An Assignment on About Some Business Definitions

7/31/2019 An Assignment on About Some Business Definitions

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Mohammad Mamun Sikdar, 09.02.02.025 Page 1

Topic: An assignment of about some definitions

The definitions are given below:

Business

An economic system in which goods and services are exchanged for one another or money, on

the basis of their perceived worth. Every business requires some form ofinvestment and a

sufficient number ofcustomers to whom its output can be sold at profit on a consistent basis.

Management

1. The organization and coordination of the activities of an enterprise in accordance with certain

policies and in achievement of defined objectives.

2. The directors and managers who have the power and responsibility to make decisions to

manage an enterprise.

Marketing

The management process through which goods and services move from concept to the customer.

As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection,

and development of a product, (2) determination of its price, (3) selection of a distribution

channel to reach the customer's place and (4) development and implementation of a promotionalstrategy. As a philosophy, marketing is based on thinking about the business in terms of

customer needs and their satisfaction

Demand

1. Commerce: A claim for a sum ofmoney as due, necessary, or required.

2. Economics: (i) Desire for certain good or service supported by the capacity to purchase it. (ii)

The aggregate quantity of a product or service estimated to be bought at a particular price. (iii)

The total amount offunds which individuals or organizations want to commit for spending on

goods or services over a specific period. See also law of supply and demand.

3. Law: An assertion of a legal right, such as to seek a compensation or relief.

Want

1. Unfulfilled desire.

2. Unwilling and detrimental lack of life's necessities.
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-rate-price-variance.htmlhttp://www.businessdictionary.com/definition/bought.htmlhttp://www.businessdictionary.com/definition/product.htmlhttp://www.businessdictionary.com/definition/quantity.htmlhttp://www.businessdictionary.com/definition/aggregate.htmlhttp://www.businessdictionary.com/definition/purchase.htmlhttp://www.businessdictionary.com/definition/capacity.htmlhttp://www.businessdictionary.com/definition/final-good-service.htmlhttp://www.businessdictionary.com/definition/economics.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/due.htmlhttp://www.businessdictionary.com/definition/money.htmlhttp://www.businessdictionary.com/definition/sum.htmlhttp://www.businessdictionary.com/definition/claim.htmlhttp://www.businessdictionary.com/definition/commerce.htmlhttp://www.businessdictionary.com/definition/satisfaction.htmlhttp://www.businessdictionary.com/definition/customer-needs.htmlhttp://www.businessdictionary.com/definition/term.htmlhttp://www.businessdictionary.com/definition/business.htmlhttp://www.businessdictionary.com/definition/promotional-strategy.htmlhttp://www.businessdictionary.com/definition/promotional-strategy.htmlhttp://www.businessdictionary.com/definition/customer.htmlhttp://www.businessdictionary.com/definition/reach.htmlhttp://www.businessdictionary.com/definition/distribution-channel.htmlhttp://www.businessdictionary.com/definition/distribution-channel.htmlhttp://www.businessdictionary.com/definition/labor-rate-price-variance.htmlhttp://www.businessdictionary.com/definition/product.htmlhttp://www.businessdictionary.com/definition/development.htmlhttp://www.businessdictionary.com/definition/selection.htmlhttp://www.businessdictionary.com/definition/element.htmlhttp://www.businessdictionary.com/definition/coordination.htmlhttp://www.businessdictionary.com/definition/practice.htmlhttp://www.businessdictionary.com/definition/concept.htmlhttp://www.businessdictionary.com/definition/services.htmlhttp://www.businessdictionary.com/definition/goods.htmlhttp://www.businessdictionary.com/definition/process.htmlhttp://www.businessdictionary.com/definition/management.htmlhttp://www.businessdictionary.com/definition/manage.htmlhttp://www.businessdictionary.com/definition/decision.htmlhttp://www.businessdictionary.com/definition/responsibility.htmlhttp://www.businessdictionary.com/definition/power.htmlhttp://www.businessdictionary.com/definition/manager.htmlhttp://www.businessdictionary.com/definition/director.htmlhttp://www.businessdictionary.com/definition/objective.htmlhttp://www.businessdictionary.com/definition/policy.htmlhttp://www.businessdictionary.com/definition/activity.htmlhttp://www.businessdictionary.com/definition/coordination.htmlhttp://www.businessdictionary.com/definition/consistent.htmlhttp://www.businessdictionary.com/definition/profit.htmlhttp://www.businessdictionary.com/definition/output.htmlhttp://www.businessdictionary.com/definition/customer.htmlhttp://www.businessdictionary.com/definition/investment.htmlhttp://www.businessdictionary.com/definition/form.htmlhttp://www.businessdictionary.com/definition/worth.htmlhttp://www.businessdictionary.com/definition/money.htmlhttp://www.businessdictionary.com/definition/services.htmlhttp://www.businessdictionary.com/definition/goods.htmlhttp://www.businessdictionary.com/definition/economic-system.html


