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A-Z Glossary

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Glossary Definitions

  • Safety Statement
    An action programme setting out how health and safety is to be managed which must be prepared in consultation with workers.
  • Health & Safety Authority (8th Edition)
  • Sales promotion
    Extra value given to the customer, e.g. buy one get one free, 20% extra free, free gift, coupons or money off vouchers.
  • National Lottery (13th Edition)
  • Sampling
    Market research data is based on a sample of the total target market population. The responses collected from this group reflect the attitudes of the entire target market.
  • Cadbury (9th Edition)
  • Security or collateral
    Something that your lender can sell in order to repay a debt if you fail to repay a loan in full.
  • Financial Regulator (11th Edition)
  • Seed Capital
    This refers to the finance needed to establish a business. Further funding then may be required to expand the business later. Initial Public Offering (IPO) - A company's first sale of shares to the public. An IPO is often, but not always, small companies seeking outside equity capital and a public market for their shares. Investors purchasing shares in IPOs generally must be prepared to accept very large risks for the possibility of large gains.
  • InterTradeIreland (6th Edition)
  • Segmentation
    This is the identification of specific market segments within a market and the development of different marketing offerings for each segment. To maximise their ability to satisfy consumers, marketers divide up or segment the market for their products according to different consumer needs and preferences.
  • AIB (8th Edition)
  • Servers
    Computers used in networks to store files etc, for use by other PCs on the network.
  • Dell (8th Edition)
  • Service strategy
    This applies to business philosophies like that of McDonald's where it is believed that a great eating experience depends as much on the quality of service given by the employees as on the quality of the food provided.
  • Share
    A share gives the holder ownership of part of a company. Thousands of people in Ireland are shareholders in companies quoted on the stock market. Private companies - those not quoted on the stock market - tend to have fewer shareholders. In many small companies, members of one family would be the only shareholders.
  • AIB (9th Edition)
  • Shareholder
    A shareholder is a person who wants the best return on their investment in a business. Businesses must attempt to pay the highest dividend to their shareholders.
  • ILCU (7th Edition)
  • Shop Steward
    A union member who is elected to represent fellow workers in negotiating with management.
  • Labour Relations Commission (9th Edition) | LRC (12th Edition)
  • Short-term Facility
    This is the rate at which the Central Bank supplies money to the commercial banks. If the Central Bank wants to alter rates to borrowers, it often does so by adjusting its short-term facility rate.
  • Single currency
    The euro the currency that will be used by everyone in the single European currency zone (Euroland) from Jan 1 2002. It will be issued by the European Central Bank. There will be 7 notes ranging from 5 euro to 500 euro and 8 coins ranging from 1 cent up to 2 euro.
  • Single European Act
    An agreement that allows free movement of goods and services, workers and capital between Member States of the EU.
  • Single European Market
    Defined as the area within Europe in which free movement of goods, services, people, and capital is ensured. Signed in 1986, it provided for European economic integration, involving the removal of obstacles to the free movement of goods, services, people, and capital between EU member states. It eliminated customs barriers, liberalised capital movements, opened public procurement markets, and recognised mutual professional qualifications of people. It came into effect on 1 January 1993.
  • Glanbia (10th Edition)
  • Small and medium enterprises
    Generally indigenous Irish firms with a turnover of less than €250,000 and a workforce not exceeding 50 employees.
  • NDP (9th Edition) | NDP (6th Edition) | Allied Irish Banks (6th Edition) | Enterprise Ireland (6th Edition)
  • SMEs
    Small to medium enterprises.
  • Financial Services Ombudsman (12th Edition)
  • Social Cohesion
    This concept includes values and principles, which aim to ensure that all citizens have access to fundamental social and economic rights. Under this concept, all citizens are treated without discrimination and are on an equal footing.
  • An Garda Siochana (9th Edition)
  • Social Enterprise
    Any enterprise, which is non-profit and is undertaken for the purpose of self-help or to benefit others.
  • Irish League of Credit Unions (6th Edition)
  • Social Housing
    Provided by Local Authorities to people who cannot provide housing from their own resources. Income limits are set in place for eligibility.
