business management > glossary > Flashcards

glossary Flashcards

(90 cards)

Study These Flashcards
1
Q

What is 360-degree feedback?

A

360-degree feedback is a process whereby an employee receives feedback from all of the people with whom the employee comes into contact (peers, customers, supervisor, and so on). It is typically done most often with senior members of an organization due to its comprehensive nature.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is above-the-line promotion?

A

Above-the-line promotion refers to various forms of promotion, such as television and radio advertising, print advertising in newspapers and magazines, aimed at mass or large audiences. It is generally not targeted.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does acquisition refer to?

A

Acquisition refers to the process of merging with or acquiring another company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is arbitration?

A

Arbitration refers to the process of resolving disputes through a third party, often in the context of collective bargaining.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is artificial intelligence?

A

Artificial intelligence is the ability of computers or computerized robots to perform tasks normally associated with intelligent beings, such as understanding speech and operating autonomous vehicles.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is autocratic leadership?

A

Autocratic leadership is a type of leadership where the leader concentrates all decision-making in their own hands and does not seek input from subordinates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is bankruptcy?

A

Bankruptcy is a legal process that insolvent companies enter when they can no longer pay their debts, overseen by a court for restructuring or liquidation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is batch production?

A

Batch production is a method used to produce similar items in groups, where each group goes through a stage of production together.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is below-the-line promotion?

A

Below-the-line promotion refers to promotional techniques focused on specific segments or groups, such as fliers, banners, SMS, and in-store promotions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is benchmarking?

A

Benchmarking is the practice of comparing a company’s performance and processes to those of recognized industry leaders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is big data?

A

Big data describes extremely large data sets, structured or unstructured, that organizations analyze for predictive purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is brand awareness?

A

Brand awareness refers to the degree to which consumers recognize a product by its name and characteristics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is brand development?

A

Brand development is the process of building brand awareness through careful nurturing of core values and customer perceptions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is brand loyalty?

A

Brand loyalty exists when customers continue to buy a particular brand even when alternatives are available.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is brand value?

A

Brand value is an estimation of how much a brand is worth, often recorded as goodwill on a balance sheet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is bureaucracy?

A

Bureaucracy refers to organizations with multiple layers of authority and complex approval processes, often resulting in slower decision-making.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is capacity utilization?

A

Capacity utilization is the percentage measure of how much a business is using its productive capacity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is capital expenditure?

A

Capital expenditure refers to spending on assets with a useful life of more than one year, such as property and equipment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is centralization?

A

Centralization occurs when an organization concentrates authority for decision-making in the central office.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the chain of command?

A

The chain of command is the official hierarchy in an organization specifying who reports to whom.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is collective bargaining?

A

Collective bargaining is the process where employees work together to negotiate with management about wages and work conditions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a commission?

A

A commission is a type of payment to an employee for completing a sale or service, typically a percentage of the transaction value.

For example, real estate agents receive a commission based on the sales value of a house they sell.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is competitive pricing?

A

Competitive pricing is when a company sets the price of its goods or services based on competitors’ prices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is conciliation and arbitration?

