Giving brands prominence and status by ensuring their availability at key, high profile locations.
  • Present value
    The current value of a sum of money to be received in the future.
  • Press releases
    Written communication of news stories to the news media.
  • Pressure group/s
    Group of people organised to influence opinion on a contraversial issue eg global warming.
  • Prestige brand
    A high quality, upmarket reputable brand usually commanding a higher price.
  • Price competition
    Where competition is focussed on price; usually occurring where products are identical or similar.
  • Price leader
    The firm whose price sets a going rate or benchmark for others in the industry.
  • Price sensitive
    Where a small change in price leads to a large change in sales (high price elasticity).
  • Primary (or field) research
    Collected data that has not been collected before.
  • Primary data
    Data that has been collected for the first time to meet a specific objective.
  • Primary information
    Data that has been collected for the first time to meet a specific objective.
  • Primary market research
    Collecting data for the first time to meet a specific objective.
  • Primary production
    The first stage in production including farming, fishing and the extraction of raw materials.
  • Primary research
    Collecting data for the first time to meet a specific objective.
  • Primary sector
    Industries in the first stage in production including farming, fishing and the extraction of raw materials.
  • Printdynamics
    Polestars interactive training programme aimed at teaching employees, customers and schools about the different print processes that can be used.
  • Private companies
    Companies with between two and twenty shareholders who enjoy limited liability but are only allowed to sell shares by private arrangement (and not by public advertisement).
  • Private company
    Company with between two and twenty shareholders who enjoy limited liability but are only allowed to sell shares by private arrangement (and not by public advertisement).
  • Private Finance Initiative (PFI)
    Process for buying private sector investment and expertise for the provision of public services. Aims to reduce costs and increase effectiveness.
  • Private labels
    Own brand labels e.g. Sainsburys peas, ASDA baked beans.
  • Private limited companies
    Companies with between two and twenty shareholders who enjoy limited liability but are only allowed to sell shares by private arrangement (and not by public advertisement).
  • Private limited company
    Company with between two and twenty shareholders who enjoy limited liability but are only allowed to sell shares by private arrangement (and not by public advertisement).
  • Private sector
    The part of the economy that is owned and controlled by private individuals and companies (and not by the government).
  • Private sector growth
    Growth of businesses that are owned by individuals and groups of individuals rather than by the governmentl.
  • Privatisation
    The transfer of a firm or industry from state to private ownership.
  • Privatise
    Process of transfering a firm or industry from state to private ownership.
  • Privatised
    Firm or industry transferred from state to private ownership.
  • Proactive
    Tending to initiate change rather than reacting to events.
  • Probability
    The likelihood of an event occurring, measured as a percentage or as a decimal part of 1.0)
  • Procurement
    The process of acquiring supplies of raw materials, parts or products.
  • Producers co-operative
    Group of producers sharing aspects of finance and management and pooling certain business functions such as marketing, buying and capital investment.
  • Product category
    Group of products with shared core characteristics e.g. stationery, cleaning materials, lubricants.
  • Product development
    Designing new products or improving existing ones.
  • Product distribution
    The process by which goods (and services) reach their final consumer eg through being ordered and stocked by a retail chain.
  • Product divisions
    Organisational units that produce and market a specific product range eg an audio or kitchen appliances division.
  • Product extensions
    Additional products related to a core product eg baked beans with pork sausages or barbeque flavouring.
  • Product life cycle
    Key stages in the life of a product ie launch, introduction, growth, maturity, decline.
  • Product mix
    The combination of products manufactured or sold by a business.
  • Product orientated
    Ethos of decisions being led by the product rather than by the market.
  • Product placement
    When products are 'placed' in films or TV shows or with celebrities, giving them strong and favourable exposure.
  • Product portfolio
    The range of products offered by an organisation.
  • Product positioning
    The way in which a product ior brand is perceived by consumers relative to the offerings of competitors eg up or down market, traditional or modern.
  • Product range
    Variety of products with a similar brand identity developed to meet the preferences of target segments in the market.
  • Product-led
    Ethos of decisions being led by the product rather than by the market.
  • Production capacity
    The maximum realistic level of output.
  • Production lines
    The processing sequences that lead to the output of finished goods.
  • Production processes
    The various stages of production that transform raw materials into finished goods.
  • Productivity
    Level of output relative to level of input; labour productivity typically measures output per person/hour.
  • Professional accounting qualifications
    Qualifications from professional accounting bodies, such as the Institute of Chartered Accountants in England and Wales (ICAEW).
  • Professional association
    Organisation that represents a profession, providing status and support for members.
  • Professional bodies
    Organisations that represent a profession, providing status and support for members.
  • Profit
    The difference between the value of sales and corresponding costs; profit is the reward for risk-taking and enterprise.
  • Profit and loss account
    Legally required document showing sales revenue, costs and profit over a stated period (usually one year).
  • Profit and loss forecast
    Forecast or prediction for sales revenue, costs and profit over a stated timescale.
  • Profit centre
    A section or unit within a company that acts as a business-inside-a-business with its own profit targets and income statement.
  • Profit margin
    The percentage of sales value that is profit.
  • Profit-sharing
    A system for sharing part of the profits made by a company among its employees.
  • Profitability
    Extent to which sales revenue exceeds corresponding costs, expressed as a total value or proportional percentage.
  • Profitability or performance ratios
    Measures of business performance that relate profits over one year to the long term capital in the firm. Formula: net profit / long term capital employed X 100.
