business management glossary
business management glossary
20 terms
Business management is a field of study in a majority to give people all the basics they need to start is own business. Business management teaches how peoples think, how to do marketing, how to get supplier, how to do accounting, etc. Everything needed in a business. This glossary can be useful to people in business management because it takes terms in many categories in business management and everyone has a place where they have more difficulty in it in business management. Everyone can have 2 or 3 terms that can help them in this glossary.
- A variable cost
- A variable cost is any business expense that changes according to production output.
- Amortization
- The action or process of gradually writing off the initial cost of an asset.
- Branding
- The promotion of a particular product or company by means of advertising and distinctive design.
- Breakeven point
- The point at which total cost and total revenue are equal.
- Business model
- A design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.
- Cash-flow
- The total amount of money being transferred into and out of a business, especially as affecting liquidity.
- Consumer Protection Act
- Provincial or federal legislation designed to safeguard consumers in transactions with merchants by promoting fair trade, providing legal recourse, and preventing deceptive business practices. It regulates contracts, ensures product safety, requires accurate information, and protects consumers from unfair, misleading, or high-pressure sales tactics.
- Conversion rate
- A marketing metric (shown as a percentage) used to calculate digital engagement with your brand in order to optimize your marketing strategy.
- Customer retention
- An organization's ability to keep customers buying their products and from switching to other providers.
- Customer service experience
- All interactions a customer has with a company's support team, such as inquiries, problem resolution, and product assistance.
- demand elasticity
- One in which the change in quantity demanded due to a change in price is large.
- Fixed costs
- Business costs, such as rent, that are constant whatever the quantity of goods or services produced.
- gross profit
- The amount of money a business retains after subtracting the cost of goods sold (COGS) from its total revenue.
- market share
- The proportion of total sales in an industry controlled by a particular business.
- Money depreciation
- The decline of a currency's value relative to another currency.
- Net profit
- The total revenue generated from sales minus all expenses.
- Pricing strategy
- An approach business use to determine what prices they should charge for their products and services.
- Profit margin
- The amount by which revenue from sales exceeds costs in a business.
- Publication Schedule
- It is a visual roadmap, indicating what content will be published, when, and where.
- Risk management
- The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.