Numeric

12B-1 FEE: A mutual fund’s ongoing charge for promotion

401(K) PLAN: An employee-sponsored, tax-deferred retirement plan (QS LAP 41)

403(B) PLAN: A tax-deferred retirement plan available to employees of non-profit organizations (QS LAP 41)

457 PLAN: A tax-deferred retirement plan available to state and local government employees (QS LAP 41)

80/20 RULE: A selling principle which states that 80% of a business’s sales are made by 20% of the business’s customers (PR LAP 13)

A

ABC METHOD: A system of classifying stock according to its contribution to company profits; "A" items contribute most, "B" items less, and "C" items least of all (DS LAP  3)

ABC PRINCIPLE: A method used to rank goals in order of importance; goals identified with an "A" are most important, "B" signifies somewhat important, and "C" represents least important (LAP-PD-019)

ABILITIES: Capacities to perform tasks, functions, etc. (HR LAP 2, HR LAP 12)

ABSOLUTE ADVANTAGE: The advantage achieved when a nation can produce a good or service at a lower cost than another nation (LAP-EC-916)

ACCEPTABLE QUALITY: Meeting the minimum level of expectations so a company’s product can’t be deemed a failure (LAP-QM-012)

ACCEPTANCE: Approval or tolerance of all people, regardless of their behavior or performance (LAP-EI-041)
A risk-response strategy that involves accepting a risk’s consequences because the potential payoff is higher than the losses; also known as risk retention or assumption (LAP-SM-075)

ACCEPTANCE SAMPLING: Inspecting a random sample of products to determine whether to accept or reject the entire batch (LAP-OP-163)

ACCESSORIES: Goods or services that complement others

ACCIDENT: An unexpected happening that may result in injury, loss, or damage (RM LAP 3)

ACCIDENT REPORT FORM: A form completed by employees and/or supervisors to report specific details of workplace accidents (RM LAP 3)

ACCOMMODATING: A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though they do not equally benefit from the transaction (LAP-EI-062)

ACCOUNTANT: An individual who has had specialized training in accounting procedures (Career Opps in Finance, LAP-FI-085)
A person who prepares, analyzes, and verifies a variety of financial data (QS LAP 51)

ACCOUNTABILITY: The condition of having to answer for or be liable for your actions; accepting responsibility for your decisions (LAP-EC-106, LAP-EI-004, LAP-EI-021, LAP-EI-045, LAP-EI-060, LAP-EI-092, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-127, LAP-EI-128, LAP-EI-129, LAP-EI-132, LAP-EI-138, LAP-FI-355, LAP-IM-025, LAP-KM-002, LAP-OP-003, LAP-QM-012, LAP-RM-041)*
Accepting responsibility for all decisions (LAP-OP-675)

ACCOUNTING: The process of keeping and interpreting financial records (Career Opps in Finance, LAP-FI-085, LAP-FI-343, LAP-FI-351, FI LAP 354, PD LAP 25, LAP-SM-007)

ACCOUNTING CYCLE: A process or series of steps that businesses complete to maintain their financial records effectively (LAP-FI-085)

ACCOUNTING EQUATION: The foundation for accounting; represents the relationship between assets, liabilities, and owner's equity (Assets = Liabilities + Owner's Equity) (LAP-FI-093)

ACCOUNTING FRAUD: A company or organization’s knowing publication of incorrect information on its financial statements (QS LAP 50)

ACCOUNTING STANDARDS: Rules that accountants must follow when preparing financial statements (LAP-FI-085)

ACCOUNTING SYSTEM: The methods and procedures used in consistently handling a business's financial information (LAP-FI-085)

ACCOUNTS PAYABLE: All monies owed by the business to others (DS LAP 4, FI LAP 354, LAP-NF-001, QS LAP 38)
Money a company owes (LAP-FI-093, FI LAP 579)

ACCOUNTS RECEIVABLE: All monies owed to a firm by its customers (DS LAP 4, LAP-FI-091, FI LAP 354, LAP-NF-001, QS LAP 38)
Money that is owed to a company (LAP-FI-093, FI LAP 579)

ACCRUAL ACCOUNTING METHOD: A method of accounting that records transactions at the time they occur even if no money changes hands at the time (LAP-FI-085, QS LAP 38)

ACCURATE: Correct; error-free (CR LAP 4)

ACCURACY: Freedom from errors (SE LAP 62)

ACHIEVEMENT BEHAVIOR: One of the four main leadership styles; leading by setting challenging goals for followers to reach and providing feedback (LAP-EI-027)

ACHIEVEMENT NEEDS: Desires to do something better and more efficiently than it has been done before (MN LAP 47)

ACHIEVEMENT ORIENTATION: A drive to accomplish one’s goals and to meet or exceed a high standard of success (LAP-EI-027)

ACKNOWLEDGMENT RESPONSES: Nonverbal cues and simple verbal utterances or words used by a listener to communicate understanding to a speaker (LAP-CO-017)

ACQUIRE: To buy or obtain (FI LAP 579)

ACQUISITION: The process of taking possession of something (e.g., acquiring another business by purchasing it) (LAP-BL-003, LAP-EC-100, LAP-EN-038, LAP-FI-355, QS LAP 40)

ACQUISITION OF FUNDS: Finance activity involving making decisions about financing (FI LAP 354)

ACTIVE LISTENING: Using nonverbal cues, paraphrasing, questioning, and other techniques to let a speaker know that their message has been heard and understood (LAP-EI-041)
A method of listening that involves paying attention, displaying proof of listening, and providing feedback to facilitate the two-way transmission of information (LAP-CO-017, LAP-EI-130, LAP-EI-140)

ACTIVE MANAGEMENT: A style of mutual fund management that involves hands-on research and high volumes of trading (QS LAP 35)

ACTIVE VOICE: The verb, or action word, denoting that the subject of the verb is taking action (PR LAP 9, PR LAP 10)

ACTIVITY QUOTAS: Quotas designed to control the ways that salespeople use their time and efforts (SE LAP 118)

ACTUALIZE: To make a reality of something; to turn a business idea into reality (LAP-EN-044)

ACTUARY: A person who assesses risk using statistical analysis and helps design policies to minimize the cost of that risk (QS LAP 51)

AD HOC (SHORT-TERM) COMMITTEE: A committee that is created for a particular or temporary reason (LAP-EI-045)

AD TRACKING SOFTWARE: A program that instructs computers as to how to count the number of individuals who click on an e-mail link to visit a web site and/or to make a purchase on the web site (PR LAP 14)

ADAPTABILITY: Flexibility; the ability to adjust to changing conditions (LAP-EI-001, LAP-EI-006, LAP-EI-024, LAP-EI-045, LAP-EI-918)

ADJUST: To fit; to adapt yourself effectively to a particular set of circumstances (LAP-EI-006, HR LAP 8)

ADMINISTRATION OF ASSETS: Finance activity involving making decisions about a firm’s investments (FI LAP 354)

ADMINISTRATIVE LAW: Laws pertaining to the actions of government agencies that grant them certain powers, provide guidelines for the regulations they create, and define the relationships they have with other governmental bodies (LAP-BL-163)

ADMINISTRATIVE SERVICES: A career area in which employees facilitate business operations through a variety of administrative and clerical duties, including information and communication management, data processing and collection, and project tracking (PD LAP 25)

ADMINISTRATIVE SKILLS: The ability to perform essential, routine business tasks such as organizing, planning, filing, billing, computing, etc. (LAP-PD-066, LAP-PD-297)

ADULTERATED: Made impure by the addition of harmful or poor quality substances (PP LAP 7)

ADVANCE DATING: A dating term in which the invoice is dated in the future rather than at the time of purchase; also known as future dating (PU LAP 3)

ADVERTISEMENT: Any paid form of nonpersonal presentation of ideas, images, goods, or services (CR LAP 4, LAP-CR-001, LAP-PR-901)

ADVERTISING: Any paid form of nonpersonal presentation of ideas, images, goods, or services (IM LAP 7, LAP-MK-002, LAP-MP-001, LAP-OP-025, LAP-PM-140, PM LAP 272, LAP-PR-903)
Any paid form of nonpersonal presentation of ideas, goods, or services (LAP-MK-901)
A career involving the development of paid forms of nonpersonal presentation of ideas, goods, or services (CD LAP 2, LAP-PD-024)

ADVERTISING AGENCY: An independent company that offers advertising and other promotional services to clients (CD LAP 2, PR LAP 9)

ADVERTISING BUDGET: The portion of a firm's promotional budget that is allocated to advertising (PR LAP 8)

ADVERTISING CAMPAIGN: A series of advertisements planned around a central theme (PR LAP 9)

ADVERTISING DEPARTMENT: A division of a business that handles all of its promotional efforts (PR LAP 9)

ADVERTISING FEES: Monies spent to make the public aware of products or services (LAP-FI-091)

ADVERTISING MEDIA: Channels of communication used by businesses for delivering promotional messages to target groups of consumers (LAP-PR-007)

ADVERTISING OBJECTIVES: The specific purposes or goals of individual advertisements or advertising campaigns (PR LAP 9)

ADVOCACY: Word-of-mouth promotion and referrals from a business’s current customers to its potential customers (LAP-CR-016)

AFFECTIVE CULTURE: A culture that tends to readily show emotions (LAP-EC-045)

AFFILIATE MARKETING: The process of promoting and selling another business's products on a web site in exchange for a sales commission (BA LAP 3, PR LAP 16)
A strategy that involves a business paying a third party to promote its products and services; also called influencer marketing (LAP-PR-462)

AFFILIATE PARTNER: A business that agrees to promote and sell another business’s products on the Web in exchange for a sales commission (PM LAP 9)

AFFILIATION NEEDS: Desires to be with people regardless of whether anything else is gained (MN LAP 47)

AFFINITY FRAUD: An investment scam in which the scammer claims to be a member of the group s/he is targeting; often a Ponzi or a pyramid scheme (QS LAP 50)

AFFIRMATION: A positive statement about a present or desired strength; something you want to accept, incorporate, or develop (HR LAP 12)

AFFIRMATIVE ACTION: An effort to give special employment consideration to disadvantaged groups (MN LAP 55)

AFL-CIO: The American Federation of Labor and Congress of Industrial Organizations; federation of North American labor unions founded in 1955 (LAP-EC-915)

AFRICAN AMERICAN: Black American whose ancestors came from Africa (MN LAP 55)

AGE: The number of years a person has lived (LAP-EI-036)

AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967: A federal act that protects employees between the ages of 40 and 70 from being disciplined or discharged from their jobs on the basis of age (MN LAP 53, MN LAP 55)

AGENCY SHOP: A union security agreement in which nonunion members are required to pay dues (LAP-EC-915)

AGENTS: Intermediaries that assist in the sale and/or promotion of goods and services but do not take title to them (LAP-CM-003)

AGGREGATE DEMAND: Total demand for an economy's goods and services (LAP-EC-918)

AGGRESSIVE BEHAVIOR: Conduct based on a willingness to ignore the rights of others and to take advantage of them to achieve personal goals (LAP-EI-008)

AGGRESSIVE INVESTOR: An investor with a high tolerance for risk (QS LAP 41, QS LAP 45)

AGILE SUPPLY CHAIN MODEL: A supply chain model supporting companies that manufacture products to the specifications of individual customers (LAP-OP-443)

AGILITY: The ability to change and adapt quickly (LAP-EC-107)

AGREEMENT: A negotiation outcome (LAP-EI-062)

AIR FREIGHT COMPANY: Airline that transports goods rather than passengers (DS LAP 5)

ALDERFER'S EXISTENCE-RELATEDNESS-GROWTH (ERG) THEORY: A content theory of motivation that suggests needs are divided into three categories: existence needs, relatedness needs, and growth needs (MN LAP 47)

ALERTNESS: Being aware of what’s going on around you at all times (LAP-EI-024)

ALGORITHM: A process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer (LAP-OP-003)
A set of computer calculations that decides which results to display and where to display them on a results page (LAP-PR-462)

ALL OR NONE: In investing, an order restriction that lets a broker know not to execute the order unless it can be executed fully (QS LAP 47)

ALL-OR-NOTHING THINKING: A negative thought process that splits views into extremes; something is totally good or totally bad (LAP-EI-134)

ALLERGY: A damaging immune response by the body to a substance to which it has become hypersensitive (LAP-PM-040)

ALTERATION: A product-mix strategy in which a business makes changes to its products or product lines (PM LAP 3)

ALTERNATE BEHAVIORS: Habits that are developed or actions that are taken to better cope with stressful situations (EI LAP 14)

ALTERNATIVE PLANNING: The process of anticipating others’ possible negotiation strategies and preparing appropriate responses, typically involving role-playing (LAP-EI-062)

ALTERNATIVE-PRESS NEWSPAPERS: Papers that serve younger, trendier crowds interested in the arts and entertainment (LAP-PR-007)

ALTERNATIVE RESOURCE: A resource that can be used in place of another (LAP-EC-903)

ALTRUISM: The principle of concern for others’ welfare (LAP-EI-131)

ALTRUISTIC: Concerned with others’ welfare; charitable (LAP-EC-106)

AMATEURS: Participants who are not paid to play a sport (LAP-MK-012)

AMBIGUITY: A state of vagueness, doubt, and uncertainty (LAP-EI-092, LAP-PD-012)

AMBITION: Something that you have a very strong desire to do or achieve (LAP-EI-063)

AMBUSH MARKETING: A promotional technique whereby a non-sponsoring business tries to associate with an event to gain recognition as a sponsor (LAP-PR-175)

AMERICAN ARBITRATION ASSOCIATION: An agency that assists in online negotiations involving a variety of Internet cases (BA LAP 5)

AMERICAN BANKERS ASSOCIATION: An organization whose membership is composed of commercial banks and trust companies. The organization serves the banking industry by providing information in the areas of communications, education, and government regulations. Address: 1120 Connecticut Avenue, N.W., Washington, D.C. 20036 (CD LAP 1)

AMERICAN HOTEL & MOTEL ASSOCIATION: A federation of state and regional hotel and motel associations which promotes the hotel industry, disseminates information to members, conducts educational institutes, and provides guidance on labor relations. Address: 1201 New York Avenue, N.W., Suite 600, Washington, D.C. 20005 (CD LAP 1)

AMERICAN MARKETING ASSOCIATION: An organization of individuals such as marketing researchers, sales and promotion managers, and teachers who are interested in marketing. Address: 250 S. Wacker Drive, Suite 200, Chicago, IL 60606 (CD LAP 1)

AMERICAN SOCIETY OF TRAVEL AGENTS: An organization whose membership is composed of travel agents and representatives of hotels, resorts, sightseeing and car rental agencies, and tourist organizations. Address: 1101 King Street, Alexandria, VA 22314 (CD LAP 1)

AMERICANS WITH DISABILITIES ACT OF 1990: A law that protects workers with physical and/or mental disabilities from discrimination (BA LAP 5, LAP-EC-106, MN LAP 55)

ANALYST (INVESTMENT): A financial professional who researches and examines investment information, often recommending “buy,” “hold,” or “sell” responses (QS LAP 40)

ANGEL INVESTOR: Someone who provides startup money to a new business (EC LAP 71, LAP-PD-066)

ANNOUNCEMENTS: Messages that serve to notify the public of specific events (PR LAP 13)

ANNUAL FEE: An amount of money charged on a yearly basis for the privilege of using certain kinds of credit (LAP-FI-002)

ANNUAL INTEREST RATE: The price rate per year for the use of money; expressed as a percentage (PU LAP 3)

ANNUAL PERCENTAGE RATE (APR): Rate of interest expressed as a yearly percentage (FI LAP 1, LAP-FI-002)

ANNUAL REPORT: A document outlining the financial status of a business (LAP-BL-003, QS LAP 36, QS LAP 39, QS LAP 46)

ANTICIPATE: To foresee; to expect ahead of time (LAP-EI-006, HR LAP 8)

ANTICIPATION: A deduction in price in addition to the cash discount amount granted to buyers for making payment before the end of the cash-discount period; a time-based discount (PU LAP 3)

ANTICYBERSQUATTING CONSUMER PROTECTION ACT: A law that makes it illegal to register a domain name for the purpose of selling it to its trademarked owner for a profit (BA LAP 5)

ANTITRUST LAWS: Regulations that prevent a person or company from taking any actions to restrain free trade and competition in the marketplace

APPENDIX: A segment added to the end of a document; includes supporting information (LAP-MP-007, LAP-SM-007, LAP-SM-013)

APPRAISAL COSTS: The costs associated with inspecting and catching defective products as quickly as possible (QM LAP 1)

APPRECIATE: To increase in value (LAP-EC-100)

APPRECIATIVE INQUIRY (AI): A problem-solving method that encourages us to look at problems in a different way; instead of focusing on what is broken, we focus on what is working and figure out how to expand that success (QS LAP 26)

APPRENTICE: A union worker who is just beginning in an occupation (LAP-EC-915)

APPROACH: The point in the selling process when the customer and salesperson first communicate; also called the “opening” or “attention” step of a sale (SE LAP 101)

APPROACHABILITY: An attitude or demeanor that says, “You can talk to me.” (LAP-EI-041)

APPROPRIATE QUALITY: Meeting what is expected of a product by sponsors and stakeholders (LAP-QM-012)

APRON: A short receiving form that is attached to the invoice in the receiving department and used to record information about the shipment throughout the receiving process (DS LAP 5)

APTITUDES: Natural talents for learning specific skills (HR LAP 2, MN LAP 42)

ARBITRATION: The act of settling a dispute by using an uninvolved third party (LAP-EC-915)

ARBITRATOR: A person who assists in negotiations (LAP-EC-915)

ARGUMENTATIVE CUSTOMERS: Customers who seem to disagree, question, or look for error in almost everything and everybody (CR LAP 9)

ARROGANCE: An inflated sense of self-importance (LAP-EI-008)

ARTICLES OF INCORPORATION: A document outlining a corporation’s name, purpose, location, amount of stock to be issued, names of the board of directors, and other information about the conditions under which the business will operate; must be filed by a business to obtain a charter (LAP-BL-006)

ARTICULATE: To clearly express (LAP-CO-025, LAP-EN-038)

ARTIFACTS: Observable things that demonstrate an organization’s values (LAP-EI-064)

ARTIFICIAL INTELLIGENCE (AI): Technology that mimics or surpasses human intelligence (LAP-OP-303, LAP-OP-677)

ASK (SELL) PRICE: The lowest price at which the seller will sell a stock or share (QS LAP 40)

ASPIRATION: A dream; an ambition (QS LAP 12)

ASPIRATIONAL QUALITY: The point at which a product goes above and beyond expectations (LAP-QM-012)

ASSEMBLY LINE: A production method in which the product moves past workers who each do one assigned production task (LAP-EC-914, LAP-OP-017)

ASSERTIVE BEHAVIOR: Conduct based on respect for your own rights and for the rights of others (LAP-EI-008)

ASSERTIVENESS: The ability to express yourself, communicate your point of view, and stand up for your rights, principles, and beliefs (LAP-EI-008, LAP-EI-024, LAP-EI-918)

ASSESS: To evaluate, analyze, or review (LAP-EI-126, LAP-EI-902)

ASSESSMENT CENTERS: An off-site instructional method involving the use of a variety of instructional methods, assessment by a group of trained assessors, and review of strengths and weaknesses. Can be used to determine training needs or to provide training and development (MN LAP 50)

ASSET ALLOCATION: Diversification by investment type (equity, fixed-income, or cash) (QS LAP 45)

ASSET MANAGEMENT RATIO: A class of financial ratios that measures how efficiently a company manages its assets; also known as efficiency ratios (QS LAP 43)

ASSET-MANAGEMENT FEE: A payment structure in which a broker receives a certain percentage of the value of the money s/he controls for you; usually 1.5% (QS LAP 48)

ASSET RECORD: A document about something of value that a business owns (LAP-NF-001)

ASSET(S): Anything of value that a business or individual owns (LAP-BL-003, EC LAP 71, LAP-FI-085, LAP-FI-091, LAP-FI-343, FI LAP 354, LAP-IM-184, QS LAP 38, QS LAP 44, QS LAP 49)
Resources owned by a business or an individual (LAP-FI-093, FI LAP 579)

ASSOCIATION: The connection or relation of ideas, feelings, reasoning, etc. (LAP-PM-127)

ASSORTMENT: All the varieties of a product or products that a business carries in inventory (DS LAP 2)

ASSUMPTIONS: Unspoken beliefs that underpin all of an organization’s attitudes and actions (LAP-EI-064)

ASSUMPTION CLOSE: A closing technique in which the salesperson takes for granted that the customers agree with all that has been said in the presentation and that they will buy (LAP-SE-895)

ASSUMPTIVE QUESTION: A type of question used to check for understanding when the salesperson feels that s/he knows how the customer will respond

ASSURANCE: The confidence customers have that a service provider is trustworthy and knowledgeable (QM LAP 1)

ATTACHMENT: A computer file that is sent with an e-mail message (PR LAP 13)

ATTAINABLE GOAL: A reachable goal (QS LAP 22)

ATTITUDE: The way a person looks at life (LAP-EI-019, HR LAP 2, IM LAP 9, SE LAP 828)*
A good or bad feeling about something that forms over time and is unlikely to change (LAP-MK-014)

ATTITUDE SURVEYS: A written communication method in which employees are asked to express their feelings and opinions about their jobs and the company to management anonymously (MN LAP 54)

ATTRIBUTE LISTING: A creative-thinking method that involves listing the characteristics or attributes of something and then finding ways to improve these attributes (LAP-PM-127)

ATTRITION: A gradual loss of customers due to natural circumstances (e.g., retirement, downsizing, etc.) (SE LAP 1)

AUCTION FRAUD: A deception purposely carried out to secure unfair or unlawful gain by individuals , i.e., bidders or sellers) engaged in online sales (BA LAP 4)

AUDIT: Process by which an organization’s accounts and records are verified (LAP-FI-343, LAP-FI-351, LAP-NF-110, LAP-OP-163, LAP-OP-246, SM LAP 400)

AUDIT REPORT: A document that describes the accuracy and appropriateness of a business’s information, processes, or systems (LAP-SM-075)

AUTHENTIC: Genuine; sincere; not fake (LAP-CR-001)

AUTHENTICATION: The process of verifying identity (BA LAP 4)

AUTHENTICITY: Being genuine and sincere; not being fake (LAP-EI-909)

AUTHORITY: Power to influence or control the opinions or behavior of others (LAP-HR-493, LAP-PD-252)
The formally granted influence of an individual to make decisions, pursue goals, and obtain the resources necessary to support those decisions and goals (LAP-EC-103, LAP-SM-064)
The formal or legal right to give orders and commands to others (LAP-EI-135)

AUTHORITARIAN MANAGERS: Managers who prefer to exercise a high degree of control over their subordinates; tend to see themselves as the sole source of authority (LAP-EI-037)

AUTHORIZATION: The process of granting or denying access to information (BA LAP 4)

AUTOCRATIC LEADERSHIP: A dictatorial leadership style in which the leader relies on their positional authority within the organization to ensure that closely supervised employees do exactly as they are told to achieve required results (LAP-HR-493)

AUTOMATE: To operate a system, process, or piece of equipment with little or no direct human control (EC LAP 82)

AUTOMATION: The use of technology to control a process (LAP-IM-289)
A method of operating or controlling a process in which tasks are completed by automatic means, such as technology, reducing human effort and labor (LAP-EC-903, LAP-EC-914, LAP-OP-017, LAP-OP-303, LAP-PR-462)*

AUTORESPONDER: A computer program that automatically returns a specified message to anyone who e-mailed a particular address (e.g., customerservice@infotech.com) (PR LAP 13, PR LAP 14, PR LAP 15)

AVOIDANCE: A risk-response strategy that involves choosing not to do something considered risky (LAP-SM-075)

AVOIDANT: A conscious effort to withdraw or stay away from a situation; a negotiating style that is used when relationships and outcomes are not important or when one party has another plan to meet their needs or wants (LAP-EI-062)

B

B2B MARKETING: Business-to-business marketing; creating, promoting, and selling goods and services to organizations (LAP-MK-014)

BABY-BOOM ERA: The period from 1946 to 1964 when the birthrate in the United States was at a high level (IM LAP 3)

BABY BOOMERS: A term used to refer to individuals who were born between the years 1946 and 1964 (LAP-EC-903, MN LAP 55)

BACK ORDER: Term used by shippers to refer to goods that are out of stock and will be shipped at a later date (DS LAP 5)

BACKLINKS: Links to a company’s site that appear on other websites, as a way to show the company site is important and valuable (LAP-PR-462)

BACK-UP PLAN: Alternate way to carry out a project (QS LAP 18)

BACKWARD INTEGRATION: Acquiring capabilities toward the supplier end of the supply chain (LAP-OP-303)

BAIT-AND-SWITCH ADVERTISING: Promoting a low-priced item to attract customers to whom the business then tries to sell a higher-priced item (LAP-PI-902)

BALANCE OF PAYMENTS: The difference between all monies coming into and going out of a country (LAP-EC-916)

BALANCE OF TRADE: The difference between the value of a nation's exports and its imports (LAP-EC-100, LAP-EC-916, LAP-EC-917)

BALANCE SHEET: A financial statement that captures the financial condition of the business at that particular moment (assets and liabilities) (LAP-FI-085, LAP-FI-099, LAP-FI-351,  QS LAP 36, QS LAP 38, QS LAP 39, LAP-SM-007, LAP-SM-013, SM LAP 400)
A financial statement that captures the financial condition of the business at that particular moment (LAP-IM-184)
A financial statement that shows how much money a business has, how much it owes, and how much belongs to owners or stockholders (LAP-FI-093)

BALANCED FUND: A pool of shareholders' money invested in both stocks and bonds; also called a hybrid fund (QS LAP 35)

BALANCED OR MODERATE INVESTOR: An investor who is willing to tolerate some risk, but not high risk (QS LAP 45)

BANDWIDTH: The amount of information that can be transmitted over the Internet in a given period of time (BA LAP 4)

BANK CREDIT CARD: A type of credit issued by banks that enables the cardholder to make purchases nationwide (e.g., VISA and Mastercard) (LAP-FI-002)

BANKING SERVICES: A career area in which employees are primarily concerned with accepting deposits, lending funds, and extending credit to bank customers (Career Opps in Finance, PD LAP 25)

BANKRUPTCY: A state of debt that cannot be resolved (LAP-EC-106)

BANNER AD: Advertisement on a web page that is usually an inch or less tall and as wide as the page (PR LAP 6)
An advertisement, usually rectangular, that is placed at the top of a web page (LAP-PR-007)

BANNER ADVERTISEMENTS: Promotional messages appearing on the internet, usually at the top of websites (BA LAP 3, PR LAP 16, LAP-PR-903)

BANNER EXCHANGES: Networks in which members agree to display each others’ banner ads for free (PR LAP 16)

BAR CODE: A symbol known as a Universal Product Code (UPC) containing merchandise information that can be read by an electronic scanner (DS LAP 3)