A

Conciliation is the agreement to rely on a third party for dispute resolution, while arbitration involves presenting arguments to a third-party arbitrator who makes binding decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is contribution pricing?
Contribution pricing is where the price of a good is based on variable costs plus a mark-up, contributing to fixed costs.
26
What are cooperatives?
Cooperatives are businesses owned and operated by their members, who share the profits.
27
What is copyright?
Copyright is a form of intellectual property granting exclusive rights to reproduce a work for a specific period.
28
What is corporate social responsibility (CSR)?
CSR is the view that businesses should act in ways that enhance society and be accountable for their actions affecting stakeholders.
29
What is a cost centre?
A cost centre is a department or unit that incurs costs but does not generate revenue for the business.
30
What is cost-plus (mark-up) pricing?
Cost-plus pricing is a method where total direct costs and some indirect costs are added together with a mark-up to determine the sales price.
31
What is cradle-to-cradle design?
Cradle-to-cradle design is a method for designing products that allows materials to be reused indefinitely, avoiding non-decomposable waste.
32
What are current assets?
Current assets are cash and other assets a business plans to convert into cash within one year.
33
What are current liabilities?
Current liabilities are debts and other payables that are due within one year.
34
What are customer loyalty programmes?
Customer loyalty programmes are marketing strategies that reward customers for repeat purchases, encouraging them to be loyal.
35
What is cybercrime?
Cybercrime is an intentional malicious attack on an organization's networks or electronic systems.
36
What is cybersecurity?
Cybersecurity is the process of defending networks and systems from malicious attacks.
37
What is data analytics?
Data analytics involves working with data to answer business questions through statistics, visualization, and data mining.
38
What is data mining?
Data mining is the process of finding trends and patterns in large data sets to predict future situations.
39
What is a database?
A database is a systematically constructed set of electronic data files organized for easy access and administration.
40
What is decentralization?
Decentralization occurs when an organization delegates decision-making authority to offices outside the central office.
41
What is defect rate?
Defect rate is the percentage measure of products that fail to meet specified quality guidelines.
42
What is delayering?
Delayering occurs when a business removes levels of hierarchy in an organization.
43
What is delegation?
Delegation is the process of assigning authority or responsibility for specific tasks to someone lower in the organizational hierarchy.
44
What is democratic leadership?
Democratic leadership is a style where the leader solicits input from members and encourages participation in decision-making.
45
What is depreciation?
Depreciation refers to the loss of value of a long-term asset over time and its allocation in financial statements.
46
What is a direct cost?
A direct cost is precisely traceable to a specific cost object, such as direct labour or materials. ## Footnote Examples include direct labour, direct material, and commissions.
47
What is diseconomy of scale?
Diseconomy of scale is the increase in per-unit production cost as a business grows.
48
What is disruptive innovation?
Disruptive innovation occurs when a new creation fundamentally disrupts the marketplace and creates a new market.
49
What is a distribution channel?
A distribution channel is the network used to move a product from manufacturer to end users.
50
What is dynamic pricing?
Dynamic pricing is the practice of changing prices based on demand, also known as surge or time-based pricing.
51
What is economy of scale?
Economy of scale is the reduction in per-unit production cost as a business grows.
52
What are employees share-ownership schemes?
Employees share-ownership schemes award employees shares in the company or allow them to purchase shares at a below-market price.
53
What is empowerment?
Empowerment is a management strategy that develops employees and gives them the tools to make decisions.
54
What is external growth?
External growth occurs when a business expands by acquiring or forming relationships with other organizations.
55
What are fixed costs?
Fixed costs are those that do not vary with output or activity during a relevant period.
56
What is formative appraisal?
Formative appraisal is the continuous evaluation of employees to improve their performance.
57
What is franchising?
Franchising is a business model where a franchisor sells the right to use its brand and products to franchisees.
58
What are fringe payments?
Fringe payments are compensations received by employees other than their salary, such as company cars or health insurance.
59
What is incremental innovation?
Incremental innovation involves small and continuous improvements to existing products, services, or processes.
60
What are indirect costs/overhead?
Indirect costs are costs used in multiple areas of the business and not traceable to a specific cost object.
61
What is induction?
Induction is the process of welcoming new employees and providing them with company-specific training.
62
What is industrial democracy?
Industrial democracy refers to allowing workers to participate in decision-making within a company.
63
What is innovation?
Innovation occurs when someone creates something new with value.
64
What is insolvency?
Insolvency is when a company cannot pay its debts due to liabilities exceeding its assets.
65
What is insourcing?
Insourcing occurs when a company uses its own personnel for tasks previously performed by external organizations.
66
What is intellectual property?
Intellectual property covers all types of intangible interests in work or inventions to which a company has proprietary rights.
67
What is internal growth?
Internal growth occurs when a business expands using its own resources, reinvesting profits to increase sales.
68
What is the Internet of Things (IoT)?
The Internet of Things refers to systems of computerized devices transmitting data to one another without human involvement.
69
What is job enlargement?
Job enlargement is a technique of job design that adds many tasks to a job description, maintaining the same skill level.
70
What is job enrichment?
Job enrichment is a motivational technique that adds challenging tasks to a job, leading to professional growth.
71
What is job production?
Job production is when each product is produced individually to unique specifications.
72
What is job rotation?
Job rotation involves regularly moving employees into different positions to gain experience and skills.
73
What is a joint venture?
A joint venture is when two businesses create, own, and operate a third organization together.
74
What is just-in-time?
Just-in-time is an inventory management strategy that minimizes stock by ordering materials immediately before use.
75
What is kaizen?
Kaizen is a Japanese term meaning 'continuous improvement' and represents a philosophy of ongoing enhancement.
76
What is Just-in-time?
An inventory management strategy that minimizes stock by ordering raw materials immediately before their use. ## Footnote It is similar to just-in-time manufacturing and lean production.
77
What does Kaizen mean?
A Japanese term meaning 'continuous improvement', encouraging employees to seek better ways to improve processes. ## Footnote Continuous small improvements can have a significant impact.
78
What is laissez-faire leadership?
A leadership style where the leader allows team members to make decisions.
79
What is lean production?
A systematic approach to production aimed at reducing waste at all stages of the production process.
80
What are levels of hierarchy?
The number of layers of authority within an organization.
81
What is liquidity?
The ability to convert an asset into cash without loss of value. ## Footnote Cash is the most liquid asset, followed by debtors and stock.
82
What are lockouts?
A situation where management locks employees out of the workplace during negotiations.
83
What is a loss leader?
A product sold at a loss to attract customers into the store. ## Footnote For example, advertising a popular item at a low price to encourage additional purchases.
84
What is the margin of safety?
The difference between current or forecasted sales and the break-even level of sales.
85
What is market growth?
The increase in the number of consumers buying a product or service, or the increase in the number of products sold.
86
What is market orientation?
An approach by companies to determine customer needs and wants, then design products or services accordingly.
87
What is market share?
The percentage of a market controlled by a particular company or product.
88
What is mass customization?
A manufacturing approach combining mass production with individualized customization. ## Footnote For example, aluminum water bottles produced uniformly but customized in finishing.
89
What is a mass market?
A market for goods produced in large quantities, typically less expensive due to economies of scale.
90
business management
flashcards
Decks in class (29)
# Cards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2026 Bold Learning Solutions. Terms and Conditions