The Times 100 - Glossary

Business Studies for Students and Teachers.

The Times 100 offers a range of free information for students and teachers of business studies.

The Times 100 Glossary

Glossary Terms Used Throughout The Times 100 Website

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.
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 – often related to agreed targets.
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.
Arrears	Debts that are overdue
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/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 – often using a questionnaire – into the perceptions and beliefs that effect consumer behaviour eg views on environmental issues.
Attitudes	Views and beliefs of people that affect the way they behave.
Audit	A systematic check and evaluation relating to any variable – typically finance, skills or environmental performance.
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 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 an 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.
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.
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%) – useful in finance when small price changes may be significant.
Batch production	A system of production where a group or batch of products pass through each production stage together.
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.
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 – often for advertising purposes.
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 at the 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.
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 extension	The use of a well-known brand to launch a new and complementary product.
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 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.
Brief	Outline setting out the requirements for a new product development.
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	Financial plans showing month-by-month projections for costs, sales and cash flow.
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.
Bureaucratic	A rule-bound approach, in which there are set procedures and little room for personal initiative.
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 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)	Sales by one business to another, rather than B2C which involves selling directly to the final consumer.
Business-to-consumer (B2C)	Sales by a business to final consumers.
Buy-one-get-one-free	Often called by its initials (BOGOF). A promotion is sold, effectively, at half price.
Cable broadband	A high speed Internet link accessing the cable television network via a cable modem.
Cadence	Rhythmic, measured movement – here referring to the rhythm of the production process.
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 employed	The long term finance in a business plus the working capital. Defined in accounting terms as long term liabilities plus current liabilities less current 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	The financial market that makes available long term investment capital to private or public sector enterprises at a fixed or variable rate of interest.
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.
Cash inflows	Flows of cash into a business, such as revenue and interest from investments.
Cash outflows	Flows of cash out of a business, such as costs and interest on loans.
Casual factors	Unpredictable events or influences that can affect performance or planning eg severe weather.
Catalyst	An event or person that fuels change.
Category	A group of producers that aim to fulfil the same kind of customer want eg kitchen appliances.
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.
Centralisation	Focus of decision making within an organisation through the Head Office.
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.
Chain of production	The movement of a product through the sectors of industry.
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 management	Processes involved with moving an organisation forward to a more desired way of working.
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 250 but no withdrawals are allowed until age 18.
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.
Competences	The ability of an individual or a firm to perform a particular type of task to a given standard.
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 marketplace	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 – a business set up within the premises of another form eg a gift shop at an airport.
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 people's 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 from 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 a 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 any 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	To give work, in the form of contracts, to other firms to carry out non-core activities (work that is not 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.
Copenhagen Accord	The agreement between a number of countries to work together to combat climate change, including actions to secure sustainable forests.
Copyright	Legal protection for authors, composers and artists from having their work copied or reproduced without their permission.
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 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.
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 a 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 (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 (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 a 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 charter	A documented list of a business' 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 loyalty	The action of a customer in returning to a business due to a good previous experience.
Customer Relationship Management	Methods used by a business to manage relationships with customers.
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 customers' needs and wants which then drives every business process.
Customers	Individuals or organisations that buy a product.
Customs	Government-levied charges on goods imported from outside the European Union.
CV	See Curriculum Vitae
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.
Delegate	Passing authority down an organisational hierarchy while final responsibility remains at the top.
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.
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 50,000).
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	The appearance of a product.
Developed countries	Countries with an advanced industrial infrastructure and relatively high living standards.
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 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.
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 channels	Route of selling and delivering by which products reach their final consumer (eg manufacturer, wholesaler, retailer, consumer).
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.
Downstream	That part of the oil and gas industry that is concerned with refining, selling and distributing natural gas and oil products.
Dredging	Removal of mud, silt and debris from the bottom of lakes, rivers, harbours and the sea.
Drivers	Factors that make change necessary.
Dual branding	One company promoting two distinct brands - often to differentiate two product ranges aimed at different markets.
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.
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 significant in 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 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 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.