BARGAINING: A negotiating technique that involves giving another party something they want and receiving something desired in return; also known as compromise or give-and-take (LAP-EI-062)

BARRIER: Anything that blocks the way or makes it more difficult to accomplish something (LAP-EI-130)

BARRIER TO (MARKET) ENTRY: Anything that blocks the way or makes it more difficult to enter a particular market (LAP-SM-007)

BASE CURRENCY: The first currency listed in an exchange rate quotation; the exchange rate is based on one unit of this currency (LAP-EC-100)

BASE YEAR: A specific point in the past used as part of the Consumer Price Index's inflation-rate calculation (EC LAP 83)

BASIC STOCK LIST: A list of minimum amounts of staple goods that should be on hand and reordered (DS LAP 3)

BATCH PRODUCTION: The production of items in specific amounts, or batches (LAP-OP-017)

BATNA: The best alternative to a negotiated agreement; the best a negotiator can do if an agreement with the other party can’t be reached (LAP-EI-062)

BEAR MARKET: A condition of the stock market in which stock prices are falling (QS LAP 40)

BEGINNING CASH BALANCE: The amount of money a business has available at the beginning of each month (LAP-FI-091)

BEHAVIOR: The manner in which individuals act; conduct (LAP-EI-004, LAP-EI-126, RM LAP 2)

BEHAVIOR MODELING: An instructional method in which trainees are given a specific model of behavior, told the consequences of failure to perform in that manner, provided opportunities to practice the behavior, and evaluated using the behavior (MN LAP 50)

BEHAVIORAL SEGMENTATION: The division of a market on the basis of customers' responses to a product (LAP-MP-003)

BELIEF: An idea that one holds to be true or real (LAP-MK-014)

BELITTLING: Putting someone down; making someone feel inferior or unworthy (LAP-EI-136)

BENCHMARK: A point of reference (LAP-MP-013)
Something that provides a basis for comparison or evaluation (LAP-FI-106)

BENEFIT: An advantage consumers receive from using a product (IM LAP 7, IM LAP 9, LAP-MP-001, PM LAP 17, PM LAP 272, SE LAP 62, SE LAP 109, SE LAP 811, LAP-SE-883)
An advantage or a help (LAP-EI-911)
An advantage or a help; a reason to use a product or advice offered (LAP-EI-912)
An advantage customers receive from using a product (LAP-PM-042, SE LAP 17, LAP-SE-048, SE LAP 76, LAP-SE-374)
Advantage (CR LAP 4)

BENEFITS: Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance) (LAP-EC-915, LAP-FI-091, LAP-HR-410, LAP-OP-190, LAP-SM-065)
Advantages (FI LAP 357)

BETTER BUSINESS BUREAU: A consumer organization that monitors complaints against businesses (LAP-BL-003)
A consumer-action agency that collects and disseminates information on business reliability and alerts the public to potential fraud situations; a consumer organization that monitors complaints against businesses (LAP-EC-105)

BIAS: An inclination to have a certain perspective in favor of or against a person, group of people, or thing; prejudice (LAP-EI-033, LAP-EI-092, LAP-EI-137, LAP-EI-917, LAP-EN-038, LAP-OP-675, LAP-PR-463)*
Prejudice (LAP-EI-021, LAP-EI-036, LAP-EI-903, IM LAP 285, LAP-IM-289, LAP-MP-013)

BIASED: Prejudiced (LAP-EI-131)

BID PRICE: The price others are willing to pay for a bond at a particular time (QS LAP 33)

BIG DATA: Large amounts of raw information automatically collected from electronic sources (such as mobile apps, website cookies, and store loyalty cards) (LAP-CR-017, LAP-IM-025)

“BIG Q”: A focus on ingraining quality into every aspect of an organization to deliver what customers want and to exceed their expectations; a strategic approach to quality management; also called total quality management (TQM) (LAP-OP-163)

BILL OF LADING: The contract between the shipper and the transportation company (DS LAP 5)

BIODEGRADABLE: Capable of being decomposed by bacteria or other living organisms (LAP-PM-040)

BLACKOUT: A legal right of professional sport leagues to block the broadcast of certain games in certain territories

BLEED PAGE: Magazine advertising production option that prints to the edge of the page, removing some or all of the white border (PR LAP 6)

BLIND CARBON COPY: A mailing technique used to keep e-mail addresses private by preventing recipients from seeing who else is receiving the e-mail; also known as BCC (PR LAP 14)

BLIND CHECK: A method of checking goods in which the goods received are listed on a blank form, or dummy invoice, which is then compared to the real invoice in order to ensure the accuracy of the shipment (DS LAP 5)

BLOG: A personal or topical website; short for “weblog” (SE LAP 62)

BLUE-CHIP COMPANY: A large, established company known for its quality and its reputation for paying dividends (QS LAP 34)

BLUEPRINT: Detailed plan (QS LAP 19)

BOARD OF DIRECTORS: A group of people chosen to govern the activities of a corporation (LAP-BL-003, LAP-BL-006)
A group of people, elected by shareholders, who are responsible for governing a corporation (QS LAP 39)

BODY LANGUAGE: Gestures, facial expression, tone of voice, or any other form of communicating without words; often called "silent language" (CD LAP 2, EI LAP 14, HR LAP 20, MN LAP 54, SE LAP 810)
Gestures, facial expression, tone of voice, or any other form of communicating without words (LAP-EI-912)
Nonverbal cues such as gestures, facial expression, posture, or any other form of communicating without words (LAP-CO-025, LAP-EI-008, LAP-EI-030, LAP-PD-002)*

BODY OF THE MESSAGE: The text, images, and sounds that appear in the large window when an e-mail is being created or when it is opened; also known as content (PR LAP 14)

BOND(S): A piece of paper (whether real or virtual) that says a governing body or corporation will borrow an investor’s money at a particular interest rate for a particular period of time (EC LAP 71)
Lending investments in which individuals lend money to a government, municipality, or corporation to earn a set rate of interest for a specified time period (LAP-FI-077, QS LAP 33)
Interest-bearing certificates issued by government and promising to pay bond owners a certain sum at a specified time; lending investments in which individuals lend money to a government, municipality, or corporation to earn a set rate of interest for a specified time period (QS LAP 40)

BOND FUND: A pool of shareholders' money invested in bonds (QS LAP 35)

BOND RATING: The ranking of bond issuers according to their risk of default; the letter score assigned to a company based on the financial responsibility it has demonstrated (QS LAP 33)

BOND TABLE: Table that tells a bond’s issuer, coupon, maturity date, bid price, and/or yield (QS LAP 33)

BONE STRUCTURE: A person's body type or build, related to the size of one's bones

BONUS CLOSE: A closing technique in which customers are offered something extra for buying immediately (LAP-SE-895)

BOOK INVENTORY: See Perpetual Inventory (DS LAP 6)

BOOK VALUE: The value of a company from an accounting point of view; calculated by subtracting liabilities and sometimes intangibles, such as patents, from assets; also known as stockholders’ or shareholders’ equity (QS LAP 38, QS LAP 40, QS LAP 42, QS LAP 43)
A company’s worth according to the balance sheet; also called net worth (LAP-FI-093)

BOOKKEEPING: The steps of the accounting cycle that involve recording each business transaction; the process of analyzing financial transactions, journalizing transactions, posting to ledgers, and balancing the books (LAP-FI-085)
The steps in the accounting cycle that involve recording each business transaction (Career Opps in Finance)

BOOKMARK: To select and mark web sites for later reference (MN LAP 44)

BOOKMARK FEATURE: An application within Microsoft Word that can be used to create hyperlinks to other places within an e-mail (PR LAP 14)

BOTTOM LINE: Net outcome (FI LAP 94)
A business’s net income; the decisive point (LAP-OP-189, LAP-SM-007)

BOTTOM-UP APPROACH: Starting the sales forecast process by gathering individual forecasts that may be combined, or built up, into a forecast for the entire company; also called build-up approach (IM LAP 4)

BOTTOM-UP ESTIMATING: A method of estimating resources by adding up smaller components of the project (LAP-OP-003)

BOYCOTT: A union pressure strategy in which union members refuse to buy a company's products and encourage others to do the same(LAP-EC-915)

BRAIN DRAIN: The situation that exists when a country or region loses its talented, educated employees to jobs in other countries (LAP-EC-104)

BRAINDRAWING: A brainstorming technique that involves developing random sketches and doodles and then relating the drawings to an issue or problem (LAP-PM-127)

BRAINSTORM: To use a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting (LAP-EI-126, LAP-EI-911, PM LAP 17, PM LAP 272)

BRAINSTORMING: A creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting (LAP-PD-012, LAP-PD-077, LAP-PM-127, PR LAP 187, QS LAP 5, QS LAP 26)

BRAINWRITING: A brainstorming technique that involves writing random ideas or words on pieces of paper and then sharing them with others to build on each other’s ideas (LAP-PM-127)

BRANCH MANAGER: In banking, a person who oversees all the functions of a particular branch, including hiring personnel and resolving customer complaints (QS LAP 51)

BRAND: All the combined impressions and experiences associated with a particular company, good, or service (LAP-CR-001, IM LAP 7, LAP-MK-002, LAP-PD-002, LAP-PM-042, LAP-PM-079, LAP-PM-139, LAP-PM-140, PM LAP 272, LAP-PR-463, QS LAP 42)

BRAND AMBASSADORS: Individuals, usually employees, who communicate the company’s values, vision, and personality to those they have contact with (LAP-PM-126)

BRAND AWARENESS: The extent to which customers or potential customers are familiar with a brand (LAP-CR-001)

BRAND CHAMPION: The person in a business who is responsible for making the brand come alive and for sustaining it; usually the business owner, president, or CEO (LAP-PM-126)

BRAND COMPETITION: Competition between two similar products (LAP-NF-015)

BRAND CUES: Simple reminders of the brand’s identity and values (LAP-PM-126, LAP-PM-206)

BRAND EROSION: The deterioration or destruction of a corporate or product brand (LAP-SM-075)

BRAND EXTENSION: The brand strategy of using successful brands to introduce new products (LAP-PM-021)

BRAND IDENTIFIERS: Company or product names and logos (LAP-PM-126)

BRAND IDENTITY: Those elements that are instantly recognized as representing a particular business or product (LAP-PM-206)

BRAND IMAGE: Impressions of a corporate brand within customers’ minds which represent what the brand stands for (LAP-PM-126)

BRAND INSISTENCE: The stage of brand loyalty in which consumers insist upon buying a specific brand (LAP-PM-021)

BRAND LICENSING: The legal authorization by a brand owner to allow another company to use the brand in exchange for a fee (LAP-PM-021)

BRAND LOYALTY: Customers’ allegiance to a particular brand (LAP-CR-001, LAP-PM-021)

BRAND MANAGERS: Individuals within an organization who are responsible for an individual brand or group of brands (LAP-PM-040)

BRAND MARK: A distinctive symbol, design, sound, or group of letters which is seen or heard but cannot be spoken (LAP-PM-021)

BRAND NAME: That part of brand identity which can be spoken, including words, phrases, letters, numbers, or any combination of these (IM LAP 9, LAP-NF-001)
The part of a brand which can be spoken, such as a word, a phrase, a letter, a number, or any combination of these (LAP-PM-021)

BRAND PERSONALITY: The projection of a brand that encompasses its values and emotional connections with consumers (LAP-CR-001, LAP-PM-126, LAP-PM-206)

BRAND POSITIONING: A branding strategy in which marketers create a certain image or impression of a brand as compared to those of competitors’ brands (LAP-PM-021)

BRAND PREFERENCE: The stage of brand loyalty in which consumers prefer to purchase a certain brand but will accept substitutes if the brand is not available (LAP-PM-021)

BRAND PROMISE: A business’s spoken or unspoken agreement with customers that it will consistently meet their expectations and deliver on its brand characteristics and values (LAP-CR-001, LAP-PM-126, LAP-PM-206)

BRAND RECOGNITION: The stage of brand loyalty in which consumers become aware of a brand and know a bit about it (LAP-PM-021)

BRAND STRATEGIES: The actions a business takes with a brand in order to accomplish its goals (LAP-PM-021)

BRAND VALUE: A brand’s worth in terms of income, potential income, and prestige (LAP-EC-104, MK LAP 19)

BRAND VALUES: Core values; beliefs or qualities that a corporate brand stands for and is built around (LAP-PM-126, LAP-PM-206)

BRANDED PRODUCT: An item that features only the logo of the manufacturer and not another company's trademark (LAP-PM-139)

BRANDING: The ongoing decision-making process about the use of brands (LAP-CR-001, LAP-PM-021, LAP-PM-139)

BREACH OF CONTRACT: Failure to fulfill the terms of a contract

BREAK-EVEN ANALYSIS: The process of determining the level at which revenues equal total costs (SM LAP 400)

BREAK-EVEN POINT: The level of sales at which revenues equal total costs (PI LAP 6)
The point at which a business’s total sales equal its total expenses; the business has not yet made a profit but has not incurred any losses (LAP-OP-024)

BRIBE: An illegal payment intended to secure business or products in return (LAP-SE-106)

BRIBERY: Making illegal payments intended to secure business or products in return (LAP-EC-045, LAP-OP-246)

BRICK-AND-CLICK: A business that has both a brick-and-mortar business and an online store (BA LAP 3)

BRICK AND MORTAR: A business that operates out of a physical facility (instead of online) (LAP-EC-070)

BROAD PRODUCT MIX: A description of the width of a business's product mix offering many product lines (PM LAP 3)

BROADCAST MEDIA: Promotional media, such as radio and television, which use radio waves to reach consumers (PR LAP 8)
Promotional media including radio and TV that may be transmitted through the air, cable, or internet (LAP-PR-007)

BROKEN LINKS: Clickable text or graphics that do not take a visitor to the appropriate document or location on the Web (PM LAP 9)

BROKER: A company or an individual who buys advertising space or time on behalf of clients (PR LAP 6)
A person who is authorized to buy and sell securities on an exchange (QS LAP 48, QS LAP 51)

BROKERAGE HOUSE: A firm that offers various investing services, such as securities trading, research analysis, and advice (QS LAP 48)

BROWSER: A customer who is “just looking” without focusing attention on any particular item (SE LAP 101)

BUDGET: An estimate of income and expenses for a specific period of time (LAP-FI-099, LAP-FI-106, LAP-FI-351, LAP-IM-012, LAP-IM-184, LAP-MK-002, LAP-NF-001, LAP-OP-519, LAP-OP-521, QS LAP 22, QS LAP 28)*
An estimate of income and expenses for a particular period of time (LAP-MP-013)
An estimate of income and expenditures over a certain period of time (FI LAP 579)
An estimate of what income and expenses will be for a specific time period or for a specific project (QS LAP 19)

BUDGET CREDIT ACCOUNT: A form of short-term credit often set up for 60- or 90-day periods with a payment due every 30 days (LAP-FI-002)

BUDGET DEFICIT: A situation in which expenditures exceed revenues (LAP-EC-100)

BUILDERS: A type of producer that constructs roads, bridges, buildings, or houses (LAP-EC-070)

BULK E-MAIL PROGRAM: Software designed for sending many e-mails at once (PR LAP 14)

BULL MARKET: A condition of the stock market in which stock prices are rising (QS LAP 40)

BULLETINS: Messages that provide updates about current events (PR LAP 13)

BUMPER AD(S): An online advertisement that plays before video content (LAP-PR-007)

BUNDLE: A combination of goods and/or services grouped together and offered as one product (PM LAP 17)

BUNDLING: A marketing strategy that involves offering several products for sale as one combined product (LAP-MP-007, PM LAP 24)

BURGLARY: Any illegal entry into a building to commit a theft (RM LAP 4)

BURN: An injury to the skin caused by heat, electricity, or chemicals (RM LAP 3)

BURNED OUT: Overly stressed and exhausted (LAP-EI-030)

BURNOUT: A type of exhaustion that is usually caused by too much stress (EI LAP 14, EI LAP 28, LAP-EI-077)

BUS/CAR WRAP: A form of out-of-home advertising; involves partially or completely covering a vehicle with an advertisement, turning the bus or car into a mobile billboard (LAP-PR-903)

BUSINESS: An organized effort to produce and/or distribute goods and services (EC LAP 71)

BUSINESS ANALYTICS: An umbrella term covering those careers that provide a bridge between business processes/initiatives and use of IT resources; sometimes referred to as business information management (LAP-PD-297)

BUSINESS CASUAL: A dress-code trend in business for employees to dress in a less formal way (LAP-PD-002)

BUSINESS COMMUNITY: Individuals employed in local organizations (LAP-PR-136)

BUSINESS CONTINUITY: An organization’s ability to function during and after a disaster (LAP-NF-110)

BUSINESS CUSTOMER: An organization that purchases goods and services that allow it to create and sell its own products and to operate on a day-to-day basis (LAP-MK-014)

BUSINESS CYCLES: Periods of expansion and contraction in economic activities (LAP-EC-918, LAP-NF-015, LAP-PI-902)
Fluctuating levels of economic activity ranging from expansion to contraction (EC LAP 82)

BUSINESS ETHICS: The basic principles that govern a business’s actions (LAP-EC-106)

BUSINESS/FEASIBILITY ANALYSIS: Examining such factors as demand, costs, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company’s product mix (PM LAP 17)

BUSINESS-FORMAT FRANCHISE: A franchise arrangement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business (LAP-BL-003)

BUSINESS IMAGE: The view or opinion that customers have about a business (LAP-PM-913)

BUSINESS INFORMATION MANAGEMENT: An umbrella term covering those careers that provide a bridge between business processes/initiatives and IT (information technology) (PD LAP 25)

BUSINESS LICENSE: A document that grants permission to operate a business (LAP-FI-091)

BUSINESS MAGAZINES: Magazines that appeal primarily to members of the business community (LAP-PR-007)

BUSINESS MODEL: A company’s method or plan for making money (LAP-SM-007, LAP-SM-013)
The way a company makes money (QS LAP 40, QS LAP 42)

BUSINESS OPERATIONS: The day-to-day activities needed for continued business functioning (LAP-OP-158)

BUSINESS PLAN: A company’s blueprint for success; shows how the business works now and how it is intended to work in the future; the written business model (LAP-EN-038, LAP-MP-007, LAP-SM-007, LAP-SM-013)
A statement of a business’s goals and an outline of its strategies to reach those goals (LAP-MP-013)

BUSINESS POLICY: A general rule or statement the business follows; a guideline for all employees to follow in making decisions about situations that occur often (HR LAP 25)
Statements outlining practices the business follows, such as warranties and maintenance contracts (SE LAP 828)

BUSINESS PRODUCTIVITY: The amount of goods or services produced by a business from a set amount of resources (LAP-EC-913)

BUSINESS PROCESS MANAGEMENT: A business strategy that stresses technology, innovation, and flexibility to align an organization’s objectives and activities with customer needs (LAP-CR-016)

BUSINESS RECORD: A document containing information about a business’s operations and its finances (LAP-NF-001)

BUSINESS-RELATED EXPENSES: Money spent in the process of doing a job; e.g., automobile expenses for a business trip (HR LAP 19)

BUSINESS RISK: The possibility of loss (failure) or gain (success) inherent in conducting business (LAP-EC-911)

BUSINESS SECTOR: A segment of the economy that does not include government, private citizens, or nonprofit institutions (LAP-EC-917)

BUSINESS SECURITY: Something that provide protection for the business or its property (RM LAP 4)

BUSINESS STRUCTURE: A company’s configuration of employees for accomplishing specific business tasks; how a business is organized (LAP-SM-007)

BUSINESS SUSTAINABILITY: The successful long-term management of an organization’s financial, social, and environmental risks, opportunities, and obligations (LAP-EN-044)

BUSINESS-TO-BUSINESS COMPANY (B2B): Companies that sell their products to other businesses, rather than to the general public (LAP-SE-321)

BUY ORDER: In investing, an instruction to a broker to purchase a particular stock or security (QS LAP 47)

BUY (BID) PRICE: The highest price at which a buyer is willing to purchase a stock or share (QS LAP 40)

BUY-AND-HOLD STRATEGY: An investing approach that encourages staying in the market for the long term (QS LAP 44, QS LAP 46, QS LAP 49)

BUY-LOW-AND-SELL-HIGH STRATEGY: An investing approach that encourages purchasing securities at a low price and selling them at a high price (QS LAP 49)

BUYER'S MARKET: The best time for consumers to buy; characterized by large supply, small demand, and low prices (LAP-EC-905, LAP-EC-906)

BUYING DECISION: A small or "mini" decision a customer makes that leads to the final decision to buy a good or service (SE LAP 811)
A customer’s choice to purchase a product (LAP-SE-114, SE LAP 875)

BUYING HABITS: The usual purchasing methods of consumers; may change according to circumstances (IM LAP 3)

BUYING MOTIVES: The reasons or benefits that cause people to make purchases to satisfy wants and needs; customer's reason for buying goods or services; why people buy (IM LAP 9, SE LAP 120)
The reasons or benefits that cause prospects—both individuals and businesses—to make purchases to satisfy their needs and wants; customers’ reasons for buying goods or services; why people buy (LAP-SE-883)

BUYING POWER: The amount of money available (LAP-EC-905)

BUYING TO COVER: In investing, buying shares to pay back a broker from whom shares were borrowed; a part of the short-selling process (QS LAP 47)

C

"C" CORPORATION: A form of business ownership that is considered a separate legal entity from its owners; can be owned by unlimited stockholders and is susceptible to dual taxatifon; also known as a public corporation (LAP-BL-003)

CABLE MODEM: A device that is used to transmit data over cable lines at high speeds (PR LAP 14, PR LAP 15)

CALL REPORTS: Records of salespeople’s meetings or contacts with customers (LAP-IM-184)

CALLABLE BONDS: Bonds that can be repaid before their maturity date at the request of the borrower (QS LAP 33)

CALMNESS: The state or quality of being free from agitation or strong emotion (LAP-EI-092)

CANADIAN SECURITIES ADMINISTRATORS: A forum for the 13 securities regulators of Canada's provinces and territories that regulates the market and protects investors (QS LAP 48)

CANDLESTICK CHART: A graph that shows a security’s open and close prices for the day and its highest and lowest prices for the day in comparison to the days around it; used in technical analysis (QS LAP 49)

CANNIBALIZATION: The situation that exists when the sale of one of a company's products takes away sales from another of its products (PM LAP 3)

CAPITAL: Assets of a business (LAP-BL-003, LAP-BL-006, EC LAP 1, LAP-EC-023, IM LAP 3, LAP-OP-017, LAP-PI-902)

CAPITAL APPRECIATION: An increase in the price of the stock you own (QS LAP 34, QS LAP 44)

CAPITAL BUDGETING: A process in which a firm’s financial managers determine which projects it should invest in (FI LAP 354)

CAPITAL EXPENDITURE: A one-time purchase a business makes (e.g., land, building, equipment) (LAP-MP-013, LAP-OP-024)

CAPITAL GAINS: Earnings from the appreciation of a stock investment (QS LAP 45, QS LAP 46)

CAPITAL GAINS TAX: Tax on earnings from the appreciation of a stock investment (QS LAP 44)

CAPITAL GOODS: Manufactured or constructed items that are used to produce goods and provide services (EC LAP 15)
Manufactured or constructed items that are used to produce goods and services (LAP-EC-901, LAP-EC-903, LAP-EC-907, LAP-EC-914, LAP-EC-918, LAP-OP-017, LAP-OP-303, LAP-OP-443)*

CAPITAL-INTENSIVE PROCESS: A conversion process that depends on the use of equipment (LAP-OP-017)

CAPITAL INVESTMENT: The amount of money a business has invested in its goods and other property (DS LAP 3, LAP-EC-913, FI LAP 357, LAP-SM-007)

CAPITAL INVESTMENT DECISIONS: Decisions that determine which projects a business will invest in, how the investment(s) will be financed, and whether to pay dividends to shareholders (FI LAP 354)

CAPITAL STRUCTURE: The organization of the influx and outflow of a company’s money, including where the money goes on a regular basis; how a business pays for its operations (LAP-SM-007)
A firm’s mix of financing, usually some combination of debt and equity (FI LAP 354)

CAPITALISM: An economic system that depends on honest, healthy competition between businesses (LAP-BL-058)

CAP-SIZE (OR MARKET CAPITALIZATION): An indicator of the size of a public company, as measured by the total dollar value of its stock; calculated by multiplying share price by number of outstanding shares; companies are often categorized as small-cap, mid-cap, or large-cap, though the specific dollar categories vary by source (QS LAP 45, QS LAP 46)

CAPTION: Written text that describes a photograph or illustration (PR LAP 10)

CAPTIONED PHOTOGRAPH: A picture with text that describes what is happening in the picture (PR LAP 8, PR LAP 10)

CARBON FOOTPRINT: A measure of the impact of human activity on the environment (LAP-NF-015)

CARCINOGEN: A substance capable of causing cancer (LAP-PM-040)

CARDIOVASCULAR: Relating to your heart and blood vessels (LAP-PD-002)

CARRIER: A transportation company such as a railroad, airline, trucking company, or the postal service (DS LAP 5)

CASE HISTORY: A detailed account of the benefits received from the use of a product, given by an identified product user (LAP-SE-374)

CASE STUDY: An instructional method that involves giving trainees a written description of an organizational problem, and the trainees are asked to determine the problem and potential solutions (MN LAP 50, SE LAP 123)
An intense analysis of a person, group, or event (LAP-IM-284)

CASH: Physical currency; money in notes or coins (LAP-FI-085)

CASH ACCOUNTING METHOD: An accounting method in which income and expenditures are recorded at the time the money changes hands (LAP-FI-085, QS LAP 38)

CASH CONVERSION CYCLE: Ratio that refers to the number of days between a company’s paying for raw materials and receiving cash from selling the products made from those raw materials (FI LAP 354)

CASH DISCOUNT: A deduction from the seller’s price for paying the invoice amount within a specified number of days; a time-based discount (PU LAP 3)

CASH FLOW: The movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time (LAP-FI-091, IM LAP 3, LAP-OP-477, LAP-PI-902, QS LAP 45, LAP-SM-007)

CASH FLOW ANALYSIS: The process of determining the amount of cash a business has to work with at any given time (SM LAP 400)

CASH FLOW STATEMENT: A financial summary with estimates as to when, where, and how much money will flow into and out of a business (LAP-FI-085, LAP-FI-091, FI LAP 94, LAP-FI-351, LAP-IM-184, LAP-SM-013)
A financial summary that states how much money has flowed into and out of a business (QS LAP 36, QS LAP 38, QS LAP 39)

CASH PAYMENTS: The money that a business spends (e.g., business expenses) (LAP-FI-091)

CASH RECEIPTS: The money that a business collects (e.g., business income) (LAP-FI-091)

CASH SURPLUS: When more money flows into a business than flows out (LAP-FI-091)