  • Profits
    The difference between the value of sales and corresponding costs; profit is the reward for risk-taking and enterprise.
  • Programme
    Initiative designed to achieve a particular purpose, usually within a given time frame.
  • Promotion
    Methods for boosting the sales of a product eg point-of-sales displays, special offers, competitions.
  • Promotional activities
    Methods for boosting the sales of a product eg point-of-sales displays, special offers, competitions.
  • Promotional campaign
    A mix of methods for boosting the sales of a product or product range over a specific period eg special offers, tactical price reductions, special displays.
  • Promotional mix
    The selection of methods used by a business to promote sales of its products eg special offers, tactical price reductions, special displays.
  • Proposition
    The total mix of benefits represented by a product and offered to the customer at a price.
  • Prototype
    A single example of a planned product that can be tested and modified before entering production.
  • Proven
    Something that has been tried and tested and found to work.
  • Psychographic segmentation
    Dividing a market according to social class, lifestyle, opinions, personality type.
  • Psychological contract
    The unwritten understanding between employer and employee that each knows and accepts what the other wants and expects.
  • Psychology
    science that explains how people think as well as how they behave
  • Psychometric test
    A set of questions which, when analysed, suggest an outline of a job applicant's personality.
  • Public companies
    Companies whose shares are sold to financial institutions and the general public and quoted on the Stock Exchange.
  • Public Corporations Enterprises
    Created and owned by the Government (usually by Act of Parliament), these are business organisations which must meet government targets and objectives.
  • Public limited companies
    Companies whose shares are sold to financial institutions and the general public and quoted on the Stock Exchange.
  • Public Limited Company (plc)
    Companies whose shares are sold to financial institutions and the general public and quoted on the Stock Exchange.
  • Public money
    All money belonging to the government (mainly raised through taxes) that is ultimately used for the benefit of the public at large.
  • Public Private Partnerships
    Combining the skills of the public and private sectors in a joint project.
  • Public relations
    Organisational communications with external stakeholder groups (eg customers, the community, the media) and also with the general public.
  • Public sector
    All organisations owned by the government, government agencies or by local councils.
  • Public sector organisations
    All organisations owned by the government, government agencies or by local councils.
  • Public Service Agreement (PSA) targets
    Targets for public services agreed with central government.
  • Public service remit
    Obligations to work in the interest of the general public (applying to government, government agencies and local councils).
  • Public/product liability insurance
    Provides business owners with insurance against any claims for accidents or injuries arising on their premises or from use of their products.
  • Purchase penetration
    The percentage of consumers buying products in a given category.
  • Push and pull promotion
    A push strategy encourages the wholesaler to push the product into retail channels; a pull strategy persuades consumers to demand the product from retail outlets.
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[Q]


  • Qualitative
    Concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Qualitative data
    Data concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Qualitative feedback
    Feedback or incoming communication concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Qualitative market research
    Market research concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Qualitative objectives
    Objectives or goals concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Qualitative research
    Research, typically directed at markets and consumers, concerned with qualities rather than quantities - feelings, perceptions, attitudes and opinions.
  • Quality
    The extent to which a product meets a buyer's needs and wants. High quality can create delight in exceeding expectations.
  • Quality assurance
    Systems that ensure that quality benchmarks are met.
  • Quality Management Systems
    The combination of resources used by an organisation to ensure that specified levels of excellence are actually achieved.
  • Quality standards
    Specified levels of excellence.
  • Quantified attitude measurements
    Statistical measures of how a specified group or population feel towards a subject eg a product or a company.
  • Quantitative
    Information expressed in numerate terms.
  • Quantitative data
    Information expressed in numerate terms.
  • Quantitative objectives
    Objectives expressed in numerate terms eg a goal for European sales or energy savings.
  • Quantitative research
    Research expressed in numerate terms eg rates of material wastage.
  • Quantitative techniques
    Analysis of business performance expresed in numerate terms.
  • Quota sampling
    Selecting a series of samples that represent a profile of the target population eg a confectionery compnay might consult 80% under 15s, 10% 15-18s and 10% over 18s.
[ Top ]

[R]


  • RAJAR
    The method of measuring audience listening figures to all radio stations across the country. Data is gathered weekly from a cross-section of all audience groups.
  • Random quota
    A limited amount or number that is chosen by chance.
  • Rate of stockturn
    The number of times that stock is replaced in a given time period e.g. a week, month or year.
  • Rating system
    A system of setting standards by which an individual's ability to perform a specific task can be rated e.g. as excellent, very good, good, adequate, poor.
  • Raw materials
    Basic material inputs e.g. ores (metal production), grain (bakery products), cocoa (chocolate).
  • Re-invent
    Reconceive or remake in a novel or different form.
  • Re-launch
    Marketing support for the re-introduction of a product that has been modified or repackaged.
  • Re-position
    Changing the way in which a product is perceived by consumers relative to the offerings of competitors
  • Real-time
    Information that is available as events take place eg late-running of a train.
  • Recession
    Phase in the business cycle when output and business confidence are falling and unemployment is beginning to rise.
  • Recruitment
    Process of identifying the need for new employee(s), defining the job(s), attracting candidates and selecting those most suitable.
  • Recyclable
    Able to be salvaged and reprocessed to form new materials or products.
  • Recycled
    Where waste has been salvaged and reprocessed into new materials and products.
