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Business 2000 - Business Glossary
Category: Business and Law
Date & country: 27/01/2008, IRL
Words: 262


Flow of Wealth
Wealth is the total stock of assets which a person owns at a particular point in time. However income is the flow of wealth, earned by an individual over a period of time. :: Dept. of Finance (5th Edition)

FMCG
Fast Moving Consumer Goods: This is usually an everyday low priced and low risk product that requires very little thought when purchasing. :: Food Safety Promotion Board (8th Edition)

Focus Groups
A small sample of typical consumers under the direction of a group leader who elicits their reaction to a stimulus such as a product or brand. :: Coca-Cola Ireland (6th Edition)

Food Chain
shows how each living thing gets its food. Some animals eat plants and some animals eat other animals. Each link in this chain is food for the next link. A food chain always starts with plant life and ends with an animal. :: Food Safety Promotion Board (8th Edition)

Franchise
A franchise business is a method a company uses to distribute its products or services through retail outlets owned by independent, third party operators. The independent operator does business using the marketing methods, trademarked goods and services and the goodwill and name recognition developed by the company in exchange for an initial sign …

Fund Manager
Manager responsible for making decisions related to any portfolio of investments (often a mutual fund, pension fund, or insurance fund) in accordance with the goals of the fund. :: National Pensions Board (7th Edition)

G5
The G5 countries are the top 5 wealthiest and most influential countries. They are France, Germany, Japan, the United Kingdom, and the United States.

Gatekeepers
These are buyers of products who control the flow of information as well as making the purchasing decision. :: Cadbury (6th Edition)

Gatt
GATT (General Agreement on Tariffs and Trade), now the WTO (World Trade Organisation), began the process of world trade liberalisation in 1948. Agriculture was brought into the process in 1994 under the Uruguay Round Agreement. A new agreement is currently under negotiation. :: Department of Agriculture & Food (8th Edition)

Gender mainstreaming
The Government's strategy to promote equal opportunities between men and women. This is necessitated by the fact that men and women often have different levels of access to resources and carry out different tasks in their daily lives. For example 73% of men participate in the workforce compared to 50% of women. Gender mainstreaming is a requiremen …

General Government Balance
This is the combined budgets of the Government, local government bodies such as county councils, and the non commercial state sponsored bodies. :: NTMA (9th Edition)

General Government Debt (GGD)
This is the definition of debt used for comparative purposes within the EU of which the National Debt is a principle component. :: NTMA (8th Edition)

Geographical Mobility
This refers to the movement of workers from one location to another. The greater the mobility of workers, the lower the level of unemployment. The restriction on mobility has economic implications for the level of unemployment. :: Enterprise Ireland (5th Edition)

Geographical Organisation
This is a business that is divided according to the geographical areas it is serving.

Global Company
Global companies plan activities on a global basis. By operating in more than one country benefits from savings or economies on activities such as R&D, marketing, operations and finance are achieved which may not be available to domestic companies. :: Masterfoods (5th Edition)

Good Friday Agreement
Signed in Belfast on April 10 1998 by the British and Irish Governments and endorsed by most Northern Ireland political parties. It was endorsed by the voters of Northern Ireland and the Republic of Ireland in separate referenda in May 1998. :: Special EU Programmes Body (9th Edition)

Goodwill
Goodwill is the likelihood that the old customer will return and can be equated with brand loyalty. :: Coca-Cola (5th Edition)

Government Bond
A debt instrument issued by the Government for a period of more than one year. Generally, a bond is a promise to repay the principal along with interest on a specified date (maturity). When an investor buys a bond, he/she becomes a creditor of the issuer. However, the buyer does not gain any kind of ownership rights to the issuer, unlike in the ca …

Government Policy
This refers to the government's approach or strategy to a particular area of activity. :: Bord Failte (6th Edition)

