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


Promotions Mix
The promotions mix is name given to the combination of the four main methods of promoting the benefits of a brand. These are: Advertising, Personal Selling, Public Relations (PR) & Sponsorship and Sales Promotion.

Property damage
Property damage claims against the State are taken by persons whose property has been damaged by State activities or employees of the State. :: NTMA (10th Edition)

PRSA
A PRSA is a Personal Retirement Savings Account. It is an account which is designed to make saving for retirement as easy and flexible as possible. :: Financial Regulator (10th Edition)

PRSI
Pay Related Social Insurance :: Revenue (7th Edition)

Public Liability
Public liability claims against the State are usually for personal injuries caused as a result of the activities of a State authority. Public liability claims are typically taken by members of the public, prisoners, school children etc. :: NTMA (10th Edition)

Public Limited Company
A company that issued securities through an initial public offering and which are traded on at least one stock exchange. :: AIB (10th Edition)

Public Relations
Establishing and maintaining a good image for the organisation (and for a business, its products or services). It includes interviews with the press, public launches of new products, appropriate conduct when dealing with the public. :: Department of Health (9th Edition)

Purchase Order
A document that contains a list of the type and quantity of goods being bought. :: Amway (10th Edition)

Rate of Exchange
This is the price of one currency in terms of other currencies and is influence by supply and demand for that currency. :: AIB (5th Edition)

Reachservices
A Government service set up to provide secure and confidential access to public services through the Internet. :: Office of the Revenue Commissioners (10th Edition)

Reforestation
Replanting trees in an area where the trees have been harvested. :: Coillte (5th Edition)

Regional Distributive Effect
Because tourism is characterised by the fact that consumption takes place where the service is available, and tourism activity is particularly concentrated in areas that have a lack of intensive industry base, it is credited with having a regional distributive effect. :: Bord Failte (6th Edition)

Request for Tender
A document issued to the market, describing in detail the goods and/or services to be supplied, and requesting that interested suppliers should submit a tender (quotation) for the supply of the goods/services. :: Department of Education & Science (8th Edition)

Return on Investment (ROI)
This is a ratio that shows the return earned by a firm or an initiative on money invested in it. :: Bord Failte (6th Edition)

Risk
A risk is the likelihood, great or small, that someone will be harmed by the hazard together with the severity of harm suffered by the injured person. :: Health and Safety Authority (8th edition) :: Health & Safety Board, Health and Safety Authority (5th Edition)

Safety Statement
An action programme setting out how health and safety is to be managed which must be prepared in consultation with workers. :: Health & Safety Authority (8th Edition)

Sampling
Market research data is based on a sample of the total target market population. The responses collected from this group reflect the attitudes of the entire target market. :: Cadbury (9th Edition)

Seed Capital
This refers to the finance needed to establish a business. Further funding then may be required to expand the business later. Initial Public Offering (IPO) - A company's first sale of shares to the public. An IPO is often, but not always, small companies seeking outside equity capital and a public market for their shares. Investors purchasing shar …

Segmentation
This is the identification of specific market segments within a market and the development of different marketing offerings for each segment. To maximise their ability to satisfy consumers, marketers divide up or segment the market for their products according to different consumer needs and preferences. :: AIB (8th Edition)

Servers
Computers used in networks to store files etc, for use by other PCs on the network. :: Dell (8th Edition)

Service strategy
This applies to business philosophies like that of McDonald's where it is believed that a great eating experience depends as much on the quality of service given by the employees as on the quality of the food provided.

Share
A share gives the holder ownership of part of a company. Thousands of people in Ireland are shareholders in companies quoted on the stock market. Private companies - those not quoted on the stock market - tend to have fewer shareholders. In many small companies, members of one family would be the only shareholders. :: AIB (9th Edition)

Shop Steward
A union member who is elected to represent fellow workers in negotiating with management. :: Labour Relations Commission (9th Edition)

Short-term Facility
This is the rate at which the Central Bank supplies money to the commercial banks. If the Central Bank wants to alter rates to borrowers, it often does so by adjusting its short-term facility rate.

Single European Market
Defined as the area within Europe in which free movement of goods, services, people, and capital is ensured. Signed in 1986, it provided for European economic integration, involving the removal of obstacles to the free movement of goods, services, people, and capital between EU member states. It eliminated customs barriers, liberalised capital mov …

Small and medium enterprises
Generally indigenous Irish firms with a turnover of less than €250,000 and a workforce not exceeding 50 employees. :: NDP (9th Edition) :: NDP (6th Edition) :: Allied Irish Banks (6th Edition) :: Enterprise Ireland (6th Edition)

Social Cohesion
This concept includes values and principles, which aim to ensure that all citizens have access to fundamental social and economic rights. Under this concept, all citizens are treated without discrimination and are on an equal footing. :: An Garda Siochana (9th Edition)

Social Enterprise
Any enterprise, which is non-profit and is undertaken for the purpose of self-help or to benefit others. :: Irish League of Credit Unions (6th Edition)

Social inclusion
Positive action taken to include all sectors of society in planning and other decision-making. :: NDP (10th Edition)

Social Responsibility
This is a business philosophy which stresses the need to consider the effects of decisions on a wide range of people and the need for organisations to behave as good corporate citizens. :: Bank of Ireland (9th Edition) :: Irish League of Credit Unions (6th Edition)

Sole Trader
A business person who owns and runs his/her own business. This person benefits from profits and suffers the losses of the business. An example of a sole trader can include retail outlets, corner shops, garages, restaurants, plumbers, electricians and carpenters. :: Revenue (7th Edition)

Solvency
This means that a firm is able to meet its financial obligations as they fall due. :: Financial Regulator (9th Edition)

Solvent
This means that a firm is able to meet its financial obligations as they fall due. :: Revenue (7th Edition)

Stability and Growth Pact
The financial rules which will apply to members of economic and monetary union.

