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Business 2000 - Business Glossary
Category: Business and Law
Date & country: 27/01/2008, IRL
Words: 260

Absenteeism consists of days not at work, being late and taking excessively long breaks :: Guinness (5th Edition)

Absolute Advantage
A country has an absolute advantage in the production of a good if it can produce that good more cheaply than other countries.

Action Learning
By experiencing an event first hand a long-term change in behaviour can result. This form of change is called action learning or learning by doing. :: DELL (8th Edition)

Ad-valorem tax
This is a tax levied according to value or is a percentage of the purchase price. For example Value-Added Tax (VAT) is an ad-valorem tax as it is a percentage levied when purchasing goods. :: Dept. of Finance (5th Edition)

Advertising Budget
The sum allocated by a company to its marketing department or to its advertising agency.

An affiliated organisation can be associated or allied with a larger representative organisation. :: Irish League of Credit Unions (6th Edition)

Planting trees on land not previously used for forestry. :: Coillte (5th Edition)

Age Dependency Ratio
This is the ratio of the number of persons past the conventional retirement age of sixty five to the number of people in the conventional working ages of twenty to sixty five. :: Dept. of Finance (5th Edition)

Age-Standardised Mortality Rates
Take account of the different age structures in populations. This allows valid comparsion between regions and over time. :: Dept. of Health (8th Edition)

A.G.M. â€` Annual General Meeting. An annual meeting of shareholders in a company to vote on routine matters such as the approval of accounts, remuneration of the company`s auditors and the election or re-election of directors. :: Financial Regulator (9th Edition)

Ancillary Services
Related or secondary services. :: Bus Éireann (8th Edition)

An unpaid or overdue debt. The state of being behind in payments. :: Office of the Revenue Commissioners (10th Edition)

A formal examination of accounting documents by a professional, normally conducted annually. :: EU Commission (10th Edition)

A general term referring to the information carrying capacity of communications systems such as phone lines, cable TV and wireless. Broadband means high bandwidth, while narrowband means low bandwidth. :: Department of Education & Science (8th Edition)

The exchange of goods for other goods.

Base rate
The rate of interest used by banks to calculate the interest on consumer lending. Lending rates are set at a margin over the base rates, depending on the risk involved.

Bear market
A market in which more people are selling than buying, causing share prices to drop.

Below-the-line Activity
This expenditure on promotional items do not involve the use of traditional media and typically consistents of product sampling and in-store promotions. :: Masterfoods (6th Edition)

The practice of one company identifying the leading company in its particular industry. It then sets out to measure its own performance in comparison with the market leader and undertakes to take action to narrow the gap in terms of its own performance. It allows firms to find and adopt best practice. :: NDP (9th Edition) :: InterTradeIreland (8t …

Benefit Packages
Non-cash incentives to a workforce. They may range from benefits-in-kind like subsidised meals in the company canteen to shares in the company sold to employees at a preferential rate. The package may also include paid study leave, subsidised foreign holidays, educational fees, low interest on house loans. Packages like this can compensate workers …

Additional benefits given by an employer are often called benefits-in-kind, such as traveling expenses, medical insurance and employer pension contributions. :: The Pensions Board (6ht Edition)

Non-cash incentives to a workforce. They may range from benefits-in-kind like subsidised meals in the company canteen to shares in the company sold to employees at a preferential rate. Benefit packages may also include paid study leave, subsidised foreign holidays, educational fees, low interest on house loans. Packages like this can compensate wo …

Best Practice
This is a firm following the example of excellent work practices in other firms in an effort to improve. This is the same thing as benchmarking - measuring performance against best practice in other firms. :: NPP (6th Edition)

A game of Italian origin similar to lawn bowling that is played with wooden balls on a long narrow court covered with fine gravel. :: Bank of Ireland (7th Edition)

A debt security (IOU) issued by a corporation, government, or government agency in exchange for the money the bondholder lends it. In most instances, the issuer agrees to pay back the loan by a specific date and make regular interest payments until that date. :: Dept. of Finance (5th Edition)

A brand is one of a company's strongest assets although it does not appear on its balance sheet. Branding involves attributing a name, sign or symbol to a company's goods or services. These differentiate the products or services from competing goods and service the products. Sometimes branding can be so successful that the brand takes on a persona …

