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businessballs - business and management terms Category: Management > business and management Date & country: 13/09/2014, USA Words: 1681

Phablet
A tablet computer that is also a phone. Or a phone that is also a tablet computer. This term emerged 2012/13 with the launch of the technology to which it refers. A word formed like this (i.e., a combination of parts of the two words/things it refers to - in this case, phone and a tablet) is called a portmanteau

Pharmaceutical
Relating to or engaged in the process of making and selling medicinal drugs

Philanthropy/Philanthropist
Promotion of the welfare of others, typically through financial provision (a philanthorpist is one who does this). From the Greek philanthropos, meaning man-loving

Philology
The branch of knowledge which deals with the study of the history of language and literature. Historical linguistics

Phishing
A type of fraud carried out on the internet by sending people legitimate-looking e-mails asking for their personal information, such as bank account details, passwords, etc., and using them to steal their money

Photocall
A planned and announced occasion during which celebrities, politicians, products launches, etc., have photographs taken by the press and other media for publicity purposes

Physical Capital
Refers to a company's assets which are used in a production process, such as machinery, buildings, materials, etc

Picket
A person, or persons, posted at the entrance of a place of work which is affected by a strike, in order to stop people entering the premises

Pictogram
Also called a Pictograph. A graphic symbol or diagram which represents a concept, an amount, an activity, etc., in pictures

Pie Chart
A chart or graph which is circular in shape and divided into triangular sections (like slices of a pie), the sizes of which are relative to the quantities represented

Piece Rate
A payment system in which employees are paid a fixed rate for each item they produce

Piecework
Work in which payment is based on the amount of work done regardless of the time it takes to do it

Piggyback
A system which rides on the back of an existing system, e.g. a loan or mortgage or an advertising campaign

PIN
Personal Identification Number. A number given by a bank to a customer so the customer can access their bank account using an ATM (cash machine), or use their credit/debit card in retail outlets

Ping
Packet INternet Groper. An Internet program which is used to check if another computer on a network is working. To contact someone on a computer

Pink Collar
Describes jobs which were once traditionally done by women, such as nursing, secretarial, teaching, etc

Pink Sheets
Formally known as Pink Quote. In the US, a system displaying over-the-counter shares, which is published every day. Most companies listed on the Pink Sheets are very small and do not meet the minimum requirements for trading on the Stock Exchange

Pink Slip
In the US, an official notice of job termination given to an employee

Piracy
The unauthorised copying of CDs, DVDs, computer programs, etc., in order to sell them or give them away

Pixel
Short for Picture Element. The smallest element of an image displayed on a computer screen. The quality of the image depends on the number of pixels per square inch, i.e., the more pixels the higher the resolution.

Plaintiff
A person who brings a lawsuit against someone else in a court of law

Planned Economy
A country's economic system controlled by the government, which makes all the decisions about production, distribution and consumption of goods and services.

Plasma
Interestingly, in physics, plasma is the often overlooked fourth state of matter, aside from solid, liquid and gas. Plasma is ionized gas containing free electrons, making it responsive to electromagnetism, and conductive of electricity, in turn enabling it to take a very visible physical shape unlike other forms of gas. The stars are made of plasma; so is lightening and the Northen Lights (Aurora Borealis). Plasma display screens also basically employ this effect.

Plimsoll
Named after merchant Samuel Plimsoll. International Load line or Waterline on the hull of every cargo ship, which indicates the maximum depth to which a ship can be safely loaded with cargo

Plutocracy
A government which is controlled by wealthy people

PMI
Purchasing Managers Index. Published every month, an economic measure relating to manufacturing. A PMI over 50 indicates industry is expanding

Poaching/Poacher
Poaching refers to an employee who targets and wins customers of a previous employer, typically by exploiting knowledge and contacts accumulated from the previous employment. The term most commonly refers to sales people, but is applied to any employee who approaches and wins customers from a previous job by exploiting his/her previous knowledge or records of customers and related information. The behaviour/behavior is extremely common in all types of business, and at all levels, especially where customer loyalty is strongly based on contact/skills/service/relationship on a personal basis rather than an impersonal organizational loyalty. Employers in industries vulnerable to such activity (basically all businesses which entail strong personal relationships between employees and customers) seek to limit the risks of poaching via 'post cessation covenants' in employment contracts, although enforcing such terms is often very difficult for employers due to contra-obligations protecting employees from 'restriction of trade'. See the related term 'gamekeeper to poacher'