GPRS (General Packet Radio Service)
General Packet Radio Services (GPRS) is a packet-based wireless communication service that promises data rates from 56 up to 114 Kbps and continuous connection to the Internet for mobile phone and computer users. The higher data rates will allow users to take part in video conferences and interact with multimedia Web sites and similar applications …

Gross Domestic Product
This is the measure of the total flow of goods and services produced within the country during the year and is used to assess national economic performance. GDP does not include net factor income (income earned by Irish individuals and companies minus income earned by foreign individuals and companies in Ireland). :: Department of Foreign Affairs …

Gross National Income
The total value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. :: NDP (5th Edition)

Gross National Product
The most widely used measure of the overall level of economic activity. This has been refined over the years to give a more accurate measure of the level of economic activity by, for example, taking into account the level of profit repatriations from multinational firms. :: NTMA (9th Edition) :: NTMA (5th Edition)

Hazard
A hazard is anything that can cause harm (e.g. dangerous chemicals, electricity, an exposed wire, or working at heights from ladders). :: Health and Safety Authority (8th Edition) :: Health & Safety Board (6th Edition)

Hierarchy of Needs (Maslow)
This theory assumes that everyone has five basic needs that can constitute a hierarchy reflecting a degree of importance. :: Dell (5th Edition)

HRM
The management of the workforce of a business to ensure sufficient staff levels with the right skills, properly rewarded and motivated. :: LGMSB (9th Edition)

Human Capital
The sum total of a person's productive knowledge, experience, and training. The acquisition of human capital is what makes a person more productive. One of the most notable methods of stocking up on human capital is through formal education--from grade school to advanced college degrees. However, human capital is also effectively obtained through …

Incubation Centres
An environment that provides the entrepreneur with a solid platform for starting and growing a business. Low-cost space and shared services reduce overheads in the crucial early development stage of a new enterprise, and the constant availability of practical business advice and assistance contributes to the long-term survival and success of the b …

Independent retailers
These are shops usually owned by sole traders or family concerns. They have no link to any voluntary group. They are attractive to consumers because they have very long opening hours and often offer credit to long standing customers. They sometimes provide delivery services and most still have a friendly atmosphere to shop in. :: Musgrave (6th Edi …

Indirect Costs
The costs associated with impacts or consequences of a strategy, issue or programme. :: Department of Health and Children (10th Edition)

Industrial Relations
The quality of relations between employers and employees. The Industrial Relations Act 1990, established by the LRC, set out the rules for proper conduct during industrial disputes. :: LGMSB (9th Edition)

Industrial Relations Officer (IRO)
An officer of the LRC appointed to mediate in industrial disputes. All IROs come from an independent public service background. They are trained and experienced experts in mediation and conciliation techniques. :: Labour Relations Commission (9th Edition)

Industrial Revolution
The Industrial Revolution was a period of rapid industrial growth causing a radical shift in focus from agriculture to industry during the late 1700's and early 1800's. A dramatic increase in city populations was one of the effects of the Industrial Revolution. (circa 1750 to 1850) :: Diageo (8th Edition)

Inflation
This is a steady and persistent increase in the general level of prices. Inflation can occur due to an increase in demand, when 'too much money is chasing too few goods', or when the producer increases prices to cover increasing costs of production. :: National Roads Authority (8th Edition)

Informal Organisation
This is a business that is more lateral than hierarchical in structure due to increased empowerment of workers working toward a common goal. :: Irish League of Credit Unions (6th Edition)

Information technology
The use of computers and other electronic means to access and process large quantities of data. :: Musgrave (6th Edition)

Infrastructural Deficit
Under-investment of infrastructure, coupled with rapid economic growth has left Ireland with insufficient infrastructure for the needs of the country. :: NTMA (8th Edition)

Innovative
Suggesting new business opportunities that should be considered by the business in order to maximise profits. :: BT Ireland (9th Edition)

Intellectual Property (IP)
IP is an intangible asset and represents a legal claim to some future benefit. Other examples include Goodwill, Patents, Copyrights, and Trademarks. :: InterTradeIreland (6th Edition)

Interest Groups
Representative organisations of various stakeholders who try to achieve results by applying pressure on other organisations. :: Department of Health (9th Edition)

Interim results
Company results for the first six months of that company's financial year.

