A-Z
This glossary was compiled as a broad study resource inspired by the core subject areas in Argyll Business School publications and standard UK business curricula, including accounting, finance, marketing, economics, leadership, entrepreneurship, and human resource management.
A/B Testing: A method of comparing two versions of a product, webpage, or advert to determine which performs better.
Accounting: The process of recording, classifying, and summarising financial transactions.
Acquisition: The purchase of one company by another.
Advertising: Paid promotion of products, services, or brands.
Amortisation: The gradual reduction of an intangible asset’s value over time.
Asset: Anything owned by a business that has economic value.
Balance Sheet: A financial statement showing assets, liabilities, and equity.
Bankruptcy: A legal status when a business cannot repay its debts.
Benchmarking: Comparing business performance against competitors or standards.
Blue Ocean Strategy: A strategy focused on creating new market space with little competition.
Brand: A name, symbol, or identity that distinguishes a product or business.
Break-even Point: The level of sales where total revenue equals total costs.
Budget: A financial plan estimating income and expenditure.
Business Ethics: Moral principles guiding business behaviour and decisions.
Business Plan: A document outlining business goals, strategy, and finances.
Capital: Financial resources used to operate or grow a business.
Cash Flow: Movement of money into and out of a business.
Change Management: The process of managing organisational change effectively.
Consumer Behaviour: The study of how customers make purchasing decisions.
Corporate Social Responsibility (CSR): Business practices that consider social and environmental impacts.
Cost Leadership: A strategy of becoming the lowest-cost producer in a market.
Customer Relationship Management (CRM): Systems and strategies for managing customer interactions.
Depreciation: Reduction in the value of a tangible asset over time.
Digital Marketing: Promotion using digital channels such as social media and websites.
Diversification: Expanding into new products or markets.
Dividend: A portion of company profits paid to shareholders.
E-commerce: Buying and selling goods or services online.
Economies of Scale: Cost advantages gained through increased production.
Elasticity of Demand: The responsiveness of demand to price changes.
Employee Engagement: The emotional commitment employees have to their work.
Entrepreneur: A person who starts and manages a business venture.
Equity: Ownership interest in a company.
Ethical Marketing: Marketing practices based on honesty and fairness.
Financial Ratio: A calculation used to analyse business performance.
Fixed Costs: Costs that do not change with production levels.
Forecasting: Predicting future business conditions or performance.
Franchise: A business model allowing others to operate under a brand name.
Gross Profit: Revenue minus the cost of goods sold.
Human Resource Management (HRM): Managing recruitment, training, and employee relations.
Inflation: A general rise in prices over time.
Innovation: The introduction of new ideas, products, or methods.
Intellectual Property: Legal rights protecting creations such as patents or trademarks.
Inventory: Goods and materials held for sale.
Investment: The use of money to generate future returns.
Joint Venture: A business arrangement where parties share ownership and control.
Key Performance Indicator (KPI): A measurable value showing organisational performance.
Leadership: The ability to influence and guide people.
Lean Management: A system focused on reducing waste and improving efficiency.
Liability: A business debt or financial obligation.
Liquidity: The ability to meet short-term financial obligations.
Logistics: Managing the movement of goods and materials.
Market Research: Collecting information about customers and competitors.
Marketing Mix: The combination of product, price, place, and promotion strategies.
Merger: The joining of two companies into one.
Mission Statement: A statement describing an organisation’s purpose.
Motivation: Factors that encourage employees to perform effectively.
Net Profit: Profit remaining after all expenses are deducted.
Niche Market: A specialised segment of a larger market.
Operations Management: Planning and controlling production processes.
Opportunity Cost: The value of the next best alternative foregone.
Outsourcing: Hiring external organisations to perform business functions.
PESTLE Analysis: A framework analysing Political, Economic, Social, Technological, Legal, and Environmental factors.
Patent: Legal protection for an invention.
Portfolio: A collection of investments, products, or projects.
Price Discrimination: Charging different prices to different customers for the same product.
Product Life Cycle: The stages a product passes through from launch to decline.
Productivity: The efficiency of converting inputs into outputs.
Profit Margin: The percentage of revenue remaining as profit.
Public Relations (PR): Managing communication and relationships with the public.
Quality Assurance: Processes ensuring products meet standards.
Recruitment: The process of attracting and selecting employees.
Return on Investment (ROI): A measure of profitability relative to investment cost.
Revenue: Income generated from business activities.
Risk Management: Identifying and reducing potential business risks.
SMART Objectives: Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
SWOT Analysis: Analysis of strengths, weaknesses, opportunities, and threats.
Sales Forecast: An estimate of future sales.
Shareholder: A person or organisation owning shares in a company.
Social Enterprise: A business aiming to achieve social objectives.
Stakeholder: Any individual or group affected by a business.
Strategic Planning: Long-term planning to achieve organisational goals.
Supply Chain: The network involved in producing and delivering goods.
Target Market: The specific customer group a business aims to reach.
Taxation: Compulsory financial charges imposed by governments.
Teamwork: Collaborative effort to achieve shared goals.
Total Quality Management (TQM): A management approach focused on continuous quality improvement.
Trademark: A legally registered brand name or symbol.
Turnover: Total sales revenue or employee replacement rate.
Variable Costs: Costs that change according to output levels.
Venture Capital: Investment in startup or high-growth businesses.
Vision Statement: A statement describing future aspirations.
Working Capital: Current assets minus current liabilities.
Zero-based Budgeting: A budgeting method where every expense must be justified.
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