BUZZ WORDS – KEY WORDS
Business Buzz Words are expanding a warp speed. One must keep up with them in order to communicate effectively going forward. Here’s a list and definitions we must now carry in our “hip pockets” .
Business, sales and marketing
Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.
Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include predictive analytics, prescriptive analytics, enterprise decision management, descriptive analytics, cognitive analytics, retail analytics, store assortment and stock-keeping unit optimization, marketing optimization and marketing mix modeling, web analytics, call analytics, speech analytics, sales force sizing and optimization, price and promotion modeling, predictive science, credit risk analysis, and fraud analytics. Since analytics can require extensive computation (see big data), the algorithms and software used for analytics harness the most current methods in computer science, statistics, and mathematics.[1]
Bandwidth may also refer to: In business jargon, the resources needed to complete a task or project
Best practice is a method or technique that has been generally accepted as superior to any alternatives because it produces results that are superior to those achieved by other means or because it has become a standard way of doing things, e.g., a standard way of complying with legal or ethical requirements.
Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking.[1] Best practice is a feature of accredited management standards such as ISO 9000 and ISO 14001.[2]
Some consulting firms specialize in the area of best practice and offer pre-made templates to standardize business process documentation. Sometimes a best practice is not applicable or is inappropriate for a particular organization’s needs. A key strategic talent required when applying best practice to organizations is the ability to balance the unique qualities of an organization with the practices that it has in common with others.
Good operating practice is a strategic management term. More specific uses of the term include good agricultural practices, good manufacturing practice, good laboratory practice, good clinical practice and good distribution practice
Brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer.[2][3] Brands are used in business, marketing, and advertising.
The practice of branding is thought to have begun with the ancient Egyptians who were known to have engaged in livestock branding as early as 2,700 BC.[4] Branding was used to differentiate one person’s cattle from another’s by means of a distinctive symbol burned into the animal’s skin with a hot branding iron. If a person would steal the animals, anyone could detect the symbol and deduce the actual owner. However, the term has been extended to mean a strategic personality for a product or company, so that ‘brand’ now suggests the values and promises that a consumer may perceive and buy into. Over time, the practice of branding objects extended to a broader range of packaging and goods offered for sale including oil, wine, cosmetics and fish sauce.
Brick and Mortar (also brick and mortar or B&M) refers to a physical presence of an organization or business in a building or other structure. The term brick and mortar business is often used to refer to a company that possesses or leases retail stores, factory production facilities, or warehouses for its operations.[1] More specifically, in the jargon of e-commerce businesses in the 2000s, brick-and-mortar businesses are companies that have a physical presence (e.g., a retail shop in a building) and offer face-to-face customer experiences.
Content marketing means attracting and transforming prospects into customers by creating and sharing valuable free content. The purpose of content marketing is to help companies create sustainable brand loyalty and provide valuable information to consumers, as well as create a willingness to purchase products from the company in the future. This relatively new form of marketing does not involve direct sales. Instead, it builds trust and rapport with the audience.[2]
Unlike other forms of online marketing, content marketing relies on anticipating and meeting an existing customer need for information, as opposed to creating demand for a new need. As James O’Brien of Contently wrote on Mashable, “The idea central to content marketing is that a brand must give something valuable to get something valuable in return. Instead of the commercial, be the show. Instead of the banner ad, be the feature story.”[3] For content marketing, continuous delivery of large amounts of content is required, preferably within a content marketing strategy.[4]
Core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel.[1] It can be defined as “a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace” and therefore are the foundation of companies’ competitiveness. [2]
Core competencies fulfill three criteria:[1]
- Provides potential access to a wide variety of markets.
- Should make a significant contribution to the perceived customer benefits of the end product.
- Difficult to imitate by competitors.