Poison Pill
A business strategy used by a company to avoid being taken over by another company, e.g., the selling of assets, shares, etc., to make the company look less attractive to the potential buyer

Poisoned Chalice
A job or situation which seems good at first but soon becomes unpleasant or harmful

Political Correctness/pc/non-pc
commonly abbreviated to pc or PC, and more usually in the negative form 'non-pc'. 'Political correctness' is the practice of not using words, expressions, actions, etc., which could cause offence to (especially) minority groups, or in fact to any group which might reasonably be offended by the words or actions concerned. PC is sometimes alternatively ironically interpreted to mean 'Political Claptrap/Claptrappers', referring to over-zealous application or expectation of political correctness.

Polymath
A person of great knowledge and varied learning. Loosely from Greek poly, many, and manthanein, learn

Poorgeoisie
People who are rich but pretend they don't have much money.

Pop-Under
On a computer, an advertisement, etc., which comes up on the screen behind the web page which is being viewed, and does not appear until the page is closed

Pop-Up
On a computer screen, a small window containing an advertisement, etc., which appears on a page on top of the content which is being viewed

Port Of Entry
A place in a country where people and/or goods can officially leave or enter

Portal
On the Internet, a website, usually a search engine, which is the point of entry to other websites, and offers services such as e-mail, news, shopping, etc

Porter's Generic Strategies
Named after economist Michael Porter. Describes strategies used by companies to achieve a strong advantage against competitors.

Portfolio Career
Concept attributed to guru Charles Handy in the 1990s. A career in which a person pursues several jobs at the same time, rather than working full-time for one particular company

Portmanteau Word
A word formed from parts of two separate words, whose combined meanings generally produce the new meaning also. Many new management and business words, especially slang and jargon, enter the language in this way, and some become popular and well-established. See portmanteau words in the cliches and expressions origins page

Positioning
Term used to describe the way a company, product, service, etc., is marketed in order to make it stand out from the competition by choosing a niche according to brand, price, packaging, etc.

Positive Sum Game
A win-win situation in which both sides involved in a business transaction, etc., can profit

Post Cessation Covenant
An employment contract clause/provision which seeks to prevent an employee from exploiting his/her knowledge/contacts/relationships after leaving the employment and to compete with the previous employer, or to work for a competing organization. Such covenants typically apply for six months, or a year, or longer, and are also defined according to market sectors and geographical territories. Post cessation covenants are difficult to enforce, notably in small consumer businesses identifying and proving the loss and acquisition of clients, and balancing actions against 'restriction of trade' obligations, but in some cases employers recover substantial damages from previous employees who breach their terms. See 'poaching'

Post-Date
To insert a future date on a cheque or document at the time of writing, so it becomes effective at that later date

Post-Fordism
Also called Flexible Modernity. An industrial production system which has changed from mass production in large factories, such as Ford Motors, and moved towards smaller flexible, more specialised manufacturing systems

Postage And Packing
Called Postage and Handling in the US. The cost of wrapping an item and sending it by post. Often used for mail order goods

Power Brand
A brand of goods, etc., which is well known and has a large share of the consumer market for a long period of time

Power Lunch
A business meeting held over lunch in which important decisions may be made, or high level discussions carried out

Power Nap
A short nap. usually lasting about 20 minutes, taken during the day, that refreshes a person so they can carry on working

PPC
Pay-Per-Click (also called CPC, Cost-Per-Click) - A method of internet/website/electronic advertising by which an advertiser pays according to the number of visitors/users who click on an advert. This compares with the main alternative method, CPI - Cost-Per-Impression (or 'cost per view') - by which advertisers pay according to the number of times an advert is displayed/viewed, and which is used analytically/statistically beyond electronic advertising. The non-electronic/non-internet equivalent of PPC/CPC is loosely 'cost per enquiry/inquiry' or 'cost per lead'. CPO - Cost-Per-Order (cost per transaction) - is a less common variation, by which advertising cost is calculated/charged according to numbers or values of orders placed (purchases or sales revenues), which is a further step in the buying/selling process. The cost-effectiveness of PPC (pay per click) is easier to predict and manage than CPI (cost per impression/view), but less easy to predict and manage than CPO (cost per order/transaction/sale). See sales and selling for detailed explanation of the sales and selling process