Intranet
A form of internal communications by computer. Transnational organisations can use the Intranet to communicate with branches worldwide sharing information on best practice and functions like research and development. The information is encrypted in such a way that only these branches can access the information on the site. :: Dell Ireland (6th Ed …

Invisible Export
Hospitality is an export industry. An export is a product produced in one country and sold in another. Normally we think of exports as something we transport in return for a price, but in the case of tourism there is no physical product. This is why tourism is often called an invisible export. :: Bord Failte (6th Edition)

ISO 9002
This quality assurance model applies to organisations that produce, install, and service products. ISO expects organisations to apply this model and meet these requirements through a quality system. :: Guinness UDV (6th Edition)

Joint Stock Company
A company which has some features of a corporation and some features of a partnership. :: ILCU (7th Edition)

Judiciary
The judges working throughout the courts system. :: The Courts Service (5th Edition)

Jurisdiction
(a) The power of a court or a judge to hear an action, petition or other proceeding or (b) The geographical area within which such power may be exercised.

Knowledge Management
This is based on the belief that who and what you know are assets of the organisation. This involves the management of data, information and knowledge (because knowledge is not the same thing as information or data). When data is organised into a usable structure it becomes information, information becomes knowledge when it is placed in an actiona …

Laissez Faire
This French phrase is used by economists to describe a non-interventionist Government policy. :: Department of Health & Children (8th Edition)

Liquidity
This term applies to the company's ability to meet its cash commitments. Current assets are liquid because they can be turned into cash. Obviously, cash is the most liquid current asset and stock the least.

Live Register
One measure of the level of unemployment; it is the register which must be signed by people who are unemployed and/or seeking welfare payments.

Local Area Network (LAN)
A local area network (LAN) is a group of computers and associated devices that share a common communications line and typically share the resources of a single processor or server within a small geographic area (for example, within an office building). Usually, the server has applications and data storage that are shared in common by multiple comp …

Macro Environment
All external environmental forces which can affect how a company operates but which are beyond its control. These include: demographics, the economy, natural forces, social and cultural forces and government regulations. :: Lucozade Sport (10th Edition)

Management Development Strategy
This refers to efforts by a company to provide leadership training usually to middle or top level personnel to assist them in upgrading their skills. An example of this would be a company facilitating or even paying for courses to encourage their managers to keep abreast with developments in Information Technology. :: CRH (10th Edition)

Managing Change
Change in the business environment is an important issue for managers and can be considered under issues of complexity and uncertainty. :: RTE (5th Edition)

Market Capitalisation
The current total value of a company's issued shares. This is obtained by multiplying the current market price by the current number of shares in issue. :: IFSRA (8th Edition)

Market Niche
Adapting a company's product to more closely match the needs of one of more sub-segments where there is often little competition. :: Coca-Cola Ireland (6th Edition)

Market Penetration
The extent to which a product is recognised and bought by customers in a particular market. :: O2 (8th Edition)

Market Research
The process of gathering and processing data so that a company will know which goods and services to produce, what price to charge for them and which markets to sell them in. :: RTE (10th Edition) :: Bank of Ireland (9th Edition) :: O2 (9th Edition) :: Bus Eireann (9th Edition) :: IFSRA (8th Edition) :: Xtra-vision (8th Edition) :: Masterfoods (6 …

Market Segment
A part of the market which has its own distinct customer profile and buyer characteristics such that, for marketing purposes, it can be targeted separately from other segments of the market. :: Cadbury (6th Edition) :: Coca-Cola Ireland (6th Edition) :: GlaxoSmithKline (5th Edition)

