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Glossary

"a list or dictionary of technical or special words" (and their meaning!). Use the letters below as a shortcut to a word you are looking for...

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z


Add value
Something added to a product or service that gives the customer extra value for money.

Benchmark
Something already known that can be used to measure against.
BAS - Business Activity Statement
The report sent to the Australian Taxation Department that states how much GST is owed for the previous trading quarter.
Budget
A financial allocation of spending in different categories for a period such as a year, based on expected income.
Business Plan
A map to ensure you don’t lose your way when developing your business.
Business Alliance
When a trusting relationshop develops between two business operators.

Cheque Bounce
When a cheque is deposited but the bank account does not have enough funds to cover the amount on the cheque.
Contact
A person you have met or been referred to in the course of doing business.
Creditor
A company or individual to whom you owe money.
Customer Service
A function of an organization that interacts with customers, e.g. respond to inquires or complaints. Can also describe the positive attitude of an organization towards its client base, and taking active steps (as opposed to always REacting) to improve product or service delivery.

Database
Storage of contact details in a way that makes them easy to search and recall.
Database Marketing
Using your database of contacts to send out brochures or offers.
Demand
The amount of potential buyers for a product or service.
Direct Marketing
Selling via a promotion delivered individually to the prospective customer. Direct marketing differs from general marketing in that the result of the promotion is measurable in terms of the response. Direct marketing is largely dependent upon the use of customer files and lists. ( See Data Base )
Download
Obtain files, programs or documents from the Internet.

Flyer
An advertising or promotional printed sheet.

GST - Goods and Services Tax
The payment to the government of a percentage of the value of all products or services traded by business.
Guarantee
To assure the performance of a product, usually within specified conditions.

HBB - Home Based Business
A business that is primarily operated from home.

Investment
Purchase of stocks, bonds, shares, real property, annuities, collectibles etc, with the expectation of obtaining income or capital gain, or both.
Internet
A global computer network that allows people to communicate and exchange information using tools such as email, newsgroups, websites, and chat rooms.
ISP - Internet Service Provider
The organisation or company that provides you with an Internet service, typically allowing your computer to access this service using a modem over the telephone line.

KPI - Key Performance Indicator
Common in the building and maintenance industry where key aspects of a contract are identified and measured to facilitate either progress or ongoing payments to the contractor. In some cases, the contractor or supplier of services may have to pay the client an amount of money if the key performance indicators are not met.

Limited Liability
A limit on the amount of money a company or individual can be made to pay in the event of legal action.
Line of Credit
Agreement whereby a financial institute promises to lend up to a certain amount without the need to file another application. The borrower is expected to reduce the debt after having reached the full amount of credit.
Loss
Where expenses exceed sales or revenue; an item sold for less than its cost, that is below the sum of direct and indirect costs (=full cost)

Mentor
A teacher, someone with experience assisting another with less knowledge usually in a one-on-one manner.
Market Share
The percentage of sales of a particular company or product. The proportion of the market served by one participant.
Mentoree
Someone learning from a mentor.
Micro Business
A business employing less than about 5 people.
Modem
Computer equipment that lets your computer connect to the phone line, allowing access to the Internet or for faxing.

Networking
Building and developing a group of contacts.

Overdraft
A credit facility granted by a bank which allows the borrower to draw funds from the bank up to a prescribed limit as and when the borrower wishes.
Overhead
An expense incurred in producing/providing your product or service.

Prime Cost
A cost that can be directly attributed to a particular production process or service. Prime Costs (Direct Costs) rise in proportion to the number of units produced.
Profit Margin
Positive difference that results from the selling products or services for more than the cost of producing these products or services.
Promote
To ake people (e.g. customers) aware of.

ROI - Return on Investment
The amount expressed as a percentage, earned on a company's total capital - It's common and prefered stock equity plus it's long term funded debt - calculated by dividing total capital into earnings before interest, taxes and dividends.

Solicitor
A member of a legal profession qualified to advise clients on personal and business matters.
Saturating the Market
Opposite to market equilibrium, whereby a supplier of goods or services produces more than the market can substain. Usually has a detrimental effect on price and at times product quality.
Shareholder
Person or company who owns shares in a company.
Shares
Documents that represent a percentage of ownership in a company.
Source
Where something (such as materials used in producing a product) comes from.
Slogan
A memorable phrase that says something positive about the business.
SOHO - Small Office / Home Office
A term that is often applied to the small or home-based business market sector.
Superannuation
A compulsory payment of a portion of employee's wages to a fund that does not get paid out to the employee until they reach retirement age.
Supplier
One who supplies materials, goods or services to others.
Survey
In marketing terms, a structured gathering of information on preferences or opinions from potential or actual customers.

Target Market
Group of persons or companies for whom a firm creates and maintains a product or service mix that specifically fits the needs and preferences of that group.
Telemarketing
Use of the telephone as an interactive medium for promotion or promotion response. Telemarketing as a response vehicle includes receiving orders, inquiries and donation pledges in response to print and broadcast advertisements.
Tracking
In marketing terms, the process of noting where you get good response from your promotion activities, such as newspaper ads.
Trading Terms
Terms set by the provider of goods or services that state the conditions under which it will trade with its client base. Typical conditions such as payment expectations, return of goods, delivery conditions, guarantees etc are contained in the trading terms.
Turnover
The total amount of income received by a business during a specified period (usually a year).

User Friendly
Easy for a typical user to learn and operate; designed from the user's point of view.

Venture Capital
An investment in a start-up business that is perceived to have excellent growth prospects but does not have access to capital markets.
Viral Marketing
A new form of getting your business widely known via email, in which a newsletter or other informative email is forwarded around from person to person because they find it interesting.

Worker's Compensation
A compulsory insurance for Australian business that covers injury to workers.

Zoning
Regulation of private land use and development by local government.
 

 

 


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