  • Recycling
    Salvaging and reprocessing waste to form new materials and products.
  • Redemption rates
    Percentage of issued vouchers returned and their value claimed.
  • Redress mechanisms
    Means by which consumers can be compensated or have their rights re-instated.
  • Redundancy
    Where a job is no longer required and the holder's employment is terminated.
  • Referral sources
    Businesses that recommend a local Enterprise branch to their own customers who need to hire a car.
  • Regeneration
    Investment in an area where economic activity has declined: typically involves new building, an upgraded environment and incentives for business enterprise.
  • Regional affiliates
    Parts of the organisation linked to the Head Office but trading independently.
  • Regulate
    Maintain and enforce rules and approved procedures relating to an organisation or an industry.
  • Regulating
    Process of maintaining and enforcing rules and approved procedures within an organisation or an industry.
  • Regulations
    Rules and approved procedures for an organisation or an industry.
  • Regulator
    Person who maintains and enforces rules and approved procedures within an organisation or industry.
  • Regulators
    Persons or organisations responsible for maintaining and enforcing rules and approved procedures within an organisation or industry.
  • Regulatory environment
    Maintenance and enforcement of rules and approved procedures within an organisation or industry.
  • Reinsurance
    Where insurers reduce their exposure to risk by insuring themselves against claims under the policies issued.
  • Relationship marketing
    Building and developing long-term relationships with customers that add value and maintain loyalty.
  • Remuneration package
    Combination of rewards offered to employees e.g. salary, car, health insurance.
  • Renewable
    Can be replaced or replenished.
  • Repeat purchases
    Consumers continuing to buy a product after their initial purchase.
  • Repeat rates
    The proportion (%) of customers who make further, subsequent purchases.
  • Representation
    To speak, act or present formally on behalf of another person or group.
  • Representative samples
    Carefully selected small groups that contain a typical range of the people who comprise the actual targeted group.
  • Research and development
    Process of conceiving, developing and testing possible new products.
  • Resolution
    A measurement of the number of component dots per square inch or millimetre that comprise an image.
  • Resources
    Inputs to the process of adding value.
  • Respondent/s
    People who answer questions in a survey - typically in market research.
  • Retail bank
    A bank with a branch network offering accounts and financial services to the general public eg Barclays, Lloyds-TSB.
  • Retail chain
    Any retailer with a significant number of stores all operating to a similar business format.
  • Retail strategy
    Plan for developing retail sales - on-line, via mail or telephone order or through retail outlets.
  • Retailer/s
    Business organisations selling products to the final consumer.
  • Retailing
    Process of selling products to the final consumer.
  • Retention
    Holding on to existing customers (usually much less costly than winning replacement customers).
  • Return
    The profit arising from an investment.
  • Return on capital
    Profit over a period (usually one year) relative to the long-term capital employed. Calculated as: operating profit / long-term capital employed X 100.
  • Return On Capital Employed (R.O.C.E)
    Profit over a period (usually one year) relative to the long-term capital employed. Calculated as: operating profit / long-term capital employed X 100.
  • Return on investment (ROI)
    Profit over a period (usually one year) relative to the long-term capital employed. Calculated as: operating profit / long-term capital employed X 100.
  • Revenue
    Money received; sales revenue is money received from sales.
  • Revenues
    Money received; sales revenues means money received from sales.
  • Reverse engineering
    The process of understanding the design and technology of a product by reversing its construction (ie taking it part step-by-step).
  • Review
    Look back (at a process or experience) and evaluate
  • Reward
    Prize or privilege given as an incentive for good behaviour or good work.
  • Reward partner
    A business offering some form of rewards to cardholders.
  • Risk
    The possibility of a negative event or outcome; in insurance risk is the chance of loss covered by a policy.
  • Risk assessment
    Process of evaluating the severity and likelihood of negative events that might occur.
  • Risks
    Possibilities of negative events or outcomes occurring.
  • Robots
    Automatic machines or control devices that oversee and carry out production processes.
  • Rods
    Long lengths of generally round (typically 5-15mm diameter) cross-section steel supplied in coils.
  • Role models
    Persons who may be admired and whose behaviour may be copied or used as a guide.
  • Rollovers
    Unwon top prize carried forward to the next gameplay, causing the jackpot to grow in size.
[ Top ]

[S]


  • Sale and leaseback
    Raising business capital by selling property or equipment and renting it back from the new owner.
  • Sales
    The process of achieving customer decisions to purchase a company's product(s).
  • Sales promotions
    Incentives - usually for a limited period - to purchase a company's product(s).
  • Sales revenue
    The value of sales over a given period.
  • Sales turnover
    The value of sales over a given period.
  • Samples
    A small but representative quantity of a product that enables customers to consider a larger purchase.
  • Satisfiers
    Motivating factors that enrich a person's job and may contribute to enhanced performance.
  • Saturated market
    Situation where demand in a market is being fully or more than fully met by existing suppliers.
  • Saturation
    Situation where demand in a market is being fully or more than fully met by existing suppliers.
  • Scale
    The relative size of an organisation or its productive capacity.
  • Scarce resources
    All resources that are in limited supply and carry an opportunity cost.
  • Scheduling
    planning activities with the times or dates when they are intended to happen
  • Scientific management
    Using logical methods to achieve objectives at the lowest cost.
  • Screen
    Checks to ensure that person meets basic specified requirements especially in a job application.