CASUAL LOOKER: A “just looking” customer who does not intend to buy at the time, but if treated courteously, often does buy (SE LAP 101)

CASUAL RELATIONSHIP: A relatively unstructured relationship with few rules, such as the relationship with a personal friend (HR LAP 1)

CATALYST: An agent that provokes or speeds significant change or action (LAP-EI-001)

CAUSAL RESEARCH: Marketing research that focuses on cause and effect and tests "what if" theories; also known as conclusive research (LAP-IM-010, LAP-IM-284)

CAUSE-AND-EFFECT DIAGRAM: A chart used to identify many potential causes of a problem and to sort them into useful categories; also called a fishbone diagram or an Ishikawa diagram (LAP-OP-163)

CAUTION: Care taken to avoid danger or mistakes (LAP-EI-092)

CELEBRITY ENDORSER: Well-known person who approves, promotes, or supports a good or service, usually for pay (LAP-PM-140)

CELLER-KEFAUVER ANTIMERGER ACT: A federal regulation intended to protect competitors from takeovers that would limit competition (LAP-EC-912)

CENSORSHIP: Suppression of ideas (LAP-PD-012)

CENSUS: A count or measure of every single unit in a target population (IM LAP 285)

CENTER OF INFLUENCE: A dominant member of a group (SE LAP 1)

CENTER-OF-INFLUENCE METHOD: A method of prospecting in which a salesperson asks a dominant member of a group to use or endorse her/his products (SE LAP 1)

CENTRAL BANK: A nation’s main monetary authority (LAP-EC-100)

CENTRAL PLANNING: Detailed economic processes and goals developed by government; usually associated with communist economies (LAP-EC-907)

CENTRAL REGISTRATION DEPOSITORY (CRD): A computerized database containing information about most brokers, including complaints filed and education and work history (QS LAP 48)

CENTRAL WRAP: A wrap station that packs and wraps customer purchases for several sections or departments in a store (SE LAP 105)

CENTRALIZED TRAINING: Sales training that is conducted at the home office, plant locations, or central training facilities away from the home office (SE LAP 123)

CEO: Chief executive officer of a business (QS LAP 40)

CERTIFICATES OF DEPOSIT (CDs): Lending investments in which individuals lend money to a bank to earn a set rate of interest for a specified period of time (LAP-FI-077, QS LAP 40)

CERTIFICATION: An indication that a person has established a certain level of competency in a specific skill area (PD LAP 3)

CERTIFICATION AUTHORITY: A trusted, third party that issues digital certificates guaranteeing that a merchant is who s/he claims to be (BA LAP 4)

CFA (CHARTERED FINANCIAL ANALYST): A professional designation for people who evaluate companies and industries and make recommendations to buy, sell, or hold certain securities (QS LAP 51)

CFP (CERTIFIED FINANCIAL PLANNER): A professional designation for personal financial advisors requiring a combination of education, examinations, and experience (QS LAP 51)

ChFC (CHARTERED FINANCIAL CONSULTANT): A professional designation for personal financial advisors requiring a combination of education, examinations, and experience, with an emphasis on retirement and estate planning (QS LAP 51)

CPA (CERTIFIED PUBLIC ACCOUNTANT): A professional designation for people who prepare, analyze, and verify a variety of financial data (QS LAP 51)

CHAIN DISCOUNT: A series discount (PU LAP 3)

CHAIN OF COMMAND: The flow of authority within an organization; also known as line of command (LAP-EC-103, LAP-EN-038, LAP-SM-064)
The flow of authority within an organization (LAP-PD-252)
An official hierarchy of authority that determines who is in charge of whom (LAP-EI-135)

CHALLENGE: An obstacle or problem; something that might hinder the achievement of goals (LAP-PD-066)

CHAMBER OF COMMERCE OF THE UNITED STATES: A national federation of businesses and companies that makes known to the government the recommendations of the business community on national issues and problems affecting the economy. Address: 1615 H Street, Washington, D.C. 20062 (CD LAP 1)

CHANGE: To transform or make different; to alter the form, nature, content, or future course of something (LAP-EI-005, HR LAP 8)

CHANGE LEADER: A person who initiates and facilitates change at home, at school, or at work (LAP-EI-005)

CHANGE-MANAGEMENT PLAN: In project planning, a document that contains strategies for handling unforeseen changes that may occur during the project (e.g., a natural disaster) (LAP-OP-001)

CHANNEL LENGTH: The total number of channel members in a channel of distribution (LAP-CM-001)

CHANNEL MANAGEMENT: Processes by which marketers ensure products are distributed to customers efficiently and effectively (LAP-CM-001, LAP-CM-006)
A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels (LAP-MK-002)

CHANNEL MEMBERS: Businesses or individuals who assist in moving goods and services from the producer to the consumer (LAP-CM-001, LAP-CM-006)

CHANNEL STUFFING: A deceptive business practice that involves forcing more products through a distribution channel than can realistically be sold to final consumers; used to inflate a company’s sales and financial earnings (LAP-CM-006)

CHANNELS OF DISTRIBUTION: Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user (LAP-CM-001, LAP-CM-003, LAP-CM-006, LAP-MK-002, LAP-PR-903)

CHARGEBACK: A financial penalty a middleman assesses to a producer for a variety of issues, such as receiving damaged merchandise (LAP-CM-001)

CHARISMA: Attractiveness to others, often through a charming personality (LAP-EI-135)

CHARM PRICING: Pricing a product slightly below a whole number to make the product appear cheaper (LAP-PI-015)

CHARTER: A permit issued to operate a corporation; also known as a certificate of incorporation (LAP-BL-006)

CHAT ROOMS: Sites on a network in which users communicate with each other in real time (BA LAP 3)

CHEATING: Dishonest behavior that involves tricking or misleading others (HR LAP 19)
Acting fraudulently or deceitfully (LAP-EI-138)

CHECK SHEET: A form for collecting data on the spot; often used to measure product defects by type, cause, location, etc. (LAP-OP-163)

CHECKERS: Receiving workers who unpack, sort, count, and inspect goods (DS LAP 5)

CHECKING: The step in the receiving process in which shipments of goods are unpacked, sorted, counted, and inspected (DS LAP 5)

CHIEF RISK OFFICER (CRO): An executive responsible for a business’s risk-management activities, which include planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain (LAP-SM-075)

CHILD ONLINE PROTECTION ACT: A law designed to protect the privacy of children under the age of 13 from the information-gathering practices of online businesses (BA LAP 5)

CHOICE CLOSE: A closing technique in which the salesperson helps the customer reach a buying decision by reducing the number of items from which to choose, and then asking the customer to choose between the remaining ones (LAP-SE-895)

CHRONIC: Happening over and over again (LAP-EI-036, HR LAP 11)

CHURNING: An unethical practice in which a broker encourages an investor to make excessive trades just so s/he can collect the commission fees from each one (QS LAP 48)

CIGARETTE LABELING AND ADVERTISING ACT: A federal law passed in 1967 requiring cigarette labels to carry warnings about the hazards of smoking (PP LAP 7)

CIRCULAR FLOW OF INCOME MODEL: A simplified depiction of how money flows through a market economy; shows money going back and forth between consumers and businesses (LAP-EC-072)

CIRCULATION: The number of people reached by a media vehicle (PR LAP 6)

CIVIL LAW: Laws that deal with rights and duties of private entities, as well as possible disputes between them (LAP-BL-163)

CIVIL RIGHTS ACT OF 1964: A federal act that forbids discrimination in any condition of employment on the basis of race, color, religion, sex, or national origin (MN LAP 53, MN LAP 55)

CIVIL RIGHTS ACT OF 1991: A law that expanded previous civil rights legislation by allowing employees who feel they have been the victims of discrimination to sue their employers (MN LAP 55)

CLAIM: A request for reimbursement for loss or damage (DS LAP 5)

CLARIFICATION: The process of making something clear and understandable (QS LAP 24)

CLASSICAL THEORY OF UNEMPLOYMENT: A set of ideas that assumes unemployment begins when wages rise too high and can be controlled by cutting wages (EC LAP 82)

CLAYTON ACT: A federal regulation intended to prevent specific business actions that might restrict competition (e.g., tying agreements and exclusive agreements) (LAP-EC-912)
A federal law that prevents price discrimination (LAP-PI-047)

CLERICAL PERCEPTION: Ability to see differences in words and numbers needed in order to do such tasks as proofreading, accounting, etc. (HR LAP 2)

CLICHE: A phrase or expression that is overused (PR LAP 9)

CLICK-THROUGH: The act of clicking on an advertisement on the Internet and being automatically transported to the advertiser's web page (PR LAP 6, PR LAP 14)

CLIENT LOYALTY: The devotion of a client to a particular business (SE LAP 828)

CLIENTELE: A body of customers upon which an organization can rely for considerable repeat business (HR LAP 19, HR LAP 25, SE LAP 828)

CLIMATE: The mood of a media vehicle (PR LAP 5)

CLOSE: The point in the selling process at which the customer makes a favorable buying decision (LAP-SE-048)
The last stock price of the day; also called closing price (QS LAP 37)

CLOSED-END MUTUAL FUND: Fund with a set number of shares to be issued, determined before the fund is ever established (QS LAP 35)

CLOSED-END(ED) QUESTION: A question that is structured so that it requires a short, precise response (LAP-CO-017, SE LAP 120)

CLOSED-RESPONSE QUESTION: A question that can be answered with “yes” or “no” (SE LAP 810)

CLOSED WOUND: An injury in which the skin is not broken, but the tissue and/or organs underneath are damaged (RM LAP 3)

CLOSING ON OBJECTION: A closing technique in which a salesperson answers a customer's objection so the customer no longer has a reason not to buy (LAP-SE-895)

CLOSING PRICE: The last stock price of the day; also called the close (QS LAP 49)

CLOSING THE SALE: The point in a sales presentation at which the customer makes a favorable buying decision

CLOUD STORAGE: Online storage that enables users to upload, store, and access their files via the internet; users’ files are maintained by a third party at a remote database storage facility (LAP-NF-001)

CLUSTER: In probability sampling, a non-overlapping subpopulation determined by geography (IM LAP 285)

CLUSTER SAMPLING: A probability sampling method in which researchers divide the target population into non-overlapping subpopulations that are determined by geography, and then randomly sample each one (IM LAP 285)

CLUTTER: The existence of a large number of advertisements within a particular media vehicle (PR LAP 5) Jumble; disorderly arrangement (HR LAP 4)

COACHABILITY: Willingness to receive correction and instruction (LAP-EI-075)

COACHEE: A person who works toward reaching their goals with help from a coach (LAP-EI-041)

COACHING: An on-the-job instructional method in which a manager or supervisor is assigned a "coach" to set goals, give assistance in reaching goals, and give ongoing performance feedback (MN LAP 50)
Enabling other people to reach their true potential by helping them overcome the barriers that are keeping them from doing so (LAP-EI-041)

CO-BRANDING: A brand strategy that involves businesses joining forces for mutual benefit and to increase brand recognition, customer loyalty, and sales for the brands involved (LAP-PM-021)

CODE: A set of symbols and rules that represent computer instructions (BA LAP 5)

CODE OF CONDUCT: A set of rules and standards that govern the expected practices, decisions, procedures, and systems within an organization (LAP-EI-132, LAP-PD-250, LAP-PD-251)

CODE OF ETHICS: A set of rules for governing behavior (LAP-EC-106, LAP-EI-132, LAP-FI-351, LAP-FI-355)
An organizational code that outlines the ethical standards to which an organization expects its members to adhere (LAP-HR-411)

CODEPENDENT RELATIONSHIP: A relationship in which one person compromises their own needs and wants in order to take care of another person who may be experiencing emotional, physical, or financial difficulties (LAP-EI-030)

COERCIVE POWER: The use of threats to motivate followers to complete a desired task by setting up consequences for failure (LAP-EI-135)

COERCION: The practice of using force or threats to persuade someone to do something they would otherwise be unwilling to do (LAP-CM-006)

COGNITIVE ABILITY: The capacity to learn and to understand (LAP-EI-001)

COHESION: The degree of unity among supply chain members (LAP-OP-477)

COHESIVENESS: The ability to work smoothly together as a unit (LAP-EC-107)

COLD CALLS: Unannounced telephone calls or visits by a salesperson to prospects about whom little may be known (SE LAP 1, SE LAP 828)

COLLABORATION: Cooperation; a joint effort (LAP-EI-041, LAP-EI-060)
A cooperative arrangement where two or more parties contribute and share responsibilities to reach success (LAP-EI-130)
Working together by drawing from one another’s knowledge and experience (LAP-EI-001, LAP-EI-911)

COLLABORATIVE: A negotiating style in which two parties work together to reach a mutually beneficial agreement (LAP-EI-062)

COLLATERAL: Anything of value belonging to the borrower which is pledged to the lender to guarantee that the loan will be repaid (LAP-FI-002)

COLLECTIBLES: Objects collected by someone who has an interest in the sport, activity, etc. (LAP-MK-012)
Objects or items collected by someone who has an interest in the sport, activity, etc.; in investing, the collector hopes to eventually resell the items at a profit (LAP-FI-077)

COLLECTIVE BARGAINING: The negotiating process in which union leaders and company representatives engage to determine the terms and working conditions that are to be provided to employees (LAP-BL-058, LAP-EC-915)

COLLECTIVE MARK: A trademark or service mark used by members of a cooperative, association, or other group or organization (PM LAP 153)

COLLECTIVISM: An emphasis on group work and accomplishments (LAP-EI-033)

COLLECTIVIST SOCIETY: A society in which people are integrated into strong, loyal groups, such as extended families (LAP-EC-045)

COLUMN INCH: A unit of measurement for print advertising (PR LAP 6)

COLLUSION: A secret agreement for fraudulent or illegal purposes (LAP-OP-246)

COMANAGED INVENTORY ged inventory (CMI): A business arrangement in which both the manufacturer and the distributor collaborate to manage inventory levels (LAP-OP-443)

COMBATIVE: A negotiating style in which one or both parties consider only their interests and fight to achieve a desired outcome at any cost (LAP-EI-062)

COMBINATION APPROACH: A type of sales opening that uses any combination of service, merchandise, and/or greeting approaches (SE LAP 101)

COMBINATION RATE: A discount rate offered for advertising in two or more media vehicles owned by the same organization (PR LAP 6)

COMMAND ECONOMY: An economic system in which all or many of the means of production and distribution are owned and controlled by the government (LAP-EC-907)

COMMERCIAL BANK: Full-service bank offering a variety of banking services including checking and savings accounts, secured and unsecured loans, installment credit, and bank credit cards (Career Opps in Finance, LAP-FI-002, QS LAP 51)

COMMERCIALIZATION: The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product’s life cycle begins (PM LAP 17)

COMMISSION: A percentage of the total sale amount paid to the individual or business that makes the sale (LAP-BL-003, LAP-CR-010, SE LAP 875, LAP-SE-895, LAP-SM-065)
A method of pay in which a salesperson earns a portion of what s/he sell (SE LAP 1)

COMMITMENT: The practice of agreeing or pledging to do something in the future (LAP-EI-077)

COMMITTEE: An appointed group of people that is dedicated to a specific matter (LAP-EI-045)

COMMODITIES: Raw materials that can be bought and sold (EC LAP 83)

COMMON LAW: Laws created by court decisions rather than through written legislation (LAP-BL-163)

COMMON STOCK: A basic share of ownership in a company that comes with voting rights (QS LAP 34)

COMMUNICATION: An exchange of information in which the words and gestures are understood in the same way by both the speaker and the listener (LAP-EC-103, LAP-EI-060, LAP-EI-108, LAP-EI-912, IM LAP 7, MK LAP 19, MN LAP 54, LAP-SM-066)
The two-way process of sending and receiving information, ideas, feelings, and beliefs (LAP-EI-140)

COMMUNICATIONS PLAN: In project planning, a document that contains strategies for managing the flow of information that must occur between all the project’s stakeholders throughout the life of the project (LAP-OP-001)

COMMUNICATION SKILLS: Ability to express yourself clearly and simply (Career Opps in Finance, CD LAP 2, LAP-EI-130, QS LAP 18)
The ability to express thoughts and ideas in a clear manner (Career Opps in Hosp, LAP-PD-066, LAP-PD-297)*

COMMUNISM: A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution (LAP-EC-907)

COMMUNITIES OF PRACTICE: Diverse groups of employees across the organization who regularly meet to share knowledge and communicate with one another to encourage knowledge management practices (LAP-KM-001)

COMMUNITY NEWSPAPER: A suburban or rural paper delivered to residents in a local geographic area (LAP-PR-007)

COMMUNITY-PROPERTY STATE: A state in which the laws consider any property received through efforts of a husband or wife as the joint property of both (FI LAP 1)

COMMUNITY RELATIONS: A business or organization's efforts to create goodwill between it and the people in the community (PR LAP 10)

COMMUTING: Traveling from one area to another on a regular basis (HR LAP 19)

COMPANY LEADS: Information about and contact with potential customers provided by a company, its advertising, participation in trade shows, or telephone and mail solicitation (SE LAP 828)

COMPANY POLICY: Rules made in advance by management to assist employees in decision-making at the point of sale (SE LAP 105)

COMPARATIVE ADVANTAGE: The advantage achieved by a nation from specializing in and producing goods and services at which it is most efficient relative to another country (LAP-EC-916)

COMPARISON SHOP: The act of visiting other businesses to learn what competing stores are selling and the prices they charge (SE LAP 810)

COMPARTMENTALIZATION: The process of dividing something into sections or categories (LAP-EI-077)

COMPASSION: A deep awareness of someone else's needs and a desire to help meet those needs (LAP-EI-021, LAP-EI-030)

COMPENSATION: Pay or wages for work completed (LAP-HR-410, LAP-SM-065)

COMPETENCE: The ability to do what needs to be done; capability (LAP-EI-909, LAP-FI-355, LAP-PM-042)

COMPETENCY: A skill, knowledge, or attitude needed by an employee to be successful in his/her job (MN LAP 50)

COMPETENT: Able to do what needs to be done; capable; well qualified (HR LAP 4)

COMPETITION: The rivalry between two or more businesses to attract scarce customer dollars (CR LAP 3, EC LAP 15, LAP-EC-105, LAP-EC-907, LAP-EC-911, LAP-EC-912, LAP-MK-002, LAP-NF-015, PI LAP 1, LAP-PI-015, PM LAP 3, LAP-PM-042, LAP-PM-913)

COMPETITIVE: A negotiating style in which one or both parties view the negotiation as a game-like challenge or a rivalry; one or both parties consider only their interests to achieve a desired outcome (LAP-EI-062)

COMPETITIVE ADVANTAGE: The edge achieved by businesses that offer something better than their competitors (LAP-EC-913, LAP-IM-001, LAP-MK-901, LAP-PD-126, PR LAP 15, LAP-PM-042)*
Any condition or circumstance that puts a business in a favorable position over its competitors (LAP-CR-017)

COMPETITIVE ANALYSIS: The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards (FI LAP 94, LAP-MK-002)

COMPETITIVE BIDDING PROCESS: A method of collecting price quotes from suppliers vying for an order or job (LAP-OP-015)

COMPETITIVE INTELLIGENCE: The process of defining, gathering, analyzing, and distributing information about competitors’ strengths and weaknesses to enhance business decision-making (LAP-IM-025)

COMPETITOR: A rival business that seeks to attract the same scarce customer dollars (IM LAP 9, LAP-PR-901, QS LAP 40)

COMPLAINING CUSTOMERS: Customers who believe everything is going wrong for them and everybody is either taking advantage of them or not really trying to help (CR LAP 9)

COMPLAINT: A customer’s expression of dissatisfaction (CR LAP 4, LAP-CR-010)

COMPLEMENTARY PRODUCTS: Goods and/or services that are used together (e.g., skirts and blouses, ski boots and skis, software and computers) (LAP-EC-905, LAP-PM-127, SE LAP 62)

COMPLEXITY: The state of being intricate or complicated (LAP-EI-092)

COMPLIANCE: Fulfilling the requirements of the law (LAP-FI-343, LAP-HR-410, MN LAP 55, LAP-NF-001, LAP-NF-110, LAP-OP-246, LAP-QM-012)

COMPOUNDING: Earning interest upon interest (QS LAP 30, QS LAP 45)

COMPROMISE: Giving in to another’s wishes so that an agreement may be reached (LAP-EI-911)
Each side making concessions so that an agreement may be reached; also known as bargaining or give-and-take (LAP-EI-062)

COMPUTER-AIDED DESIGN (CAD): The use of technology and software to create, test, and rework products in the virtual world before spending money to produce them in the physical world (LAP-NF-003, LAP-OP-189)

COMPUTER-AIDED ENGINEERING (CAE): See computer-aided design (LAP-OP-189)

COMPUTER-AIDED MANUFACTURING (CAM): A process in which computers are used to collect and store data and to instruct automated manufacturing equipment in the production process (LAP-NF-003, LAP-OP-189)

COMPUTER-INTEGRATED MANUFACTURING (CIM): An operating system that integrates technology and software throughout the entire production process from start to finish (LAP-OP-189)

CONCEPT MAPPING: A visual technique designed to organize and expand on thoughts and ideas (LAP-PD-012)

CONCEPT TESTING: Exploring the concept, or idea, for a product in order to obtain feedback (PM LAP 17)

CONCEPTUAL SKILLS: The ability to think about how things will work together (MN LAP 50, PD LAP 3)
The ability to see the “big picture” and think about how things will work together (LAP-SM-001)

CONCESSION: Something that is given up during a negotiation (LAP-EC-915, LAP-EI-062)

CONCLUSIVE RESEARCH: Causal research; marketing research that focuses on cause and effect and tests “what if” theories (LAP-IM-010)

CONCURRENT CONTROLS: Mechanisms used to monitor and regulate a task, activity, or performance while it is occurring (SM LAP 400)

CONCURRENT ENGINEERING: A method in which the various stages of product design and development are performed at the same time, instead of one after another; also called simultaneous design (LAP-OP-163)

CONDUCT AND PRACTICES EXAM: Licensing requirement for Canadian brokers (QS LAP 48)

CONFERENCE (DISCUSSION) METHOD: An instructional method that involves the use of a highly qualified group leader to help a group identify and define a problem and to guide the group in discussion and consensus-reaching (MN LAP 50)

CONFIDENCE: A positive belief in your own talents, skills, and objectives (LAP-EI-131, SE LAP 62)

CONFIDENTIALITY: The practice of keeping information secret or private (LAP-EI-138, LAP-FI-351, LAP-FI-355, LAP-IM-025, LAP-PD-251)

CONFIDENTIALITY AGREEMENT: A legally binding promise not to disclose information about another party (BA LAP 5, LAP-OP-246)

CONFIRMING PROBE: A technique for probing that can be used to check for understanding or accuracy (SE LAP 120)

CONFLICT: A disagreement (EI LAP 28, LAP-EI-045, LAP-EI-915)

CONFLICT(S) OF INTEREST: A situation in which it is impossible to be truly impartial (LAP-FI-351, LAP-FI-355, LAP-IM-025, LAP-OP-190, LAP-OP-246, LAP-PD-251, LAP-RM-041)

CONFLICT OF NEEDS: Situation that occurs when a customer needs two or more items at the same time but can only afford one (LAP-SE-874)

CONFLICT RESOLUTION: The process of resolving, or ending, a conflict (LAP-EI-915)

CONFLICT RESPONSE MODE: The manner in which a person reacts to or handles conflict when a disagreement occurs (LAP-EI-915)

CONFORMANCE: Compliance with standards (QM LAP 1)

CONFORMITY: The tendency to behave in the same way that everyone else does rather than exercising one's own judgment (LAP-FI-355, LAP-OP-675)

CONNOTATION: Associated or underlying meaning (LAP-EI-033)

CONS: Negative characteristics (LAP-PD-017)

CONSCIENTIOUS: Careful (HR LAP 11)

CONSCIOUS: Mindful or deliberate (HR LAP 4)

CONSENSUS: A decision-making outcome that requires the substantial agreement of each group member (LAP-EI-911)

CONSENSUS BUILDING: A group’s process of coming to an agreement; the action of bringing a group to an agreement (LAP-EI-911)

CONSENSUS SCALE: A tool used to measure each group member’s feelings toward a proposed decision or solution (LAP-EI-911)

CONSEQUENCE: The result of an action (LAP-EC-106, LAP-EI-004, LAP-EI-021, LAP-EI-030, LAP-EI-123, LAP-EI-124, LAP-EI-128, LAP-EI-137, QS LAP 24)

CONSERVE: To slow down the use of something to make its supply last longer than it would otherwise (LAP-EC-903)

CONSERVATIVE: Purposely low for the sake of caution (LAP-FI-099)

CONSERVATIVE INVESTOR: An investor with a low tolerance for risk (QS LAP 41, QS LAP 45)

CONSISTENCY: A product-mix dimension referring to how closely a company's product lines are related in terms of the products' end use, methods of distribution and production, target market(s), and/or price range (PM LAP 3)
A product's ability to deliver the same level of quality and satisfaction time and time again (LAP-PM-079)
Reliably producing similar results (LAP-EI-128)
Stability; regularity (LAP-NF-110)

CONSISTENT: Unchanging (LAP-CR-017, LAP-EI-127, LAP-EI-131, FI LAP 579)

CONSOLIDATION: A form of business growth in which a corporation acquires many smaller companies (LAP-BL-003)

CONSOLIDATION (OF FINANCIAL STATEMENTS): The combining of financial statements of more than one company for a parent company’s report (QS LAP 38)

CONSTANT: Something that is permanent and unchanging (LAP-EC-904)

CONSTRUCTIVE CRITICISM: Evaluative information designed to help someone improve (EI LAP 14, HR LAP 11, MN LAP 53)
A type of negative feedback that provides evaluative information designed to help someone improve (LAP-EI-027, LAP-EI-041, LAP-EI-903)
Advice that is useful and intended to help or improve something (LAP-EI-133)

CONSTRUCTIVE DIALOGUE: Conversation that is positive and helpful (LAP-EI-136)

CONSUMABLE PRODUCTS: Goods that are used up and therefore need to be replaced (PR LAP 13)

CONSUMER: Anyone who uses goods and services (LAP-CM-006, LAP-EC-901)

CONSUMER AFFAIRS DEPARTMENT: A division of local government that assists consumers in handling problems (PP LAP 7)

CONSUMER BEHAVIOR: Manner in which individuals act that determines what they buy and sell (CD LAP 2)

CONSUMER-BEHAVIOR TRACKING: The process of collecting information about web-site visitors (BA LAP 4)

CONSUMER CREDIT PROTECTION ACT: A federal law passed in 1968 requiring businesses to disclose their annual interest rates to consumers; also known as the Truth in Lending Act (PP LAP 7, PM LAP 7)

CONSUMER DISCRETIONARY SECTOR: Purchasers with an amount of income left to spend or dispose of after they have paid their taxes (QS LAP 44)