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 1,000 return at 0.6 probability = 600 and 2 000 at 0.4 probability - 800, so EMV =
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 accreditation	When an outside body is used to ensure quality, usually up to pre-set industry, national or international standards.
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.
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.
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.
Flexible working	A variety of working arrangements that enable individuals to combine more easily work with other responsibilities and interests.
Flexitime	A variable work schedule where employees must be at work for a defined part of the day but the remaining hours are flexible, subject to them achieving the total daily, weekly or monthly hours the employer expects.
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 and 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 the farmer's own consumption and for sale in the local market.
Food miles	Refers to the distance food is transported from the time of its production until it reaches the consumer.
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 for €.
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 divided 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 seeking a job is able to find one.
Function	The specific job of a department, e.g. finance, human resources.
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.
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).
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 operated 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.).
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.
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 Business Partner	An HR specialist who provides a lead role on a specific aspect of HR and supports local managers by providing systems and advice to carry out specialist work.
Human resource development	The framework for helping employees develop their personal and organisational skills, knowledge and abilities.
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.
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).
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 penknife 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 stand-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.
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 (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	Those who put money into a venture.
Investors in People	A government-sponsored people management standard intended to improve business productivity.
Invoices	Documents that 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 another over the Internet.
ISDN	Integrated Services Digital Network: high speed digital telephone lines.
ISO 140001	International standard for controlling and improving the interaction of business activity with the natural environment.
ISO 9001	International standard for quality in business processes and products.
Jargon	Specialised words or phrases that are used by a specific group - typically at work.
Job advertisements	Advertising that 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.
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.
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.
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 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.
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 advice 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 & safety 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	To 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 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.
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.
Liquid assets	Those assets that are easiest to turn into cash.
Liquidation	A formal process involving the sale of a company's 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 logical 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.
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 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 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 supply across a market sector eg confectionery.
Market focus	Concentration by a firm on the needs and wants of consumers.
Market focused	Concentration by a firm on the needs and wants of consumers.
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 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 agencies	Independent agencies that collect market data, write reports on market sectors and then sell the information to organisations within selected industries.
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	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-focused	Basing strategy and decisions on customer needs and wants.
Market-led	Basing strategy and decisions on customer needs and wants.
Market-orientated	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 orientated	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 subsequent sales.
Markets	Any media through which sellers and buyers can negotiate a sale.
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 deserving 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 tends 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.
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.
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.
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 1 spent in a shop, 10p might be saved and 90p spent again; next time 9p might be saved and 81p spent again and so on.
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.
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 rates 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.
Negative growth	A contraction in a country's economy, evidenced by a decrease in its gross domestic product during any quarter of a given year.
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.
Net Promoter Score	A way to measure customer loyalty through those who would recommend the business to others.
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 process 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-departmental public body	A government body that works independently from ministers and the government but is responsible to Parliament for activities of bodies sponsored by its department.
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.
NVQ	National Vocational Qualification. NVQs are work-related, competence-based qualifications.
Objectives	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.
Online operation	Where activities are 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 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.
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.
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.
Part-finished	Manufacturing process that produces materials that are then used for other manufacturing processes.
Particulate traps	An emission control device in the exhaust system of a diesel engine that captures particulates before they can enter the atmosphere.
Partner of choice	An organisation that others, e.g. governments, communities, would choose to work with for projects.
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 invention granted 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 interests 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.
Penetration pricing	Setting a low product price often with an aim to gain market share from the competition.
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.
Perfect competition	Where no participant in the market can influence the price of the product it buys or sells.
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.
Personal development	Acquiring the experience and skills to improve work performance and job 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.
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 so 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 range 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.
Positional map	Diagram indicating how customers perceive the position of a product in a given market relative to competitors.
Positioned	Consumers' perception of the place occupied by a company or brand within a market relative to competitors.
Positioning	Consumers' perception of the place occupied by a company or brand within a market relative to competitors.
Positive free cash flow	Cash incomings over period less changes in working capital less capital investment.
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).
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.
Probability	The likelihood of an event occurring, measured as a percentage or as a decimal part of 1.0).