  • Screening
    Process of checking that person meets basic specified requirements especially in a job application.
  • Search costs
    The time and money spent in shopping around for the products that are wanted.
  • Secondary (or desk) research
    Obtaining data that has already been collected and typically made available through books, journals or websites.
  • Secondary information
    Data that has already been collected and typically made available through books, journals or websites.
  • Secondary production
    The second stage of physical production, involving processing and manufacturing from raw materials.
  • Secondary research
    Obtaining data that has already been collected and typically made available through books, journals or websites.
  • Secondary sector
    Industries engaged in processing and manufacturing: the second stage of physical production.
  • Secondment
    Employee being posted to a different workplace inside or outside the organisation for a limited period.
  • Secretary of State
    Government minister with specified responsibility eg Secretary of State for Business, Innovation and Skills.
  • Sections
    H or I cross-section steel beams and columns in various lengths and thicknesses
  • Secured
    Where a borrower pledges something valuable (eg property) to a lender that can be sold to repay the debt in the event of default.
  • Secured loan
    A loan where a borrower pledges something valuable (eg property) to a lender that can be sold to repay the debt in the event of default.
  • Securities
    Financial asset such as shares, debentures or government stocks.
  • Segment
    Where a market is divided up into parts, each comprising a group of consumers with common characteristics.
  • Segmentation
    Dividing up a marketplace into parts, each comprising a group of consumers with common characteristics..
  • Segmentation base
    The criteria used to divide up a market into a number of segments.
  • Segments
    Parts of a market, each comprising a group of consumers with common characteristics.
  • Selection
    The process of choosing which person to appoint from those that apply for a job vacancy.
  • Selection process
    The process of choosing which person to appoint from those that apply for a job vacancy.
  • Self-actualisation
    Personal fulfilment arising from undertaking tasks that use somebody's full potential.
  • Self-assessment
    The opportunity for individuals to assess reflectively their own progress within the workplace.
  • Self-regulation
    The process of devising and imposing rules from within an organisation rather than relying on the imposition of external laws.
  • Self-regulatory
    Devising and imposing rules from within an organisation rather than relying on the imposition of external laws.
  • Service
    Source of customer value that does not involve the production of physical goods eg cleaning services or legal advice.
  • Service business
    An organisation that does not manufacture goods but which provides its customers with one or more services.
  • Service ethic
    An attitude or set of standards that focus on serving the needs of the customer.
  • Service industries
    Industries that deliver non-physical products eg legal advice or accountancy services.
  • Service level agreements
    Part of a contract for providing a service (eg catering) where the level of service is formally defined.
  • Service organisation
    Providing services rather than tangible goods for customers.
  • Service sector
    That part of the economy providing services rather than tangible goods for consumers.
  • Service standards
    Performance benchmarks that set the standard of service provision required.
  • Service teams
    A tightly knit group of employees who provide a particular service eg catering, cleaning.
  • Service-orientated
    Where an organisation's strategy and behaviour is focussed on meeting the specific needs and wants of its customers.
  • Services
    Sources of customer value that do not involve the production of physical goods eg cleaning services or legal advice.
  • Shadowing
    Learning more about a job by working alongside a more experienced colleague or manager.
  • Share
    One of the equal parts into which a company's capital is divided.
  • Shareholder capital
    The long-term capital supplied by the owners or shareholders of the business.
  • Shareholder value
    Returns to shareholders through dividends and rises in share values.
  • Shareholders
    People (or companies) who own some part of a company's capital.
  • Shareholders capital
    The long-term capital supplied by the owners or shareholders of the business.
  • Shareowners
    People (or companies) who own some part of a company's capital.
  • Shares
    Equal parts into which a company's capital is divided.
  • Short-term capital
    Money used in a business to finance its day-to-day operations, such as to buy stock or pay bills.
  • Single-brand strategy
    Focussing on a single brand identityfor all of an organisation's products and marketing activity.
  • Site of Special Scientific Interest
    An area protected for reasons of nature conservation or geological importance.
  • Six Sigma
    Management system designed to improve business processes and to eliminate defects in output.
  • Skills
    Capability arising from practice and experience.
  • Skimming
    A pricing tactic involving setting a relatively high price for a product while demand is strong and competition limited.
  • SKU
    A unique identifier for each distinct product that can be purchased - usually a code using numbers and letters.
  • SLEPT
    Acronym for external factors affecting a business: Social, Legal, Economic, Political and Technological.
  • SM
    Service Mark: the US intellectual property protection device.
  • Small step improvement
    Succession of minor improvements to products and processes.
  • SMART
    Acronym for framework used in setting objectives - making them Specific, Measurable, Achievable, Realistic and Time-related.
  • Smart cards
    Plastic cards containing a microchip that can store information.
  • SMART objectives
    Acronym for framework used in setting objectives - making them Specific, Measurable, Achievable, Realistic and Time-related.
  • SMEs
    Small and medium sized enterprises - organisations with fewer than 250 staff (Micro 0-9, Small 10-49, Medium 50-249).
  • Social costs and benefits
    Sources of cost or value that are not recorded in business accounts but are experienced by society eg noise from an airport.
  • Social exclusion
    Being or feeling excluded from the normal processes of employment, education, healthcare etc.
  • Social factors
    Pressure from changing patterns of population, lifestyle and behaviour.
  • Social inclusion
    Being included in the normal processes of employment, education, healthcare etc.