CONSUMER FINANCIAL PROTECTION BUREAU: The federal agency charged with making financial products safe for consumers (PM LAP 7)

CONSUMER GOODS: Tangible items produced for personal use (LAP-CM-003, LAP-EC-907, LAP-OP-017)

CONSUMER GOODS PRICING ACT: A federal law that gives retailers the right to establish a product’s final price (LAP-PI-047)

CONSUMER GOODS AND SERVICES: Products produced for personal consumption (LAP-EC-902, LAP-EC-903)

CONSUMER MAGAZINES: Magazines that are generally read by individuals for personal enjoyment during their leisure time (LAP-PR-007)

CONSUMER MARKET: A customer or potential customer who purchases goods or services to satisfy personal desires (LAP-MP-003)

CONSUMER PRICE INDEX (CPI): A monthly measure of the U.S. inflation rate taken by comparing price changes for a representative section of consumer goods and services (EC LAP 83, LAP-IM-184)

CONSUMER PRODUCT: Any good or service intended for use by individuals rather than businesses (PM LAP 7)

CONSUMER PRODUCT SAFETY ACT: A federal law passed in 1972 to establish the Consumer Product Safety Commission and give it jurisdiction over the safety of the majority of consumer products (PP LAP 7, PM LAP 7)

CONSUMER PRODUCT SAFETY COMMISSION: The regulatory agency established by the federal government to enforce product safety laws (PM LAP 7)

CONSUMER PRODUCTS: Goods and services purchased and used by consumers (IM LAP 3)

CONSUMER PROTECTION: All the efforts to safeguard consumers from any kind of injury they might suffer in the process of purchasing and/or using consumer products (PP LAP 7)
All the efforts to safeguard consumers from any kind of injury, illness, or harm they might suffer in the process of purchasing or using consumer products (PM LAP 7)

CONSUMERS: People who use goods and services to satisfy their wants (LAP-EC-902, LAP-EC-906, LAP-EC-907)

CONSUMPTION: The process or activity of using goods and services (LAP-EC-901, LAP-EC-918)

CONTACT PERSON: An individual with whom the media can get in touch at a business or organization in order to obtain additional information about a news release (PR LAP 10)

CONTENT: The text, images, and sounds that appear in the large window when an e-mail is being created or when it is opened; also known as body (PR LAP 14)

CONTENT MARKETING: The planning, development, and publication of information, especially as a means to attract attention, establish authority, and build relationships (LAP-PR-462)

CONTENT THEORIES: Theories of motivation that focus on internal needs, drives, and incentives which cause people to behave in a certain manner (MN LAP 47)

CONTINGENCY: An event that may occur in the future but cannot be predicted with accuracy (LAP-OP-001)

CONTINGENCY PLAN: The specific guidelines that are used when responding to undesirable circumstances; an alternative course of action (LAP-EI-006, LAP-PR-136)
Specific guidelines and activities used when responding to undesirable circumstances; an alternative course of action (LAP-SM-075)

CONTINGENT CLOSE: A closing technique that depends upon the salesperson proving a point to the customer to remove obstacles to the sale (LAP-SE-895)

CONTINGENT LIABILITIES: An obligation that a company may or may not have to pay (LAP-FI-093)

CONTINUAL IMPROVEMENT: A business strategy in which an organization continuously evaluates its business processes to make them more effective and efficient; also called continuous improvement (LAP-OP-163)

CONTINUOUS: Ongoing; without stopping (LAP-SM-065, LAP-SM-066)

CONTINUOUS BUDGET: See rolling budget (LAP-FI-099)
A budget that typically replaces each passing month with a new month added to the end of the budget so that there is always a year-long budget in place; also known as a rolling budget (LAP-FI-106)

CONTINUOUS FLOW SUPPLY CHAIN MODEL: A supply chain model that emphasizes stability and consistency and is typically employed in industries where supply and demand are predictable (LAP-OP-443)

CONTINUOUS IMPROVEMENT: A business strategy in which an organization continuously evaluates its business processes to make them more effective and efficient (LAP-CR-016)

CONTINUOUS PRODUCTION PROCESS: A production process that turns out products without stopping (LAP-OP-017)

CONTINUOUS STRATEGY: A media timing strategy that emphasizes a steady, even scheduling of media following a regular pattern (PR LAP 5)

CONTRACT: A legally binding agreement between two parties
A written agreement that is enforceable by law (LAP-PR-175)

CONTRACTION: The phase of the business cycle characterized by decreased demand for goods and services, rising unemployment, increased saving by consumers, and reduced sales and profits for businesses (LAP-EC-918)
A product-mix strategy in which a business removes, or deletes, product items or product lines from its product mix (PM LAP 3)

CONTRACTS/AGREEMENTS: Legal agreements between two or more businesses stating that one party is to do something in return for something provided by the other party (BA LAP 5, LAP-NF-001)
Agreement between two or more businesses or individuals stating that one party is to do something in return for something provided by the other party (LAP-EC-911)

CONTRACTUAL AGREEMENTS: Agreements between two or more people stating that one party is to do something in return for something provided by another party

CONTRADICTORY: Not in line with; against (QS LAP 22)

CONTRASTING-ADVANTAGES-AND-DISADVANTAGES CLOSE: A closing technique that involves comparing a product's pros and cons (LAP-SE-895)

CONTRIBUTE: Give or donate resources (QS LAP 19)

CONTROL CHART: A graph used to study how a process changes over time (LAP-OP-163)

CONTROLLER: An accountant who directs the preparation of financial reports such as balance sheets and income statements; often in charge of accounting and auditing for an entire company (QS LAP 51)

CONTROLLING: The management function that monitors the work effort (LAP-SM-001, LAP-SM-065, SM LAP 400)

CONTROVERSIAL TOPIC: A subject about which people have strong feelings (LAP-EI-036)

CONVENIENCE GOODS: Consumer goods purchased quickly and without much thought or effort (SE LAP 101)

CONVENIENCE PRODUCTS: Consumer goods and services purchased quickly and without much thought or effort (LAP-EC-902, LAP-PR-903)

CONVENIENCE SAMPLING: A non-probability sampling method in which researchers choose respondents based on opportunity (e.g, standing outside a store to interview exiting customers) (IM LAP 285)

CONVERSION PROCESS: The process of turning economic resources into products (LAP-OP-017)

CONVERSIONS: Desired actions taken by customers/users (LAP-IM-184)

CONVERTIBLE BONDS: Bonds that can be changed into stocks at a later time (QS LAP 33)

CONVEYOR BELT: A stationary machine with a large, wide, moving belt that transports goods (RM LAP 2)

COOKIES: Text files that are put on a website visitor’s hard disk and then later retrieved during subsequent visits to the site to track internet behavior (BA LAP 4, BA LAP 5, LAP-CR-017, LAP-IM-010, LAP-IM-025, LAP-PR-463)
Mechanisms used by websites to track users’ browsing histories (LAP-IM-289)

CO-OP: Paid work experiences planned and managed by a coordinating teacher that expose individuals to a variety of job responsibilities (PD LAP 3)

COOPERATION: The willingness to work well with others to achieve a common goal (LAP-EI-130, LAP-EI-915, LAP-PD-251)

COOPERATIVENESS: A willingness to work well with others to achieve a common goal (LAP-EI-024, LAP-EI-918)

COPY: The text of an advertisement that provides readers with information; the sales message(PR LAP 7, PR LAP 9)

COPYRIGHT: Legal protection of books and other artistic works granted by government and giving their creators sole rights to them for a certain period of years (BA LAP 5, LAP-FI-093, LAP-NF-001)
Legal protection of original works and intellectual properties granted by the government to give their creators sole rights to them (LAP-PM-139)

COPYRIGHT HOLDER: The person who has been given the sole rights to materials for a certain period of years (BA LAP 5)

COPYRIGHT INFRINGEMENT: A violation of the rights of a person who owns a copyright (BA LAP 5, LAP-EN-044)

COPYWRITER: An individual who writes advertising copy (PR LAP 9)

CORE VALUES: Brand values; beliefs or qualities that a corporate brand stands for and is built around (LAP-PM-126)

CORPORATE BONDS: Bonds issued by corporations to fund operating expenses (QS LAP 33)

CORPORATE BRAND: All the combined customer impressions and experiences associated with a particular company (PM LAP 17, LAP-PM-126, LAP-PM-206)
All the combined impressions and experiences associated with a particular company; a brand representing a company or parent business entity (LAP-IM-010)

CORPORATE CAMPAIGN: A union pressure strategy that involves disrupting shareholder meetings or buying up stock (LAP-EC-915)

CORPORATE CULTURE: The values and ideals that an organization encourages among its employees (CR LAP 3, LAP-CR-016)
The values and ideals that an organization encourages among its employees; also called organizational culture (LAP-CR-001)

CORPORATE FINANCE: A function in a company that manages policy and strategy for (and the implementation of) capital structure, budgeting, acquisition and investment, financial modeling and planning, funding, dividends, and taxation (Career Opps in Finance, PD LAP 25)

CORPORATE GOVERNANCE: The system by which directors handle their responsibility toward shareholders (QS LAP 39)

CORPORATE RESPONSIBILITY: A business’s active efforts to create a positive impact on its employees, the community, and the environment (MK LAP 19)

CORPORATE SALES: In sports, the marketing of private seats or luxury boxes to businesses for use on their “company nights” or to entertain clients (LAP-PD-051)

CORPORATE SOCIAL RESPONSIBILITY (CSR): The duty of businesses to contribute to the well-being of society (LAP-EN-044, LAP-PI-015)

CORPORATION: A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law” (U.S. Supreme Court) (LAP-BL-003)
A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of law” (U.S. Supreme Court) (LAP-BL-006)*
A form of business ownership that is owned by stockholders who have purchased units or shares of the company (LAP-EC-911)

CORRECTIVE COUNSELING: A form of corrective discipline that requires the employee to discuss violations with a personnel counselor and to discuss repeated violations with successively higher levels of management (MN LAP 53)

CORRECTIVE DISCIPLINE: An approach to remedial action that focuses on discouraging further rule or performance violations after infractions have occurred (MN LAP 53)

CORRUGATED CARDBOARD: Cardboard for packing; an inner layer of cardboard is shaped into parallel grooves and ridges, which give the cardboard extra strength (SE LAP 105)

CORRUPTION: Dishonesty; usually refers to dishonesty within governments or businesses (LAP-EC-045)

COST-BASED PRICING: A pricing method in which the business adds a predetermined markup to the total cost of making the product (LAP-OP-024)

COST-BENEFIT ANALYSIS: A process for evaluating business decisions that involves summarizing the associated costs and benefits of the potential outcomes (FI LAP 357)

COST-EFFECTIVE: Economical; good value in relation to the price, or cost (LAP-IM-001)

COST EFFICIENCY: The total cost of advertising in a medium as it relates to reaching potential prospects (PR LAP 5)

COST ESTIMATE: A ballpark figure (or educated guess) of how much will be spent on a given activity (LAP-SM-007)

COST OF GOODS: The amount of money a business pays for the products (or for any part of the products) it sells or for the raw materials from which it produces goods to sell (LAP-EC-010, LAP-FI-091)*

COST OF GOODS SOLD: The amount of money a business has paid for the goods it has sold (QS LAP 38, QS LAP 44)

COST OF GOODS SOLD/COST OF SALES: The amount of money a business pays for the product it will sell (FI LAP 94)

COST OF SALES: The amount of money a business has paid for the product (good or service) it has sold (QS LAP 38)

COST-OF-LIVING ADJUSTMENT: An annual increase in wages designed to keep up with inflation (LAP-EC-915)

COST OF PRODUCTION: The total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services (LAP-EC-905, IM LAP 7)

COST PER CONTACT: Total cost per interaction with a member of a target audience (LAP-PR-903)

COST PER RATING POINT (CPRP): A quantitative measure of the cost efficiency of a media vehicle based on the cost of exposing a percentage of the total possible audience to a promotional message (PR LAP 6)

COST PER THOUSAND (CPM): A quantitative measure of the cost efficiency of a media vehicle calculated by determining the cost per thousand of the total audience exposed to an advertising message (PR LAP 5, PR LAP 6)

COST-PUSH INFLATION: Rising prices caused by scarce commodities (EC LAP 83)

COST STANDARDS: Established specifications used to measure how much a project or product costs (LAP-PM-019)

COSTS: The expenses involved with manufacturing, promoting, and distributing a product (LAP-PI-015, LAP-PI-047, LAP-PI-902)
Expenses (LAP-EI-911, FI LAP 357)
Expenses involved with obtaining resources (QS LAP 19)

COUNSELING: An oral communication method in which a supervisor and an employee discuss the employee’s problem, and the supervisor tries to motivate the employee to find a solution (MN LAP 54)

COUNTER CURRENCY: The second currency listed in an exchange rate quotation; its value will be equal to one unit of the base currency; also called quote currency (LAP-EC-100)

COUNTERACTIVE: A public relations strategy that involves a proactive response to unfavorable publicity messages to neutralize or reverse its effects (LAP-PR-136)

COUNTERFEIT BILLS: Worthless copies of legitimate paper money (RM LAP 4)

COUPON RATE: The interest rate for a particular bond (QS LAP 33)

COUPONING: A sales promotion activity that involves the use of printed certificates which entitle the holder to a reduced purchase price (PR LAP 187)

COURAGE: A strength of spirit that lets you stand up under pressure and face fear with self-confidence (LAP-EI-021)

COURTESY: Polite behavior; good manners (CR LAP 3, LAP-PM-042)

COVER LETTER: A letter that accompanies and refers to material which is sent to another party (PR LAP 10)

COVERAGE: The extent to which a product is available to purchase (LAP-MP-007)

COVERING THE SHORT POSITION: In investing, buying shares to pay back a broker from whom shares were borrowed; a part of the short-selling process; see buying to cover (QS LAP 47)

COVERT: Secret; hidden (LAP-IM-289)

CRAFT UNION: A union made up of workers with a particular skill (e.g., plumbers, electricians); also known as a trade union (LAP-EC-915)

CREATIVE DESTRUCTION: A term coined by Austrian economist Joseph Schumpeter to describe how new goods and services can hurt existing goods and services (LAP-PD-126)

CREATIVE PROCESS: The process, from idea to production, by which any idea becomes reality (LAP-SM-066)

CREATIVE THINKING: Thinking in a creative way, using the creative-thinking process (QS LAP 5)
A mental process involving the development of unique ideas, approaches, and solutions (LAP-PM-127)

CREATIVE-THINKING PROCESS: A five-step method for encouraging your own creativity to reveal itself; includes pinpointing the question, gathering information, setting the question aside for a while, welcoming your own creative insight, and finding out if the answer works (QS LAP 5, QS LAP 29)

CREATIVE-THINKING SKILL(S): The ability to think in a creative way; the ability to use the creative-thinking process appropriately or successfully (QS LAP 5)

CREATIVITY: The ability to generate unique ideas, approaches, and solutions (CD LAP 2, HR LAP 4, LAP-EI-060, LAP-EI-024, LAP-EI-092, LAP-EI-909, LAP-EI-918, LAP-PD-012, PD LAP 25, LAP-PD-066, LAP-PD-126, QS LAP 5)

CREDENTIALS: Information about a person’s or business’s skills, abilities, and qualifications (LAP-OP-015)

CREDIBLE: Believable (LAP-CR-001)

CREDIBILITY: Believability (LAP-EI-021, LAP-EI-131, LAP-IM-025, PR LAP 5, PR LAP 8, PR LAP 9, SE LAP 62)
How much people believe what you say; believability (LAP-EI-909, LAP-EI-912)

CREDIT: The arrangement by which businesses or individuals can purchase now and pay later (EC LAP 71, LAP-FI-002, LAP-FI-085, IM LAP 7, LAP-MP-001, SE LAP 57)
The arrangement by which businesses and individuals can purchase now and pay later (QS LAP 31, SE LAP 76)
An agreement in which a borrower receives a product now and pays for it later (SE LAP 932)
The ability to obtain products and pay for them later (PM LAP 7)
An amount a business is owed or paid by someone else (LAP-FI-343)

CREDIT AGENCY: Business whose purpose is to maintain files of credit information on individuals and businesses (LAP-FI-002)

CREDIT ANALYST: A person who assesses the requests of individuals and businesses applying for loans, makes reports to the loan committee, and helps decide if the requests should be granted (QS LAP 51)

CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY, AND DISCLOSURE (CARD) ACT OF 2009: Legislation written to ban unfair interest rate increases, prevent unfair credit card fees, ensure that contract terms are written in “plain language,” and regulate credit card companies’ marketing efforts toward young people and college students (LAP-FI-002)
A federal law passed in 2009 that limits the way credit card companies can charge consumers and aims to protect minors and students from predatory credit practices (PM LAP 7)

CREDIT DOWNGRADE: The reduction of a business’s credit rating or measure of relative credit risk; usually accompanied by an increase in expenses and a decrease in creditworthiness (LAP-SM-075)

CREDIT LIMIT: The maximum amount of money that can be owed on a credit account (LAP-FI-002)

CREDIT POLICY: A guideline for business to follow in controlling the use of payment plans that allow customers to purchase now and pay later (HR LAP 25)

CREDIT RATING: The score assigned to a borrower based on previous loans (EC LAP 71, LAP-FI-002)

CREDIT UNION: A financial cooperative set up to provide savings and credit services to its members; usually within a business, a labor union, or a certain geographic area (LAP-FI-002, QS LAP 51)

CREDITORS: Individuals or businesses to whom a business owes money or from whom it wants to borrow money (LAP-EC-010, FI LAP 94, HR LAP 19)

CREDITWORTHINESS: A person's past and future ability to repay a debt (FI LAP 1)

CREDITWORTHY: Financially sound enough to obtain products or money based on a promise to pay later (LAP-FI-091)

CRIMINAL LAW: Laws that deal with crime and the legal punishment of criminal offenses (LAP-BL-163)

CRISIS MANAGEMENT: A public relations strategy that involves the ongoing management, planning, and coordination of resources in the event undesirable circumstances occur (LAP-PR-136)

CRITICAL THINKING: Thinking that analyzes what the information is, where it’s coming from, and how it should be appropriately applied (QS LAP 29)
The act of reflecting on and processing information in an objective manner to form a judgment (LAP-EI-136)

CRITICAL THINKING SKILLS: Thought processes (e.g., analysis, assessment) that allow people to make sound judgments about people, ideas, situations, etc. (LAP-EI-075, LAP-EI-134)

CRITICISM: An analysis of something or someone that identifies any shortcomings (LAP-EI-903, QS LAP 5)

CROSS-FUNCTIONAL TEAM: A team that includes members from different areas of specialization who work together to complete a task (LAP-EI-045)

CROSS-PROMOTION: A celebrity’s endorsement of more than one product, or products for different companies, thereby benefiting all products (LAP-PM-140)

CROSS TRAINING: A systematic approach for teaching employees how to perform other people’s jobs (LAP-PM-913)

CROWDFUNDING: The process of raising funds from a large group of people, usually via the internet (LAP-OP-017)

CRUDE OIL: Petroleum in its natural state before it has been refined into such products as kerosene and gasoline (IM LAP 3)

CULTURAL: Of the customs, habits, and traditions of a particular group of people (IM LAP 9)

CULTURAL INTELLIGENCE: The knowledge, ability, and willingness to adjust your opinions and behaviors so that you value and are sensitive to people and ideas from other cultures (LAP-EC-105, LAP-EC-107)

CULTURAL SENSITIVITY: The willingness to adjust your opinions and behaviors so that you value people and ideas from other cultures (Career Opps in Hosp, LAP-EI-033)
Being aware and accepting of cultural differences (LAP-PR-463)

CULTURE: The customs, habits, and traditions of a particular group of people (LAP-EC-045, LAP-EC-104, LAP-EC-105, LAP-EI-033, LAP-EI-036, LAP-NF-015, LAP-PR-463)
The system of values, traditions, and preferences that is handed down from one generation to the next (LAP-MK-014)

CUMULATIVE DISCOUNT: A type of quantity discount based on the total volume of purchases during a specified period of time; a volume-based discount (PU LAP 3)

CUP-AND-HANDLE PATTERN: In technical analysis, repetitive market (price) activity that can be used for predicting future activity; shaped like a cup with a handle (QS LAP 49)

CURBSTONE CONFERENCE: An on-the-job training evaluation technique whereby the trainer reviews the trainee’s performance immediately after the sales call is completed (SE LAP 123)

CURIOSITY: A strong desire to learn and explore (LAP-PD-012, LAP-PD-126)

CURRENCY: The money that a country uses to buy and sell goods and services (LAP-EC-916)
Money (LAP-EC-100)*

CURRENCY EXCHANGE RATE: The value of one country's money in relation to another's country's money (EC LAP 83)

CURRENCY RESERVES: Foreign currencies held by central banks for use in paying debts or influencing exchange rates (LAP-EC-100)

CURRENCY SPECULATION: Buying, selling, or holding currencies in an effort to profit from fluctuations in exchange rates (LAP-EC-100)

CURRENT ASSETS: The sum of money the company has right now (cash), money that should be coming in within the next year (accounts receivable), and other assets that could be converted into cash (LAP QS 38)
An asset that can be converted into cash in one year or less (LAP-FI-093)

CURRENT LIABILITIES: Debts that must be paid within a year (QS LAP 38)

CUSHIONING MATERIAL: Material used in packing to eliminate air space inside a box, thus preventing the goods from shifting position (SE LAP 105)

CUSTOM-CONFIGURED SUPPLY CHAIN MODEL: A supply chain model designed to suit products that have many customization options (LAP-OP-443)

CUSTOMER-CENTRIC: Focused on customer needs and wants (Career Opps in Hosp, CR LAP 3, LAP-CR-016)

CUSTOMER EXPERIENCE MANAGEMENT: The strategies, processes, and policies a business uses to meet or exceed customer expectations and to provide customers with outstanding experiences at every touchpoint (LAP-CR-016)

CUSTOMER FEEDBACK: Evaluative or corrective information given by the customer to the salesperson (SE LAP 76, LAP-SE-374)

CUSTOMER LIST: A series of information (e.g., names and e-mail addresses) about individuals who deal with a particular business (PR LAP 13)

CUSTOMER LOYALTY: The customer's preference for a business; usually expressed in regular purchases from the business (CR LAP 3, LAP-CR-016, LAP-EC-106, LAP-FI-002, MK LAP 19, LAP-OP-303, LAP-OP-477, LAP-PI-015, LAP-PM-913, LAP-PM-920, LAP-PR-463, SE LAP 76)

CUSTOMER LOYALTY CARD: A swipe card issued by a retailer to track customer purchases and provide rewards (LAP-IM-289)

CUSTOMER RELATIONS: All the activities a business engages in to interact with its customers (CR LAP 3)

CUSTOMER RELATIONSHIP MANAGEMENT: The strategies, processes, technology, and people a business uses to build, maintain, and maximize the long-term value of customer relationships (LAP-CR-016)

CUSTOMER-RELATIONSHIP MANAGEMENT SOFTWARE: Computer programs that provide businesses with information about their customers; used to establish better relationships with top customers (LAP-PM-913)

CUSTOMER SATISFACTION: A measure of how well a business has met its customers’ expectations (CR LAP 4, LAP-CR-016, LAP-PM-913, LAP-OP-443, LAP-OP-477, SE LAP 76, SE LAP 875)*
A measure of how well a business or product meets or exceeds customer expectations (MK LAP 19)

CUSTOMER SERVICE: Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction (Career Opps in Hosp, CR LAP 3, LAP-CR-016, LAP-IM-012, MK LAP 19, LAP-PM-913, SE LAP 76, SE LAP 105)
A career involving performing activities that increase customer satisfaction and create goodwill (CD LAP 2, LAP-PD-024)

CUSTOMER SERVICE MINDSET: The belief that giving customers good service should be a top priority of a business (LAP-PM-913)
The belief that providing customers with excellent service should be a business's top priority (CR LAP 4)

CUSTOMERS: The people who buy goods and services (CR LAP 4, LAP-MK-901, LAP-OP-443, LAP-OP-477, LAP-PR-901, SE LAP 76)

CYBERLAWS: Regulations that apply to online activities (BA LAP 5)

CYBERMALL: An electronic version of a physical shopping mall (PR LAP 16)

CYBERSQUATTING: Registering a domain name with the intention of selling it to its legitimate owner for a profit (BA LAP 5)

CYCLICAL STOCKS: Stocks whose performance is tied to the overall economy; when the economy expands, these stocks rise quickly, and when the economy contracts, they fall quickly (QS LAP 34, QS LAP 40, QS LAP 42)

CYCLICAL UNEMPLOYMENT: Unemployment that rises and falls with ups and downs in the business cycle (EC LAP 82)

D

DAMAGES: Amounts of money awarded by juries to individuals or groups who have suffered loss or injury to themselves, their property, or their rights as a result of the negligence, failure to act, or unlawful act of others (PP LAP 7)

DATA: Facts and figures (FI LAP 579, LAP-IM-001, LAP-IM-012, LAP-IM-184, LAP-IM-284, IM LAP 285, LAP-NF-110)
Raw facts and figures (LAP-KM-001)
Information and facts (LAP-IM-281)

DATA BREACH: A situation in which private data have potentially been viewed, stolen, or used by an unauthorized individual or group (LAP-CR-017)

DATA ENCRYPTION: The process of transforming information into a secret code so that only the recipient can read it (LAP-CR-017)

DATA MIGRATION: The process of transferring data between storage types, formats, or computer systems (LAP-NF-001)

DATA MINING: The process of searching, collecting, and analyzing large amounts of data to extract actionable information (LAP-OP-677)

DATA PROCESSING: Handling information, especially facts (LAP-NF-001)
Converting facts and figures into useful information (LAP-NF-110)
Analyzing collected facts and figures and putting them into formats useful to a business (LAP-IM-001)

DATABASE: A virtual storage unit for information (EC LAP 71, LAP-IM-184, LAP-NF-001, LAP-NF-003)

DATELINE: The place and date of a news event positioned at the beginning of the body of a news release (PR LAP 10)

DATING TERMS OF PAYMENT: Conditions stated on an invoice indicating the percent of discount offered for early payment, the length of time the discount is offered, and the number of days in which the total bill must be paid (PU LAP 3)

DAY ORDER: In investing, an order restriction that lets a broker know the order will expire at the end of the trading day (QS LAP 47)

DAY TRADER: An investor who makes a practice of buying and selling the same investment within one trading day; can be an institutional investor (employed by an investment firm) or an independent investor (not employed by an investment firm) (QS LAP 49)

DAY TRADING: The practice of buying and selling the same investment within one trading day (QS LAP 49)

DAYPARTS: Time segments into which television and radio broadcast days are divided (PR LAP 6)

DEADLINE: Date or time when something must be done (QS LAP 18)

DEALERSHIP: See product trade-name franchise (LAP-BL-003)

DEBIT: An amount a business owes (LAP-FI-343)