Probationary	A period of time at the start of a new job when the person is watched and tested to see if they are suitable for the job.
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 or brand is perceived by consumers relative to the offerings of competitors eg up or down market, traditional or modern.
Product proposition	The total mix of benefits represented by a product and offered to the customer at a price.
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.
Psychometric testing	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.
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 company might consult 80% under 15s, 10% 15-18s and 10% over 18s.
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.
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.
Regulated	Governed by rules set out by government. Deregulation involves the removal of some or all of these rules.
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.
Renewables	Energy sources that can be replaced, e.g. wind power, wave power.
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 margin	The proportion of the selling price that is profit. Calculated as profit/retail selling price x 100.
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.
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.
Sales value	The value of sales made over a fixed period of time.
Sample	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 a person meets basic specified requirements especially in a job application.
Screening	Process of checking that a 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.
Seismic survey	An exploration method which uses sound waves.
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-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 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 identity for 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.
Specification	Detailed requirements for a new product development.
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.
Spreadsheets	A table of numbers organised and presented on a computer program such as Windows Excel.
Staff turnover	The number of people leaving their jobs as a percentage of the workforce in a given period.
Stakeholder	Person or group with a direct interest in the decisions or behaviour of an organisation (eg shareholders, employees, customers, suppliers, creditors, local community).
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 with a direct interest in the decisions or behaviour of an organisation (eg shareholders, employees, customers, suppliers, creditors, local community).
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 services 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 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 a 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	Payment 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.
Suppliers	Growers or providers of goods and materials.
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 growth	Developing the business to meet the needs of consumers today, while respecting the needs 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.
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'.
Tangible assets	Everything of value in a business that 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-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 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 and 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.
Trademarked	Registration of a text, symbol or logo signifying a company and its products.
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.
Transactional services	Services involving routing activities within an organisation that can be set out as operating processes.
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.
Triple bottom line	Measurement of the success of a business in terms of economic performance, e.g. sales; social performance, e.g. employment; and environmental performance, e.g. waste minimised.
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.
Under-achieving	Performing below expectations eg failing to meet deadlines or output targets.
Underwriter	Person or company accepting a business risk in return for a fee eg merchant bank guaranteeing to buy unsold shares in a company flotation.
Underwriters	Person or company accepting a business risk in return for a fee eg merchant bank guaranteeing to buy unsold shares in a company flotation.
Underwriting	Process of accepting a business risk in return for a fee eg merchant bank guaranteeing to buy unsold shares in a company flotation.
Unemployment	Exists when people of working age are unable to find paid employment.
Unethical behaviour	Behaviour that does not comply with prevailing moral codes and principles.
UNICEF	A department of the United Nations whose aim is improving children's health and education, particularly in poor countries.
Unique selling point (USP)	Product with a feature not offered by competitors that gives it distinctive appeal in the marketplace.
Unique selling proposition (USP)	Product with a feature not offered by competitors that gives it distinctive appeal in the marketplace.
Unit costs	The average cost of producing one item ie total cost divided by total units produced (over a given period).
United Nations	An organisation comprising most countries of the world and 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 without equal.
Unregulated market	A market open to all and any suppliers without rules or restrictions.
Upstream	That part of the oil and gas industry that is concerned with the exploration and extraction of crude oil and natural gas from the ground to the pipeline.
Urban drift	Tendency of people in rural areas to move into towns and cities.
Urban renewal	Constructing and renovating buildings, encouraging new business enterprise and upgrading the environment within a run-down urban area.
Usage penetration	The percentage of a target market that uses a given product.
Utilities	Essential services such as gas, water and electricity.
Utility companies	Firms providing essential services such as gas, water and electricity.
Value	Benefits to the consumer that can be exchanged for money.
Value added packaging	Packaging that adds to the net value of a product within its target market.
Value Added Tax	A tax added to the price of a product at a given percentage rate.
Value chain	The successive increases in value represented by the linked stages in the making of any product (goods or services).
Value-added	The difference between the cost of inputs to a product and the price it can command in its target market.
Value-added technology	Any technology that can add net value to products.