Market Segmentation
This is the identification of specific market segments within a market, and developing different marketing offerings for each segment. :: Danone (6th Edition):: Usit (6th Edition)

Marketing Concept
Marketing is a business attitude that puts the needs and wants of the customer first. This philosophy is called the marketing concept and seeks to find out what customers want. :: Beiersdorf (6th Edition) :: GlaxoSmithKline (5th Edition) :: RTE (5th Edition)

Marketing Mix
Any combination of the various elements of marketing. The most famous mix is the 4Ps – product, price, place, and promotion. The term media mix applies to any mix of media used for advertising or promotion, e.g., television, radio, newspapers etc. :: Cadbury (10th Edition)

Marketing Strategy
A plan which clearly outlines how a business is hoping to achieve its sales targets. :: Musgrave Group (9th Edition)

Masterbrand
A corporate brand name that dominates all products or services in a range or across a business. A Masterbrand incorporates the company mission and values and translates them into a more accessible form. (Other examples: Lego and Nescafé) :: Cadbury (9th Edition) :: Cadbury (8th Edition)

Media Exposure
Exposure through non-personal communication channels including print media, broadcast media and display media. :: Bord Failte (6th Edition)

Megabrand
A brand that spans across product classes to assist customers in seeing relationships between products. A Megabrand can break existing categorisation structures and extend a brand in new ways. Also called a range brand. (Other examples:Weight Watchers; Oral-B). :: Cadbury (8th Edition)

Microprocessor
A microprocessor is a computer processor or microchip. It is the 'engine' that goes into motion when you turn your computer on. A microprocessor is designed to perform operations. Typical microprocessor operations include adding, subtracting, comparing two numbers and fetching numbers from one area to another. These operations are the result of a …

Mission Statement
This is a written statement of the organisation's long-term aims and objectives. It is written to support the purposes of an organisation and provide employees with an indication of what the organisation is trying to achieve. :: NRA (10th Edition) :: An Garda Siochana (9th Edition) :: Department of Education and Science (9th Edition) :: Departmen …

Monetary Policy
Monetary policy is any policy of a central bank which affects the size of the money supply, a broadly based view of price stability, the cost of money, (rate of interest) and the value of the currency (rate of exchange). :: The Central Bank (5th Edition)

Monopoly
When a single company controls a market to the exclusion of all competitors, it is said to have a monopoly on that market. :: O2 (8th Edition) :: Iarnród Éireann (8th Edition)

Multinational
A company which does business in many countries but may have a standardised product or service. :: CRH (7th Edition)

Multiples
A number of shops, owned by the one owner. :: Musgrave Group (9th Edition)

NASDAQ
NASDAQ is short for the National Association of Securities Dealers Automatic Quotation System. This is an electronic quotation system that provides price quotations to market participants about actively traded shares. This market is electronic and is not dependent on one physical place. :: CRH (9th Edition) :: CRH (7th Edition)

National Development Plan
A blueprint for the future social and economic development of Ireland. It has laid plans for the development of Ireland's economic and social infrastructure. It also sets out measures to develop enterprise and to satisfy education and skill requirements. There are also many measures to help Irish firms to develop and expand and to attract foreign …

Net Profit
Profit of a company after it has paid its tax liabilities. Also known as 'the bottom line''.