DEBT: Money businesses or individuals owe to others (EC LAP 71, LAP-OP-025, QS LAP 49)

DEBT FUNDING: Using money that is lent by a bank or other institution to finance a project (FI LAP 354)

DEBT RATIO: A class of financial ratios that compares what a company owns to what it owes; also called safety or financial leverage ratios (QS LAP 43)

DECENTRALIZED MARKET: A financial market that exists over a series of electronic networks rather than in one physical location (LAP-EC-100)

DECENTRALIZED TRAINING: Sales training that is conducted at field or regional offices (SE LAP 123)

DECEPTIVE PRICING: The use of complex, confusing prices to deceive, manipulate, or distract consumers (LAP-PI-015)

DECIDED CUSTOMER: A type of customer who knows exactly what s/he wants (SE LAP 101)

DECISION: A choice among alternatives (LAP-EI-091, LAP-PD-017)

DECISION CRITERIA: The boundaries a decision maker sets for their decision (LAP-PD-017)

DECISION-MAKING: Choosing among alternatives (LAP-EC-901, LAP-NF-110, LAP-PD-017)

DECISION-MAKING MODEL: An organized way of making a decision (LAP-PD-017)

DECISION-MAKING SKILL(S): The ability to effectively choose among alternatives (CD LAP 2, LAP-PD-066)

DECISION-MAKING STYLE: A method of decision-making having to do with the degree to which others are involved in the decision-making process (LAP-PD-017)

DECISIVE PERSONALITY: A basic type of customer personality characterized by the customer's asking for specific items, having a businesslike nature, acting in a direct manner, knowing what s/he wants, and/or shopping quickly (SE LAP 810)

DECISION PROBLEM: The basic issue that managers are facing; the reason they believe marketing research is necessary (LAP-IM-282)

DECLINE STAGE: The product life cycle stage in which sales decrease and profits begin to erode (PM LAP 24)
The product life cycle stage in which sales and profits fall rapidly (LAP-PI-902, PM LAP 17, LAP-PR-903)

DECISION SUPPORT SYSTEM: A type of computer program that draws on gathered knowledge to help managers improve their decision-making and problem-solving skills (LAP-KM-001)

DEDUCTION: A tax write-off that reduces the gross amount of an individual’s income, which in turn reduces the taxes owed (LAP-EC-072, LAP-PD-066)

DEEP LINKING: The act of landing on a page deep within a web site, rather than on the site's home page (BA LAP 5)

DEEP PRODUCT MIX: A description of the depth of a business's product mix offering significant variations of its products (PM LAP 3)

DEFAULT RISK: The possibility of loss due to an issuer’s failure to repay a bond (QS LAP 33)

DEFEATIST ATTITUDE: Outlook exhibited by people who have very low opinions of, and lack confidence in, themselves and others (HR LAP 9)

DEFECTIVE: Imperfect; faulty (LAP-OP-163)
Not conforming to predetermined standards (QM LAP 1)
Imperfect or faulty; not conforming to predetermined standards (LAP-QM-012)*

DEFENSIVE: Having a negative attitude toward criticism or suggestions (EI LAP 14, LAP-EI-903)

DEFENSIVE STOCKS: Stocks whose performance is independent of the economy (QS LAP 34)

DEFICIT: A lack of funds, or an overspending of funds (QS LAP 40)

DEFLATION: A steady decline in the general price levels of consumer goods and services over a period of time; the opposition of inflation (EC LAP 83)

DELEGATING: Assigning your tasks and work to other people (LAP-EI-077)

DELEGATION: Assigning tasks to subordinates (LAP-EC-103, LAP-SM-066)

DELICATE: Needs careful handling to prevent damage (SE LAP 105)

DELIVERABLE: The result a project is created to achieve (LAP-OP-001, LAP-OP-158)

DELIVERED CIRCULATION: A magazine circulation figure based on the number of copies sold on newsstands and through subscriptions (PR LAP 6)

DELIVERY: In sales promotion, how the customers receive their incentive (PR LAP 187)

DELIVERY RECEIPT: The carrier's form accompanying a shipment that is signed by the purchasing company to acknowledge receipt of the goods (DS LAP 5)

DELPHI TECHNIQUE: A qualitative sales forecasting method that gathers opinions from company executives and from outside experts such as university professors, consultants, or industry analysts (IM LAP 4)

DEMAND: The quantity of a good or service that buyers are ready to buy at a given price at a particular time (LAP-EC-010, LAP-EC-905, LAP-EC-906, LAP-EC-907, LAP-EC-911, LAP-MK-002)

DEMAND PLANNING: The process of projecting future product demand and adjusting supply accordingly; also called demand forecasting (LAP-OP-303)

DEMAND PRICE: The maximum price buyers are willing and able to pay for a product (LAP-EC-906)

DEMAND-PULL INFLATION: A rise in prices that occurs when aggregate demand exceeds supply (LAP-EC-918)
Rising prices caused by an increase in the money supply; "too much cash chasing too few goods" (EC LAP 83)

DEMOCRATIC MANAGERS: Managers who like to exercise only a moderate degree of control over their employees; tend to involve employees in decision-making and problem-solving (LAP-EI-037)

DEMOCRATIC LEADERSHIP: A leadership style built on mutual respect between the leader and employees that allows workers to have a say in the operation of the organization (LAP-HR-493)

DEMOGRAPHIC SEGMENTATION: The division of a market on the basis of its physical and social characteristics (LAP-MP-003)

DEMOGRAPHICS: The physical and social characteristics of a population (CD LAP 2, LAP-EC-105, LAP-EC-911, LAP-EN-038, LAP-IM-184, LAP-IM-282, LAP-IM-284, MN LAP 43, MN LAP 55, LAP-MP-007, LAP-NF-015, LAP-PD-126, LAP-PI-047, PR LAP 5, LAP-PR-007)
Information used to describe a population (LAP-EC-903)

DEMONSTRATION: A sales promotion activity that shows a product in use (SE LAP 123)

DEMONSTRATION/PRACTICE: An instructional method of orientation in which a new employee watches as an experienced worker performs a task, and then the new employee repeats the task until it is perfected under the supervision of the experienced worker (MN LAP 44)

DENIAL: Refusal to accept the truth (LAP-EI-075)

DENIAL-OF-SERVICE ATTACK: A flood of useless traffic on a business’s web site that prevents legitimate traffic from getting through (BA LAP 4)

DENY IT: Method of answering objections in which the salesperson tries to correct wrong information or a misunderstanding the customer may have about the product (LAP-SE-874)

DEPARTMENTALIZATION: The way departments are defined and arranged (LAP-SM-064)

DEPENDABILITY: Reliability; doing what you say you will do (LAP-EI-041, LAP-EI-128, LAP-EI-912, LAP-EI-918)

DEPENDENT: Needing or relying on someone or something (HR LAP 9)

DEPENDENT VARIABLE: A factor whose value is affected by another factor (LAP-IM-284)

DEPRECIATE: To decrease in value (LAP-EC-100)

DEPRECIATION: Reduction in value of goods or assets occurring over a period of time (DS LAP 3, LAP-NF-001)
Loss of value (LAP-FI-093, LAP-OP-024)
The loss of value due to market forces (LAP-FI-077, QS LAP 38)

DEPRESSED ECONOMY: A long-lasting recession characterized by high rates of unemployment and business failures (QS LAP 40)

DEPRESSION: A severe, long-lasting recession characterized by high rates of unemployment and business failures (LAP-EC-918)

DEPTH: The amount of control and decision-making an employee has in a job (LAP-EC-914)
A product-mix dimension referring to the assortment of sizes, colors, flavors, and models offered in a product line (PM LAP 3)
Extent, thoroughness (SE LAP 120)

DERIVATIVES: Securities that function as tools for trading underlying assets (QS LAP 49)

DESCRIPTIVE RESEARCH: Marketing research that gathers specific information related to the identified issue, situation, or concern (LAP-IM-010, LAP-IM-284)

DESCRIPTIVE STATISTICS: Numbers that are used to summarize and describe data (LAP-OP-163)

DESCRIPTIVE WORDS: Words or phrases that seek to classify or describe (LAP-PM-040)

DESIGN ELEMENTS: Artistic characteristics such as color, texture, and space (LAP-PM-040)

DESIGN TEMPLATE: A document or file that has a preset look and layout (PR LAP 15)

DESTRUCTIVE CRITICISM: A type of negative feedback that provides evaluative information but is given in a manner that hurts the message receiver’s self-esteem (LAP-EI-903)

DETAIL-LEVEL GOAL: A small, short-term goal (LAP-PD-918)

DETECTIVE: A type of internal accounting control designed to find an error or fraud after it has occurred (LAP-FI-343)

DETERMINANT FACTOR: An aspect of a product or brand that the target market really cares about; something that makes a big difference to a target customer (LAP-PM-042)

DETERMINATION: Staying with something until it is finished; not giving up easily (LAP-EI-024, LAP-PD-126)

DEVELOPMENT: A systematic process for enabling employees to acquire the skills, knowledge, and attitudes that are needed now and in the future to attain organizational and personal goals (MN LAP 50)

DEVELOPMENT (human resource development): The process of a person's becoming of more value by combining education and experience; includes attitude, personality, motivation, self-confidence, etc. (MN LAP 42)

DEVIATION: Departing from an established course or accepted standard (LAP-EI-092)

DICTATORSHIP: A form of government in which one person rules absolutely (LAP-EI-911)

DIFFERENTIATION: The act of distinguishing between or separating two or more things (LAP-PM-021)

DIFFICULT CUSTOMERS: Customers with problems that interfere with their ability to communicate satisfactorily or to function in a normal or pleasant manner (CR LAP 9)

DIFFICULT PERSONALITY: A basic type of customer personality; these customers have problems that interfere with their ability to communicate satisfactorily or to function in a normal or pleasant manner; they may be excessively disagreeable, domineering or superior in manner, suspicious, slow or methodical, or simply dishonest (SE LAP 810)

DIGITAL CERTIFICATES: Electronic documents which verify that the sender of the message is not an imposter (BA LAP 4, PR LAP 15)

DIGITAL CHANNELS: Online pathways that businesses use to reach and engage with consumers (LAP-PR-462)

DIGITAL MARKETING: A career involving the use of the internet, social media, smartphones, and other technology to promote products and attract customers (LAP-PD-024)
Any marketing that involves the use of digital channels, such as search, social, websites, and chat, on multiple devices to promote products and services; deliver messages; and, through the use of data analytics collected in that journey, further refine efforts to create more meaningful customer experiences (LAP-PR-462, LAP-PR-463)

DIGITAL MILLENNIUM COPYRIGHT ACT: A law that protects copyrighted materials in today's digital environment by making it illegal to crack technology designed to prevent piracy (BA LAP 5)

DIGITAL RECORD: A document preserved electronically (LAP-NF-001)

DIGITAL SUBSCRIBER LINE: A high-speed method for transmitting data over copper telephone wires (PR LAP 14, PR LAP 15)

DIGNITY: A high degree of calmness and self-possession (EI LAP 14)
Treating others as if they are worthy of your respect and honor; a high degree of calmness and self-possession (LAP-EI-036)

DILEMMA: A difficult situation in which you are required to make a decision (LAP-EI-124, LAP-EI-125)

DILIGENCE: Careful and persistent work or effort (LAP-FI-355)

DIMENSION: Aspect; feature (LAP-SM-065)

DIMINISHING RETURNS: A decrease in marginal product occurring as each additional input is added; occurs during the second stage of production, when total product continues to increase but at a decreasing rate (LAP-EC-023)

DIRECT CHANNEL OF DISTRIBUTION: A channel of distribution in which goods and services move directly from the producer to the consumer or industrial user; also known as direct distribution (LAP-CM-003)

DIRECT CHECK: A method of checking goods in which the goods received are checked directly against the purchase order or the invoice (DS LAP 5)

DIRECT CLOSE: The most simple and natural of all closing techniques; involves merely asking the customer to buy (LAP-SE-895)

DIRECT COMPETITION: Rivalry between or among businesses that offer similar types of goods or services (LAP-EC-912)

DIRECT DISTRIBUTION: A channel of distribution in which goods and services move directly from the producer to the consumer or industrial user (LAP-CM-001)

DIRECT MAIL: Promotional medium that comes to customers’ homes and businesses in the form of letters, catalogs, postcards, faxes, folders, flyers, and emails (LAP-PR-007, LAP-PR-903)

DIRECT-MAIL MARKETING: An effort to obtain business by sending promotional material to customers in the form of letters, catalogs, postcards, faxes, folders, and emails (SE LAP 828)

DIRECT MARKETING: A career in which marketers work to get a specific, measurable action from a targeted group of consumers, often by sending catalogs, postcards, faxes, folders, and emails directly to a consumer’s home or business (LAP-PD-024)
Forms of advertising that seek a specific, measurable action from a targeted group of consumers, using direct mail, telemarketing, emails, etc. that are sent directly to a consumer’s home or business (LAP-PR-903)

DIRECT STOCK PURCHASE (DSP): A plan in which investors buy securities directly from the issuing company, bypassing commission fees (QS LAP 41, QS LAP 47)

DIRECT TRADING: In investing, trading among investors without the use of a licensed broker (QS LAP 47)

DIRECT QUOTATION: An expression of an exchange rate that lists the domestic currency first (as the base currency) (LAP-EC-100)

DIRECTING: The management function of providing guidance to workers and work projects to achieve goals (LAP-SM-066)*
The management function of providing guidance to workers and work projects (LAP-SM-001, LAP-SM-065)

DIRECTORIES: Internet services that search for matches to specified terms in web-site descriptions written by humans (BA LAP 3, PR LAP 16)

DIRECTORY ADVERTISING: Promotional message found in directories of a general nature such as the Yellow Pages or in specialized listings of companies in an industry (LAP-PR-007)

DISABILITY: A mental or physical condition that affects an individual's capabilities (LAP-EI-036, LAP-EI-917)

DISAGREEABLE CUSTOMERS: A type of difficult customer personality that is unpleasant and hard to help because they are argumentative, complaining, irritable or moody, insulting, impatient, and/or have a leave-me-alone attitude (SE LAP 810)
Customers who are unpleasant and hard to help (CR LAP 9)

DISCIPLINARY POLICY: A policy that outlines how employees will be punished for breaking company rules (LAP-PD-250)

DISCLOSURE: The act of making something known or revealing the particulars; required in the notes to the financial statements (QS LAP 38)

DISCOUNT: A deduction from the price of goods (IM LAP 7, LAP-MP-001, PU LAP 3)

DISCOUNT BONDS: Bonds available for purchase below par value (QS LAP 33)

DISCOUNT BROKER: A broker who executes basic trades without offering investment planning or advice; less expensive than a full-service broker (QS LAP 40, QS LAP 48)

DISCOUNT STORE: A retail store competing on the basis of low prices and offering limited customer service (PI LAP 1)

DISCOVERING CUSTOMER NEEDS: The phase of the selling process in which the salesperson determines what a customer needs/wants through the use of questioning and listening (LAP-SE-048)

DISCOVERY-ORIENTED DECISION PROBLEM: A decision problem aimed at answering “What?” or “Why?” (LAP-IM-282)

DISCREPANCY: Disagreement between two records (LAP-FI-343)

DISCRETIONARY: Remaining after taxes (QS LAP 40)

DISCRETIONARY INCOME: Money a person has to spend on wants after their needs are met (LAP-MK-014)

DISCRETIONARY ITEM: A product that is wanted but not needed (LAP-EC-105)

DISCRIMINATION: Unfair treatment of a person or a group based on the person's or group's characteristics (e.g., race, religion, sexual orientation, gender identity) (LAP-EI-004, LAP-EI-127, LAP-EI-131, LAP-EI-917, LAP-HR-411, LAP-PD-250, LAP-PD-251)*

DISCUSSION: A conversation among members of a group (QS LAP 29)

DISCUSSION GROUP: A number of individuals who use e-mail to share ideas, opinions, and resources (BA LAP 4, PM LAP 9, PR LAP 13, PR LAP 16)

DISHONEST CUSTOMERS: Customers who intentionally attempt to avoid paying part or all of the price for a product (CR LAP 9, SE LAP 810)

DISINTERMEDIATION: The elimination of intermediaries, or middlemen, that result in the transfer of products directly from the producer to the ultimate consumer (BA LAP 3)

DISPATCHING: Issuing orders for production to start (LAP-OP-017)

DISPLAY CUBICLE: A fixture consisting of multiple cube-shaped compartments used to store and display folded apparel for customer self-selection (RM LAP 2)

DISPOSABLE INCOME: The amount of money people have to spend, or dispose of, after they have paid their taxes; also called discretionary income (LAP-EC-016, IM LAP 3)

DISPROPORTIONATELY STRATIFIED SAMPLING: A type of stratified random sampling in which the sample size is independent of that stratum’s size relative to the entire population (IM LAP 285)

DISPUTE-RESOLUTION SERVICE PROVIDER: An agency that resolves issues involving the Internet (BA LAP 5)

DISSEMINATE: To spread widely (usually refers to information or knowledge) (LAP-KM-001)

DISTRACTIONS: Things that interrupt us, causing us to turn our focus away from what we’re doing (QS LAP 24)

DISTRIBUTION: A marketing/business function that is responsible for moving, storing, locating, and/or transferring ownership of goods and services (BA LAP 3, IM LAP 9, LAP-MP-007)
The process or activity by which income is divided among resource owners and producers (LAP-EC-901, LAP-EC-907, LAP-EC-918)
A career that involves performing the activities involved in moving or transferring the ownership of goods or services from producers to consumers (CD LAP 2)

DISTRIBUTION CHANNELS: Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user (PU LAP 3)

DISTRIBUTION INTENSITY: The level of market exposure a certain distribution pattern achieves (refers to intensive, selective, and exclusive patterns) (LAP-CM-001)

DISTRIBUTION METHOD: A technique for transferring e-mail messages from the business to the recipients (PR LAP 14)

DISTRIBUTION PROCESS: All the steps involved in the physical movement or the transfer of ownership of a good or service from the producer to the consumer (IM LAP 3)

DISTRIBUTOR: A channel member who helps sell a business’s products; usually a wholesaler (LAP-IM-012, LAP-IM-184)
A business that is responsible for storing, transferring, locating, and selling finished products (LAP-OP-443, LAP-OP-477)

DIVERSE: Different from each other, especially in terms of background, age, gender, and race (LAP-EI-030)

DIVERSIFICATION: Spreading out your investment dollars among a number of different securities (QS LAP 35, QS LAP 45, QS LAP 46)

DIVERSITY: All the ways in which people differ (LAP-EI-033, LAP-EI-130, MN LAP 55)

DIVERT: To move or change from a particular direction or place to another (RM LAP 4)

DIVIDEND: A sum of money paid to an investor or stockholder as earnings on an investment (LAP-BL-003, LAP-EC-072, FI LAP 354, LAP-OP-025, LAP-OP-190)
A portion of a company's profits, paid to shareholders, usually quarterly (QS LAP 34, QS LAP 37, QS LAP 45)

DIVIDEND REINVESTMENT: Putting dividends back into an investment to purchase more shares (QS LAP 45)

DIVIDEND REINVESTMENT PLAN (DRIP): A plan in which investors' dividends are automatically reinvested into more shares of company stock, bypassing commission fees (QS LAP 41, QS LAP 45)

DIVISION OF LABOR: Dividing a large job into units, or job tasks, and assigning an individual to each of the tasks (LAP-EC-103, LAP-EC-913, LAP-SM-064)
Dividing a large job or large work force into smaller units to accomplish the job faster and easier; also known as specialization by stage of production or task (LAP-EC-914)

DIVISIONAL STRUCTURE: An organizational design in which the business is broken down into units according to factors such as product, process, territory, customer type, etc. (LAP-EC-103)
An organizational design in which the firm is divided into units according to factors such as product, process, territory, customer type, etc. (LAP-SM-064)

DIVULGE: To reveal or make known to others (LAP-EI-004)

DOCUMENTATION: The recording of information so it can be used as evidence to back up a claim (LAP-FI-343, LAP-OP-246)

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT: A federal law passed in 2010 that created the Consumer Financial Protection Bureau and enforces rules against unfair, deceptive, or abusive practices related to consumer financial products and services (PM LAP 7)

DOING BUSINESS AS: A business’s assumed or fictitious name; a form that registers a business’s name with the local government (LAP-BL-006)

DOLLAR CONTROL: A way of keeping track of inventory according to the value of the stock.(DS LAP 2, DS LAP 4)

DOLLAR COST AVERAGING: Investing a predetermined amount of money on a regular basis (QS LAP 45)

DOLLAR-VOLUME DISCOUNTS: Rate reductions offered to advertisers for total dollar volume in a contract year (PR LAP 6)

DOLLAR-VOLUME QUOTAS: A type of sales-volume quota in which salespeople are measured by the total dollar volume of sales without regard to which products are sold (SE LAP 118)

DOMAIN NAME: A business's web address (e.g., mbaresearch.org) (LAP-PM-126)

DOMAIN NAME REGISTRATION: The process of registering a business’s web address (e.g., cdwarehouse.com) (PR LAP 15)

DOMESTIC MARKET: Consumers and potential consumers who are within the borders of the United States (MN LAP 55)

DOMESTIC STOCKS: Stocks that are issued by companies in the country where you live (QS LAP 34)

DOMESTIC TRADE: The buying and selling of goods and services within a country (LAP-EC-916)

DOMINANT BUYING MOTIVE: The reason for making a purchase that has the greatest influence on a customer’s buying decision (LAP-SE-883)

DOMINEERING/SUPERIOR CUSTOMERS: Overly confident customers who feel they know more and are better than the average person (CR LAP 9, SE LAP 810)

DO-NOT-CALL REGISTRIES: Databases containing personal phone numbers that, by law, telemarketers are not permitted to call (LAP-PR-007)

DO-NOT-CALL IMPLEMENTATION ACT: A federal law passed in 2003 that set up the National Do Not Call Registry, allowing consumers to limit the number of telemarketing calls they receive (PM LAP 7)

DOUBLE COUNTING: Including the same production more than once in determining GDP (LAP-EC-917)

DOUBLE OPT-IN E-MAIL: Electronic promotional messages that are sent once the recipient has requested and confirmed his/her desire to be added to the subscriber list (PR LAP 13)

DOWN PAYMENT: A partial payment made at the time an item is purchased; the remaining balance is paid later (LAP-FI-002)

DOWNLOADED FILES: A collection of data transferred from a central computer to a peripheral computer (BA LAP 3)

DOWNSIZING: Reducing the size and payroll of a company by eliminating workers (EC LAP 82)

DREAM: A hope or longing for something (QS LAP 22)

DRESS CODE: A rule governing the type of clothing that employees are permitted to wear on the job (HR LAP 25)
A policy that outlines what is and isn’t appropriate to wear to work (PD LAP 250)

DRIP PRICING: A technique where only part of a product’s price is advertised up front and additional fees are slowly added throughout the buying process (LAP-PI-015)

DUAL DISTRIBUTION: Distributing a product through two different channels (LAP-CM-001)

DUAL/DOUBLE TAXATION: The levying of two taxes on the same income (e.g., tax on a corporation’s income as well as dividends) (LAP-BL-003, LAP-BL-006)

DUMMY INVOICE: A blank form on which the contents of a shipment are listed by receiving workers; used in the blind check method of checking goods (DS LAP 5)

DURABILITY: How long a product lasts before needing to be replaced or repaired (LAP-PM-042)
How long a product will last (SE LAP 62)
The measure of how long a product lasts (QM LAP 1)

DURABLE GOODS: Tangible items that should last a long time (LAP-EC-917, LAP-EC-918, LAP-MK-901)

DYNAMIC: Changing; changeable (able to be changed) (LAP-EC-105, LAP-NF-015, LAP-PD-918)
Changing; changeable (LAP-SM-065)
Changeable (LAP-OP-158)

DYNAMIC BUDGET: See flexible budget (LAP-FI-099)

E

EARLY ADOPTER: A person who embraces new products (particularly technology products) before most others do (PM LAP 24)

EARNINGS: Profit or income; net earnings are the “bottom line” on an income statement, the results of sales minus all expenses (QS LAP 41)

EARNINGS PER SHARE (EPS): Financial ratio that tells you how much profit goes to each share of common stock; calculated by dividing net earnings by the number of outstanding shares of common stock (QS LAP 37, QS LAP 38, QS LAP 42, QS LAP 43, QS LAP 44, QS LAP 45, QS LAP 46)

EARNINGS PROJECTION: A prediction of how much income will be received during a specified time period (QS LAP 40)

EARNINGS STATEMENT: Another name for an income statement (FI LAP 94)

E-COMMERCE: The buying and selling of goods using computers (LAP-CM-001)
The buying and selling of goods online (LAP-EC-107, LAP-OP-303, LAP-OP-443, SE LAP 811)*

E-COMMERCE PROVIDER: A company that provides e-commerce services across the Internet (PR LAP 15)

ECONOMIC ACTIVITIES: Consumption, production, exchange, and distribution (LAP-EC-901, LAP-EC-918)

ECONOMIC CHANGES: Fluctuations or "ups and downs" in the economy–such as changes in supply, demand, prices, and rate of employment (HR LAP 8)

ECONOMIC DEPRESSION: A prolonged downturn in economic activity (EC LAP 83)

ECONOMIC FLOW: The movement of resources from resource owners to producers and from producers to consumers (SE LAP 17)

ECONOMIC GOODS: Physical objects that are useful, scarce, and transferable and which satisfy economic wants (LAP-EC-902)

ECONOMIC INDICATOR(S): Events that provide clues regarding the direction the economy is headed (QS LAP 40)
A statistic used to measure the health of the economy and sometimes to predict future trends (EC LAP 82)

ECONOMIC ORDER QUANTITY: The amount of stock that can be ordered at the greatest advantage to the business; known as EOQ (DS LAP 3)

ECONOMIC RESOURCES: The human and natural resources and capital goods used to produce goods and services; also known as factors of production (EC LAP 15, LAP-EC-903, LAP-EC-907)

ECONOMIC SERVICES: Productive acts that are useful, scarce, and transferable and which satisfy economic wants (LAP-EC-902)

ECONOMIC SYSTEM: The organized way in which a country handles its economic decisions and solves its economic problems (EC LAP 15, LAP-EC-907)

ECONOMIC VOTE: Term used to describe consumer approval of products expressed by the purchase of products (LAP-EC-907)

ECONOMIC WANT: A desire for something that can only be satisfied by spending money (LAP-EC-902)

ECONOMIC WANTS: Desires for items that can only be obtained by spending money (LAP-EC-901)

ECONOMICS: The study of how to meet unlimited, competing wants with limited resources (LAP-EC-901)

ECONOMIES OF SCALE: The drop in cost-per-unit as a company produces a greater number of goods or services and becomes more efficient (PM LAP 24)
Cost savings created by increased levels of production (LAP-OP-024)