Stakeholders
Stakeholders are people /organisations who are affected by or involved in the day to day running of a business. :: LGMSB (10th Edition) :: Vodafone (10th Edition) :: An Garda Siochana (9th Edition) :: Bank of Ireland (9th Edition) :: Dell (9th Edition) :: NPP (6th Edition) :: Deptartment of Health (6th Edition)

Staple Good
A staple good is a product is one that is bought as part of an everyday shopping list. :: Masterfoods (6th Ed.), Masterfoods (5th Ed.)

Statutory Function
A role which must be carried out under legislation. :: IFSRA (5th Edition)

Stock Market
The market in which equities and bonds are traded. The best-known markets here are those in Dublin, London and New York.

Storage
Any device that can store computer data. A hard disk is an example. Businesses often use specialised high capacity storage systems. :: Dell (8th Edition)

Strategic decisions
Long term decisions affecting a business over a five to ten year period.

Strategic Planning
Planning for the long-term. :: CRH (10th Edition) :: Department of Health (9th Edition)

Substitute Products
These are goods that are perceived to satisfy the same need and can be considered by the buyer as an alternative. Tea may be seen as an alternative to coffee.

Sustainable Growth
Sustainable growth is economic growth that can continue over the long-term with renewable resources being used maintaining a balance between production and harvesting. :: NTR (6th Edition)

SWOT analysis
A method of analysing a company's current business standing by evaluating its strengths, weaknesses, opportunities and threats. It allows management to plan strategically for the future. :: Tourism Ireland (9th Edition) :: Beiersdorf (6th Edition):: CRH (6th Edition) :: RTE (5th Edition)

Synergy
When business units merge the sum of the potential of the two merged units is greater than the sum of output of the two enterprises if they remained separate. :: Amway (9th Edition)

Tender
This is an offer by a company to do certain work or supply certain goods at a fixed rate. :: Dept. of Finance (6th Edition)

Tendering Process
The process of inviting parties to submit an offer by public advertisement, followed by evaluation of offers and selecting a successful bidder. :: Department of Finance (9th Edition)

Tertiary Sector
Companies that work in commerce, insurance, finance and business services, transport, communications and storage, public administration and defense, and professional services. :: IFSRA (8th Edition)

Top-of-mind
Product/brand awareness is so high that the consumer associates this brand with its product category,and will automatically give it consideration when buying within this category. :: Cadbury (9th Edition)

Total Factor Productivity
The efficiency with which people and capital are combined in the output of the economy. Productivity gains lead to improvements in the standard of living, because as labour, capital, etc. produce more, they generate greater income. :: Microsoft (9th Edition)

Total Foreign Exchange Earnings
This is the amount of foreign currency that has been converted to Irish currency by visitors. :: Bord Failte (6th Edition)

Total Quality Management (TQM)
A quality management system which looks at quality from the external or customer`s perspective. All items produced must meet or exceed the customer`s expectations. Under TQM, quality is an essential part of every stage of the production process and not merely an inspection at the end. :: Diageo (9th Edition)

Traceability
Refers to the completeness of the information about every step in a process chain. :: Bord Bia (10th Edition)

Trade Union
An organisation of workers formed to protect the rights and advance the interests of its members concerning wages, benefits and working conditions. :: Labour Relations Commission (9th Edition)

Transnational Organisation
An organisation that makes or distributes goods/services in more than one country. Also known as a multi-national company these organisations have a worldview when it comes to marketing. :: Diageo (9th Edition) :: CRH (8th Edition) :: Amway (8th Edition) :: CRH (7th Edition) :: AIB (6th Edition) :: Beiresdorf (6th Edition) :: National Roads Autho …

Trust Fund
This is generally defined as the monies and assets for the time being held the trustees subject to the trust scheme. It is held under the legal control of the trustees of the scheme. :: The Pensions Board

Umbrella Brand
An umbrella brand is a parent brand that appears on a number of products that may each have separate brand images. :: Lucozade Sport (10th Edition) :: Cadbury (6th edition), Cadbury (5th Edition)

Unique Selling Point (USP)
What makes a product or service stand out from the competition. :: RTE (10th Edition) :: Musgrave Group (9th Edition)

Urban Blight
This is a condition of property in parts of a city, town, or neighbourhood that is detrimental to the physical, social, and/or economic well-being of a community. It can include abandoned buildings or those severely neglected by their owners. :: Diageo Ireland (10th Edition)

Value-Added Tax
This is tax assessed on the value added to goods and services as they progress from production to the consumer. It is applied to all commercial activities involving the production and distribution of goods and the provision of services and is charged as a percentage of price. :: Office of the Revenue Commissioners (9th Edition) :: Revenue Commissi …

Wholesale Money Market
The wholesale money market, or interbrain rate, is the market where financial institutions borrow and lend to each other. The banks and building societies that trade on the market would use it to adjust their cash positions. Interest rates on the wholesale money market are an important pointer to the rates that borrowers among the public must pay …

Wide Area Network (WAN)
A wide area network WAN is a geographically dispersed telecommunications network. The term distinguishes a broader telecommunication structure from a local area network. A wide area network may be privately owned or rented, but the term usually denotes the inclusion of public (shared user) networks. (www.whatis.com) :: Dell Ireland (6th Edition)