Glossary

Glossary

A

Adopt: to adopt something means to start to use it.

Advantage: An advantage is a quality or condition they helps a company succeed.

Affordable: Something there is affordable is not too expensive to buy.

Ambition: Ambition is a strong desire to do something.

Analyze: If you analyze something, you study it carefully and draw conclusions from it.

Anonymous: If something is anonymous, it’s name or identity is not revealed.

Appointment: An appointment is a meeting you have already arranged with another person.

Approach: To approach means to move nearer to something or someone.

Assembly line: An assembly line is a grip of machines and people in a factory that work together to build a product.

Asset: An asset is any item of economic value which is owned by a company or individual.

Attentive: If someone is attentive, he cares about the other person’s  ideas and listens carefully.

Authoritarian: If someone is authoritarian, that perdón make decision without consulting others.

Autonomy: Autonomy is independence.

Avenue: An avenue is a route or direction.

Avoid: To avoid something means to try hard not do it.

Aware: If you are aware of something, you know a little about it.

B

Balance sheet: A balance sheet is a document that shows the value of a company at a company at point in time.

Benchmarking: benchmarking is a method of investigating successful technique in an

industry and comparing them to one’s own business.

Best practice: Methods that consistently show the best result are considered best practice. 

Bid: A bid is a proposal to do a certain job show the best within a certain amount of time and budget.

Billboard: A billboard is large board found in cities and along roads. Companies use them to advertise.

Blunder: A blinder is a mistake.

Boom: To boom is for something to increase of become more successful.

Boots: To boots something is to increase it.

Brand: A brand is the name and the “identity” of the product.

C

Capitalize: If you capitalize on something, you use the situation to your own advantage.

Certification: When one earns a certification one has a formal qualification in accordance with set standards.

Competitive benchmark: A competitive benchmark is a comparison of similar practices among companies in the same industry.

Competitor: A competitor is a rival in the same field.

Conscious: If you are conscious of something, you know that it exists.

Consult: To consult someone means to ask their opinion.

Consultative: Is you do something I’m a consultative way, you ask question and find things out, as well as giving information.

Customer: A customer is a person who buys and uses produces sold by someone else.

Contact: A contact is an agreement between two companies in which ame company agrees to pay the other a certain amount of money in exchange for goods and service.

Contradict: To contradict something is to be consistent  with something else.

Contribute: To contribute to a project is to its progress.

Controversial: If something is controversial, it caused disagreements or arguments.

Core value: A company’s core values are good qualities they the company wants to maintain when doing business.

Creative: If a person is creative, that person has lots of good ideas and is often good at art, music it writing.

Creativity: Creativity is a characteristics that allows people to think of new ways of doing or making.

Criteria: Rules, standard and test used in evaluation and decision making are criteria.

Customary: If it is customary tif o something, it is normal or usual in that culture.

D

Deal with: To deal with something means to take action to solve a problem.

Debt: Debt is the amount of money that person, company or owes to other.

Deduction: A deduction is an amount you take away from a figure.

Defect: A defect is a fault or mistake in a product.

Defend: To defend something is to protect against a challenge or attack.

Delegate: To delegate work means yo give work to other people, according to their skills.

Democratic: Is someone is democratic, that person will make sure everyone is involved in making decision.

Demonstrate: To demonstrate something means to show as explain it to other people.

Depreciation: Depreciation is the loss of something’s value over time.

Design: A design is a drawing, model or plan for something.

Detractor: A detractor is a person who criticizes something.

Developing country:  A developing country is a nation that is not considered modern or industrialized.

Distant: Is a person is distant, that person does not considered spend a lot of time talking to other people, but preference to work alone.

Distribution channel: A distribution channel is the way you make your product available to customers.

Dominate: To dominate something is to control it and have no competition.

Downturn: A downturn is a period of time when economic activity is not as strong.

E

Economic output: Economic output is the amount of goods and services produced by a company, region or country.

Edge: An edge is a quality or condition that helps a company succeed.

Efficiently: If you do something efficiently, you do it quickly and the quality of your work is good.

Empower: To empower means to work hard in order iti do something.

Endeavor: To endeavor means to work hard in order to do something.