ECONOMIZING: The process of deciding which goods and services will be purchased or provided so that the most satisfaction can be obtained; deciding how scarce resources will be used (LAP-EC-901)

ECONOMY: The system in which people make and spend their incomes (LAP-EC-010, EC LAP 82, LAP-EC-105, LAP-EC-917, LAP-MK-901, LAP-NF-015, SE LAP 17)

EDGAR: Stands for Electronic Data Gathering and Retrieval; section of the SEC web site in which all of the mandatory filings are housed (QS LAP 36, QS LAP 39)

EDITORIAL CONTENT: The subject matter of a publication (PR LAP 9)

EDITORIAL ENVIRONMENT: The type of information, or content, the different media present in order to attract an audience (PR LAP 5)

EFFECTIVE: Able to achieve a desired result (HR LAP 4)

EFFECTIVE GOAL: A goal that takes priority over other activities; a goal that is (likely to be) achieved (LAP-PD-918)

EFFECTIVE HUMAN RELATIONS: Harmonious, pleasant, mutually rewarding interactions with other people (HR LAP 1)

EFFICIENCY: Accomplishing a task with a minimum expenditure of time and effort (LAP-EC-010, LAP-EC-913, FI LAP 357, LAP-MK-015, MK LAP 19, LAP-OP-190, LAP-PD-252)

EFFICIENT: Using minimum amounts of resources to the best advantage (LAP-EC-912)
Able to accomplish a task using a minimum amount of time and effort (CR LAP 4, HR LAP 4)

EFFICIENT SUPPLY CHAIN MODEL: A supply chain model that emphasizes the movement of the product over the product itself (LAP-OP-443)

ELASTIC DEMAND: A form of demand for products in which changes in price correspond to changes in demand (LAP-EC-905)
A market situation in which small price changes have a big impact on product sales (LAP-PI-047)

ELASTICITY: An indication of how changes in price will affect changes in the amounts demanded and supplied (LAP-EC-905)

ELECTRIC SHOCK: Injury caused by contact with electric current (RM LAP 3)

ELECTRONIC COMMERCE: The buying and selling of goods and services over the Internet (BA LAP 3)

ELECTRONIC COMMUNICATION NETWORK (ECN): In investing, an electronic system for matching buy orders and sell orders (QS LAP 47)

ELECTRONIC DIRECT MAIL: Promotional messages that are delivered over computer networks to email addresses (LAP-PR-007)

ELECTRONIC IMAGING SOFTWARE: A computer application that works with optical scanning hardware to scan paper documents and convert them to digital form (LAP-NF-001)

ELECTRONIC PRICE-TAG ALTERATION: The process of hacking into a business’s shopping-cart software and modifying the HTML information in order to lower or raise the prices of products (BA LAP 4)

ELECTRONIC SIGNATURE: The electronic equivalent of a written signature (BA LAP 5)

ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT: A law designed to give business transactions conducted over the Internet the same legal standing as signed contracts (BA LAP 5)

ELEMENT: A part of a print advertisement, such as the headline, illustration, copy, or identification (PR LAP 7)

EMAIL: The electronic transmission of messages across computer networks (BA LAP 3)

EMAIL ALIASES: Alternate names for the same email account (e.g., webmaster@infotech.com and technical assistance@infotech.com) (PR LAP 13)

EMAIL AUTOMATION PROGRAM: Computer software that does not require a human to operate or control the task at hand (PR LAP 13)

EMAIL CLIENTS: Applications on computers that allow them to create, send, receive, and store email messages (PR LAP 13, PR LAP 14, PR LAP 15)

EMAIL FILTERS: Computer programs that block out unwanted information (e.g., junk email) (BA LAP 4)

EMAIL MARKETING: The electronic transmission of promotional messages across computer networks (PR LAP 13)

EMAIL RECIPIENTS: The individuals who receive the email (PR LAP 14)

EMBEZZLEMENT: Theft of valuables that have been entrusted to one's care (RM LAP 4)

EMOTIONAL BUYING REASON: A customer’s motivation for purchasing a product that is based on feelings (LAP-SE-114)

EMOTIONAL CONFLICT: A disagreement that is based on differences regarding personal beliefs, values, or experiences (LAP-EI-915)

EMOTIONAL INTELLIGENCE: The ability to recognize and manage emotions in ourselves and in others (LAP-EI-001, LAP-EI-131, LAP-EI-909)

EMOTIONAL MOTIVES: Reasons for buying that involve an appeal to the customer's emotions or feelings (MK LAP 19, LAP-SE-883)

EMOTIONAL TRAITS: Personal characteristics that involve your attitudes, feelings, values, and temperament (LAP-EI-918)

EMPATHETIC: Acting according to an intellectual identification with the thoughts, feelings, values, attitudes, and/or actions of another person; having the ability to understand and share the feelings of other people (LAP-SE-883)
Having the ability to understand and share the feelings of other people (EI LAP 136)

EMPATHY: The ability to relate to the feelings, thoughts, and experiences of other people (LAP-EI-909, LAP-EI-918)
The ability to put yourself in another person’s place; the ability to relate to the feelings, thoughts, and experiences of other people (LAP-CO-017, LAP-EI-001, LAP-EI-006, LAP-EI-024, LAP-EI-030, LAP-EI-127, LAP-EI-128, LAP-EI-129, LAP-EI-917)*
The ability to put yourself in another person's place; intellectual identification with the thoughts, feelings, values, attitudes, and/or actions of another person (EI LAP 14, LAP-EI-036)

EMPLOYEE-ASSISTANCE PROGRAM: A project organized and sponsored by a company to help its employees (LAP-EC-903, LAP-HR-410)

EMPLOYEE COMPLAINT: An oral or written expression of an employee's dissatisfaction (LAP-HR-410, MN LAP 45)

EMPLOYEE MORALE: The attitude employees have toward their jobs and the business for which they work (MN LAP 40)

EMPLOYEE POLICY: A guideline explaining how employees are to act and how they are to deal with customers (HR LAP 25)

EMPLOYEE SAFETY: Freedom from danger, risk, or injury in the workplace (LAP-HR-410)

EMPLOYEE STOCK OWNERSHIP PLAN (ESOP): A system for employees to purchase stock of the company they work for (QS LAP 38)

EMPLOYEE TURNOVER: The rate at which a business gains and loses employees (LAP-EC-106, EI LAP 28)

EMPLOYMENT COST INDEX (ECI): A quarterly report that measures the costs of compensating employees (EC LAP 83)

EMPOWERMENT: Taking (or receiving) the right to make decisions and assume control over something (e.g., your own life and future) (LAP-EI-075)

EMULATE: To copy or model oneself after (LAP-MK-014)

ENCOURAGEMENT: The act of giving someone support, confidence, or hope (LAP-EI-133)

ENCRYPTION: The process of transforming information into a secret code so that only the recipient can read it (BA LAP 4)

END-OF-MONTH (EOM) DATING: A dating term specifying the beginning of the payment period as the last day of the month in which the invoice is dated (PU LAP 3)

ENDING CASH BALANCE: The amount of cash a business has left at the end of the month (LAP-FI-091)

ENDLESS-CHAIN METHOD: A method of prospecting in which a salesperson asks every prospect to whom s/he makes a presentation to give the names of others who might be interested in their product(s) (SE LAP 1)

ENDORPHINS: Hormones that have a number of physiological functions, including reducing stress (EI LAP 28)

ENDORSEMENT: Approval by a reputable external source (LAP-PM-042, LAP-PM-139, LAP-PM-140, PR LAP 7, PR LAP 8, PR LAP 9)

ENDOWMENT FUND: An institutional investment fund from which regular withdrawals are made to support ongoing operations (LAP-EC-100)*
An investment fund in which donated assets are pooled together to create additional wealth for a nonprofit institution (LAP-FI-077)

ENTERPRISE RESOURCE PLANNING (ERP): Software applications using database technology that enable a business to manage its information about customers, products, employees, and finances (LAP-IM-001)

ENTERTAIN: To amuse or inspire an audience; a purpose of oral presentations (LAP-CO-025)

ENTHUSIASM: Intense interest or excitement (LAP-EI-041, HR LAP 20, PD LAP 25)
Interest or excitement (SE LAP 62)

ENTHUSIASTIC: Displaying great interest or excitement in something; being absorbed in or excited about something or someone (HR LAP 11)

ENTREPRENEUR: An individual who invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for their efforts (EC LAP 15, LAP-EI-027)
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for their efforts (LAP-PD-066)

ENTREPRENEURS: People who assume the risks of starting and operating businesses (LAP-EC-903, SE LAP 17)

ENTREPRENEURSHIP: Starting and building a business (LAP-EC-903, LAP-FI-077)

ENVIRONMENT: Surroundings (LAP-NF-015)

ENVIRONMENTAL ANALYSIS: The study of the external forces that influence a business's success (MN LAP 43)

ENVIRONMENTAL DISTRACTION: An aspect of the setting that diverts the listener’s attention away from the speaker’s message; examples include poor lighting, noise, uncomfortable seating, etc. (LAP-CO-017)

ENVIRONMENTAL PROTECTION AGENCY (EPA): A federal organization monitoring the care of the nation’s natural surroundings (QS LAP 40)

ENVIRONMENTAL SCAN: A three-step process in which businesses gather information on their surroundings, analyze that information, and determine its future impact (LAP-SM-075)

ENVIRONMENTAL SCANNING: Collecting information about the environment surrounding your business (LAP-EC-105, LAP-MP-010, LAP-NF-015)

EQUAL CREDIT OPPORTUNITY ACT (ECOA): A federal law that attempts to make the granting of credit fair by prohibiting the denial of credit based on the applicant's race, color, religion, national origin, sex, marital status, age, or public assistance status (FI LAP 1, LAP-FI-002, PP LAP 7)

EQUAL EMPLOYMENT OPPORTUNITY COMMISSION (EEOC): A government agency established by the Civil Rights Act of 1964 to enforce fair employment practices (MN LAP 55)

EQUAL OPPORTUNITY: Providing the same opportunities for employment to all applicants (MN LAP 55)

EQUAL PAY ACT OF 1963: A law that prohibits wage discrimination on the basis of gender (MN LAP 55)

EQUALITY: Treating everyone consistently regardless of their individual characteristics, traits, and circumstances (LAP-EI-127)

EQUILIBRIUM: The point at which the quantity supplied is equal to the quantity demanded (LAP-EC-905)

EQUILIBRIUM PRICE: The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; the price equal to both the demand price and the supply price; also known as market-clearing price (LAP-EC-906)
The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price (LAP-EC-905)

EQUIPMENT: Industrial goods used in the operation of a business but not used in the actual production of a good or service (LAP-EC-902)

EQUITABLE WORK ENVIRONMENT: A work environment in which all employees are treated fairly (MN LAP 55)

EQUITY: Assets minus liabilities; also known as stockholders’ (or shareholders’) equity, book value, and net worth (EC LAP 71, QS LAP 38, QS LAP 44, LAP-SM-007)
Fairness (MN LAP 55)

EQUITY FUNDING: Using money from investors to finance a project in exchange for shares in the company (FI LAP 354)

EQUITY INVESTMENT: An ownership investment, such as a stock (QS LAP 45)

EQUITY THEORY: A process theory of motivation that suggests that people are motivated to close the gap between their efforts and the amount of reward they received (MN LAP 47)

ESTABLISHING RELATIONSHIPS: The phase of the selling process that involves making initial contact with customers to create the right selling environment (LAP-SE-048)

ESTEEM NEEDS: Desires for self-esteem and recognition from others; fourth level of needs in Maslow's Hierarchy of Needs (MN LAP 47)
Needs such as respect from others, feelings of prestige, and accomplishment; fourth level of needs in Maslow’s hierarchy of needs (LAP-EI-059)

ESTIMATE: An approximation; an educated guess (LAP-IM-012)

ESTIMATION: An approximation of data; an educated guess (LAP-OP-003)

E-TAILERS: Retailers who operate solely online (LAP-EC-070, LAP-PM-913)

ETHICAL BEHAVIOR: Actions that are consistent with values, both your own and those of society (LAP-EI-132, LAP-OP-675)

ETHICAL CONFLICT: A complex situation in which it is difficult to discern the right choice (LAP-OP-190)

ETHICAL DILEMMA(S): An issue in which you must decide whether something is right or wrong (LAP-CM-006, LAP-EI-123, LAP-EI-124, LAP-EI-125)*
Issues that require you to decide whether something is right or wrong (LAP-EI-131)

ETHICAL LEADERSHIP: Directing and guiding others in a way that upholds ethical principles (LAP-EI-131, LAP-EI-132)

ETHICAL PRINCIPLES: Standards that govern behavior; not dependent on circumstance (LAP-EC-106, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-128, LAP-EI-129, LAP-EI-132, LAP-FI-355, LAP-OP-246, LAP-PI-015, LAP-QM-012)

ETHICS: The basic principles that govern your behavior (LAP-CM-006, LAP-EC-106, LAP-EI-004, LAP-EI-021, LAP-EI-123, LAP-EI-124, LAP-EI-126, LAP-EI-131, LAP-EI-132, LAP-EI-137, LAP-EI-138, LAP-EI-909, LAP-FI-351, LAP-FI-355, HR LAP 19, LAP-HR-411, LAP-IM-025, LAP-KM-002, MN LAP 44, LAP-OP-190, LAP-OP-246, LAP-OP-675, LAP-OP-677, LAP-PD-251, LAP-PI-015, LAP-PR-463, LAP-QM-012, LAP-RM-041, SE LAP 17, LAP-SE-106)*

ETHNICITY: The background handed down to individuals from the ethnic group, or culture, with which they identify (LAP-EI-036, IM LAP 9)

ETHNOCENTRISM: The belief that your own culture is naturally better than other cultures (LAP-EC-045, LAP-EI-033)

ETIQUETTE: Rules applying to acceptable behavior (CR LAP 3)

EUROPEAN UNION (EU): An association of European countries with uniform trade rules that eliminated all barriers and restrictions on the movement of goods and services among member nations (LAP-EC-916)

EVALUATE: Examine or review carefully to determine value or importance (LAP-EI-004, QS LAP 18)

EVALUATING PROJECT SUCCESS: The process of assessing the accomplishments of a project and reflecting on lessons learned (LAP-OP-521)

EVALUATIVE INFORMATION: The conclusions people reach after they examine something carefully (LAP-EI-903)

EVEN PRICING: The use of an even number at the end of a price to suggest high quality

EVENT: A gathering or activity (LAP-PR-136)

EVENT MARKETING: The process of planning and executing the conception and promotion of gatherings or activities that satisfy individual and organizational objectives (LAP-PD-051)

EXCELLENCE: Usefulness and good performance (in products) (QM LAP 1)

EXCELSIOR: Shredded or curled pieces of wood used as cushioning material in packing (SE LAP 105)

EXCESS DEMAND: The situation that exists when demand is greater than supply (LAP-EC-906)

EXCESS SUPPLY: The situation that exists when supply is greater than demand (LAP-EC-906)

EXCHANGE: The process of trading one good/service for another (LAP-EC-901, LAP-EC-914, LAP-EC-918)

EXCHANGE PRICE: The amount of money that the buyer is willing to pay and the seller is willing to accept for a good or service (PI LAP 1)

EXCHANGE RATE: The price or value at which one currency can be converted to another (LAP-NF-015, LAP-SM-075)
The rate at which one currency can be sold for another, or the measure of one currency’s value in terms of another (LAP-EC-100)*

EXCHANGE RATE QUOTATION: An expression of the exchange rate between two currencies (LAP-EC-100)

EXCHANGE RATE VOLATILITY: A rapid change in exchange rates in a short period of time (LAP-EC-100)

EXCHANGE-TRADED FUND: A security that represents a "basket" of stocks like a mutual fund, but trades like an individual stock (QS LAP 35)

EXCISE TAX: An indirect tax charged on specific goods, such as gasoline and alcohol (LAP-EC-072)

EXCLUSIVE AGREEMENT: An illegal agreement that forbids customers from buying goods and services from competitors (LAP-EC-912)

EXCLUSIVE CATEGORY: In licensing, a category in which only one licensee is authorized to produce merchandise (PM LAP 153)

EXCLUSIVE DEALING: A contractual agreement between a producer and a distributor where the distributor agrees to only sell the products of that specific producer; see exclusive distribution (LAP-CM-006)

EXCLUSIVE DISTRIBUTION: A distribution pattern in which a producer sells a product through just one middleman in a geographic area (LAP-CM-001)

EXCLUSIVE DISTRIBUTORSHIP: See product trade-name franchise (LAP-BL-003)

EXCLUSIVE SPONSORSHIP: A partnership that is exclusive to a specific category, such as soft drinks or credit cards (LAP-SE-321)

EXCLUSIVE SPONSORSHIP RIGHTS: A contract agreement whereby a sponsoring business will be the only provider of the good or service for a sport/event (LAP-PR-175)

EXCLUSIVE TERRITORIES: A designated area or region in which a distributor is required to only sell products from a specific producer (LAP-CM-006)

EXCLUSIVITY: In a sponsorship agreement, the sponsor's privilege of being the only company in its particular category of goods or services (LAP-SE-321)*
A right purchased by a sponsor to be the sole provider of a particular type of good or service for a sport/event (LAP-BL-058)

EXCUSE: An insincere and invalid statement used to cover up the real reason why the customer is not buying (LAP-SE-874)

EXECUTIVE MANAGEMENT: Top-level management (LAP-SM-001)

EXECUTIVE SUMMARY: The most important part of a company’s business or marketing plan because it gives an overview of the entire document; often used to determine whether it is worthwhile to read any further (LAP-MP-007, LAP-SM-007, LAP-SM-013)

EXECUTIVES: Top-level employees (EC LAP 71)

EXISTING PRODUCT: Goods or services that are currently being sold (PM LAP 17)

EXIT INTERVIEW: Discussions with employees who are leaving that are designed to gain feedback for the business (LAP-HR-410)

EXPANSION: The phase of the business cycle characterized by increased spending and borrowing, increased demand for goods and services, increased employment rates, and decreased interest rates on loans (LAP-EC-918)
A product-mix strategy in which a business expands its product mix by adding additional product items or product lines (PM LAP 3)
A form of business growth in which a company extends its operations or facilities using new capital or reinvested funds (LAP-BL-003)

EXPECTANCY THEORY: A process theory of motivation which states that motivation is the result of the outcomes one desires and one's estimate of the prospect of attaining those desired outcomes (MN LAP 47)

EXPECTATION: What you anticipate will happen based on your familiarity or past experience (LAP-MK-014)

EXPENDITURES: The monies that a business or government spends; also known as spending or expenses (LAP-EC-072, LAP-FI-085)

EXPENSE(S): The monies that a business spends; also called expenditures (LAP-FI-085, IM LAP 7, LAP-OP-190, QS LAP 19)
The money that a business spends (LAP-EC-010, EC LAP 71, FI LAP 94, LAP-FI-099, LAP-FI-106, LAP-MP-001, LAP-OP-025)

EXPENSE RATIO: A computation reflecting a combination of a mutual fund's management fee and its 12b-1 fee (QS LAP 44)

EXPENSE ACCOUNT: An arrangement between an employee and the employer in which the employee keeps track of business-related expenses and reports them to the employer for reimbursement (HR LAP 19)

EXPENSE/BUDGET QUOTAS: A type of financial quota in which salespeople are awarded bonuses for spending less than the allocated budget (SE LAP 118)

EXPENSE CONTROL: Efforts to maintain or reduce a certain level of spending (LAP-OP-025)

EXPERIENTIAL MARKETING: Engaging with consumers directly through creative, memorable interactions at an event (LAP-SE-321)

EXPERIMENT: A data collection method that tests cause and effect; typically involves test-marketing new products or comparing test groups with control groups (LAP-IM-010, LAP-IM-284, LAP-IM-289)

EXPERT POWER: The ability of an individual with high expertise in a certain area to influence the behavior of others (LAP-EI-135)

EXPERT SYSTEM: Computer software designed to mimic the knowledge of a human expert (LAP-NF-003)
A computer program that captures the knowledge of specialists and experienced decision makers from both within and outside of an organization (LAP-KM-001)

EXPERTISE: In-depth knowledge or understanding of a particular topic (LAP-EI-135)

EXPLICIT KNOWLEDGE: Knowledge that can be easily communicated to others or readily captured and stored in some type of document or database (LAP-KM-001, LAP-KM-002)

EXPLOITATION: The unfair treatment of an individual or a group of people for one’s benefit (LAP-CM-006)

EXPLORATORY RESEARCH: Marketing research that collects information to help the business define its issue, situation, or concern and decide how to proceed with its research (LAP-IM-010, LAP-IM-284)

EXPORTING: The process of selling goods and services to individuals, businesses, or governments in other countries (LAP-EC-104, LAP-EC-916)

EXPORTS: Goods and services sold by businesses and industries in one country to individuals, manufacturers, or governments in other countries (LAP-EC-072, EC LAP 83, LAP-EC-100)*
Goods and services sold by businesses and industries in one country to individuals, businesses, or governments in other countries (LAP-EC-916)

EXPRESS WARRANTY: A warranty that is written or stated verbally; a promise expressed in a specific statement concerning the quality of the product (LAP-PM-920)

EXTENSION: The total cost of each quantity of merchandise purchased. Calculated by multiplying the quantity purchased by the price per unit (DS LAP 6)

EXTENSIVE DECISION: A type of decision that requires a lot of consideration (LAP-EI-091, LAP-PD-017)

EXTENSIVE MEDIA COVERAGE: An advertising strategy based on reaching a large audience (PR LAP 5)

EXTERNAL CONFLICT: A disagreement with another person or with a group of people (LAP-EI-915)

EXTERNAL CUSTOMERS: Individuals who buy a business’s products (LAP-PM-913)

EXTERNAL DATA: Facts and figures available in locations outside the company (LAP-IM-010)
Secondary information that already exists outside an organization (LAP-IM-281)
Facts and figures available in locations outside a company; secondary information that already exists outside an organization (LAP-IM-001)

EXTERNAL ENVIRONMENT: A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology (LAP-NF-015)
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology; forces operating outside a business that affect its chances for success (LAP-EC-105)*

EXTERNAL FACTOR(S): Forces operating outside a business that affect its chances for success (MN LAP 43)
A force operating in the business environment that is outside of an individual business’s control (SE LAP 932)

EXTERNAL FAILURE COSTS: The costs associated with defective products reaching customers (QM LAP 1)

EXTERNAL FEEDBACK: Evaluative information that comes from sources outside you (LAP-EI-903)

EXTERNAL INFORMATION: Facts that come from sources outside the business (e.g., government, media) (LAP-IM-025, LAP-MP-013)

EXTERNAL RISKS: Financial risks that a business cannot control, such as inflation and interest rate fluctuations (LAP-EC-911)

EXTERNAL SOURCES: Contacts outside the business, such as other salespeople, specialized lists and directors, and industry trade groups (SE LAP 828)
Contacts outside the school, organization, or club (LAP-OP-003, QS LAP 19)

EXTERNAL TRAINING: Training conducted by persons or organizations outside the business, such as professional consultants on a contractual basis, educational agencies, or trade and professional organizations (MN LAP 42)

EXTERNALITY: A business liability that can't be quantified (LAP-OP-190)

EXTINCTION: The act of withholding reinforcement in order to change a behavior (EI LAP 14, MN LAP 47)

EXTRA DATING: A dating term that allows additional days in which to receive the cash discount (PU LAP 3)

EXTRAVERT: A person who draws energy from outside themselves; tends to enjoy interacting with others and is generally outgoing, talkative, and enthusiastic (LAP-EI-126)

EXTRINSIC MOTIVATION: Motivation that comes from outside an individual and their work or task (LAP-EI-059, LAP-EI-133)

EYE CONTACT: Looking others directly in the eye (LAP-CO-025, HR LAP 20)

E-ZINE ADS: Promotional messages appearing in electronic versions of magazines (PR LAP 16)

F

FACE VALUE (OR PAR VALUE): The original bond amount that is to be repaid at maturity (QS LAP 33)

FACILITATOR: A person who guides a group’s discussions and helps it adhere to its agenda (LAP-EI-911)

FACT: A true statement (LAP-IM-012, QS LAP 29)

FACT-FINDER PERSONALITY: A basic type of customer personality characterized by the customer's challenging a salesperson to know the products, doing comparison shopping, liking to see variety, and/or wanting factual information (SE LAP 810)

FACT SHEET: A list of basic information about a person, place, or thing (PR LAP 8, PR LAP 10)

FACTORS OF PRODUCTION: Productive resources; human and natural resources and capital goods; also known as economic resources (LAP-EC-903, LAP-OP-017)

FACTORY-APPROVED SERVICE CENTER: Businesses that have been selected by a manufacturer or seller to repair and/or replace products covered by certain warranties (LAP-PM-920)

FAIR CREDIT BILLING ACT (FCBA): A federal law that specifies the time period in which a business must handle a credit customer's complaint or inquiry about his/her bill (LAP-FI-002)

FAIR CREDIT REPORTING ACT (FCRA): A federal law that gives consumers the right to inspect the files of their credit history at any credit agency and to have mistakes corrected (FI LAP 1, LAP-FI-002)

FAIR DEBT COLLECTION ACT: A federal law passed in 1980 prohibiting businesses from harassing or abusing consumers who owe them money (PP LAP 7)

FAIR INFORMATION PRACTICE PRINCIPLES (FIPP): A set of guidelines published by the Federal Trade Commission meant to establish ethical practices for handling information in the electronic marketplace (LAP-CR-017)

FAIR MARKET VALUE: A company’s worth according to the marketplace (LAP-FI-093)

THE FAIR PACKAGING AND LABELING ACT (FPLA): A federal law that makes it illegal to use unfair or deceptive packaging or labeling for certain consumer products (PP LAP 7)
A federal law passed in 1967 requiring specific information about products and producers to be provided on a product's package or label (PM LAP 7)
A law passed in 1966 law that tightened requirements for package labels and mandated that all labels offer adequate information concerning the package’s contents (LAP-PM-040)

FAIRNESS: The ability to make judgments and act without favoritism or self-interest (LAP-BL-163, LAP-EI-092, LAP-EI-127, LAP-EI-131, LAP-FI-351)
The ability to make judgments and act without favoritism or self-interest; generally following established rules or standards (LAP-EI-021, LAP-EI-126)
The ability to make judgments and act without favoritism or self-interest; engaging in fair competition and creating equal relationships (LAP-EI-045, LAP-EI-077, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-128, LAP-EI-132, LAP-EI-917, LAP-FI-355, LAP-KM-002, LAP-OP-246, LAP-OP-675, LAP-OP-677, LAP-PI-015, LAP-RM-041)*

FALLBACK PLAN: Guidelines explaining what to do and how to recover if a contingency plan fails (LAP-SM-075)

FALSE GENERALIZATION: A broad assumption made with very little supporting evidence (LAP-EI-902)

