Impersonal Service at Customers Site this service usually involves working with the customers property and seldom deals with factors that the customer deems confidential. Examples of this type of service would be: lawn service, typewriter repair, office cleaning, trucking service, etc. Impersonal Service at Servicers Site this service usually involves working with the customers property and seldom deals with factors that the customer deems confidential. The service is traditionally provided at the servicers enterprise. Examples of this type of service would be: auto mechanic, tv repair, etc. Impersonal Service, volume this type of service is usually designed such that the same service will satisfy the needs of all customers.
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The distributor expects to receive a significant price discount for providing the biography distribution service. Distribution Channel the path your product follows to be delivered to the end user. This may be through distributors, retail outlets, self service outlets, vending machines, telephone sales, direct mail sales, etc. Equity a percentage ownership of an enterprise, usually in the form of stock. Fashion goods goods where style is important and price is secondary. These products could include clothing, jewelry, furniture, draperies, and dishes, but can sometimes be stretched into other areas such as umbrellas, walking canes, cigarette holders, etc. Fixed Assets (sometimes called long term assets) these are usually non-liquid assets that are integral to the enterprises day-to-day business operations such as plants, equipment, furniture and real estate. Fixed Costs The day-to-day cost of doing business that is pre-committed, such as salaries, insurance, lease expenses, utilities, etc. Full Service retail Sales Method selling from a sales outlet directly to the end user at retail prices with sales personnel who can explain the purpose and value of the product or service. Gross Profit revenues less cost of sales.
Current Assets, assets that can be converted quickly to cash. Current liabilities, all debts incurred in the normal day-to-day business and due within one calendar year. Debt Service the regular payments required to keep a loan current. Depreciation, the gradual father's erosion of the usability and value (possibly due to obsolescence) of an enterprises fixed assets. In some cases depreciation can be declared as a tax deduction. Direct Sales Method selling direct to the end user with promotional efforts using advertising, direct mail or telephone sales. Distributor an enterprise that purchases your products for resale to their customers who are usually retail outlets.
Capital the financial investment required to initiate and/or operate an enterprise. Cash Based Accounting an accounting method that enters income and expenses into the books at the time when payment is received or expenses incurred. Cash Flow the transfer of monies into and out of an enterprise. Collateral assets that can be pledged to guarantee a loan. Convenience goods goods often used by the consumer, but the consumer is unwilling to spend shopping time to acquire them. This covers a broad spectrum of products including candy, cigarettes, drugs, newspapers, magazines and most grocery products. Corporate Image Advertising a corporate image ad is designed to primarily promote the enterprise and secondarily promote the products or services of the enterprise. Cost of goods the direct costs involved in producing a product or service which usually includes labor and materials. Cost of Sales the cost of goods plus the expenses involved in selling and delivering the product or service.
Accounts Receivable monies due your enterprise as the result of day-to-day operations. Accrual Based Accounting an accounting method that enters income and expenses into the books at the time of contract versus when payment is received or expenses incurred. Assets all real or intellectual property owned by the enterprise that has a positive financial value. Balance Sheet a statement of assets and liabilities. Barriers to Entry conditions that create difficulty for competitors to enter the market. For example, copyrights, trademarks, patents, dedicated distribution channels and high initial investment requirements. Break-even point the point at which revenues are equal to expenses. Business Services services offered to commercial enterprises, such as: equipment maintenance, supplying of part time personnel, engineering, design and management consulting, etc.
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Shewhart Cycle The english Shewhart Cycle is most often a circle with no beginning or end, meaning that the continuous improvement process of a business never stops. The cycle has four stages: planning (when you identify an opportunity and create a plan doing (to test the plan on a small scale checking (to evaluate the benefit of the plan and acting (implementing the plan on a larger scale and then monitoring results). Sme a subject matter expert (or sme) is a business person with a deep understanding of a particular process, function, technology, machine, material, or type of equipment. Individuals designated as subject matter experts are typically sought out by others interested in learning more about, or leveraging, their unique expertise to solve specific problems or help with particular technical challenges. Turnover When employees leave a company and have to be replaced, that's called turnover. A certain amount nat of turnover is unavoidable, but too much can ruin a company. The two general types of turnover are voluntary (when the employee chooses to leave) and involuntary.(when layoffs and similar actions force an employee to leave).
Variable costs Variable expenses are those business expenses which vary depending on the volume of business, sales, or the volume of transactions. Examples of variable expenses include postage and shipping for customer purchases, purchase of raw materials, inventory of products to be sold, hourly wages of employees, and sales commission. Vision Vision is top managements dream of what they want the organization. It should not be confused with strategy, which is the large-scale plan the company follows to make the dream happen. Accessory goods products required by commercial operations to conduct business, such as: office copiers, automobile wheel balancers, auxiliary power supplies, air compressors, etc. Accounts payable short term debts incurred as the result of day-to-day operations.