Entrepreneurship: Entrepreneurship is the ability and willingness to start and manage a new business.

Environmental: something that is environmental is connected to protecting the earth and nature.

Esteemed: If someone is esteemed, he or she is respected by other.

Etiquette: Etiquette is the roles of good and polite behavior.

Existing: If something is existing, it is already there.

Expedicture: Your expedicture is the amount of money you spend.

Eye contact: Eye contact is the act of looking directly into another person’s eyes.

F

Financial report: A financial report is a formal record of a business’s financial activities.

Flop: To flop is to fail

Flyer: A flyer is a piece of paper which advertises your product.

Focus group: A focus group is a random selection of people asked to give an opinion on a product or service.

Foothold: A foothold is a position that supports a company’s further development or expansion.

Formulate: To formulate something is to create something

Foster: To foster something means to look after something and help it to grow.

Free trade: Free trade is trade between nations without restrictions or fees.

Functional benchmark: A functional benchmark is the comparison of similar practices across industries.

G

Gaffe: A gaffe is a mistake in a social situation.

Gap: A gap is a space, or a place where nothing exists.

Gel: To gel is to work well together and have a friendly relationship.

Generate: If you generate something, you make or create it.

Globalization: Globalization is the worldwide movement toward interconnected and interdependent commerce.

Grant: A grant is money that someone gives to help with a specific project.

Gross: To gross is to earn a certain amount of money before paying taxes or costs.

Guidelines: Recommended practices for an industry are called guidelines.

H

Harmonious: If a group of people is harmonious, everyone is friendly and there are no arguments.

Hospitality: Hospitality is the act of looking after other people when they visit you.

Host: A host is a person who welcomes you when you visit a new place.

I

Incentive: An incentive is a reason for doing or buying something

Income: Income is the money a company receives from sales or investments.

Incurred: If something is incurred, it happens as a result of something else.

In-depth: If a person has in-depth knowledge, person subject.

Industrialized country: An industrialized country that is considered modern, Industrialized and financially sound.

Industry leader: An industry leader is a company or business entity that has the highest profit or the highest market share

Influence: If you influence someone, you change their mind

Initiative: An initiative is an idea which aims to solve a problem.

Innovation: An innovation is a new idea or technology.

Innovation: A business innovation is a good idea that can be marketed as a way to make a profit.

Innovator: An innovator is a person who is successful at doing new things in his or her field.

Interdependence: Interdependence is the act of relying on mutual support or assistance in order to succeed

Internal benchmark: An internal benchmark is the comparison of similar practices within one company

International Organization for Standardization (ISO ): The International Organization for Standardization (ISO) is an international-standard-setting body composed of representatives

Issue: An issue is an important matter.

J

Just-in-time: A just-in-time operation aims to provide finished goods at the latest possible time in order to reduce storage costs.

K

Key contact: A key contact is a person in another company who is likely to help you.

Key player: A key player is a person or business that is very important and holds a lot of influence

L

Land: To land picked to do it.

Lean manufacturing: Lean manufacturing is the art of manufacturing goods as cheaply as possible

Liability: A liability is a debt that a company must pay.

Liaise: To liase with someone is to talk to them in order to share information.

Limiting: If something is limiting, it has a number of disadvantages that prevent progress. Loss: A company makes a loss when it spends more than it receives.

M

Manners: Manners are rules of good behavior.

Manufacturer: A manufacturer is makes products using raw materials.

Market: A market is a real or virtual place where buyers and sellers trade goods, and services.

Market research:  Market research is the study of what people think of products and services.

Methods: Methods are the ways in which a business is carried out.

Minor player: A minor player is a business person that is not important and does not have a lot of influence.

Morale: Morale is the amount of happiness and productiveness in a group of people.

Motivation: Motivation is the urge to do something well.

N

Net:  If something is described as net, nothing more needs to be subtracted.

Niche: A niche market is a when a company has a small number of specialist customers with particular needs.

O

Objective: If objective, that person bases decision on facts, not feelings.

Offend: To offend someone means to make them feel upset or uncomfortable.

One step ahead: If you are one step ahead, your ideas are more up-to-date than those of other people.

Operation: An operation is a particular task in a company.

Opportunity: An opportunity is a chance to do something desirable or useful.

