BUSINESS TERMS

Awayday

•  • An Awayday is the term used in British

Business for a meeting, often of a whole department, project or sales team, which takes place off-site and away from the participants' regular office surroundings, usually for a whole day or sometimes a weekend.

Asset Stripping

• • Asset stripping involves selling the assets of a business

individually at a profit. The term is generally used in a pejorative sense as such activity is not considered productive to the economy. Asset stripping is considered to be a problem in economies such as Russia or China that are making a transition to the market. In these situations, managers of a state-owned company have been known to sell the assets which they control, leaving behind nothing but debts to the state

Attach Rate

• The attach rate of a product represents how many complementary goods are sold for each primary product. For example, the average number of DVD-Video discs (complementary product) purchased for each DVD player (primary product) sold, or the number of console-specific video games purchased for each console sold

Back Office

• A back office is a part of most corporations where tasks dedicated to running the company itself take place. The term "back office" comes from the building layout of early companies where the front office would contain the sales and other customer-facing staff and the back office would be those manufacturing or developing the products or involved in administration but without being seen by customers.

Balanced Scorecard (BSC)

• • The Balanced Scorecard (BSC) is a strategy

performance management tool - a semi-standard structured report, supported by proven design methods and automation tools, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions

Bestshoring• Bestshoring, also known as rightshoring, is the

process of identifying the best location to move manufacturing, IT or business processes for a company. The decision is to be based on quantifiable criteria which are intended to take subjective and political input out of the decision cycle. Many companies use external consulting firms to make these decisions

Boutique Manufacturing

• • Boutique manufacturing is a method used for the

custom production of certain products in limited quantities by hand or with a restricted level of automation. Products produced this way often include ceramics, furniture, amplifiers, yachts, boats, leather goods or watches and jewellery among others. In industrial countries, boutique manufacturing is being selected generally for high class goods in upper price levels and only for single products or small batches.

Business Stature

• Business stature is a term describing the different levels associated to an individual's position or prominence in a business, market or group of associated business professionals. For example if a person in a company serves in a director level for a given department or division (of a company) he/she will look to work or relate to other people of equal level or "stature" to have trust in and look to for sharing ideas and guidance.

Dirty Subsidy

• A dirty subsidy is a payment or incentive by a government to a private corporation (or another level of government) that encourages waste of raw materials, natural resources, or energy, or results in pollution or other human health hazards.

Enterprise Modelling

• • Enterprise modelling is the abstract representation,

description and definition of the structure, processes, information and resources of an identifiable business, government body, or other large organization.[2]

• It deals with the process of understanding an enterprise business and improving its performance through creation of enterprise models. This includes the modelling of the relevant business domain (usually relatively stable), business processes (usually more volatile), and Information technology.

Follow-the-sun

• Follow-the-sun is a type of global workflow in which tasks are passed around daily between work sites that are many time zones apart. Such a workflow is set up in order to reduce project duration and increase responsiveness. Thus, the work is "following the sun" and never stops.

Gift Suite

• A gift suite is a location where several companies give products to celebrities in exchange for the celebrity taking a photo with the product or on a red carpet while standing in front of a press wall displaying company logos. Gifting suites are a powerful marketing tool used by companies for the purpose of celebrity product placement

External Customer

• An external customer of an organization is a customer who is not directly connected to that organization.[7][8]An internal customer is a customer who is directly connected to an organization, and is usually (but not necessarily) internal to the organization. Internal customers are usually stakeholders, employees, or shareholders, but the definition also encompasses creditors and external regulators.[9]

[8]

January Barometer

• The January barometer is the hypothesis that stock market performance in January (particularly in the U.S.) predicts its performance for the rest of the year. So if the stock market rises in January, it is likely to continue to rise by the end of December. The January barometer was first mentioned by Yale Hirsch in 1972

Menu Cost

• In economics, a menu cost is the cost to a firm resulting from changing its prices. The name stems from the cost of restaurants literally printing new menus, but economists use it to refer to the costs of changing nominal prices in general. In this broader definition, menu costs might include updating computer systems, re-tagging items, and hiring consultants to develop new pricing strategies as well as the literal costs of printing menus. More generally, the menu cost can be thought of as resulting from costs of information, decision and implementation resulting in bounded rationality

Occupational Welfare

• Occupational welfare is welfare distributed by industry as part of employment.[1] First characterized by British social researcher and teacher Richard Titmuss in 1956,[2] occupational welfare includes perks, salary-related benefits, measures intended to improve the efficiency of the workforce and some philanthropic measures

Paper Launch

• A paper launch is the situation in which a product is compared or tested against other products of the same kind, despite the fact that it is not available to the public at the time. Generally the term is applied to the computer and gaming industry, although it is not limited to that

Pick and Pack

• Pick and pack is a part of a complete supply chain management process that is commonly used in, but not limited to, the retail distribution of goods. It entails processing small to large quantities of product, often truck or train loads and disassembling them, picking the relevant product for each destination and re-packaging with shipping label affixed and invoice included. Usual service includes obtaining a fair rate of shipping from common as well as expediting truck carriers.

Point-of-value

• Point-of-value is a department or a specialized area of a company that involves the producing of; the saving of; or the reinvesting of money. It can be a replenishing quality, or a lack-of therein, in a product, service, or entity. Anything that is monetarily productive is said to have a 'High' Point-of-value.

Price Umbrella

• A price umbrella, also known as the umbrella effect, is a pricing effect often created by a dominant company, in which competing firms can find buyers as long as they set their price at or below the level of the dominant one.[1][2] This may not apply if the competing firm's products are inferior.Cartels can generate a price umbrella effect, enabling less efficient rivals to charge higher prices than they might otherwise be able to

Rainmaker

• In business, a rainmaker is a person who brings in new business and wins new accounts almost by magic, since it is often not readily apparent how this new business activity is caused. It means generating substantial new business or additional cash flow[1] from sources sometimes outside established business channels, sometimes by connecting with people in non-traditional or hidden markets, and sometimes by prompting current clients to spend more money.

Safety Stock

• Safety stock (also called buffer stock) is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) due to uncertainties in supply and demand. Adequate safety stock levels permit business operations to proceed according to their plans.[1]

Street Date

• In business, a street date is the date a particular product is to be released for sale to the general public.

• Typically, retailers receive shipments of stock prior to its street date release, so that the product can be placed on display shelves for store opening that day. Shipments come marked very clearly with a "do not sell before release date" label designating a street date mandated by the distributor. Shipments may sometimes arrive up to three weeks in advance

Tacit Relocation

• Tacit Relocation in Scots Law is a principle whereby leases of land or buildings are renewed on the same conditions as previously existed if no notice of termination is given within the requisite period, subject to a maximum period of one year, applying in perpetuity until such notice is given. The concept is also known in the law of South Africa.

Value Proposition

• A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services.Creating a value proposition is a part of business strategy. Kaplan and Norton say "Strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation

Yield Management

• Yield management is the process of understanding, anticipating and influencing consumer behavior in order to maximize yield or profits from a fixed, perishable resource (such as airline seats or hotel room reservations or advertising inventory).[1] As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell it to the right customer at the right time for the right price

Zone of Possible Agreement (ZOPA),

• The zone of possible agreement (ZOPA), in sales and negotiations, describes the intellectual zone between two parties where an agreement can be met which both parties can agree to. Within this zone, an agreement is possible. Outside of the zone, no amount of negotiation will yield an agreement.Zone of Possible Agreement