Brand Core
A term used for the elements that a brand calls to mind. These may be related to its performance or imagery. :: Cadbury (8th Edition)

Brand Equity
The value of a brand, based on the extent to which it has high brand loyalty, awareness, perceived quality and strong associations. :: Diageo (8th Edition) :: Cadbury (8th Edition)

Brand Extension
A new product or service that is related to an existing brand but offers a different benefit and/or appeals to a different target audience. :: RTE (10th Edition)

Brand Identity
The name and visual appearance of the brand. It is how consumers will recognise a product/service and differentiate it from competitors. :: Cadbury (8th Edition)

Brand Personality
The 'brand personality' is what people think and feel consciously and subconsciously about a company identity or product and is described the same way as you would a person. :: Coca Cola (5th Edition)

Brand Positioning
Brand Positioning is in the mind of the consumer relative to competing brands and can be described as how a product is considered by the consumer. When researching product positioning, consumers are often asked how they would describe that product if it were a person.

Brand Proposition
Or brand statement, is the central promise a brand makes to its consumers. The brand proposition must be appealing, easily understood and relevant to the target market. :: Cadbury (8th Edition)

Breakeven Analysis
A mathematical method for analyzing the relationships among a firms fixed costs, profits, and variable costs to calculate the costs of running a business. :: AIB (10th Edition)

British Irish Agreement
The agreement between the Government of Ireland and the Government of the United Kingdom of Great Britain and Northern Ireland establishing Implementation Bodies including th........ :: Special EU Programmes Body (9th Edition)

Broad Band Internet Connection
Broadband connections to the internet allow large amount of data to be sent very quickly. This is necessary for sending large files such as those containing graphics, sound or video. Connecting games consoles together requires a broadband connection because of the amount of video and sound involved. :: Department of Education & Science (8th Editio …

The Minister for Finance outlines his plans for tax and spending during the year in the Budget. The main set- piece of the financial year, it is of great interest to the public because it affects their take-home income.

Business Model
A business model is the method of doing business by which a company can sustain itself, that is, generate revenue. The business model spells-out how a company makes money. A company produces goods or services and sells them to customers. If all goes well, the revenues from sales exceed the cost of doing business and the company makes a profit. :: …

Business Networks
A group of people with similar interests or concerns who interact and remain in formal or informal contact for mutual assistance or support. :: InterTradeIreland (8th Edition)

Business Plan
A business plan is a statement issued by the owners or managers of a business outlining how they expect the business to develop over the years. It should cover the following areas: management, HRM, finance, production and marketing. :: Bus Éireann (8th Edition)

Business to Business (b2b)
The carrying out of trade between two businesses over the Internet.

This can come in many forms e.g. liquid capital, fixed capital, circulating capital, social capital. All types of capital are valued and can be exchanged using money. The economic return on capital is interest. :: AIB (9th Edition)

The amount of cash a company generates and uses during a period, calculated by adding non-cash charges (such as depreciation) to the net income after taxes. Cashflow can be used as an indication of a companys financial strength. :: AIB (10th Edition)

Centralised structure
Organisations are centralised when important decisions are taken by managers at the top of the organisation.

Channel of Distribution
The means by which goods are passed from the producers to the final consumers. :: Department of Transport (9th Edition) :: Musgrave Group (9th Edition)

Civil Service
This covers those employed directly in government departments. Click on for more information. :: Civil Service Commission (7th Edition)

Clinical Indemnity Scheme
The State Claims Agency deals with claims against hospitals, doctors and nurses, and is currently managing 250 cases alleging clinical negligence. The Government covers the potential liability of medical negligence. :: NTMA (10th Edition)

A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs through a jointly-owned and democratically-controlled enterprise. :: ILCU (7th Edition)

Co-operative movement
A co-operative is an autonomous association or the banding together of groups of people for mutual assistance/benefit in trade, manufacture, the supply of credit, housing, or other services. The original principles of the co-operative movement were set out in 1844 by the Rochdale pioneers. :: Glanbia (10th Edition)