Matrix Management, matrix management is commonly used in organizations if they have a need to share resources across functions (i.e, different departments). In a matrix management system, an individual has a primary report-to boss and also works for one or more managers, most typically on projects. Non-disclosure Agreement, for many companies, one of their most valuable assets is their intellectual property which they must keep secret. . A non-disclosure agreement is a legal document between employee and employer, in which the employer agrees to disclose certain information to the employee for a specific purpose. The employee then becomes legally bound not to disclose that information to anyone else. Profit and Loss Statement.
A profit and loss statement (sometimes called an income statement is a business report that shows net income as the difference between revenue and expenses. Revenue, a business's revenue is the money generated by all its operations before deductions are taken for expenses. Revenue can come from the sale of the company's products or services, from the sale of surplus equipment or property, or from the sale of shares of stock in the company. It can come from a variety of other sources such as interest, royalties, and fees. Roi, roi is the return on investment ratio (also referred to as the return on assets ratio). It is the profitability measure that evaluates the performance of a business, or investment, or the potential return from a business or investment. It divides the net profit by net worth, with the result expressed as a ratio or percentage. Senior Manager Senior managers (typically used in large organizations with multiple layers of management) have responsibilities and authority broader in scope than a front-line manager. Senior managers are usually positioned to move into a director or general manager position.
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Gaap, generally accepted accounting principles (referred to write as gaap are a set of rules and practices having substantial authoritative support. Gaap is the standard that companies use to compile their financial statements such as the income statement, balance sheet, and statement of cash flow. Golden Parachute, a golden parachute is the name given to the clause in a top executive's employment agreement or contract that defines the payout the individual will receive should they be terminated by the organization before the end of their contract. An insider in a company is someone who has access to important information about a company that might influence investor decisions that would impact the firm's stock price or valuation. This important information is often described as material information. Liabilities, liabilities are amounts owed by a business at any one plan time and are often expressed as payables for accounting purposes. Line manager, a line manager is a person who directly manages other employees and operations of a business while reporting to a higher ranking manager. The line manager term is often used interchangeably with direct manager.
Sometimes it is an owner, founder, or manager. It can also be a managing partner or the essay president. In the largest organizations, and more frequently in smaller ones especially start-ups, the title of president is being replaced by ceo. Continuous Improvement Plan, a continuous improvement plan is a set of activities designed to bring gradual, ongoing improvement to products, services or processes through constant review, measurement, and action. Financial Accounting Standards board. The financial Accounting Standards board (fasb) is the primary body in the United States that sets accounting standards. Fiscal year, the fiscal year for all businesses ends December. Enterprises that can change their fiscal year (based on their structure) include sole proprietorships, members of a partnership in which all the partners are individuals, and corporations. Fixed Assets, fixed assets are anything a business owns, such as a factory or a proprietary formula for a product.
phrase implies a lack of connectivity to reality. The term bottom line refers to the profitability of a business after all expenses are deducted from revenues. Cash Flow, cash flow is the money that is moving (or flowing) in and out of a business in any given month. Cash may be coming in from customers, or clients, who are buying products or services. Cash may be going out in the form of payments for expenses, like rent or a mortgage. Ceo, the Chief Executive officer (ceo is the top executive in an organization. That top executive can have many titles.
The business can be the end buyer, such as when a company hires a copywriter (the copywriter is the B2B business) or it can be a source of the business, summary such as a drop shipper who provides products to other companies who then sell them. The drop shipper is a b2B company. B2C, b2C is an acronym for business-to-consumer. A b2C business is one that sells products or services directly to the consumer. A balance sheet is a statement of the financial position of a business which states the assets, liabilities, and owners' equity at a particular point in time. In other words, the balance sheet illustrates the business's net worth. Benchmarking, benchmarking, or goal setting, allows a company to assess the opportunities they may have for improving a number of areas in their supply chain.
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Klaus Vedfelt/ Riser/ Getty Images, if you dates want to understand business management, this dictionary of thirty management terms will get you up to speed. Accounts payable, simply put, an accounts payable report gives you an overview of what your business owes for supplies, inventory, and services. A quick glance at this report reveals the identities of your creditors, how much money is owed to each creditor, and how long that money has been owed. Every business has assets, which in their simplest terms are things of value. All businesses need assets to produce products or sell services. An asset is anything a business owns. B2b, a b2B business is one that offers products or services directly to other businesses.