Niche Market
This represents a particular segment of the market for a product or service. It normally has different requirements to the rest of the market and the product or service is specially designed to meet these needs. :: Enterprise Ireland (6th Edition) :: Bord Failte (6th Edition)

Occupational Pension Scheme
A pension scheme set up by an employer to provide retirement benefits for employees. This term is used interchangeably with 'company pension scheme'. :: The Pensions Board (6th Edition)

Open Economy
an ‘open` economy is one which is not bound by trade restrictions on the free movement of goods and the factors of production into and out of the economy. :: Food Safety Promotions Board (7th Edition)

Ordinary shares
Financial assistance is given to start up and/or early stage companies in the form of equity. Holders of these shares receive dividends after preference shareholders however dividends vary with profits. :: Enterprise Ireland (5th Edition)

Organisational structure
The framework for identifying and organising the tasks to be performed within an organisation is referred to as its organisation structure. These not only determine the different departments in the organisation but also establishes who is responsible to whom, for example the company's chain of command. :: Irish League of Credit Unions (6th Editio …

Participation Rate
This is the proportion of the population aged between 15 and 64 who are in the labour force. The higher the rate of participation, the greater the supply of labour (a factor of production) available in a country.

Partnership
A business partnership is a mutually beneficial arrangement that combines the strengths of two or more organisations in a way that produces an economy of scale. Many businesses extend the conventional model of partnership by forming relationships with other types of organisations, such as charities. :: Amway (10th Edition)

Pay As You Go
This refers to the government paying its pensions liabilities from current tax and non-tax revenue. :: Dept of Finance (5th Edition)

Personal Pension Plan
These are contracts effected with an insurance company.They are applicable to the self-employed and to persons in non-pensionable employment. This type of pension is fully funded by the policyholders. :: The Pensions Board (6th Edition)

Personal Public Service Number
This unique reference number will help you to access benefits and information from public service agencies more quickly and more easily. This includes services such as Social Welfare, Revenue, Public Healthcare and Education. :: Office of the Revenue Commissioners (10th Edition)

Physical Capital
Any non-human asset made by humans and then used in production. :: Microsoft (9th Edition)

Point of Sale
This is usually in retail outlets, and is the physical area where a customer selects a product. Point of sale material is publicity material provided by a supplier for the use of a retailer at the point-of-sale. :: O2 (9th Edition) :: Cadbury (9th Edition) :: Masterfoods (5th Edition) :: Musgrave (5th Edition)

Positioning - Product Positioning
This is the positioning of a product or brand in the mind of the consumer. Main factors that are valued by consumers when making decisions are matched with product and/or branding features to position that product/brand.

Positioning Strategy
This describes the way in which a product or service is understood by consumers based on important attributes. :: USIT (6th Edition)

Pre-tax profit
Profits of a company before deductions for tax. It is the most common yardstick used to judge company performance.

Preference shares
Holders of these shares receive fixed dividends before ordinary shareholders. Established companies tend to receive funding in the form of preference shares. :: Enterprise Ireland (5th Edition)

Preliminary Results
Company results for the full trading year.

Premium
The sum of money paid by an insured person to the insurance company in return for a promise of compensation, should financial loss occur. :: Hibernian (10th Edition)

Primary Sector Economy
This generally involves the conversion of natural resources into primary products. Most products from this sector are commodities or raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. The secondary sector of industry is the manufacturing …

Private Limited Company
Private companies may issue stock and have shareholders. However, their shares do not trade on public exchanges and are not issued through an IPO. :: AIB (10th Edition)

Privatisation
A procedure to pursue a free-market economy for state-owned companies, and make them available for new investments by inviting private businesses to assume part or full ownership and management. :: Dept. of Finance (6th Edition)

Product Brands
This is a branded product that is distinct from the corporate brand and often forms part of an overall product portfolio. :: Guinness (7th Edition)

Product Life Cycle
The different stages of a products sales rate can generally be defined in terms of development, launch, growth, maturity and decline. These stages are used as guidelines in altering the resources used to support the product or service. :: Dell (9th Edition) :: Beiersdorf (6th Edition):: GlaxoSmithKline (5th Edition) :: Microsoft (7th Edition)

Profit
Gross Profit is calculated by subtracting direct costs from sales revenue. Direct costs are costs such as stocks and other costs that are directly associated with sales. When we subtract overheads from Gross Profit we get Net Profit. :: Amway (9th Edition) :: CRH (8th Edition)