  • Social justice
    Ensuring fair opportunities for everyone regardless of their social status eg race, disability, class.
  • Social responsibility
    Recognition of obligations towards the community and wider society.
  • Social trends
    Changing patterns of population, lifestyle and behaviour.
  • Socially inclusive communities
    Towns or neighbourhoods where most people feel engaged with the processes of work, employment, education, care and leisure actiivities.
  • Socially inclusive workforce
    Ensuring through recruitment that a company does not exclude any particular group in society from its staff.
  • Socially responsible
    Accepting obligations towards the community and wider society.
  • Socio-economic
    Categorisation by employment and social class.
  • Socio-economic effects
    Consequences for employment, incomes and social mobility.
  • Socio-economic grouping
    Classification of consumers based on their employment type and social class.
  • Socio-economic groups
    Consumers classified according to their employment type and social class.
  • Socio-economic pyramid
    Classification of economies, countries or individuals according to income and social class.
  • Soft launch
    Rolling product launch to selected groups of customers in turn.
  • Softswitch
    A central device in a telephone network which connects calls from one phone line to another, using software running on a computer system.
  • Solar technology devices
    Devices that convert energy from the sun into electricity.
  • Sole trader/s
    Person who owns and manages a business and carries all the risk.
  • Solution
    The answer (in the form of benefits) to a customers problem (buying requirement).
  • SPAM
    Acronym meaning Sending Persistent Annoying Mail referring to un-requested emails.
  • Span of control
    The number of staff reporting to a manager.
  • Spatial
    Of or relating to space.
  • Specifications
    The characteristics or qualities that producers build into a product.
  • Sponsee
    The recipient of sponsorship.
  • Sponsor
    Organisation funding a sporting, community or cultural event in return for exposure of their name or brand.
  • Sponsorship
    Where an organisation funds a sporting, community or cultural event in return for exposure of their name or brand.
  • Sports marketing
    Linking the activities of an organisation with sports events that reach massive audiences in order to create and develop positive associations.
  • Spreadsheets
    A table of numbers organised and presented on a computer program such as Windows Excel.
  • Stakeholder
    Person or group directly affected by the decisions or behaviour of an organisation.
  • Stakeholder conflict
    Where groups directly affected by the decisions of an organisation have opposing points of view.
  • Stakeholder grouping
    Group directly affected by the decisions or behaviour of an organisation.
  • Stakeholder value
    Benefits to the stakeholders of an organisation.
  • Stakeholders
    Persons or groups directly affected by the decisions or behaviour of an organisation.
  • Standard
    A benchmark or approved specification that represents a given level of quality and performance.
  • Standard deviation
    Measure of the dispersion of data relative to its mean.
  • Standard of living
    The value of goods and sefvices that individuals and commmunities are able to purchase and consume.
  • Standardisation
    Making products or processes conform to a single stated specification.
  • Standards
    Benchmarks or approved specifications that represent a given level of quality and performance.
  • Start-up costs
    Costs that are paid once to establish a business eg costs of fittings or legal costs.
  • Statement of values
    A short statement setting out the core beliefs and attitudes that guide an organisation's behaviour..
  • Statutory
    The obligations laid down by Statute - the law - as contained within an Act of Parliament.
  • Statutory obligations
    Duties which businesses and individuals must legally carry out.
  • Step change
    An abrupt and decisive change (typically in a production or management process).
  • Stewardship
    Taking responsibility and providing care eg for a natural environment.
  • Stock
    Raw materials, work-in-progress and finished goods.
  • Stock control
    Process of monitoring, ordering and storing stock (raw materials, work-in-progress and finished goods) - usually computerised.
  • Stock control system
    System for monitoring, ordering and storing stock (raw materials, work-in-progress and finished goods) - usually computerised.
  • Stock Exchange
    Regulated marketplace where shares are bought and sold.
  • Stock exchange listing
    Where a company's shares have the status of being bought and sold on a stock exchange.
  • Stock Exchange or stockmarket
    Regulated marketplace where shares are bought and sold.
  • Stock management
    Process of monitoring, ordering and storing stock (raw materials, work-in-progress and finished goods) - usually computerised.
  • Stock rotation
    Using and replenishing a stock of goods in a specified oder (usually 'first in, first out').
  • Stockturns
    The number of times stock is sold and replaced in the course of the year. Calculated as sales / stock (both valued at cost)
  • Strapline
    Short catchy phrase encapsulating the strengths of a product or brand.
  • Strategic
    Fundamental to a plan for achieving key objectives..
  • Strategic Business Unit (SBU)
    A distinct business within a larger company, able to determine its own strategy and operations.
  • Strategic capabilities
    The competencies within an organisation that enable it to sustain, defend and develop a competitive advantage.
  • Strategic change
    A major change determined by the need to achieve an organisation's objectives.
  • Strategic decisions
    Decisions that are part of an organisation's plan for achieving its central objectives. Often long-term and distinct from tactical decisions that relate to on-going management.
  • Strategic development
    Development of capabilities that have central importance to achieving objectives.
  • Strategic drift
    Where an organisation allows unfolding events to carry it away from any clear plan for achieving objectives.
  • Strategic fit
    Matching the resources of a business to the changing business environment.
  • Strategic function
    Area of management decision-making that is concerned with an organisation's central plan for achieving its objectives.
  • Strategic objectives
    Central objectives of an organisation that reflect its underlying purpose.