FALSE GENERALIZE: To make a broad assumption with very little supporting evidence (QS LAP 16)

FAMILY BRAND: A category of brands in which one brand is used for a group of related products in a product line (LAP-PM-021)

FAMILY AND MEDICAL LEAVE ACT: A law that gives workers with various kinds of family-related or medical problems as much as 12 weeks of unpaid leave per year (MN LAP 55)

FANS: Individuals or groups who express a common interest in a specific performer, athlete, team, or organization (LAP-PR-136)

FAQS: Frequently Asked Questions; used by businesses to answer questions on their websites or other marketing materials (CR LAP 3)

FASHION GOODS: Apparel and accessory items (IM LAP 3)

FAST SUPPLY CHAIN MODEL: A supply chain model that emphasizes accurately forecasting demand and shortening the time spent creating and delivering the product (LAP-OP-443)

FATIGUE: A state of mental or physical tiredness; weariness (EI LAP 28, RM LAP 2)

FAVORITISM: Preferential treatment (LAP-OP-246)

FDIC (FEDERAL DEPOSIT INSURANCE CORPORATION): A government agency created to ensure the stability of the U.S. banking system (LAP-FI-077)

FEASIBLE: Reasonable; achievable (LAP-OP-158)

FEASIBILITY STUDY: An organized inquiry into the possible success of a business idea or venture (LAP-EN-038)

FEATURE: A fact about or characteristic of a product (IM LAP 7, IM LAP 9, LAP-MK-901, LAP-MP-001, LAP-MP-007, LAP-PM-042, LAP-SE-048, SE LAP 76, SE LAP 62, LAP-SE-114, LAP-SE-374, LAP-SE-883)
A fact or characteristic of the product (SE LAP 17, SE LAP 109, SE LAP 811)

FEATURE ARTICLE: An article that goes into a specific subject at length or in depth (PR LAP 8)

FEATURE-BENEFIT CHART: A list that may be arranged alphabetically to show product features and corresponding benefits (SE LAP 109)

FEATURE-BENEFIT SELLING: Convincing customers that a product has the features which will provide the benefits for which they are looking (SE LAP 109)

FEDERAL COMMUNICATIONS COMMISSION (FCC): A government agency that regulates interstate and international communications by radio, television, wire, satellite, and cable (LAP-EC-016)

FEDERAL FOOD, DRUG, AND COSMETIC ACT: A federal law passed in 1938 to expand the authority of the Food and Drug Administration to include cosmetics and medical devices (PP LAP 7)
A federal law passed in 1938 that bans the production, transportation, and sale of misbranded or adulterated foods, drugs, cosmetics and medical devices (PM LAP 7)

FEDERAL INSURANCE CONTRIBUTIONS ACT (FICA): Legislation authorizing a U.S. payroll tax paid into equally by employees and employers to fund federal programs for retirees, the disabled, and children of deceased workers (LAP-EC-072)

FEDERAL LAW: Laws created by the national government (LAP-BL-163)

FEDERAL RESERVE SYSTEM: The central banking organization of the United States that monitors and regulates the flow of credit and money (LAP-EC-917, LAP-EC-918, FI LAP 1)

FEDERAL TRADE COMMISSION (FTC): A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices (BA LAP 5, LAP-EC-016, FI LAP 1, LAP-PI-015, LAP-PM-140, PP LAP 7)
The regulatory agency established by the federal government and given the authority to enforce consumer-protection laws; agency with the most influence on marketing activities (PM LAP 7)
The federal agency that administers and enforces customer-protection laws (e.g., antitrust laws, unfair competitive practices) (LAP-CR-017)

FEDERAL TRADE COMMISSION ACT: A federal regulation that established a regulatory agency, the Federal Trade Commission (FTC), to monitor business activities in order to prevent unfair competition (LAP-EC-912)*
A federal law passed in 1914 that established the Federal Trade Commission (PM LAP 7)

FEDERATION: The highest level of union organization, consisting of a group of national/international unions (LAP-EC-915)

FEEDBACK: Evaluative information given to you about the things you say and do (EI LAP 1, LAP-EI-902, LAP-EI-903, HR LAP 2, HR LAP 25, QS LAP 18)
Evaluative information given to you about the things you say and do; a response to a certain behavior or attitude (LAP-EI-027, LAP-EI-030, LAP-EI-041)

FEEDBACK CONTROLS: Mechanisms used to monitor and regulate a task, activity, or performance after it has already occurred (SM LAP 400)

FEEDFORWARD CONTROLS: Mechanisms used to monitor and regulate a task, activity, or performance before it occurs (SM LAP 400)

FIDELITY BOND: Insurance coverage to protect a business from losses due to employee theft

FILE SERVER: A computer/storage device that stores network users’ digital files (LAP-NF-001)

FILL OR KILL: In investing, an order restriction that lets a broker know to cancel an order if it cannot be executed immediately (QS LAP 47)

FILTERS: Computer programs that block out unwanted information (e.g., junk e-mails) (PR LAP 13)

FINAL CONSUMER: An individual who purchases goods and services for their own personal use; also known as an ultimate consumer (LAP-CM-001)
An individual who purchases goods and services for their personal use; also known as an ultimate consumer (LAP-MK-014, LAP-OP-443, LAP-OP-477)*

FINAL MILE DELIVERY: The last step of the delivery process in which a product is transported from a distribution center to the final customer; also known as last mile delivery (LAP-OP-303)

FINANCE: The process of obtaining funds and using them to achieve the goals of the business (PD LAP 25)
In business, the function that involves all money and money management matters (Career Opps in Finance, FI LAP 354)
The process of obtaining funds and using them to achieve the goals of the business; in business, the function that involves all money and money management matters (LAP-FI-355, LAP-SM-007)

FINANCE CHARGE: Interest charged on the outstanding balance of a credit account (FI LAP 1, LAP-FI-002)

FINANCIAL ACCOUNTING: A type of accounting that involves preparing and reporting financial data to external users who are not directly involved in business operations (LAP-FI-085, LAP-FI-351, LAP-PD-251)

FINANCIAL ANALYSIS: The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources (EC LAP 71)

FINANCIAL ANALYST: A person who evaluates companies and industries and makes recommendations to buy, sell, or hold certain securities; also known as a securities analyst or an investment analyst (QS LAP 51)

FINANCIAL CAPITAL: Money needed to operate a business (LAP-EC-903, LAP-EC-907, LAP-FI-355, LAP-OP-017)

FINANCIAL CLERK: A person who is responsible for a company's or organization's financial record keeping (QS LAP 51)

FINANCIAL GOAL: A specific short- or long-term objective that is part of a financial plan; well-written financial goals are specific, measurable, attainable, results-oriented, and time-bounded (QS LAP 30, QS LAP 31, QS LAP 46)

FINANCIAL MANAGER: A person who oversees part or all of a company's or organization's finances (QS LAP 51)

FINANCIAL MODELING: The task of building an abstract representation of a real-world financial situation (LAP-FI-355)

FINANCIAL PLAN: The part of a company’s business plan that shows how the business has performed (or is likely to perform) financially; how a business intends to use its money (LAP-SM-007, LAP-SM-013)
A plan for earning, spending, saving, and investing that includes goals and strategies for meeting them (QS LAP 31)

FINANCIAL PLANNER: A professional who specializes in helping people with personal financial matters (Career Opps in Finance, LAP-NF-015)

FINANCIAL QUOTAS: Quotas that attempt to relate sales to an organization's total expenses or profits (SE LAP 118)

FINANCIAL RATIO: The comparison of two numbers from a business's financial statement; used as a tool by businesses to see relationships between dollars, numbers, and percentages (FI LAP 94, SM LAP 400)

FINANCIAL RECORD(S): A document containing information related to the overall income and expenses of a business (LAP-NF-001)*
Documents containing information related to the amount of money going into and out of a business (EC LAP 71)

FINANCIAL RESOURCES: All the sources of money available to a business or project (QS LAP 19, LAP-SM-007)
All the sources of money available to a business (LAP-SM-001)

FINANCIAL RISK(S): Possible events and situations that directly impact a company’s cash flow (LAP-EC-911, LAP-RM-041, LAP-SM-075)

FINANCIAL SKILLS: The ability to manage money (LAP-PD-066)

FINANCIAL STATEMENT(S): Summaries of accounting information (DS LAP 2, LAP-NF-001)
Records that show a business’s financial activities (LAP-FI-093, FI LAP 579, SM LAP 400)
Summaries of accounting information; records that show a business’s financial activities (LAP-FI-085, LAP-FI-351, LAP-IM-184)
Summaries of accounting information; usually the balance sheet, income statement, and cash flow statement (QS LAP 36, QS LAP 38, QS LAP 39, QS LAP 46)

FINANCING: A marketing function that determines the need for and availability of financial resources to aid in marketing activities (BA LAP 3, LAP-CM-001)
Funding a business activity or project through debt, equity, or venture capital (FI LAP 354)

FINANCING (COSTS): Funding a business activity or project through debt, equity, or venture capital (EC LAP 71)
FINANCING COSTS: The costs of business activities or projects involving debt, equity, or venture capital (LAP-SM-007)

FINISHED GOODS INVENTORY: The producer's inventory of completed products that are ready to be marketed; also known as finished products inventory (LAP-OP-189)

FINISHED PRODUCT(S): Goods that have completed the manufacturing process and are ready to be sold to customers (LAP-OP-443)

FIRE EXTINGUISHER: A large cartridge containing substances used to put out a fire; may contain water, foam, carbon dioxide, or dry chemicals (RM LAP 2)

FIRST AID: Immediate medical assistance given to an injured or ill person until professional medical help is available (RM LAP 3)

FIRST IMPRESSIONS: The opinions others form about you, your personality, your abilities, and your competence through your personal appearance and actions (LAP-PD-002)

FIRST-LINE MANAGEMENT: Supervisors who work directly with the employees who carry out the business's routine work (LAP-SM-001)

FISCAL POLICY: The government policy that sets levels of government spending and taxation (LAP-EC-016, LAP-EC-918, LAP-NF-015)

FISCAL YEAR: The 12-month period chosen by a business as its operating year that may or may not coincide with the calendar year (FI LAP 3, LAP-FI-106, IM LAP 3)
The 12-month period chosen by a business as its operating year (QS LAP 39)

FIXED ASSET(S): An asset that cannot easily be converted into cash (e.g., property, equipment) (LAP-FI-093, LAP-OP-477)
Items of value a business owns that are not expected to change (e.g., buildings) (LAP-NF-001, LAP-SM-007)

FIXED BUDGET: A budget that cannot be adjusted during the budgeting period; used as a guideline; also known as a static budget or master budget (LAP-FI-099)

FIXED COSTS: Business costs that are not affected by changes in sales volume; also known as fixed expenses (LAP-EN-038, LAP-OP-024, PI LAP 6, LAP-PI-902)
Business costs that are not affected by changes in sales volume (LAP-PI-047)

FIXED EXPENSES: Business costs that are not affected by changes in sales volume (LAP-FI-091)
Operating costs that do not increase or decrease with changes in production; also known as fixed costs (LAP-OP-024)
An expense that does not fluctuate with changes in sales volume or productivity (LAP-FI-099)

FIXED INCOME: Earnings that are set at a particular figure and do not fluctuate with inflation (e.g., pensions) (EC LAP 83)

FIXED-INCOME INVESTMENT: An investment, such as a bond, that returns a specified amount of money at predetermined times (QS LAP 45)

FIXTURES: Items that are securely attached to the interior of a building such as counters, shelving units, display cases, and racks (RM LAP 2)

FLAMMABLE LIQUIDS: Oils, grease, paint, gasoline, and solvents or other liquids that catch fire easily (RM LAP 2)

FLAT RATE: A newspaper advertising rate based on a fixed rate per line with no discounts offered (PR LAP 6)

FLEXIBILITY: The ability to adapt to changes as they occur; adaptability (LAP-EC-107, LAP-EI-006, LAP-EI-041, LAP-EI-060, LAP-EI-092, LAP-EI-909, LAP-PD-012, PD LAP 25, LAP-PD-066, LAP-PD-126)*
The ability to adapt to changes as they occur (Career Opps in Hosp, LAP-EI-131)

FLEXIBLE BUDGET: A budget that can be adjusted with changes in business activity; also known as a variable budget or dynamic budget (LAP-FI-099)

FLEXIBLE POLICY: A rule or guideline that can be easily changed or deleted (HR LAP 25)

FLEXIBLE SUPPLY CHAIN MODEL: A supply chain model used by supply chains that typically experience periods of extremely high demand followed by periods of low demand (LAP-OP-443)

FLEXTIME: A scheduling procedure in which employees select their own working hours as long as they work the required number of hours (LAP-EC-903, EI LAP 28)

FLIGHTING STRATEGY: A media timing strategy that concentrates advertising during peak sales periods followed by periods of no advertising (PR LAP 5)

FLOOR LIMIT: The maximum amount customers are permitted to charge on their credit cards without receiving authorization from the business (RM LAP 4)

FLOW CHART: A chart used to analyze a sequence of events and uncover the relationships within it (LAP-OP-163, LAP-OP-519)

FOCUS GROUP: A group formed for the purpose of discussing a specific topic (LAP-IM-010, LAP-IM-281, LAP-IM-284, MN LAP 55, LAP-OP-519, PM LAP 272)
A data collection method in which one or two researchers moderate a group discussion that usually includes anywhere from six to 12 participants (all being members of the target market) (LAP-IM-289)

FOLLOW-UP: The determination of a customer's satisfaction with a good or service after a sales presentation regardless of whether or not a sale was made (LAP-SE-048, SE LAP 828)
A selling skill that involves determining a customer's satisfaction with a good or service after a sales presentation, regardless of whether or not a sale was made (SE LAP 57)

FOOD AND DRUG ADMINISTRATION (FDA): The regulatory agency established by the federal government to enforce laws that protect consumers’ health (LAP-EC-016, PP LAP 7, PM LAP 7, LAP-PM-040)

FOOTNOTE: Additional, relevant information attached to a financial statement (LAP-FI-093)

FOREIGN-EXCHANGE MARKET: Forum for trading currencies (QS LAP 49)

FORGIVENESS: Excusing the mistakes or flaws of others (QS LAP 8)

FOR-PROFIT BUSINESS: A business whose overall purpose is to earn a profit (EC LAP 71)

FORCED ANALOGY: A synectics creative-thinking method involving the use of metaphors and similes to create connections where none currently exist (LAP-PM-127)

FORCED ASSOCIATIONS: A synectics creative-thinking technique involving forcing random words into associations or connections with a given issue or idea (LAP-PM-127)

FORCED QUESTIONING: A creative-thinking technique using basic question starters to develop original questions to ask (and answer) about an issue or idea; these question starters include who, what, why, where, when, how, did, will, might, would, could, should, etc. (LAP-PM-127)

FORCED RELATIONS: A creative-thinking technique that involves connecting two items or ideas that seem completely unrelated to find new practical combinations and products (LAP-PM-127)

FORCING: A conflict response mode in which one or more parties exhibit aggressive behavior and express a low level of cooperation (LAP-EI-915)

FOREIGN AID: The money that developed countries give to less developed countries to help with their economic development (LAP-EC-916)

FOREIGN EXCHANGE MARKET: A place for trading currencies; the largest financial market in the world; also known as the forex, the FX, or the currency market (LAP-EC-100)

FOREIGN STOCKS: Stocks that are issued by companies in countries other than the one in which you live (QS LAP 34)

FORKLIFT: A motorized vehicle with a large, fork-like accessory used to lift and transport heavy objects (RM LAP 2)

FORM 4: An insider ownership report filed with the SEC that lists insiders who are buying or selling their company's stock (QS LAP 36)

FORM 8-K: A report filed with the SEC if a significant, non-recurring event occurs before a 10-Q is due; companies are required to file an 8-K within 15 days of such an event (QS LAP 36)

FORM 10-K: A yearly report, required by the SEC from publicly-traded companies; often more detailed than the company's own annual report (QS LAP 36)

FORM 10-Q: A quarterly report, required by the SEC from publicly-traded companies; unlike the annual 10-K report, the 10-Q is not required to be audited (QS LAP 36)

FORM 13-D: An insider ownership report filed with the SEC when an investor acquires more than 5 percent of a company's stock (QS LAP 36)

FORM UTILITY: Usefulness created by altering or changing the form or shape of a good to make it more useful to the consumer (LAP-EC-904)
Usefulness created by altering or changing the form, shape, or look of a good to make it more useful or attractive to the end user (LAP-OP-017)

FORMAL EDUCATION: The amount of learning a person has acquired in the classroom (LAP-EI-036)

FORMAL PLANNING: Putting your plans into writing and creating a specific, long-term focus (LAP-EI-077)

FORMAL RECOGNITION: Recognition that is planned and well thought out; examples include school grading systems, most sport-related awards, and wages and bonuses for work (LAP-EI-141)

FORMAL TRAINING: Training that is usually conducted in the classroom that may include a variety of instructional methods (SE LAP 123)

FORTITUDE: Courage in pain or adversity (LAP-EI-092)

FORWARD: A trading instrument used on the foreign exchange market; a contract between two parties to buy, sell, or trade currency at an agreed-upon rate (LAP-EC-100)

FORWARD INTEGRATION: Vertical integration toward the distribution end of the supply chain (LAP-OP-303)

FOSSIL FUELS: Nonrenewable, carbon-based energy sources formed underground from the fossilized remains of plants and animals (LAP-EC-903)

FRAGILE: Easily broken or damaged (SE LAP 105)

FRAMING: The way in which one person presents a matter to another person (LAP-PD-017)
The tendency to respond to situations based on how those situations are posed or viewed (LAP-FI-355)

FRANCHISE: A contractual agreement between a parent company and a franchisee to distribute goods or services (LAP-BL-003, LAP-EC-104, QS LAP 44)

FRANCHISEE: One who buys the right to sell the goods or services of the parent company (franchisor) (LAP-BL-003)

FRANCHISING: A method of distributing recognized goods and services through a legal agreement between two parties (LAP-BL-003)

FRANCHISOR: A parent company and owner of the name and/or system that is being distributed through a contractual franchising arrangement (LAP-BL-003)

FRAUD: A deception purposely carried out to secure unfair or unlawful gain (BA LAP 4, RM LAP 4)
Criminal deception committed for financial gain (LAP-FI-343)

FRAUDULENT: Deceitful; dishonest (LAP-EC-106, LAP-OP-246, LAP-PR-463)

FRAYED: Ragged or worn (RM LAP 2)

FREE AGENCY: In professional sports, an athlete’s ability to renegotiate his/her contract with his/her existing team or with another team

FREE ASSOCIATION: A creative-thinking technique that involves reacting to random words or pictures to generate a flow of ideas; each idea is used to trigger others; the process is repeated until connections are made with a given issue or situation (LAP-PM-127)

FREE ENTERPRISE: An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services; also known as private enterprise (LAP-EC-911)

FREE-FLOATING CURRENCY: A currency with a value determined by the foreign exchange market (LAP-EC-100)

FREE GOODS: Items that can be obtained without money (LAP-EC-901)

FREE-STANDING APPAREL RACKS: Display fixtures that are not attached to a wall (RM LAP 2)

FREE TIME: Time that is free of scheduled or planned duties and responsibilities (LAP-PD-019)

FREQUENCY: A quantitative measure of the average number of times a target consumer is exposed to an advertising message (PR LAP 5)

FREQUENCY DISCOUNTS: Rate reductions offered to advertisers for placing a minimum number of ads within a specified period of time (PR LAP 6)

FRICTIONAL UNEMPLOYMENT: Voluntary unemployment that results from normal life circumstances (e.g., moving, changing careers, etc.) (EC LAP 82)

FRINGE BENEFITS: Non-monetary payments that workers receive in addition to wages; e.g., employee discounts (HR LAP 19)

FROM LINE: The location within an e-mail that indicates who sent the message (PR LAP 14)

FRUSTRATIONS: Things that are annoying or keep people from doing what they want to do (HR LAP 4)

FULL EMPLOYMENT: A situation in which the economy is using all of its labor resources in the most efficient way possible (EC LAP 82)

FULL-SERVICE BROKER: A broker who executes basic trades as well as offers investment planning, advice, and other services; charges high commission (QS LAP 48)

FULL-SERVICE E-MAIL MARKETING FIRM: A business that oversees all aspects of executing targeted e-mails, including identifying a business’s e-marketing goals, suggesting appropriate target markets, setting up the in-house list, creating all content, executing the mailings, and tracking the results (PR LAP 14)

FULL WARRANTY: A warranty that covers the entire product (LAP-PM-920)

FUNCTION-BASED DISCOUNT: A discount that is based on the marketing functions performed by the buyer for the seller (PU LAP 3)

FUNCTIONAL CONFLICT: A disagreement that is about something tangible or concrete; often occurs when two parties share a common goal but approach the process in different manners (LAP-EI-915)

FUNCTIONAL DISCOUNT: A trade discount (PU LAP 3)

FUNCTIONAL STRUCTURE: An organizational design in which the business is broken into traditional departments, each with its own set of responsibilities and activities (marketing, operations, sales, IT, etc.) (LAP-EC-103)
An organizational design in which the business is broken into traditional departments, each with its own set of responsibilities and activities (marketing, operations, sales, IT, etc.) (LAP-SM-064)

FUND MANAGER: Professional who makes investment decisions for a mutual fund (QS LAP 35)

FUNDAMENTAL ANALYSIS: In investing, the study of all aspects of a company in an effort to understand its intrinsic value (QS LAP 41, QS LAP 42, QS LAP 44, QS LAP 46)

FUNDAMENTALS: The aspects of a company that affect its intrinsic value (QS LAP 45, QS LAP 46)

FUNDING: Money available to a business from one or more sources (LAP-SM-007)

FUTURE: A trading instrument used on the foreign exchange market; a type of forward that uses a standardized contract and usually has a maturity date of three months (LAP-EC-100)

FUTURES: A category of derivatives giving investors the opportunity to buy or sell the rights to an asset according to contracted terms; types are physical delivery and cash settlement (QS LAP 49)

G

GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES): A set of guidelines and procedures governing accounting practices

GAP ANALYSIS: A tool that allows you to identify the discrepancies between your project and its plan (LAP-OP-521)

GANTT CHART: A visual representation of the elements in a project schedule and how they relate to and rely on each other (LAP-OP-001)

GATEFOLD: A magazine advertisement on double or triple pages that fold out (PR LAP 6)

GENDER IDENTITY: How people define their own gender (LAP-EI-036, LAP-EI-917)

GENERAL APTITUDE TEST BATTERY: A group of tests designed to measure an individual's aptitude in different areas (HR LAP 2)

GENERAL COMPETITION: Competition among all businesses for scarce customer dollars (LAP-NF-015)

GENERAL MANAGEMENT: A career area in which employees focus on planning, organizing, directing, and evaluating part or all of a business organization through the allocation and use of financial, human, and material resources (PD LAP 25, LAP-PD-297)

GENERAL PARTNERSHIP: A type of partnership agreement in which all partners are liable for a business’s losses; also known as ordinary partnership (LAP-BL-003, LAP-BL-006)

GENERATION X: A term used to refer to individuals who were born between the years 1965 and 1980; also known as Gen X (LAP-EC-903)

GENERATION Y: A term used to refer to individuals who were born between the years 1981 and 1995; also known as millennials (LAP-EC-903)

GENERIC ITEM: An unbranded product that is plainly packaged, has lower or standard quality, is sold at a lower price than a branded product, and receives little or no promotion (LAP-PM-021)

GENETICALLY MODIFIED ORGANISMS (GMOs): An organism whose genetic material has been altered by means of genetic engineering (LAP-PM-040)

GENUINE: Authentic, true (LAP-EI-063)

GEOGRAPHIC ORIGIN: The part of the world and the type of area from which a person has come (LAP-EI-036)

GEOGRAPHIC SEGMENTATION: The division of a market on the basis of where customers are located (LAP-MP-003, LAP-PI-047)

GESTURE: A movement of the body or limbs that expresses or emphasizes an idea, sentiment, or attitude (LAP-CO-025, HR LAP 20, SE LAP 101)

GIVE-AND-TAKE: A negotiating technique that involves giving another party something they want and receiving something desired in return; also known as bargaining or compromise (LAP-EI-062)

GLOBAL/INTERNATIONAL MARKET: Consumers and potential consumers who are all around the world (MN LAP 55)

GLOBAL NAVIGATION: A system for making certain pages are always accessible to visitors by including the same links on every single page within a site (PR LAP 15)

GLOBAL NAVIGATION BAR: A clickable, rectangular icon that identifies the pages which visitors can access on the site (PR LAP 15)

GLOBAL TRADE: The buying and selling of goods and services among nations (LAP-EC-916)

GLOBALIZATION: The rapid and unimpeded flow of capital, labor, and ideas across national borders (EC LAP 82, LAP-EC-104, LAP-EC-105, LAP-EC-107, LAP-EC-916, LAP-EI-033, LAP-HR-410, LAP-KM-001, QM LAP 1)

GLOBAL POSITIONING SYSTEM (GPS): A navigational system that uses satellite technology to determine location and provide directions (LAP-NF-003)

GOAL(S): An objective or want that you plan to fulfill; a statement that clearly describes a task to be accomplished (LAP-EI-027, LAP-EI-060, LAP-EI-126, HR LAP 11, IM LAP 7, LAP-MK-015, LAP-MP-001, LAP-MP-007, QS LAP 12, QS LAP 18, QS LAP 22)
Objectives (LAP-SM-001)
Things that businesses want to attain; objectives (MK LAP 19)
A concrete end result that you hope to achieve; an objective or want that you plan to fulfill (LAP-EI-063)
Statements that you make, telling yourself what you want to achieve (PD LAP 14, LAP-PD-019)
Objectives or wants that you plan to fulfill (EC LAP 71, LAP-PD-918)

GOAL SETTING: The ability to set, visualize, and focus on achieving objectives (LAP-EI-077, LAP-PD-918)

GOAL-SETTING THEORY: A process theory of motivation that is based on the belief that individuals have desires that lead to intentions and goals, which in turn, direct and result in behavior (MN LAP 47)

GOOD COP/BAD COP: A negotiating strategy involving at least two people on one side of the negotiation; of the two, one is reasonable and agreeable, while the other is unreasonable (LAP-EI-062)

GOOD SAMARITAN LAW: A law passed in some states to protect individuals from liability when they administer accepted first aid to injured persons (RM LAP 3)

GOOD 'TIL CANCELED: In investing, an order restriction that lets a broker know the order should remain active until the investor terminates it; also called an open order (QS LAP 47)

GOOD(S): Tangible objects that can be manufactured or produced for resale (LAP-CM-003, LAP-EC-901, LAP-EC-902, LAP-EC-917, LAP-MK-901, LAP-OP-017, PM LAP 3, PM LAP 17, LAP-PM-079, LAP-PR-901, SE LAP 17, SE LAP 57, LAP-SM-013)
Tangible objects and materials (OP LAP 2)