Prairie Dogging
This occurs when someone who works in an open office, which is divided into cubicles, drops something or shouts and everyone else pops their heads above the dividing walls to see what is happening

Pre-Market
On the Stock Market, trading which takes place between members before the official opening time

Precedent
A past act or decision which is used as an example to decide the outcome of similar subsequent acts

Predatory Lending
The often illegal practice of lending money to people who the lender knows are unable to pay back the loan, such as low-income house-owners, who subsequently may lose their homes which they have used as security against the loan

Predatory Pricing
Also known as Destroyer Pricing. A situation where a company charges very low prices for goods or services in order to put its competitors out of business, after which prices will be raised

Preference Share
Also called Preferred Shares. A type of share which pays the owner a fixed dividend before other share owners are paid their dividends. Preference Shareholders do not usually have the right to vote at shareholders meetings

Preferential Creditor
A creditor who has the right to receive payment of debts, before other creditors, from a bankrupt company

Premium Income
The revenue recieved by an insurance company from its customers

Presenteeism
The opposite of Absenteeism. A situation where employees work very long hours or come to work when they are ill and their performance is below standard, which can have a negative effect on the business

Press Agent
A person employed to arrange publicity for an individual or organisation, for example in newspapers, on television, etc

Press Conference
Called A News Conference in the US. A meeting held by a business, organisation, individual, etc., to which journalists are invited to hear a public announcement, and usually to ask questions

Pressure Group
An organised group of people, or lobbyists, who campaign to influence businesses, governments, etc., to change their policies, e.g. regarding the environment, or to change laws.

Price Control
Maximum and minimum price limitations, often during periods of inflation, which a government puts on essential goods and/or services

Price Discrimination
The practice of a provider to charge different prices for the same product to different customers

Price Fixing
The, often illegal, practice of prices being fixed, by agreement, by competing companies who provide the same goods or services as each other

Price Mechanism
Describes the way prices for goods and services are influenced by the changes in supply and demand. Shortages cause a rise in prices, surpluses cause a fall in prices

Price Support
A system in which a minimum price is set by a government, and sometimes subsidised, for a product or commodity

Price Taker
A company or individual whose selling or buying of goods and services has little or no influence over prices

Pricing
To evaluate the price of a product by taking into account the cost of production, the price of similar competing products, market situation, etc

Primary Data
Data which is collected by a company, business, etc., itself for its own use, using questionnaires, case studies, interviews, etc., rather than using other sources to collect the data

Primary Demand
Consumers demand for a generic product rather than a particular brand

Primary Market
On the Stock Exchange, when shares, securities, etc., are issued for the first time

Primary Research
Also called Field Research. The collection of new or primary data through questionnaires, telephone interviews, etc., for a specific purpose

Prime Cost
In manufacturing, etc., the cost of direct materials and labour required to make a product

Principal
In finance, principal (the principal, or the principal sum/amount) refers to an amount of money loaned or borrowed. The term is used particularly when differentiating or clarifying an amount of money (loaned/borrowed/invested) excluding interest payments. Separately, more generally, in business the term 'the principal' refers to the owner of a business or brand, as distinct from an agent or representative, such as a franchisee

Private Brand
Also called House Brand. A product which is owned by a retailer, and therefore has its own brand label on it, rather than the manufacturer or producer

Private Company
Called A Private Corporation in the US. A company whose shares are not offered to the general public on the open market

Private Equity
Describes companies shares which are not available for investors to buy and sell on the Stock Market, because the company is unlisted

Private Sector
The part of a country's economy which is owned and run for profit by private businesses rather than being government controlled

Privatise/Privatize
(UK/US English spelling) To change or sell a government controlled business or industry to privately owned companies

Privity
A legal relationship between two parties in a contract

PRO
Public Relations Officer. Also known as a Chief Communications Officer. A person whose job is to promote and establish a good relationship between their client - an organisation or an individual - and the public

Pro Bono
Short for Pro Bono Publico (Latin for 'The Public Good'). Work carried out in the public interest for no fee or compensation, e.g. by a lawyer