  • Strategic partners
    Other firms in a relationship with a company that is central to achieving its objectives eg a key supplier or a research partner.
  • Strategic plans
    Key plans for achieving a firm's objectives.
  • Strategic vision
    Broad outline of route towards future objectives.
  • Strategically
    Relating to plan for achieving key objectives.
  • Strategy
    A plan for achieving key objectives.
  • Structural unemployment
    Job losses that have resulted from the permanent decline or restructuring of particular industries.
  • Styles of managing
    See Management styles.
  • Sub-assembly
    Part of a manufactured product that is assembled separately.
  • Subsidiaries
    Businesses that are owned by another business.
  • Subsidiary
    Business that is owned by another business.
  • Subsidies
    Payments by the government or local council to reduce the price of a given product eg a bus service in a rural area.
  • Subsidy
    Payments by the government or local council to reduce the price of a given product eg a bus service in a rural area.
  • Succession management
    Training and developing individuals to take over leadership roles when the existing holders retire or change jobs.
  • Super-complaint
    A complaint about the operation of a whole market brought by a recognised consumer organisation.
  • Superbrands
    Leading brand names recognised worldwide e.g. Nike, Adidas, Timberland, Marks and Spencer, Louis Vuitton.
  • Supply
    Flow of products from producers that fulfills demand at a market price.
  • Supply chain
    Sequence of linked transactions that carries a product from its origins as raw materials or components to its receipt by the final consumer.
  • Supply chain management
    The process of managing the linkages between a firm's suppliers and its customers in order to build and sustain competitive advantage.
  • Supply planners
    Job of managing and planning stock levels and assured supply eg for restaurants or stores.
  • Surface transportation
    Moving goods or people by rail, road or water
  • Surveys
    Collection of facts or opinions by consulting a representative sample of the target population.
  • Sustainability
    The extent to which the supply chain, processes and products of a business do not compromise the environmental resources of future generations.
  • Sustainable
    Where the supply chain, processes and products of a business do not compromise the environmental resources of future generations.
  • Sustainable agriculture
    Agricultural practices that do not compromise the environmental resources of future generations.
  • Sustainable business
    A business whose supply chain, processes and products do not compromise the environmental resources of future generations.
  • Sustainable business development
    Business growth that does not compromise the environmental resources of future generations.
  • Sustainable business practice
    Business behaviour that does not compromise the environmental resources of future generations.
  • Sustainable contribution
    Any contribution that can be maintained over time through the replenishment of its origins.
  • Sustainable development
    Development which meets present needs without compromising the environmental resources of future generations.
  • Sustainable locations
    Locations for business that do not compromise the environmental resources of future generations.
  • Sustainable tourism
    Tourism which meets the needs of present tourists and host regions without compromising the economic, cultural and environmental resources of future generations.
  • Sustainable transport service
    Transport service that operates without net depletion of environmental resources eg by using renewable fuel.
  • Sweeper
    In football, the player with the job of giving cover to his/her teams other defenders.
  • SWOT analysis
    Identification and evaluation of the strengths and weaknesses inside a firm and the opportunities and threats in its external environment.
  • Syndicates
    The individual business units that sell insurance in the Lloyds market.
  • Synergies
    The 2+2=5 effect; where combining two factors produces an outcome more valuable than the simple sum of the factors.
  • Synergy
    The 2+2=5 effect; where combining two factors produces an outcome more valuable than the simple sum of the factors.
  • Synonymous
    Meaning the same thing.
[ Top ]

[T]


  • Tactical
    Making decisions driven by short-term objectives within a longer-term strategy.
  • Tactical decisions
    Decisions driven by short-term objectives within a longer-term strategy.
  • Tactics
    Decisions driven by short-term objectives within a longer-term strategy.
  • Takeover
    Where one company acquires another by buying up a majority shareholding (at least 51%) of the shares in another company.
  • Takt time
    The maximum time allowed to produce a product to meet demand. Taken from German 'taktzeit' - 'cycle time'.
  • Tall organisational structure
    A management structure with many levels of organisational hierarchy and correspondingly narrow spans of control.
  • Tangible assets
    Everything of value in a business thst takes a physical form (ie a factory but not a brand).
  • Tangible goods
    Goods in their purely physical form - excluding any related services.
  • Tangible qualities
    Physical attributes of a product.
  • Target audience
    The group of consumers that is targeted by an organisation's marketing communications.
  • Target market
    Group(s) of consumers with common characteristics towards which an organisation's marketing is aimed eg college and university students under 25.
  • Targeted
    Aimed at a chosen group of consumers with common characteristics.
  • Targeted audience
    The group of consumers that is targeted by an organisation's marketing communications.
  • Targeted consumers
    Group(s) of consumers with common characteristics towards which marketing communications are aimed.
  • Targeted initiatives
    Schemes and programmes set up to meet the needs of a specific group.
  • Targeted segment
    Group(s) of consumers with common characteristics towards which an organisation's marketing is aimed eg college and university students under 25.
  • Targeting
    Aiming resources or initiatives at chosen groups in society.
  • Targets
    Goals which the organisation seeks to achieve often within a given time-frame.
  • Tariffs
    Pricing structures; also means government levies on imports.
  • Tarmac Porous Pavement
    This reduces the risk and costs of flash flooding through its environmentally friendly drainage system.
  • Tax credit
    Government payments made to people earning a low income and families bringing up children.
