Terms to ponder
Amalgamate - When two or more companies combine or unite to form one
large organisation.
Across The Board - The involvement of, or affect on, everyone or
everything in an industry or company.
Alpha Test - The first stage of testing a new product, especially computer
software or hardware, carried out by a developer under controlled conditions.
Bells and Whistles - Extra features added often more for show than
function, especially on computers, cameras, etc., to make the product more
attractive to buyers.
Bid Bond - A sum agreed to be paid by a company that wins a contract if the
work is not carried out.
Biometrics - The biological identification of human features, such as eyes,
voices and hands, increasingly used to identify individuals, e.g., in laptop
computers, entry systems and passports.
Cafeteria Plan - A system which allows employees to choose from a
selection of benefits which may be tax-advantaged, such as retirement plan
contributions, health benefits, etc., in addition to their salary.
Crowdsourcing - Term first coined by Jeff Howe in 2006 in Wired magazine.
Crowdsourcing refers to an organisation, group or individual delegating a task
to a large number of people via the internet, thereby using the general public
or a community of followers, users, experts, etc., to do research, make
suggestions, solve a problem, etc., usually without being paid. Their reward is
mainly a sense of ownership and real involvement, which is proven to be a
very powerful and meaningful force for motivation. (See the theories
of Herzberg and McGregor, or at a glance the diagram illustratingXY-Theory.)
Crowdsourced projects can be very big indeed. Wikipedia is effectively built
and maintained using crowdsourcing. The term is a 'semi-portmanteau' in that
it combines the words crowd and outsourcing. See also Crowdfunding.
Dog - An informal slang term for an investment which has shown a poor
performance. The slang term dog may also refer to other poor-performing
elements within a business, for example a product or service within a
company range, as in the widely used 'Boston Matrix'.
Duopoly - Two companies, or a situation, in which both companies control a
particular industry.
E-Business - Electronic Business. Using the internet to conduct business or
enable businesses to link together.
E-Commerce - Electronic Commerce. The buying and selling of products and
services over the Internet.
E-Lance - Freelance working using the Internet to sell services or goods
anywhere in the world.
Factory Price - The price charged for goods direct from the factory, not
including transport costs, etc. Factory Price is often quoted by retailers or in
advertisements to show that products are for sale at a very low price.
Fairy Dust - A term often used in the entertainment business. The final
enhancement or touch on a project. The unknown factor which turns
something great into something fantastic.
Fallen Angel - Term used in finance to describe bonds which once had a
good investment value, but have now dropped in value to a much lower
rating.
Globalisation - The process of integrating nations, economically and socially,
through free trade, international business activities, technology (for example
the Internet), etc.
Haggle - Negotiate with someone over the price of something until an
agreeably mutual price is reached.
Halo Effect - Where the image or reputation of a person (or group or
organization or brand or other entity) is enhanced by influence from or
association with the quality of another situation. A halo effect typically refers
to an unreliable indicator of good quality (ethics, goodness, honesty, value,
benevolence, etc) but might rarely instead refer to an unreliable indicator of
negative quality.
Income Tax - A tax paid by individuals to the government, the amount of
which is dependent on how much a person earns from their salary and/or
other sources of income.
Interest Rate - A fee which is charged for borrowing money, e.g., a loan
from a bank or financial institution, lease arrangement, goods bought through
hire purchase, etc.
Job Sharing - A work schedule in which two or more people voluntary do
one full-time job, sharing the work and dividing the hours between them.
Kaizen - Japanese for 'improvement'. When implemented in the workplace,
Kaizen activities help to improve the running of a business.
Kanban - Japanese for 'visible record'. In industry, a manufacturing system
which is regulated by the use of cards or boards which contain specifications
and instructions for the production process of goods.
Keiretsu - In Japan, an alliance of companies or organisations which own
shares in one another as a means of security, but each individual company
operates independently.
Larceny - The crime of unlawfully taking someone else's property or money.
Theft.
Loan Shark - Someone who offers unsecured loans at excessive rates of
interest.
Mystery Shopper - A person hired by market research companies or
manufacturers, etc., to visit or telephone shops or service providers
anonymously in order to assess the quality of goods, helpfulness of staff,
layout of premises, etc.
Net Price - The price payable for goods or services after any deductions,
discounts, etc., have been taken off.
Outsourcing - An arrangement in which a company produces goods or
provides services for another company, usually in the same country.
Pro Bono - Short for Pro Bono Publico (Latin for 'The Public Good'). Work
carried out in the public interest for no fee or compensation, e.g. by a lawyer.
Synergy - The working together of two or more individuals, groups,
companies, etc., to produce a greater effect than working individually.
