There’s a lot of technical lingo thrown around in the Business Management Industry, so if you’re new to it, don’t worry. We’ve broken down some key terminology that’ll be useful to know when you start your studies:
B2B: this is a common acronym meaning Business to Business.
B2C: another common acronym meaning Business to Customer.
Benchmarking: this helps a company assess the opportunities they might have so they can look at their possible future performance.
Bureaucracy: a system of government where the most important decisions are taken by state officials, rather than by elected representatives.
Corporate Social Responsibility: a form of business self-regulation that works towards societal goals of a philanthropic, activist, or charitable nature.
Discrimination: the unjust or prejudicial treatment of different categories of people.
Ethical change management: this means creating a safe environment where people have the opportunity to share their voice, communicate in an honest way, and be respectful in regards to the received feedback.
Global citizenship: this is the idea that one person’s identity transcends geography or political borders, and that responsibilities or rights are derived from membership in a broader class: "humanity".
Globalisation: the process where businesses or other organisations develop international influence, or start operating on an international scale.
Qualitative analysis: this is expressed in terms of language, rather than numerical values.
Quantitative analysis: this refers to any information that can be quantified, counted, or measured, and given a numerical value.
Resource depletion: this occurs when we’re consuming a resource faster than it can be replenished.
Scientific management: a way of managing a business, industry, or economy, according to the principles of efficiency created in experiments about methods of work and production.
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