For example, a company’s core competencies may include precision mechanics, fine optics, and micro-electronics. These help it build cameras, but may also be useful in making other products that require these competencies.[1]
Customer-centric [Customer satisfaction (often abbreviated as CSAT, more correctly CSat) is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as “the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals.”[1]
The Marketing Accountability Standards Board (MASB) endorses the definitions, purposes, and constructs of classes of measures that appear in Marketing Metrics as part of its ongoing Common Language in Marketing Project.[2] In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.[1]
It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.[3]
Downsizing may refer to: Layoff, temporary suspension or permanent termination of employment of employees. Downsizing (film), a science fiction comedy film by Alexander Payne starring Matt Damon
Drill down In information technology to drill down means to move from one place to another, information to detailed data by focusing in on something. In a GUI-environment, “drilling-down” may involve clicking on some representation in order to reveal more detail.[1]
To drill down through a series of notebooks, for example, on a desktop means to move through the hierarchy of folders (from the top downwards) to find a specific file or to click through drop-down menus in a GUI. Clicking on an item moves you to a level of greater detail. When an online user accesses more and more pages of the website, they may delve deeper into the content of the site. As a web-surfer goes further into a website, they go deeper into the back pages and thus deeper into data. (Of course, they could also begin—for example via an external search engine—at a detailed view, and drill up to the front page of the site.)
Drilling down through a database involves accessing information by starting with a general category and moving through the hierarchy: from category to file/table to record to field. When one drills down, one performs de facto data analysis on a parent attribute. Drilling down provides a method of exploring multidimensional data by moving from one level of detail to the next. Drill-down levels depend on the data granularity.
The field of managerial economics uses the term “Drill Down” to explain certain technical aspects of operations research and regression analysis.[citation needed]
Enable[45] enabling has a positive sense of empowering individuals, or a negative sense of encouraging dysfunctional behavior
EntitlementAn entitlement is a provision made in accordance with a legal framework of a society. Typically, entitlements are based on concepts of principle (“rights“) which are themselves based in concepts of social equality or enfranchisement. Entitlement can also be informally to do with social relationships, social conventions and social norms
Business Guardrails Boundaries
Generation YMillennials (also known as Generation Y) are the generational demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends; demographers and researchers typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years. Millennials are sometimes referred to as “echo boomers” due to a major surge in birth rates in the 1980s and 1990s, and because millennials are often the children of the baby boomers. The 20th-century trend toward smaller families in developed countries continued, however, so the relative impact of the “baby boom echo” was generally less pronounced than the post–World War II baby boom.
Although Millennial characteristics vary by region, depending on social and economic conditions, the generation is generally marked by an increased use and familiarity with communications, media, and digital technologies.[1] In most parts of the world, their upbringing was marked by an increase in a liberal approach to politics and economics; the effects of this environment are disputed. The Great Recession has had a major impact on this generation because it has caused historically high levels of unemployment among young people, and has led to speculation about possible long-term economic and social damage to this generation.
GranularGranular computing (GrC) is an emerging computing paradigm of information processing. It concerns the processing of complex information entities called information granules, which arise in the process of data abstraction and derivation of knowledge from information or data. Generally speaking, information granules are collections of entities that usually originate at the numeric level and are arranged together due to their similarity, functional or physical adjacency, indistinguishability, coherency, or the like.
At present, granular computing is more a theoretical perspective than a coherent set of methods or principles. As a theoretical perspective, it encourages an approach to data that recognizes and exploits the knowledge present in data at various levels of resolution or scales. In this sense, it encompasses all methods which provide flexibility and adaptability in the resolution at which knowledge or information is extracted and represented.
Headwinds. . In business, competition, negative business environment
Herding cats Herding cats may refer to:
An idiom denoting a futile attempt to control or organize a class of entities which are inherently uncontrollable – as in the difficulty of attempting to command a large number of cats into a group (herd).
Holistic Holism (from Greek ὅλος holos “all, whole, entire”) is the idea that systems (physical, biological, chemical, social, economic, mental, linguistic, etc.) and their properties should be viewed as wholes, not just as a collection of parts.[1][2]
The term Holism was coined by J C Smuts in Holism and Evolution.[3][4] It was Smuts’ opinion that Holism is a concept that represents all of the wholes in the universe, and these wholes are the real factors in the universe. Further, that Holism also denoted a theory of the universe in the same vein as Materialism and Spiritualism.[3]:120–121
The derived adjective holistic has been applied to a wide range of fields where they incorporate the concept of holism. For example, New Age is religious holism while New Thought is spiritual holism.
