The business administration field consists of a lot of sub-fields as economics, psychology, administration which can get messy. This glossary will help you understand field-specific terms and the link between them.
Brand
A brand is the collective perception, emotional connection, and set of expectations that customers have about a product, service, or company.
Break-even point
The sales or revenues necessary to cover costs and
prevent a firm from operating at a loss.; Refers to the
price at which a transaction produces neither a gain nor
a loss.
Budget
An itemized summary of estimated or intended
expenditures for a given period along with proposals for
financing them.; A systematic plan for the expenditure of
a usually fixed resource, such as money or time, during a
given period.; The total sum of money allocated for a
particular purpose or period of time.
Capital
Capital is the accumulated, high-value assets—including money, machinery, real estate, and intellectual property—used by businesses to generate wealth, fund operations, and produce goods or services.
Cash flow
The pattern of income and expenditures, as of a company
or person, and the resulting availability of cash.; The cash
receipts or net income from one or more assets for a
given period, reckoned after taxes and other
disbursements, and often used as a measure of corporate
worth.
Creditor
A person or commercial enterprise to whom money is
owed.
Extrinsic cues
Extrinsic cues are non-physical, external attributes—such as price, brand name, packaging, and country of origin— that consumers use to evaluate product quality and reduce purchase risk without altering the product itself.
Intrinsic cues
Intrinsic cues are the physical, inherent characteristics of a product—such as flavor, aroma, color, texture, or technical specifications—that cannot be changed without altering the product itself
Liquidity
The ability or ease with which assets can be converted
into cash.
Offer
An offer is a conditional proposal made by a buyer or seller to buy or sell an asset.
Perceived Quality
Perceived quality is a consumer's subjective assessment of a product or service's overall excellence or superiority, rather than its objective, technical, or engineering specifications.
Perceived risk
Perceived risk is a subjective, consumer-focused concept representing the uncertainty and potential negative consequences an individual associates with a purchase, decision, or action.
Perceived Value
Perceived value is a customer’s subjective assessment of a product or service's worth based on its ability to meet their needs, emotional desires, or social status, rather than its actual production cost or market price.
Product design
Product design is the comprehensive process of imagining, creating, and iterating products—both physical and digital—to solve specific user problems or address needs in a market
Retailer
A merchant who sells goods or commodities in small
quantities directly to consumers