Optimistic: If someone is optimistic, they are confident that good things will happen.

Outlet:  An outlet is a place that sells products from a particular company

Output: Output is a finished product from an industry.

Oversee: To oversee is to supervise someone or something, or to check and supervise a process.

P

Packaging: Packaging is the material which holds product while it is transported and sold. It is often made of cardboard or plastic.

Passion: Passion is strong feelings and emotion.

Paternalistic: If a person is paternalistic, he acts like a father towards other people.

Perk: A perk is a benefit you receive from your job, such as a company car or gym membership

Pitch: A pitch is a speech or presentation designed to persuade someone to buy something

Pitfall: A pitfall is an unexpected difficulty.

Planning: Planning is the management function of forming plans to achieve set goals.

Policies: A company's policies are the written rules and guidelines for employee and management practices.

Practical: If a person is practical, that person is good at having realistic ideas to solve problems.

Priority: A priority is something that is more important than other things.

Profit: A company's profit is the total money it earns after paying the costs of production.

Profitability: Profitability is the ability of a company to generate income consistently

Promotion: A promotion is a campaign to attract consumers' attention by selling your product at a cheaper price than usual.

Prospective: A prospective customer is someone who is not your customer now, but could be a customer in the future.

Prosperity: Prosperity is an economic state of high income and low unemployment.

Q

Quality management: Quality management includes all management activities involved in determining quality policy.

Quarter: A quarter is a period of three months.

Quotas: Quotas are limits on quantities that cannot be legally exceeded.

R

Range: A range is a group of things or products which are part of a set.

Raw material: Raw material is a natural product, such as wood or oil. It has not been made into another product.

Recall: A recall is the process of returning faulty goods to a company.

Recommend: To recommend somebody for something is to suggest that somebody is capable of doing something well.

Research and development: Research and development is the field that applies research to solve problems or create new business methods or products.

Resistance: You meet with resistance when you meet people who do not want the same things as you.

Resource allocation: Resource allocation is the process of dividing resources among projects departments, etc.

Resourcefulness: Resourcefulness is the ability to think creatively and make your own decisions.

Resources: The natural or man-made materials used in manufacturing are called resources.

Revenue: Revenue is the money that a company receives from its customers.

Review: To review something means to study it.

S

Scrutinize: To scrutinize something is to look at it very closely.

Six sigma: Six sigma is a highly successful management strategy developed by an electronics company.

Specification: A specification is a paper which shows the exact details of a plan or proposal.

Standards: Standards are the written definitions or rules approved by an official or professional agency.

Statute: A statute is an official rule established through treaties, national or local standards.

Statutory requirements: The licenses, permits, etc. necessary to carry out a business are the statutory requirements

Strategic goal: A strategic goal is a goal specifically designed to impact a company or its economic position favorably.

Strategy: A strategy is the plan of action toward a desired goal.

Strive: To strive means to try very hard.

Subordinate: A subordinate is a person who works at a lower rank than you.

Surname: A surname is your family name.

Surplus: A surplus is a group of materials which you bought, but you not do not need.

T

Takings: A company's takings are the total money the company receives from clients and customers.

Target audience: A target audience for a product is defined by characteristics such as age and income level that make up that group.

Target market: A target market is a group of people who you think you can sell your product to.

Threat: A threat is something that is able to cause damage or hurt a company.

Thrive: To thrive is to do very well.

Title:A title is part of your name that shows your social position, rank or achievement, such as Mister, Doctor or Professor

Trade agreement: A trade agreement is a contract that establishes the rules for doing business between two countries.

Trade barrier: A trade barrier is a government imposed restriction on free trade

Trade sanction: A trade sanction is a punishment imposed on a country that violates trade agreements or laws.

Trend: A trend is a change in fashions or opinions.

Trend: A trend is the general way of movement or direction.

U

Unconventional: If a person is unconventional, that person does things in a different way from other people

V

Venue: A venue is a place where something happens.

Violate: To violate is to not act properly according to a contract, law, or agreement

W

Wall Street: Wall Street is the street in New York City where the American stock exchange is located

World Trade Organization (WTO): The World Trade Organization (WTO) deals with the regulation, negotiation and formalization of trade agreements between participating nations.