Business Jargons A Business Encyclopedia

Definition: In business terminology, the objective is something that is expected as the end result to be achieved by the firm within a definite period of time, through its operations. It prescribes the scope and also directs the efforts of the concern. The objectives of the organization are expressed in relation to the future. It…

Definition: Procedure, refers to a comprehensive set of instructions that prescribes a certain way of performing a process, or part of a process, in relation to time. It states a chronological sequence for undertaking activities, so as to achieve the objectives. The procedures are meant for insiders (members of the organization including employees, directors, managers…

Definition: Policies can be defined as the fundamental written statements which are meant to guide the thinking and action in decision making of the managers. It is a standing solution for recurring situations, as it is a ready reference to many problems. A firm’s policies are framed by the Chief Executives and Board of Directors…

Definition: Organizing is the second key management function, after planning, which coordinates human efforts, arranges resources and incorporates the two in such a way which helps in the achievement of objectives. It involves deciding the ways and means with which the plans can be implemented. It entails defining jobs and working relationships, assigning different tasks…

Definition: Visual Communication, as the name suggests, is the graphical representation of a message by one party to convey something to another. It involves transmission and interpretation of information by way of visual resources, that can be read or viewed. In layman terms, visual communication is one which is purely based on vision, i.e. eyesight.…

Definition: Commerce refers to the well organized set up of large-scale interchange of products, service or something of value, for money or money’s worth, among the economic agents. It covers all the activities which directly or indirectly assist in the process of exchange. Basically, it is concerned with the distribution aspect of the business. It…

Definition: Corporate Social Responsibility, or otherwise called as CSR is an on-going commitment of the organization to act in an ethical manner and make a contribution in the country’s economic development, while bettering the standard of living of the employees and their families, along with the society and public at large. It refers to the…

Definition: The term “organizational behaviour” can be defined as the scientific study and practical application of knowledge concerning the way in which individuals and groups of individuals, act and behave within an organization, in which they work. The study also includes the interaction between members of the organization and the external environment. Further, the information…

Definition: Group Dynamics can be understood as a process, wherein the attitude and behaviour of a member influence the behaviour of another or other members of the group, either by choice or circumstances. Factors such as individual personality, cultural traditions and social situations, often affect the group dynamics. It has the ability to change each…

Definition: Organizational culture, as the name suggests is the culture inherent in the organization, which determines its internal atmosphere and the overall personality. It refers to a pattern of accepted and learned behaviour, which are mutually shared and are taught to the new joiners as to how to perceive, think and behave in the organization.…