Code of Conduct
This is a set of conduct of business rules that financial firms must follow by law when dealing with you. It outlines standards that you can expect when dealing with a company governed by the code. :: Financial Regulator (10th Edition)

When a company telephones/visits you without your prior permission. :: Financial Regulator (10th Edition)

A product that becomes commonly used or available in the market place. :: AIB (8th Edition)

Common Chapter
The NDP (2000-2006) and the Northern Ireland Structural Funds Plan (2000-2006) each contain a chapter of agreed text that appears in both plans. This sets out a strategic framework for building upon and developing North/ South and wider co-operation across a broad range of sectors and initiatives. The SEUPB is responsible for monitoring and promot …

Common Market
A common market is a customs union where there is also free movement of labour and capital between its members. A customs union is a free trade area where members agree to impose a common external tariff on trade with non-members. A Free Trade Area is a group of countries, which agrees to remove all trade barriers. In this final case each member c …

Communications Strategy
The means by which an enterprise identifies its target audience, determines its communications objectives, and selects the appropriate media for its intended message.. :: Luas (8th Edition)

Comparative Advantage
A country should specialise in producing a good at which it is relatively more efficient. :: NTR (6th Edition) :: Enterprise Ireland (6th Edition)

Competitive Advantage
The strategies, skills, knowledge, resources or competencies that differentiate an organisation or indeed country from its competitors. :: Cadbury (10th Edition) :: Musgrave Group (10th Edition) :: Department of Education and Science (9th Edition)

To arrange the components in a computer. A PC contains various components such as memory and a hard disk. When customers choose the size and mix of these components they are configuring their computers. :: Dell (8th Edition)

A business organisation made up of a number of smaller companies :: IFSRA (8th Edition)

An exercise whereby a company can carry out the same activities in a smaller number of locations. :: Diageo (9th Edition)

Consulate General
A consulate (or consular office) is a form of diplomatic mission in charge of issues related to individual people and businesses, in other words issues outside inter-governmental diplomacy. The head of a consulate is known as a consul. :: Department of Foreign Affairs (9th Edition)

Consumer Price Index
An index measuring the price of an average basket of goods, it is used to calculate the rate of inflation.

The field of marketing that deals with the rights of the consumer. Having appropriate information and consumer choice is crucial for building consumer confidence, particularly when dealing with food products. :: Food Safety Promotion Board (8th Edition)

The use of a product or service by an end user until it has no remaining value. :: Food Safety Promotion Board (8th Edition)

Corporate Culture
The values, processes and encouraged behaviours in an organisation. 'The way things are done around here'. :: Cadbury (10th Edition)

Court of First Instance
An independent court attached to the European Court of Justice. :: EU Commission (10th Edition)

Credit Rating Agencies
These organisations apply ratings to debt products. The highest rating available for long-term debt is AAA and Ireland has received this from the four main international credit rating agencies. :: NTMA (9th Edition)

Corporate Social Responsibility is where a company recognises the society in which it exists and attempts to benefit it in some way. Most successful companies will view social responsibility as an important, valuable aspect of their organisational objectives. :: Vodafone (10th Edition) :: Diageo (8th Edition) :: Amway (8th Edition)

Current Expenditure
The government`s short term or day-to-day spending when running the country. The wages of public servants are a major element but it also includes social welfare payments and materials such as medical supplies used in the health service and office supplies used throughout the public service. :: NTMA (9th Edition)

Current spending
Expenditure the benefit of which is received within the year, for example the wages of public servants.

Decentralised structure
Organisations where the decision making is the responsibility of individuals at a lower level in the organisation. :: The Courts Service (5th Edition)

Delegation involves the transfer to others of responsibility for carrying out certain tasks, functions or decisions.

Dependancy Ratio
A measure showing the number of dependents (aged 0-14 and over the age of 65) to the total population (aged 15-64). :: NTMA (10th Edition)

Deregulated market
This occurs after a government lifts former regulations to allow the market to function more freely. An example of this is the electricity market in Ireland which was formerly serviced by one state company. :: Department of Finance (9th Edition)

Developer Pays Principle
This states that whoever causes a cost to be incurred must pay that cost. :: NRA (9th Edition)

Devolved Organisation
In such an organisation the centre delegates decision making to units and managers lower down in the hierarchy.