Innovation[49] Innovation can be defined simply as a “new idea, device or method”.[1] However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.[2] This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society. The term “innovation” can be defined as something original and more effective and, as a consequence, new, that “breaks into” the market or society.[3] It is related to, but not the same as, invention,[4] as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society,[5] and not all innovations require an invention. Innovation is often manifested via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
Knowledge Process Outsourcing Knowledge process outsourcing (KPO) describes the outsourcing of core information-related business activities[1] which are competitively important or form an integral part of a company’s value chain.[2] KPO requires advanced analytical and technical skills as well as a high degree of specialist expertise.[3][4]
Reasons behind KPO include an increase in specialized knowledge and expertise,[1] additional value creation,[3] the potential for cost reductions, and a shortage of skilled labor.[1] Regions which are particularly prominent in Knowledge Process Outsourcing include India, Sri Lanka, and Eastern Europe, especially Poland, Romania, and the Baltic States.
KPO is a continuation of Business process outsourcing, yet with rather more of business complexity. To be successful in Knowledge process outsourcing, a lot of guide is required from interorganizational system.[5]
Logistics[51] – Now commonly used for shipping, and shipping companies Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption in order to meet requirements of customers or corporations. The resources managed in logistics can include physical items such as food, materials, animals, equipment, and liquids; as well as abstract items, such as time and information. The logistics of physical items usually involves the integration of information flow, material handling, production, packaging, inventory, transportation, warehousing, and often security.
In military science, logistics is concerned with maintaining army supply lines while disrupting those of the enemy, since an armed force without resources and transportation is defenseless. Military logistics was already practiced in the ancient world and as modern military have a significant need for logistics solutions, advanced implementations have been developed. In military logistics, logistics officers manage how and when to move resources to the places they are needed.
Logistics management is the part of supply chain management that plans, implements, and controls the efficient, effective forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer’s requirements. The complexity of logistics can be modeled, analyzed, visualized, and optimized by dedicated simulation software. The minimization of the use of resources is a common motivation in all logistics fields. A professional working in the field of logistics management is called a logistician.
Long Tail[52] In business, the term long tail is applied to rank-size distributions or rank-frequency distributions (primarily of popularity), which often form power laws and are thus long-tailed distributions in the statistical sense. This is used to describe the retailing strategy of selling a large number of unique items with relatively small quantities sold of each (the “long tail”)—usually in addition to selling fewer popular items in large quantities (the “head”). Sometimes an intermediate category is also included, variously called the body, belly, torso, or middle. The specific cutoff of what part of a distribution is the “long tail” is often arbitrary, but in some cases may be specified objectively; see segmentation of rank-size distributions.
Mission Critical[16] A mission critical factor of a system is any factor (component, equipment, personnel, process, procedure, software, etc.) that is essential to business operation or to an organization. Failure or disruption of mission critical factors will result in serious impact on business operations or upon an organization, and even can cause social turmoil and catastrophes.[1]
Mobility Mobility models represent the movement of mobile user, and how their location, velocity and acceleration change over time. Such models are frequently used for simulation purposes when new communication or navigation techniques are investigated. Mobility management schemes for mobile communication systems make use of mobility models for predicting future user positions.
Offshoring Offshore outsourcing is the practice of hiring an external organization to perform some business functions (“Outsourcing“) in a country other than the one where the products or services are actually developed or manufactured (“Offshore“). It can be contrasted with offshoring, in which a company moves itself entirely to another country, or where functions are performed in a foreign country by a foreign subsidiary. Opponents point out that the practice of sending work overseas by countries with higher wages reduces their own domestic employment and domestic investment. Many customer service jobs as well as jobs in the information technology sectors (data processing, computer programming, and technical support) in countries such as the United States and the United Kingdom – have been or are potentially affected.]– also known as Offshore outsourcing, or something being offshorable.