Values	Set of ethical or operating principles that guide decision-making.
Values-driven culture	Organisational attitudes and assumptions driven by a set of ethical or operating principles.
Variable costs	All costs that vary with output.
Variable hours	Arranging different start and finish times to suit employee needs.
Variance/s	Difference between forecast (eg budgeted) and actual results.
Variants	Different versions of a core product eg different flavours, colours, sizes etc.
Venture capital	Risk capital (typically for funding innovation and new products) made available to small and medium sized enterprises, often in a mix of share and loan capital.
Venture capitalists	Investors who make risk capital (typically for funding innovation and new products) available to small and medium sized enterprises, often in a mix of share and loan capital.
Verbal communications	Communication through speech - direct or through electronic media.
Vertical integration	Where a company takes over another company that is upstream or downstream in the productive process eg a supplier or a distributor.
Vetting	To examine something or someone carefully to make certain that they are acceptable or suitable.
Virtuous circle	A cycle of events where one desirable event or change triggers another eg sustainable agriculture generating more sustainable businesses in the agricultural sector.
Visibility	Increasing the number of occasions on which potential consumers are exposed to a particular brand.
Vision	A motivating summary of what an organisation hopes or intends to achieve.
Visionary target	A motivating target; something to work towards.
VMS (Variable Message Signs)	Electronic notices on the highways network to communicate information and advice to drivers.
Voice of the customer	Market research into the wants and attitudes of actual and potential customers.
Voice of the process	What the process is 'saying': using process quality measurement to monitor and investigate production performance.
Voluntary sector	Economic activity based on volunteer and (mostly) unpaid labour eg Oxfam shops.
WAP	Wireless Application Protocol: international standard for network communications in a wireless environment.
Warehousing	Temporary storage place for goods in the process of distribution.
Waste	Any unnecessary or misdirected use of resources.
Wealth generation	Economic process of investment and enterprise through which the value of national output and income are increased.
Web browsers	The software used to navigate through the World Wide Web.
Welfare	The range of services, support and benefits provided by the government such as the NHS, susidised housing and unemployment benefit.
Welfare to Work	Government policies encouraging and enabling people dependent on benefits to move into paid employment.
What-if scenarios	A way of predicting the future by asking 'what if' something happened and then modelling the outcomes of these factors, often using software tools.
Wheel network	Centralised communication network where messages pass from 'hub' to 'spokes' but not necessarily between 'spokes'.
Whistle-blower	A person who informs on someone engaged in an illegal activity or who reports wrong-doing within an organisation to internal or external authorities.
White goods	Domestic electrical goods such as freezers and washing machines.
Wholesale money markets	Markets (in London) where financial instutions such as banks borrow and lend to one another on a short-term basis.
Wholesalers	Companies that buy goods in bulk from manufacturers and sell them in smaller quantities to retailers.
Wi-Fi	The protocol (system of rules) that allows nearby computers and other devices to communicate wirelessly.
Win-win situation	Transaction or policy that benefits all parties involved.
Windfall	One-off financial gain, usually unexpected. Customers of building societies made windfall gains if their society demutualised.
Work ethic	Strong belief in the importance and benefits of working hard.
Work-in-progress	Semi-finished goods; part of stock value.
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 or country.
Workforce planning	Process of anticipating an organisation's future staffing needs and then making a plan to fulfill them.
Working and Child Tax Credits	Government payments made to people earning a low income and to families bringing up children.
Working capital	The day-to-day finance needed for running a business. In accounting terms it means current assets less current liabilities.
Working practices	The ways in which work is organised and carried out within an organisation or industry.
Working Tax Credits	Government payments made to people earning a low income.
Working time directive	European Union law adopted by the UK stating limits to working hours and specifying minimum rest periods.
Working to rule	Trade union tactic during a dispute pressurising employers by observing precisely every rule and so slowing down the rate of work.
Workstation	Small workplace area assigned to one employee, usually a desk with a computer.
Y network	A centralised communication channel where messages can be directed vertically and laterally as required.
Zero tolerance	Total refusal to accept prohibited or unwanted behaviour.

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