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Managing
a Business
Glossary
BUSS 2

Malachy Smyth

Page 2

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Managing a Business Glossary


1
A
Absenteeism Occurs when an employee is not present at his or her workplace
The extent to which a named individual is held responsible for the
Accountability
success or failure of a particular policy, project or piece of work
Authority The ability or power to…

Page 3

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Managing a Business Glossary


D 2
This occurs when businesses remove one or more layers of
Delayering
hierarchy from the organisation
Delegation The passing of authority down the organisational structure
Distribution How the ownership of a product moves from the producer to the
channel customer
Distribution
Where the product is…

Page 4

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Managing a Business Glossary


G 3




H




I
Industrial Are sold from one business to another, they're used in the
goods production of the final product
Information Involves the hardware and software used to store, retrieve and
technology manipulate information
Internal Takes place when a business looks to fill a…

Page 5

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Managing a Business Glossary


J 4
Job The list of duties and responsibilities associated with a particular
descriptions job
The process of grouping together individual tasks to form
Job design
complete jobs
Occurs when employees' jobs are redesigned to provide them
Job enrichment
with more challenging and complex tasks




K…

Page 6

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Managing a Business Glossary


M 5
Market The process of gathering and analysing data relevant to the
research marketing process
Market Exists when there is a group of clearly identifiable needs and
segment wants
Market share Measures a business's sales as a percentage of total market sales
Market size The…

Page 7

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Managing a Business Glossary


P 6
Performance- When some part of an employee's pay is linked to the
related pay achievement of targets at work
An outline of skills, knowledge and experience necessary to fill a
Person
given position successfully. These are also known as job
specifications
specifications
A system…

Page 8

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Managing a Business Glossary


R 7
Rationalisation Occurs when a business reduces the scale of its operations and
(shrinking) reduces its capacity level
Recruitment The process of filling an organisation's job vacancies by appointing
and selection new staff
Responsibility Being accountable for one's own actions
A reprogrammable device designed to…

Page 9

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Managing a Business Glossary


U 8
Unique Selling A feature or function of a product that makes it distinctive or
Point/Proposition different to any other on the market




V
The value of a product depends on the benefits it offers relative to
Value
its price
A flexible form of performance-related…

Page 10

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Managing a Business Glossary


X 9




Y




Z




Malachy Smyth

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