  • NDP (11th Edition)
  • Social inclusion
    Positive action taken to include all sectors of society in planning and other decision-making.
  • NDP (10th Edition)
  • Social Partnership
    A co-operative approach by the country's main stakeholders (employers, trade unions, farming community, and voluntary organisations) to tackle the economic problems of the state in a manner beneficial to all. The success in economic matters has seen this approach extended recently to the workplace.
  • NDP (10th Edition) | LRC (13th Edition)
  • Social Responsibility
    This is a business philosophy which stresses the need to consider the effects of decisions on a wide range of people and the need for organisations to behave as good corporate citizens.
  • Bank of Ireland (9th Edition) | Irish League of Credit Unions (6th Edition)
  • Sole Trader
    A business person who owns and runs his/her own business. This person benefits from profits and suffers the losses of the business. An example of a sole trader can include retail outlets, corner shops, garages, restaurants, plumbers, electricians and carpenters.
  • Revenue (7th Edition)
  • Solvency
    This means that a firm is able to meet its financial obligations as they fall due.
  • Financial Regulator (9th Edition)
  • Solvent
    This means that a firm is able to meet its financial obligations as they fall due.
  • Revenue (7th Edition)
  • Sponsorship
    When a business pays to be associated with an event, cause or image.
  • National Lottery (13th Edition)
  • Sponsorship agreement
    This is the provision of financial support by a company to a charitable, cultural or sporting organisation.
  • Stability and Growth Pact
    The financial rules which will apply to members of economic and monetary union.
  • Staff recruitment policy
    A strategy a firm employs in identifying and attracting potential employees. Some firms might attempt to always promote from within. Others may try to fast track graduates from third level colleges at an early stage.
  • Stakeholders
    Stakeholders are people /organisations who are affected by or involved in the day to day running of a business.
  • LGMSB (10th Edition) | Vodafone (10th Edition) | An Garda Siochana (9th Edition) | Bank of Ireland (9th Edition) | Dell (9th Edition) | NPP (6th Edition) | Deptartment of Health (6th Edition) | AIB (11th Edition) | LGMSB (12th Edition)
  • Staple Good
    A staple good is a product is one that is bought as part of an everyday shopping list.
  • Masterfoods (6th Ed.), Masterfoods (5th Ed.)
  • Statutory body
    A government-appointed body set up to develop, give advice and be consulted for comment on a certain area of speciality.
  • The Pensions Board(13th Edition)
  • Statutory Function
    A role which must be carried out under legislation.
  • IFSRA (5th Edition)
  • Stock Market
    The market in which equities and bonds are traded. The best-known markets here are those in Dublin, London and New York.
  • Storage
    Any device that can store computer data. A hard disk is an example. Businesses often use specialised high capacity storage systems.
  • Dell (8th Edition)
  • Strategic alliances
    These occur when two or more firms agree to undertake a business venture together. They retain their individual identities but share costs, marketing opportunities, research and development costs and distribution opportunities.
  • Strategic decisions
    Long term decisions affecting a business over a five to ten year period.
  • Strategic Planning
    Planning for the long-term.
  • CRH (10th Edition) | Department of Health (9th Edition)
  • Subsidiary
    A company whose controlling interest is owned by another company.
  • AIB (11th Edition)
  • Substitute Products
    These are goods that are perceived to satisfy the same need and can be considered by the buyer as an alternative. Tea may be seen as an alternative to coffee.
  • Sustainable Growth
    Sustainable growth is economic growth that can continue over the long-term with renewable resources being used maintaining a balance between production and harvesting.
  • NTR (6th Edition)
  • SWOT analysis
    A method of analysing a company's current business standing by evaluating its strengths, weaknesses, opportunities and threats. It allows management to plan strategically for the future.
  • Tourism Ireland (9th Edition) | Beiersdorf (6th Edition)| CRH (6th Edition) |RTE (5th Edition)
  • Synergy
    When business units merge the sum of the potential of the two merged units is greater than the sum of output of the two enterprises if they remained separate.
  • Amway (9th Edition)