Pro Forma Invoice
An invoice prepared by a supplier describing goods, price, quantity, etc., which is sent to the buyer before the goods are supplied

Pro Rata
In proportion to. Refers to the division of costs, profits, income, etc., depending on the size of each persons share in the whole amount

Pro Tem
Temporarily. For the time being

Probation
A trial period during which an individual's suitability for a job or membership to a club, etc., is tested

Probity
Complete integrity. Having strong moral principals and total honesty

Proctor
Someone who supervises students, etc., taking exams to prevent cheating. Also a person or agent employed to manage the affairs of another person

Product
The result of a manufacturing or natural process (such as food) which is offered for sale to the general public, usually by a retailer.

Product Liability
Area of the law in which a manufacturer or retailer is legally responsible for any damage or injury caused by a defective product

Product Life Cycle
This refers to the (generally very usual and unavoidable) stages that a product/service passes through from invention/development to maturity to decline until it becomes obsolete, usually because it has been superseded by competitive/replacement offerings, and/or to a lesser degree the product/service has saturated the market, i.e., everyone who wants it has purchased it. Product life cycle is often shown as a graph of sales volumes or market-share over time. The term 'product life cycle' is very broad - it may refer to a single specific item of one particular supplier, such as a 'Big Mac' burger, or an iPad, or a Colt 45 revolver; or to a product/service in a generic sense across an entire industrial sector, such as a personal computer, or television, or diesel locomotive; or to a technology, such as broadband, radar, the internal combustion engine, or steam-power; or even symbolically to a lifestyle or aspect of civilization, such as agriculture, fire, horse-transport, coins/paper money, Christianity, etc. The product life cycle begins with innovation and novelty, often supported by (commercially) patents or other protective mechanisms such as secrecy, cartels, legislative instruments, etc., during which the prices and gross profit margins of products/services are high (although net profits may be low due to recovery development/investment costs). This is shown as a steep upward curve on a product life cycle graph, reflecting/illustrating sales levels in volumes or revenues or market share, horizontally, passing through vertical time-zones, typically years. The curve then flattens to reflect/illustrate 'maturity' of product/service life, and a period of reasonably constant sales, during which profits should be healthy,...

Product Portfolio
A variety of products which are manufactured or distributed by a company or organisation

Productivity
The rate at which goods are produced based on how long it takes, how many workers are required, how much capital and equipment is needed, etc

Professional Liability
The legal liability of a professional, such as a doctor, accountant, lawyer, etc., who causes loss, harm or injury to their clients while performing their professional duties

Profit Squeeze
A situation in which a company or business makes less profit over a period of time because of rising costs and/or falling prices

Profiteer
An organisation or individual who makes excessive profits by charging very high prices for goods which are in short supply.

Program Trading
On the Stock Market, the buying and selling of large amounts of shares by computer, the program of which is triggered when trading reaches a certain level of volume

Prohibitive
Preventing or discouraging something, for example people are discouraged from buying a product because the price is prohibitive, i.e., too high

Project
A very general term for a task or objective of some complexity and duration, such that it needs properly planning, organizing, resourcing and managing. A small project can easily be part of a person's usual work duties. A large project can be as big as starting a new business, or constructing a skyscraper, or putting a spacecraft on Mars. Typically large projects are established as being separate to usual operational duties and responsibilities of workers, although any job can at any time be extended to include responsibility for the management of a project within it. A project differs from conventional 'work' mainly in being far more firmly structured, scheduled, resourced, and proactive, etc., whereas conventional 'work' is less predictable and tends to be of a more passive, responsive, reactive and flexible nature. Projects may be opportunistic and proactive (such as new product developments, or building something new, or some sort of exploratory research), or a necessary response/reaction to problems, emergencies, failures, etc., (for example a product recall, or a disaster recovery or investigation, or a re-training requirement). Large projects almost inevitably involve a degree of people-management. Projects may require that people/labour resources are provided internally/'in-house' or externally/'contracted-out' and commonly a mixture of both, especially if the project is large compared to the size of the organization which owns and instigates the project

Project Management
The process of managing and planning a successful project from start to finish, which includes controlling, organizing, managing resources, people, budgets, etc. See project management.