Findout The Meaning Of These Words When Used In Business

Submitted By tharsan15041996
Words: 494
Pages: 2

Introductory task

Findout the meaning of each of these words when used in a business context.

|Word |Definition |
|Brand | A type of product manufactured by a company under a particular name. |
|consumer | A person who purchases goods and services for personal use. |
|utilities | The state of being useful, profit-able, or beneficial. |
|provider |A person or thing that provides something |
|product range | A series of different products made by the same company which form a group (such as different |
| |models of cars). |
|product mix |The number of individual products produced or sold by an organization. |
|opportunity cost | The loss of potential gain from other alternatives when one alternative is chosen. |
|substitutability |replace ability: exchangeability by virtue of being replaceable |
|price elasticity of demand | Price elasticity of demand (PED or Ed) is a measure used in economics to show the |
| |responsiveness, or elasticity, of the quantity |
|customer service | Customer service is the provision of service to customers before, during and after a purchase..|
|pricing strategies | There are many ways in which the price of a product can be determined |
|employment | The condition of having paid work. |
|workforce planning |Strategic Workforce Planning is the business process for ensuring that an organization has |
| |suitable access to talent to ensure future |
|human capital | The skills, knowledge, and experience possessed by an individual or population, viewed in terms|
| |of their value or cost to an organization |
|recruitment | the act of getting recruits; enlisting people for the army (or for a job or a cause etc.). |
|selection | The action or fact of carefully choosing someone or something as being the best or most |
| |suitable. |
|induction | The action or process of inducting someone to a position or organization: "induction into the |
| |Hall of Fame". |
|training | The action of teaching a person or animal a particular skill or type of behaviour |
|acquisition | |
|merger | |
|horizontal integration |