  • Taxpayer
    Person who pays tax to the government.
  • Team
    A group of people with shared targets, responsibilities and accountabilities.
  • Teamwork
    Group of people working together.
  • Technological factors
    The influence of changing technologies on business processes and products.
  • Technology
    The application of science to make useful devices.
  • Technology transfer
    The process of transferring technology from a research setting into a commercial environment.
  • Tele-working
    Working away from the office or other workplace using electronic means of communication.
  • Telephony
    Process of connecting telephone calls, typically using a switchboard.
  • Temps
    Temporary workers.
  • Term time working
    Working hours arranged to suit school terms.
  • Tertiary production
    Third stage of production (after raw material production and manufacturing) involving the provision of services.
  • Tertiary sector
    Service industries e.g. transport, banking, insurance or hairdressing.
  • The Information Commissioners Office
    Independent public body that regulates and polices access to personal information under the Data Protection Act, 1998.
  • Theorists
    People who develop models or conceptual frameworks to explain phenomena.
  • Third generation
    Next generation of mobile technology using higher data transmission rates and greater bandwidth to offer multimedia applications.
  • Tidal turbines
    Device designed to convert the power of tides into electricity.
  • Time series analysis
    Tracking and analysing data over time; often used to make forecasts.
  • Top of mind
    What is present in the uppermost level of consciousness; the manufacturer or brand that people in market surveys name first when asked to list products in a specific category.
  • Top-down decisions
    Decisions made by senior leaders or managers and passed down a hierarchy to be carried out by subordinates.
  • Top-up shoppers
    Consumers who make additional purchases (e.g. at a service station) in addition to their main weekly shopping trip.
  • Total assets
    The sum of fixed assets (eg buildings, equipment) and current assets (eg stock and cash).
  • Total business concept
    The overall strategic idea that enables a business to add value.
  • Total product
    A range of layers of satisfaction that go beyond simply meeting the needs of consumers.
  • Total Quality Management
    A management system for establishing a culture of quality that is shared by every employee.
  • Total quality systems
    Systems operating within an organisation to ensure that quality standards are built into every aspect of its operations.
  • Trade association
    Organisation representing advising companies within a particular trade or industry.
  • Trade journals
    Magazines targeted at companies within a specific trade or industrial sector.
  • Trade Mark
    Text or logo signifying a company and its products.
  • Trade marketing
    Marketing within the distribution chain - rather than at the interface with final consumers.
  • Trade union
    An organisation to represent the interests of employees, particularly in negotiations with employers. Often organised by trade or industry.
  • Trades Descriptions Act
    Consumer protection law that prohibits any false or misleading description of a product.
  • Trades Union Congress
    The organisation that represents British trade unions at national level.
  • Traffic congestion
    Build up of traffic beyond the capacity of a road system leading to slow moving or stationary vehicles.
  • Training
    Process of being taught work-related knowledge and skills.
  • Training needs analysis
    Research and analysis to identify the training needs of individuals and groups.
  • Transferable skills
    Skills that have generic applications and can be used in multiple contexts eg skills in counselling or in resolving disputes.
  • Treasury funds
    Government money obtained through taxation or borrowing.
  • Trends
    A general development or change in the way that people are behaving.
  • Tripartite
    Shared by or involving three parties.
  • Turnover
    Sales value over a given period. Also called sales revenue.
  • Turnover growth
    Rise in the value of sales made by a business comparing one time period with another.
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[U]


  • Under-achieving
    Doing less well than it ought to be doing. Failing to meet the targets set eg time deadlines, safety standards, fewer wasted materials, less pollution.
  • Underwriter
    Acceptor of a business risk in return for a fee e.g. guaranteeing the success of a share issue by agreeing to purchase any shares not bought by others.
  • Underwriters
    Underwriters are the professionals on the syndicates upon whose experience and judgement the market depends for its expertise and reputation. It is the underwriters responsibility to assess the merits of each risk and decide a suitable premium for accepti
  • Underwriting
    The process for accepting applicants for insurance and classifying them according to their degrees of insurability so that appropriate premium rates may be charged. The process includes rejection of unacceptable risks.
  • Unemployment
    The number of workers who do not have a job that provides money.
  • Unethical behaviour
    Behaviour that is wrong and immoral.
  • UNICEF
    A department of the United Nations whose aim is improving children's health and education, particularly in poor countries.
  • Unique selling point (USP)
    A specific benefit of a product or service that competitors do not or cannot offer.
  • Unique selling proposition (USP)
    Specific benefits of a product or service that competitors do not or cannot offer.
  • Unit costs
    The cost of producing one more item.
  • United Nations
    An organisation comprising most of the countries of the world founded in 1945 to promote world peace, security and economic development.
  • Universal Declaration of Human Rights
    A declaration adopted by the United Nations General Assembly in 1948 outlining human rights that should apply to all people
  • Unparalleled
    Something that is unmatched or unequalled, i.e. unique.
  • Unregulated market
    A market open to competition between suppliers
  • Up-skill
    Undertake training to improve and develop new skills for the workplace.
  • Urban drift
    Occurs when rural dwellers move to cities.
  • Urban renewal
    Improving the living conditions and environment in large towns and city areas.
  • Usage penetration
    The percentage of users of a product. This differs from purchasers as the person buying a product may be buying for multiple users; e.g. a parent buying for the family.