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Cost leadership

Strategy used by businesses to create a low cost ofoperation within their niche. The use of this

strategy is primarily to gain an advantage over competitors by reducing operation costs below

that of others in the same industry.

Differentiation strategy

Approach under which a firm aims to develop and market unique products for different customer

segments. Usually employed where a firm has clear competitive advantages, and can sustain an

expensive advertising campaign. It is one of three generic marketing strategies that can be

adopted by any firm.

Mission statement

A written declaration of an organization's core purpose and focus that normally remains

unchanged over time.

A mission is

Different from a vision in that the former is the cause and the latter is the effect.

Something to be accomplished whereas a vision is something to be pursued for that

accomplishment.

It is also called company mission, corporate mission or corporation purpose.

Vision statement

An aspirational description of what an organization would like to achieve or accomplish in the

mid-term or long-term future. It is intended to serves as a clear guide for choosing current andfuture courses ofaction. See also mission statement.

Objective

An end that can be reasonably achieved within an expected timeframe and with available

resources. In general, an objective is broader in scope than a goal, and may consist of several

individual goals. Objectives are a basic tools that underlying all planning and strategic activities.

They serve as the basis for policy and performance appraisals.

Fixed cost

A periodic cost that remains more or less unchanged irrespective of the output level or sales

revenue, such as depreciation, insurance, interest, rent, salaries, and wages.

Variable cost

A periodic cost that varies in step with the output or the sales revenue of a company.
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inition/accomplished.htmlhttp://www.businessdictionary.com/definition/latter.htmlhttp://www.businessdictionary.com/definition/organization.htmlhttp://www.businessdictionary.com/definition/declaration.htmlhttp://www.businessdictionary.com/definition/marketing-strategy.htmlhttp://www.businessdictionary.com/definition/generic.htmlhttp://www.businessdictionary.com/definition/advertising-campaign.htmlhttp://www.businessdictionary.com/definition/competitive-advantage.htmlhttp://www.businessdictionary.com/definition/employed.htmlhttp://www.businessdictionary.com/definition/segment.htmlhttp://www.businessdictionary.com/definition/customer.htmlhttp://www.businessdictionary.com/definition/product.htmlhttp://www.businessdictionary.com/definition/market.htmlhttp://www.businessdictionary.com/definition/develop.htmlhttp://www.businessdictionary.com/definition/aim.htmlhttp://www.businessdictionary.com/definition/industry.htmlhttp://www.businessdictionary.com/definition/costs.htmlhttp://www.businessdictionary.com/definition/competitor.htmlhttp://www.businessdictionary.com/definition/advantage.htmlhttp://www.businessdictionary.com/definition/gain.htmlhttp://www.businessdictionary.com/definition/operation.htmlhttp://www.businessdictionary.com/definition/cost.htmlhttp://www.businessdictionary.com/definition/low.htmlhttp://www.businessdictionary.com/definition/create.htmlhttp://www.businessdictionary.com/definition/strategy.html


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Breakeven point

Point in time or in number ofunits sold when forecasted revenue exactly equals the estimated

total costs; where loss ends and profit begins to accumulate. This is the point at which a business,

product or project becomes financially viable.

Contribution

1. General: Imposed or required payment.2. Accounting: Amount left over after direct (variable) costs are deducted from the

sales revenue. Also called gross income, this sum pays for indirect (fixed) costs and

contributes to net income.

3. Insurance: Proportional sharing ofloss by the insurers when more than one policy istaken by the insured for the same peril. Under a contract of indemnity, the insured

cannot profit from his or her misfortune irrespective of the number ofpolicies.

4. Law: Right of a joint debtor who pays entirely a debt to recover from other jointdebtors their individual shares of the debt.

Thank You
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An Assignment on About Some Business Definitions