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Business Unit 1
Business Essentials
| Term | Definition |
|---|---|
| Deliverable | A project management term used to describe the intermediate or final output to be provided to a customer upon the completion of a project. Deliverables can be tangible or intangible in nature. |
| Point of view | A way of considering or viewing something; the position from which something or someone is observed; (also, in business marketing) a unique and specific position regarding a business problem, opportunity or question |
| Strategic Point of View | The perspective which considers firstly what a company’s goals are (especially in the long term), and secondly how it sets those goals, moves towards achieving them, mobilizes resources for the same, and monitors its own performance. |
| Operations Point of View | The perspective which considers the processes and activities involved in transforming resources into tangible and intangible products (goods and services) |
| Human Capital Point of View | The perspective which considers the people needed to produce goods and services, their required physical and mental abilities, and how to acquire, organize, train, compensate, protect, retain, and communicate to those persons |
| Financial, Legal and Regulatory Status Point of View | how money is acquired or collected, managed and tracked by a company, acquire resources necessary for the production of a product, how it is disbursed as payment or profit, and how associated legal and regulatory requirements are fulfilled and documented |
| Brand, Image and Competitive Position Point of View | The perspective which considers the plan for developing, pricing, distributing and promoting products which meet the specific needs of customers and will result in sales transactions between them and the company |
| Knowledge and Data Point of View | how the company gathers, organizes, retains and uses information about its activities, acquisitions, expenditures and interactions in order to create knowledge that can be used as a basis for strategic and operational decision making |
| Technology, Capital Assets, Inventory and Physical Plant Point of View | The perspective which considers the physical resources (large and small) owned or leased by a company for the purpose of housing activities, inventory or data required to produce products, get them to market, and interact with customers |
| Community Membership and Social Responsibility Point of View | The perspective which considers how a business maximizes its positive impacts and minimizes its negative impacts, while interacting within its supply chain, industry, local community and the world at large including the natural enviorment |
| Vision | The ability to think about or plan the future with imagination or wisdom |
| Vision Statement | anchor point of any strategic plan. It outlines what an organization would like to achieve ultimately and gives purpose to the existence of the organization. A good vision statement should be short, simple, specific to the business, and clear. |
| Alignment | A position of agreement or alliance ; process and the result of structuring and utilizing an organization's activities and resources so that they move the company towards its imagined vision despite and within the realistic constraints of its environment |
| Vision Board | A collage of images and words representing a person's (or team’s) wishes or goals, intended to serve as inspiration or motivation. It can help to clarify, concentrate and maintain focus. |
| Strawman | a brainstormed, simple proposal intended to be a rough draft that generates discussion. Often it is used as a way of talking about an idea’s disadvantages in order to strengthen it and get to new and better proposals. It is considered jargon. |
| Jargon | Special words or expressions that are used by a particular profession or group and are difficult for others outside the group to understand |
| Business Guru | A business guru (or management guru) is a person with influential ideas or theories about business who others follow in order to replicate success and achieve a higher level of performance |
| Business | 1 one’s trade or profession; 2 a transaction; 3 an entity. The coming together of buyer and seller in a marketplace for the purpose of exchanging products (goods and/or services) for something of value |
| Seller | An individual, or entity, who exchanges any good or service in return for payment of any kind |
| Marketplace | The arena of commercial dealings where individuals or entities compete with each other in order to sell their products, or to acquire products, or to facilitate the exchange |
| Exchange | The act of giving up one thing (money, credit, labor, goods) in return for something else (physical goods, acts of service, ideas, information) |
| Products | A good or service with tangible or intangible characteristics that provide satisfaction and benefits |
| Goods | Tangible things that are produced, bought or sold, and then finally consumed |
| Services | Activities performed for sale, trade or donation |
| Value | A customer’s subjective assessment of benefits relative to costs in determining the worth of a product |
| Economy | The wealth and resources of a country or region, especially for the production and consumption of goods and services. |
| Economic System | How a particular society distributes its resources to make and trade things of value, usually goods (physical things) and services (things done by people). It assumes there is medium of exchange, which in the modern world is a system of finance. |
| Commerce | Business or trade. The activity of buying and selling, especially on a large scale |
| Resources | Something that can be used for a purpose (assets) |
| Factors of Production | The inputs (as a combination of resources) necessary for output of goods or services in order to make an economic profit. Typically include land, labor, capital, entrepreneurship, the state of technological progress, transportation, and information |
| Natural Resources | Land, forests, minerals, water, animals and other things that are not made by people. Note that where animals and plants are farmed, they are not considered natural resources (renewable) |
| Human Resources (Labor) | The physical and mental abilities that people use to produce goods and services |
| Financial Resources (Capital) | The funds used to acquire the natural and human resources needed to provide products |
| Intangible Resources and Intangible Assets | Things like company reputation, patents and trademarks, goodwill, financial resources that are not presently held by a company, but that add value to it, such as accounts receivable and any pre-paid expenses, and knowledge held in databases. |
| Scarcity | The state of being in short supply, or the point at which demand for resources exceeds available supply |
| Competition | The rivalry among businesses for consumer’s currency |
| Supply | The number of products that businesses are willing to sell at different prices at a specific time |
| Demand | The number of products that consumers are willing to buy at different prices at a specific time |
| Equilibrium Price (Fair Market Price) | The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time |
| Goods | A physical product that provides utility and satisfies a human want or need |
| Services | Labor, or another non-physical product, that provides utility and satisfies a human want or need |
| Consumption | The use of goods and services, or the using up of a resource |
| Production | The action of combining tangible and intangible resources to make (or manufacture) goods or services that have value |
| Expanding Economy | The situation that occurs when an economy is growing and people are spending more money |
| Contracting Economy (Recession, Depression) | A slowdown of an economy characterized by a decline in spending and during which businesses cut back on production and lay off workers |
| Gross Domestic Product | The sum of all goods and services produced in a country during a year |
| Standard of Living | The level of wealth and material comfort that people have available to them |
| Budget Deficit | The condition in which a nation (or other government entity) spends more than it takes in |
| Innovator | A person who introduces new methods, ideas, or products, and encourages challenges or inspires others to do so as well |
| Influencers | Someone who has an effect on the behavior of another individual. In business, influencers are individuals who have the power to affect the purchase decisions of others because of their (real or perceived) authority, knowledge, position, or relationship |
| Management Theory | An idea, or a collection of ideas, which sets forth general rules on how to manage business or organization |
| Business Biography | A summary of a businessperson’s career path, achievements, and philosophy of work, usually written in prose, to portray the individual in the best possible light |
| A social media platform targeted to connecting people based upon business associations, and used as a form of digital networking, job and employee search, and business news exchange | |
| Business Life Cycle | A phased model of business progression, representing the full existence of a business from its founders first formative efforts through the business’ decline or sale |
| Introduction | In the classic four-phase model, the first phase of business existence |
| Launch | The process of introducing a new company or product to the marketplace |
| Growth | In the classic four-phase model, the second phase of business existence |
| Break-Even Point | The point at which total cost and total revenue are equal |
| Maturity | In the classic four-phase model, the third phase of business existence |
| Decline | In the classic four-phase model, the final phase of business existence |
| Renewal | A strategic shift propelling a business to begin a new life cycle curve. Renewal indicates a change to an upward trajectory in sales |
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Pl237112
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