  • Utilities
    Essential services such as gas, water and electricity
  • Utility companies
    Providing essential services such as gas, water and electricity supplied to properties
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[V]


  • Value
    Benefits that are added to the product or service during the process for the end user.
  • Value added packaging
    Sophisticated packaging which makes a product more desirable and able to bear a higher price. eg attractive packaging for cosmetics.
  • Value Added Tax
    A tax on consumer expenditure collected on business transactions, imports and purchases.
  • Value chain
    The series of links that starts with raw materials (e.g. cocoa for chocolate) and ends with the consumer.
  • Value-added
    Add to or change a product to increase the difference between the value of the product and the value of its inputs.
  • Value-added technology
    Making products more desirable by applying technological innovation.
  • Values
    What a company stands for.
  • Values-driven culture
    The link between the vision and mission of the organisation and its everyday culture by creating a series of values that influence the actions of people working within the business.
  • Variable costs
    The outlays of a business that vary with the level of output
  • Variable hours
    Arranging different start and finish times to suit individual needs.
  • Variance/s
    The difference between what was forecast to happen (say, in a budget) and what actually happened
  • Variants
    Alternatives to the core brand product introduced by the maker of the brand.
  • Venture capital
    Funds made available to small and medium sized enterprises to provide investment opportunities e.g. in ideas for new products.
  • Venture capitalists
    Investors who make funds available to small and medium sized enterprises to provide investment opportunities.
  • Verbal communications
    Direct word-of-mouth contact - face-to-face or using some form of media.
  • Vertical integration
    Where a company buys another company that supplies it with goods or that buys goods from it in order to control all the processes of production.
  • Video conferencing
    Transmission of images and text between two or more remote locations.
  • Viral marketing
    The process of getting wide circulation of a message through 'word of mouth'. These campaigns are usually (though not exclusively) hosted on the internet.
  • Virtuous circle
    A form of renewal in which sustainable activities in agriculture create sustainable businesses within the agricultural sector.
  • Visibility
    Increasing the number of occasions on which potential consumers are exposed to a particular brand.
  • Vision
    A summary in words, setting out what an organisation is striving to achieve.
  • Visionary target
    A target for the future; something to work towards.
  • VMS (Variable Message Signs)
    Electronic notices on the highways network to communicate information and advice to drivers, aimed at improving safety and minimise congestion.
  • Voice of the customer
    Customers requirements expressed in quantifiable terms e.g. targeted level of performance and ?acceptable variation.
  • Voice of the process
    The predictable range of output from the process expressed in terms of mean and range.
  • Voluntary sector
    The part of the economy which is made up of, for example, charities and non-profit making organisations.
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[W]


  • WAP
    Wireless Application Protocol. An agreement reached by the wireless industry itself on the guaranteed minimum standards of product and service that it will offer its customers.
  • Warehousing
    Temporary store house for goods during the process of distribution. which a fee is drawn.
  • Waste
    An unnecessary or wrong use of money, substances, time, energy, abilities.
  • Wealth generation
    Processes through which members of society become better off.
  • Web browsers
    The software used to navigate through the World Wide Web.
  • Welfare
    The range of benefits and support available from the government, such as housing, unemployment and child support benefits.
  • Welfare to Work
    Government programme to enable people to move away from a dependency on the welfare state to working for the community.
  • Wheel network
    A centralised communication channel where messages pass between the 'hub' and the 'spokes' but not necessarily between each 'spoke'.
  • Whistle-blower
    A person who informs on someone engaged in an illegal activity.
  • White goods
    Domestic electrical goods such as freezers and washing machines.
  • Wholesale money markets
    Banks borrowing and lending between themselves.
  • Wholesalers
    Selling goods in large amounts to shops and businesses, rather than selling goods in shops to customers.
  • Wi-Fi
    The protocol that allows nearby computers and other devices to communicate wirelessly.
  • Win-win situation
    A policy or transaction that benefits all parties involved.
  • Windfall
    The payout received by members when an organisation demutualises. This can take the form of a cash sum, shares in the newly created plc, or a mixture of both
  • Word of mouth
    Communication of a promotional message between groups of consumers.
  • Work ethic
    An employee's attitude towards the work they do.
  • Work-in-progress
    Partly finished items that are currently being worked on but have not been completed.
  • Work-life balance
    Creating conditions for staff that allow work and home commitments to be balanced.
  • Workforce
    The group of people who work in a company, industry, country etc.
  • Workforce planning
    Involves estimating future human resource requirements and ensuring the firm has right number of people, in the right place, with the right skills at the right time.
  • Working and Child Tax Credits
    A range of benefits paid both to people who work but whose income is low and to help people with their commitments in bringing up children.
  • Working capital
    The finance required to keep the wheels of business turning.
  • Working practices
    Anything that relates to the way in which employees achieve their tasks, e.g. shifts, number of machines operated per employee.
  • Working Tax Credits
    Entitlements to money benefits for people in low paid occupations.
  • Working time directive
    A European Union law that defines the maximum number of hours a person should work without regular genuine breaks.
  • Working to rule
    Carrying out only the bare minimum of duties.
  • Workstation
    A computer unit or terminal where an employee sits and works.
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[Y]


  • Y network
    A centralised communication channel wehre messages can be direcred vertically and laterally as required.
[ Top ]

[Z]


  • Zero tolerance
    Complete intolerance of certain behaviours.
[ Top ]

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