Business Jargons A Business Encyclopedia

Definition: Decentralisation can be understood as the orderly assignment of authority, throughout the levels of management, in an organisation. It describes the way in which power to take decisions is allocated among various levels in the organisational hierarchy. In other words, it refers to the dissemination of powers, functions and responsibility, away from the central…

Definition: A company can be defined as an incorporated voluntary association of persons formed by law for a definite purpose, as an artificial person with a separate legal existence. Key Terminology Members: The persons who invest their money or money’s worth towards the common stock and whose name is listed in the register of members…

Definition: Strategic Leadership can be defined as the ability of the top level managers or executives to determine the future courses of action and direction of the firm and motivate the members to make efforts in that direction. This is possible by formulating and communicating the firm’s vision to the members of the organization develops…

Definition: Strategic Planning can be understood as a systematic long-range planning activity, that an organization uses to fix priorities, strengthen operations, ascertain objectives and focus on the resources required and are to be allocated in order to pursue the strategy and attain the objectives. It is a part of the strategic management process, which ensures…

Definition: Process Mapping, or otherwise called as process flowchart, is a tool of management, that diagrammatically represents the workflow of a process or a number of parallel processes, so as to make a clear understanding of how a process works and help the entity in becoming more effective, by identifying improvement opportunities. Process mapping uses…

Definition: SWOT Analysis is a strategic management tool that assists an enterprise in discerning their internal Strengths, and Weaknesses, and external Opportunities, and Threats, to determine its competitive position in the market. The SWOT Analysis helps in ascertaining the factors that influences the efficiency and effectiveness of any product, project, or business entity. These are…

Definition: Change Management can be defined as the systematic approach to transforming processes, systems, structures, technologies and values, in order to correct the flaws and misalignments within the organization. It entails a set of activities that help the members to switch from their present way of working to the intended one. In business, change refers…

Definition: Supply chain Management (SCM) refers to the management of key business processes which are related to the product flow and conversion of goods from the raw material to the goods ready for use by the final consumer. SCM involves a complete series of activities which may or may not be interconnected to one another,…

Definition: Online marketing is a method that uses the internet to promote or transmit a message about a company’s product and services to the potential buyers or target audience. Online Marketing Communication Options Website: A company must design its website that considers its purpose, products, services, mission and vision. A website should look interesting to…

Definition: Strategy Implementation refers to the execution of the plans and strategies, so as to accomplish the long-term goals of the organization. It converts the opted strategy into the moves and actions of the organisation to achieve the objectives. Simply put, strategy implementation is the technique through which the firm develops, utilises and integrates its…