The process of adding a set of meaningful and valued differences that distinguishes a company's offerings from those of its competitors. :: Cadbury (9th Edition) :: Musgrave (8th Edition)

Direct Costs
Costs clearly and exclusively associated with a certain strategy, issue or programme. :: Department of Health and Children (10th Edition)

A type of legislation issued by the EU which is binding on Member States in terms of objective but which leaves choice of method to Member States. :: NRA (10th Edition)

A department or office within an organisation used to integrate and co-ordinate the activities of a particular function. :: The Courts Service (5th Edition)

Disposable Income
The amount of income left to an individual after taxes have been paid, available for spending and saving. :: Food Safety Promotion Board (8th Edition)

That proportion of company profits paid to shareholders; it is denominated in pence per share. The dividend is the way that companies reward shareholders - the owners - for their annual performance. Typically some profits will be distributed in dividends and some will be kept to invest in the company's future. :: CRH (9th Edition) :: Financial Reg …

An electronic barrier/limitation due to insufficient Information and Communication Technology (ICT). Certain areas may not have as sophisticated an infrastructure as others and this can lead to limitations in their ability to access and process information. :: Department of Finance (9th Edition)

is a method of buying and selling products and services electronically through the internet and the World Wide Web.

Economic and Monetary Union
The creation of a single currency bloc within the European Union began on 1st January 1999.

Economies of scale
This occurs when more of a good or service is produced, the cost of producing each unit of that good or service is reduced. :: Musgrave Group (10th Edition) :: BT Ireland (9th Edition) :: Amway (9th Edition) :: CRH plc (6th Edition)

Employers Liability
Employers liability claims against the State are for personal injuries arising out of accidents caused to employees of the State during the course of their work e.g. a Garda claiming against An Garda Síochána. :: NTMA (10th Edition)

A person who is innovative and takes the risk of bringing the other factors of production together in a business concern to try and profitably satisfy the needs and wants of a particular segment of a market. :: Udaras na Gaeltachta (9th Edition) :: InterTradeIreland (6th Edition) :: Allied Irish Banks (6th Edition) :: Shell (5th Edition)

Environmental Impact Assessment
An examination of the likely impacts of development proposals on the environment prior to the beginning of any activity. :: National Roads Authority (8th Edition)

Environmental Impact Statement
An examination of the likely impacts of development proposals on the environment prior to the beginning of any activity. :: NRA (9th Edition)

The ordinary shares of a company which shareholders own, giving them a stake in a company.

The capital invested by ordinary shareholders is known as equity. :: CRH (8th Edition)

The currency of EU monetary union, which commenced on January 1st, 1999. The euro notes and coins go into circulation on 1st January 2002.

The twelve national central banks of the euro area and the European Central Bank make up the eurosystem. It is the responsibility of the eurosystem to ensure the transition to the euro is as smooth as possible. Its primary objective is the maintenance of price stability and to protect the purchasing power of the euro. :: Central Bank (7th Edition …

On 1st January 1999 the euro became the national currency for 11 countries in the eurozone. On that date the rate of exchange between currencies of Austria, Belgium, France, Finland, Germany, Holland, Ireland, Italy, Luxembourg, Portugal and Spain were fixed. Greece joined the euro as the twelfth member on 1st January 2001. This is also called the …

Extraordinary General Meeting
A meeting of company shareholders to vote on non-routine matters such as approval of a take-over.

Factors of Production
To enable a firm to produce outputs, some combination of land, labour, capital and enterprise must be used. These four resources are called the factors of production. :: Enterprise Ireland (5th Edition)

Final Remuneration
The term used by the Revenue Commissioners for the maximum amount of earnings which it will permit to be used for the purposes of calculating maximum approvable benefits. :: The Pensions Board (6th Edition)

Financial Services Provider
All firms that sell financial products. This includes banks and building societies, insurance companies, credit unions, brokers and stockbrokers. :: IFSRA (8th Edition)

Flora and Fauna
Fauna is a collective term for all kinds of animals and Flora is a collective term for all kinds of plants. :: NRA (10th Edition)