GOODWILL: Positive feelings toward a business; an advantage that a business acquires beyond the value of its products or services (SE LAP 57, SE LAP 828)
Positive feelings toward an individual or business; an advantage that an individual or business acquires beyond the value of the goods and services provided (LAP-PR-136)
Positive feelings toward a business (LAP-CR-010)
An advantage that a business acquires beyond the value of its products or services; the dollar value of goodwill is determined when one company purchases another (QS LAP 38)

GOVERNANCE: The system of management and controls in an organization (LAP-QM-012)

GOVERNANCE MECHANISM: Rule or regulation used to ensure a project stays on track and meets its requirements (LAP-OP-158)

GOVERNMENT: A country's arrangement for making and enforcing laws (LAP-EC-907)

GOVERNMENT ACCOUNTANT: A person who prepares, analyzes, and verifies financial data for the government as well as for private organizations that are subject to government regulation and taxation; may serve as a bank examiner or IRS (Internal Revenue Service) auditor (QS LAP 51)

GOVERNMENT PURCHASES OF GOODS AND SERVICES: A factor used in calculating GDP that includes all purchases made by the government and the wages of all government workers (LAP-EC-917)

GOVERNMENT REGULATION: Standards and rules that dictate how laws will be enforced (LAP-PI-015)

GOVERNMENTAL CHANGES: New or revised laws, regulations, policies, public services, leadership, etc. (HR LAP 8)

GRADES: Ratings assigned to products that tell to what extent standards have been met (LAP-PM-019)

GRAND-SCALE GOAL: A big, long-term goal (LAP-PD-918)

GRAPEVINE: An oral communication method in which information is passed around the company but not formally announced or verified (MN LAP 54)

GRAPHIC DESIGN SOFTWARE: Programs that instruct computers on how to create text, graphics, layouts, backgrounds, and other design components (PD LAP 3)

GRAY MARKET: The legal sale of goods through unauthorized sales channels (LAP-CM-006)

GREETING (WELCOME) APPROACH: A warm, friendly greeting that makes the customer feel welcome and important (SE LAP 101)

GRIEVANCE: A dissatisfaction expressed through an identified, formal process (MN LAP 45, MN LAP 55)

GRIEVANCE PROCEDURES: A formal method of settling disagreements between workers and employers (LAP-EC-915)

GROSS DOMESTIC PRODUCT (GDP): The final market value of the total outputs of all goods and services produced within a country’s geographic boundaries during a year’s time (LAP-EC-913, LAP-EC-916, LAP-EC-917, LAP-EC-918, LAP-IM-184, QS LAP 40)

GROSS DOMESTIC PRODUCT DEFLATOR: A inflation-rate measure similar to the Consumer Price Index, but more flexible since it does not measure fixed categories of goods and services (EC LAP 83)

GROSS DOMESTIC PRODUCT PER CAPITA: The average productivity of individual workers calculated by dividing the gross domestic product by the worker hours required to produce it (LAP-EC-913)

GROSS PRIVATE DOMESTIC INVESTMENT: A factor used to calculate GDP that includes the value of all capital goods created in the economy during the year and inventories held by businesses from the current year's production (LAP-EC-917)

GROSS PROFIT: Money left after the cost of goods is subtracted from total income (LAP-EC-010, FI LAP 94, QS LAP 38, SE LAP 875)
A company’s revenue after subtracting the costs of the products it has sold (LAP-OP-024)

GROSS PROFIT MARGIN: Financial ratio that shows how efficiently a business uses material and labor in the production process; calculated by dividing gross profit by total sales (QS LAP 42, QS LAP 43)

GROSS RATING POINTS (GRPs): The percentage of people reached by a media vehicle multiplied by the frequency of exposure to the advertisement (PR LAP 6)

GROSS WAGES: The amount of money an employee makes before taxes (LAP-EC-072)

GROUNDBREAKING: The beginning of a building project at which a symbolic shovel of earth is dug by those who have initiated the project or are responsible for it (PR LAP 8)

GROUND RULES: Basic rules for operating a group discussion (QS LAP 29)

GROUP: People working individually under the guidance of an assigned leader to achieve pre-established goals (QS LAP 18, QS LAP 29)

GROUP SALES: In sports, the marketing of seats and ticket packages to social organizations (LAP-PD-051)

GROUP TRAINING: Training presented to small or large groups; usually used for explaining theory or reasons for specific operations (MN LAP 42)

GROUPTHINK: The tendency of people in a group to make decisions together in a way that discourages individual responsibility or creativity (LAP-FI-355, LAP-OP-675)
A process that occurs when bad decisions are made by a group because the group’s members fear expressing opinions or suggesting ideas that others may disagree with (LAP-EI-134)

GROWTH COMPANY: A company whose sales and earnings per share grow at a rate greater than that of the market; may be large-cap, mid-cap, or small-cap (QS LAP 44, QS LAP 45)

GROWTH NEEDS: Desires that compel persons to make creative or productive efforts for themselves (MN LAP 47)

GROWTH STAGE: The product life cycle stage in which sales rise rapidly (LAP-PI-902, PM LAP 17, PM LAP 24, LAP-PR-903)

GROWTH STOCKS: Stocks that achieve capital appreciation rather than paying dividends (QS LAP 34, QS LAP 45)

GROWTH STRATEGY: A marketing strategy intended to increase market share or sales (LAP-MP-007)

GUARANTEE: A promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory; often called a money-back guarantee (LAP-EC-911, LAP-FI-093, LAP-OP-015, PM LAP 7, LAP-PM-920, SE LAP 62, SM LAP 400)
The fee a licensee pays up front to use trademarked property (LAP-PM-139, PM LAP 153)
A promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory (SE LAP 828)

GUARANTEED CIRCULATION: A conservative estimate of a magazine's delivered circulation (PR LAP 6)

GUERRILLA MARKETING: Promotional techniques that are unconventional, low-cost, and aim to attract consumers’ attention (LAP-PR-903)

GUIDELINE(S): A general boundary line for judging accuracy (QS LAP 22)
Recommended procedures to follow (QS LAP 18)

GUILT: The feeling that you have done something wrong (LAP-EI-075)

H

HABITS: Patterns of behavior (LAP-EI-134)

HABIT-FORMING SUBSTANCES: Drugs and alcoholic beverages that cause mental or physical addiction (LAP-PD-002)

HACK: Unauthorized access to a computer system (LAP-NF-110)

HALF-TRUTHS: Statements that are partly true but leave out some facts (HR LAP 19)

HALLMARK SPORTING EVENTS: Popular championships or tournaments that take place only at certain times, such as once a year or once every four years (e.g., the NCAA Final Four or the World Cup) (LAP-PD-051)

HAND TRUCK: A two-wheeled upright cart used to transport goods; pushed by handles (RM LAP 2)

HARASSMENT: Any kind of unwelcomed behavior that is carried out for the purpose of annoying or intimidating another person (LAP-EI-036, LAP-HR-411, MN LAP 55, LAP-PD-250, LAP-PD-251)

HARD NEWS: Information that should be announced right away because the public will want to know about it immediately (PR LAP 10)

HARDWARE: The physical components of a computer system (e.g., the central processing unit, hard drive, modem) (BA LAP 3, LAP-NF-003, RM LAP 4)

HARMONY: Accord; agreement (HR LAP 19)

HARVESTERS: Computer programs designed to collect e-mail addresses from web sites and discussion groups (BA LAP 4)

HARVESTING: A strategy in which a company continues to offer a declining product but reduces its costs as much as possible (PM LAP 24)

HAWTHORNE EFFECT: Results of a research study of employee productivity at Western Electric in Hawthorne, Illinois, 1927-1932, which indicated that changes, no matter how small, increase employee morale and productivity (MN LAP 40)

HAZARD RISK(S): Potential events or situations that can cause injury or harm to people, property, or the environment (LAP-EC-911, LAP-RM-041, LAP-SM-075

HAZARDOUS: Dangerous (PM LAP 7)

HEADLINE: Text set in large type and usually positioned at the top of an advertisement (PR LAP 7, PR LAP 9)
The title of a news release or news article (PR LAP 10)

HEDGE FUND: A private fund that uses aggressive investing methods to obtain high returns for its clients; a minimum investment into a hedge fund is usually around $1 million (LAP-EC-100)

HERD MENTALITY: In investing, purchasing popular stocks (QS LAP 45)
A mob or pack mentality that causes people to be influenced by others or to adopt certain behaviors (LAP-EI-134)

HERNIA: An injury in which part or all of a body organ breaks through surrounding tissue and protrudes; a rupture (RM LAP 3)

HERZBERG'S TWO-FACTOR THEORY: A content theory of motivation in which human needs are classified into hygiene factors and motivation factors (MN LAP 47)

HIDDEN BENEFIT: Advantage of product not recognizable unless pointed out by salesperson (SE LAP 109)

HIERARCHICAL FORMAT: A system for ordering web-site information around a home page (PR LAP 15)

HIERARCHY: A system in which people are ranked above or below one another according to their status (LAP-EI-006, LAP-EI-135)
A system in which people are ranked above each other according to authority (LAP-PD-252)

HIGH-CONTEXT CULTURE: A culture that relies heavily on nonverbal communication to get messages across (LAP-EC-045)

HIGHER ORDER NEED: A need that an individual addresses after they have met basic needs such as food, clothing, and shelter; higher order needs include social belonging, self-esteem, and self-actualization (LAP-MK-014)

HISPANIC: Individual whose ethnic heritage is Spanish (MN LAP 55)

HISTOGRAM: A graph with touching bars that show the distribution of a variable and cannot be rearranged (LAP-OP-163)

HOFSTEDE’S DIMENSIONS OF NATIONAL CULTURES: Measures of different aspects of society; based on the experience and research of Geert Hofstede (LAP-EC-045)

HOLDING COST: The money it takes to keep inventory in stock (LAP-OP-189)

HOME-BASED BUSINESS: A company that is operated in a residential dwelling (LAP-PD-066)

HOMOGENEOUS WORKFORCE: A workforce in which workers have many similarities; the opposite of a diverse workforce (MN LAP 55)

HONEST: Truthful (HR LAP 19)

HONESTY: Truthfulness (LAP-EI-021, LAP-EI-123, LAP-EI-127, LAP-EI-128, LAP-EI-129, LAP-EI-131, LAP-EI-138, LAP-EI-918, HR LAP 19)

HORIZONTAL CONFLICT: A type of channel conflict that occurs between channel members at the same level (e.g., two retailers) (LAP-CM-001, LAP-CM-006)

HORIZONTAL INTEGRATION: The acquisition of competing firms in the same industry (LAP-OP-303)

HORSEPLAY: Behavior such as running, jumping, wrestling, or showing off (RM LAP 2)

HOSPITALITY: An activity that involves welcoming special guests and arranging for travel, accommodations, meals, and entertainment (Career Opps in Hosp, LAP-PD-051)

HOSTING: Storing web pages on a server for a monthly fee (BA LAP 3)

HOSTING SERVICE DISTRIBUTION METHOD: A technique in which a business pays a fee to a service provider (e.g., Internet Service Provider) for sending the business's e-mails to recipients (PR LAP 14)

HOT-STOVE RULE: General guidelines for administering remedial action that compare the administration of discipline to touching a hot stove (MN LAP 53)

HOUSE OF QUALITY MATRIX: A tool used during the production-planning process to determine if a product meets customer needs (LAP-OP-163)

HOUSEHOLD: A person or persons, related or unrelated, living in the same housing unit

HOUSEHOLD SECTOR: A segment of the economy that does not include government or business; those making purchases for personal consumption (LAP-EC-917)

HTML: Hypertext Markup Language; the language for encoding documents used by the World Wide Web (BA LAP 4, BA LAP 5, PR LAP 13, PR LAP 14)

HTML CODE: Hypertext Markup Language, or markup code, that instructs a computer program (e.g., web browser or e-mail client) as to how to display words and images (PM LAP 9, PR LAP 15)

HUMAN CAPITAL: The sum of a person’s or a group’s knowledge, skills, health, and values; the intangible human talent that is brought to a task (LAP-EI-909)
The value of an employee’s skill set (QS LAP 42)

HUMAN DIRECTIONALS: Individuals wearing or holding signs to advertise a business or product (LAP-PR-007)

HUMAN RELATIONS: The ways that people form and conduct relationships with one another (LAP-EI-037)

HUMAN RESOURCES: People who work to produce goods and services (EC LAP 71, LAP-EC-901, LAP-EC-903, LAP-EC-907, LAP-EC-914, LAP-HR-410, LAP-OP-003, LAP-OP-017, LAP-SM-007, LAP-SM-065)
People who work to produce goods or services (EC LAP 15, LAP-SM-001)
People who work to complete a project (QS LAP 19)

HUMAN RESOURCES MANAGEMENT: The process of planning, staffing, leading, and organizing the employees of the business (EC LAP 71, LAP-HR-410)
A career area in which employees focus on staffing activities, including planning, recruitment, selection, orientation, training, performance appraisal, compensation, and safety of employees (PD LAP 25, LAP-PD-297)

HUMAN SERVICES PROGRAMS: Benefits such as free medical care, education, and financial assistance that are provided by a government to its citizens (LAP-EC-907)

HUMILITY: A lack of pride (LAP-EI-041)

HYBRID: A form of business ownership that combines elements of corporations and either sole proprietorships or partnerships (LAP-BL-006)

HYBRID STRUCTURE: A form of business ownership that combines elements of corporations and either sole proprietorships or partnerships (LAP-BL-003)

HYGIENE: The habits and practices of cleanliness and care you perform regularly to take care of yourself and your body (LAP-PD-002)

HYGIENE FACTORS: Needs to avoid pain in the workplace (MN LAP 47)

HYPERINFLATION: An environment in which prices are rising at a rapid or extremely high rate (EC LAP 83)

HYPERLINK: A component of an electronic document that can be clicked on in order to jump to another place within the document or into a different document (PR LAP 13, PR LAP 14)

HYPOCRITE: A person who says they live by certain values but in reality does not (LAP-HR-411)

HYPOTHESIS: A statement of the expected outcomes of a research project; a proposed explanation for something (LAP-IM-010, LAP-IM-281, LAP-IM-284)*

I

IDEA: A formulated thought resulting from a representation of a concept within the mind (LAP-PM-127, QS LAP 12)

IDEA GENERATION: The process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products (PM LAP 17)
The conscious or unconscious process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products (LAP-PM-127)*

IDEA SELLING: The process of convincing other people that an idea, proposal, or strategy will lead to positive results for them or for their organization (LAP-EI-108)

IDEAL MARKET EXPOSURE: Ensuring that a product is available to the target market without overdistributing the product (LAP-CM-001)

IDEATION: the process of generating and developing new ideas (LAP-PM-127)

IDENTIFICATION: Element of an advertisement that identifies the product or the advertiser and may include additional information about the business (PR LAP 7)

IDENTITY THEFT: The fraudulent acquisition and use of a person's private identifying information (e.g., name, Social Security number), usually for financial gain (LAP-CR-017)

IDIOM: Expressions that can’t be taken literally, such as “I’ll sleep on it” (LAP-EC-045)

IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS): A set of international guidelines and procedures governing accounting practices

IGNORANCE: Lack of knowledge or information (LAP-EI-033)

IGNORING: A conflict response mode in which one or more parties exhibit passive behavior and express a low level of cooperation; also called withdrawal (LAP-EI-915)

ILLEGAL: Prohibited by law (LAP-EC-106)

ILLUSTRATION: A photograph, drawing, painting, or graphic such as a chart, table, or graph (PR LAP 7, PR LAP 9)

IMAGE: The way something is viewed (HR LAP 4, IM LAP 7, LAP-MK-012, LAP-PM-140, LAP-PR-901)

IMAGINATION: The ability to see something that’s not there (LAP-PD-012)

IMMIGRANT: Anyone who was born in one country and emigrated to another country to live (MN LAP 55)

IMMIGRATION: An influx of new residents whose origin was another country (IM LAP 9)

IMPACT: The impression an advertisement will make on the average consumer in the target audience (PR LAP 5)
The effect or influence of an event (LAP-SM-075)

IMPARTIAL: Fair; unbiased (LAP-OP-190)
Not affected by personal bias or prejudice (LAP-EI-127)

IMPATIENT CUSTOMERS: Customers who feel they must be helped immediately, regardless of the circumstances (CR LAP 9)

IMPERSONAL: Lack of personal connection or concern (SE LAP 105)

IMPLEMENTATION: The process of doing or taking action (MN LAP 50, LAP-SM-013)

IMPLICATIONS: Effects or consequences that might happen in the future (LAP-EI-091)

IMPLIED WARRANTY: An unwritten, unspoken warranty understood by the customer and the seller that the product will perform as expected (LAP-PM-920)

IMPORTING: The process of buying goods and services from other nations (LAP-EC-916)

IMPORTS: Goods and services bought from other nations (LAP-EC-916)
Goods or services purchased from other countries (LAP-EC-072, EC LAP 83, LAP-EC-100)*

IMPOSE: To take advantage of another person (HR LAP 4)

IMPROMPTU: Done without being planned, organized, or rehearsed (LAP-CO-025)

IMPULSE ITEM: Any item purchased as a result of an on-the-spot decision to buy (LAP-EC-902)

IMPULSIVE PERSONALITY: A basic type of customer personality characterized by the customer's asking few questions, buying to meet inner needs and wants, selecting items quickly, shopping leisurely, and/or wanting purchases to be noticed (SE LAP 810)

IMPULSIVE SPENDING: Spending that is the result of an on-the-spot decision and not part of an overall spending plan (QS LAP 31)

IN-BASKET SIMULATIONS: An instructional method in which trainees are given a number of hypothetical, but true-to-life, problems that they are asked to solve during the fixed time of the simulation (MN LAP 50)

INBOUND MARKETING: A methodology that seeks to attract a target audience through value and relationships (LAP-PR-462)

INBOX: The location in an e-mail program where all new mail is received (PR LAP 13)

INCENTIVE(S): Something that will fulfill a customer’s specific desire or need (CR LAP 3, PR LAP 187)
A reward that motivates a channel member to achieve a specific goal (LAP-CM-001)
A motivator (in sales, for example, a monetary bonus for reaching a certain goal) (LAP-SE-895)
A function of relative prices that encourages producers to change and reallocate their resources; motivators (LAP-EC-906)
A prize or reward that motivates or encourages someone to behave a certain way (LAP-EI-135)

INCIDENT LOG: A record of accidents, injuries, and other mishaps occurring at a particular business or in a certain department (LAP-SM-075)

INCOME: The money received by resource owners and by producers for supplying goods and services to customers (LAP-EC-010, EC LAP 71, LAP-FI-085, FI LAP 94, LAP-FI-106, IM LAP 7, LAP-MP-001)
Money received by a business or an individual from outside sources (LAP-OP-025)
The money received by resource owners and by producers for supplying goods and services to customers (LAP-EC-901)

INCOME STATEMENT: A financial summary that shows how much money the business has made or has lost over a period of time; also called the profit-and-loss statement (LAP-FI-085, LAP-FI-099, LAP-FI-351, LAP-IM-184, PI LAP 5, LAP-SM-007, LAP-SM-013)
A summary of a business’s income and expenses over a period of time; also known as a profit-and-loss statement (QS LAP 36, QS LAP 38, QS LAP 39)
A summary of a business’s income and expenses over a period of time (FI LAP 94)
A financial record that measures a company’s performance during a certain period of time (LAP-FI-093, FI LAP 579)

INCOME STOCKS: Stocks that pay a higher-than-average dividend (QS LAP 34)

INCOME TAX: A portion of an individual's or business's earnings owed to the government (LAP-EC-072)

INCORPORATE: To become a legal corporation

INCREASING RETURNS: A growth in marginal product occurring as each additional input is added; occurs during the first stage of production (LAP-EC-023)

INCREMENTAL BUDGETING: Traditional budgeting strategy in which managers make small adjustments based on the last budgeting period (LAP-FI-099)

INCREMENTALISM: The diminishing of ethical values over time (LAP-FI-355)

INDECISIVE CUSTOMERS: Customers who frequently have great difficulty making a choice or a buying decision (CR LAP 9, LAP-EI-030)

INDEPENDENCE: The ability to think and act on your own and to complete tasks without the direction of others (LAP-EI-005, LAP-EI-024, LAP-PD-066)
Thinking or acting for oneself; not relying on others (LAP-PD-012)

INDEPENDENT INSURANCE AGENTS OF AMERICA: An organization whose members are agencies that sell fire, casualty, and surety insurance. Address: 127 South Peyton, Alexandria, VA 22314 (CD LAP 1)

INDEPENDENT UNION: A union that does not belong to a federation (LAP-EC-915)

INDEPENDENT VARIABLE: A factor whose value is not affected by other factors (LAP-IM-284)

INDEX: A measure of average stock prices that gives a general indication of a particular market, or the market as a whole (QS LAP 40)

INDEX FUND: A stock portfolio that copies the performance of a particular stock market index, such as the S&P 500 or the Nasdaq 100 (QS LAP 35)

INDIFFERENCE: Lack of interest (HR LAP 20)

INDIFFERENT: Lacking interest or concern (HR LAP 11)

INDIRECT CHANNEL OF DISTRIBUTION: A channel of distribution in which goods and services move from the producer to intermediaries and then to consumers or industrial users; also known as indirect distribution (LAP-CM-003)

INDIRECT COMPETITION: Rivalry between or among businesses that offer dissimilar goods or services (LAP-EC-912)

INDIRECT DISTRIBUTION: A channel of distribution in which goods and services move from the producer to the channel members and then to consumers or industrial users (LAP-CM-001)

INDIRECT QUOTATION: An expression of an exchange rate that lists the foreign currency first (as the base currency) (LAP-EC-100)

INDIVIDUAL BRAND: A category of brands in which different brands are used for products owned by one company (LAP-PM-021)

INDIVIDUAL RETIREMENT ACCOUNT (IRA): A tax-deferred retirement plan, usually for people not covered by a 401(k) plan (QS LAP 41)

INDIVIDUALISM: An emphasis on independent work and accomplishments (LAP-EI-033)

INDIVIDUALIST SOCIETY: A society in which group ties are loose and everyone is expected to take care of themselves (LAP-EC-045)

INDULGENCE: A dimension of national culture that refers to the tendency to allow oneself to gratify desires or enjoy pleasures (LAP-EC-045)

INDUSTRIAL DISTRIBUTOR: A channel member that buys industrial goods and sells them to industrial users (LAP-CM-003)

INDUSTRIAL GOODS: Tangible items that will be consumed by industrial users (LAP-CM-003, LAP-EC-907, LAP-OP-017)

INDUSTRIAL GOODS AND SERVICES: Products purchased by producers for resale, to make other goods and services, and/or to use in business operations (LAP-EC-902)

INDUSTRIAL MARKET: A customer or potential customer who purchases items for business operations, for resale, or for making other goods (LAP-MP-003)

INDUSTRIAL UNION: A union made up of workers in the same industry (LAP-EC-915)

INDUSTRIAL USER: A business that buys materials, services, or goods that will be used to make other goods or used in the operation of the company (LAP-CM-003)*
A business that buys materials, services, or goods that will be used to make other goods or used in the operation of the company (LAP-CM-001, LAP-MK-002)

INDUSTRIOUSNESS: Willingness to work hard (LAP-EI-024, LAP-EI-918)

INDUSTRY: All of the businesses that operate within a specific field of work (QS LAP 40, QS LAP 42, QS LAP 45)

INDUSTRY FORECASTS: Predictions of the future prospects for entire industries such as housing or retailing (IM LAP 3)

INDUSTRY TREND: The direction in which a particular industry is moving (e.g., sales in a particular industry may be increasing or decreasing) (LAP-FI-091, IM LAP 3)

INEFFECTIVE HUMAN RELATIONS: Unsuccessful interactions with others; the inability to get along (HR LAP 1)

INELASTIC DEMAND: A form of demand in which changes in price do not affect demand. (LAP-EC-905)
A market situation in which price changes have little to no impact on product sales (LAP-PI-047)

INFERIOR ATTITUDE: Outlook of people who believe that they are less worthy than the people around them; they lack self‑respect but tend to think highly of others (HR LAP 9)

INFLATION: A rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up (LAP-EC-100, LAP-EC-105, LAP-EC-913, LAP-EC-916, LAP-EC-918, IM LAP 3, LAP-IM-184, LAP-NF-015)*
An increase in the cost of goods and services (QS LAP 30, QS LAP 40)
A steady increase in the general price levels of consumer goods and services over a period of time (EC LAP 83)
A rise in prices of goods and services that results in a decrease in the purchasing power of money (LAP-EC-917)

INFLATION TARGETING: An economic policy in which a government attempts to guide inflation to a specific rate (EC LAP 83)

INFLATION RATE: Annual percentage change in inflation (EC LAP 83)

INFLECTION: Change in the pitch of the voice while speaking; used to emphasize certain words or phrases (LAP-CO-025, HR LAP 20, SE LAP 120)

INFLUENCERS: Prominent people on social media who impact the purchase decisions of a community or audience (LAP-EI-135, LAP-MK-014, LAP-PR-462, LAP-PR-463, LAP-PR-903)

INFOMERCIAL: Lengthy commercial that looks like a TV program (LAP-PM-140, LAP-PR-007)

INFORM: To expand an audience’s knowledge or give them a new skill; a purpose of oral presentations (LAP-CO-025)

INFORMAL EDUCATION: Knowledge acquired through life experiences (LAP-EI-036)

INFORMAL RECOGNITION: Recognition that is offered outside of formal systems; is often spontaneous; examples include positive comments, a pat on the back, or a high five (LAP-EI-141)

INFORMAL TRAINING: Training conducted on-the-job or in the field usually by experienced salespersons or sales managers (SE LAP 123)

INFORMATION: Knowledge, facts, or data (LAP-NF-015, LAP-SM-001)
Knowledge and facts in useful form (FI LAP 579)
Data presented in a useful form (LAP-IM-001, LAP-KM-001, LAP-NF-110)*

INFORMATION DEVELOPMENT: A career that involves the creation of the subject matter found on the WWW (PD LAP 3)

INFORMATION-GATHERING PROBE: A technique for probing in which the salesperson's objective is to find out information about customers that will be helpful in satisfying customer needs (SE LAP 120)

INFORMATION HOARDING: Keeping knowledge to oneself to prevent others from benefiting from it due to selfishness or motivated by the desire to gain a competitive advantage (LAP-EI-130)

INFORMATION MANAGEMENT: The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making (LAP-NF-110)
The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data (EC LAP 71)
The process of accessing, processing, maintaining, evaluating, and disseminating information for the purpose of assisting business decision-making (LAP-KM-001)

INFORMATION OVERLOAD: Communication that is too much and/or comes too fast to process at one time (LAP-NF-015, LAP-NF-110)
The problems created by the presence or availability of too much information; can cause a person to feel overwhelmed or have difficulty making decisions (LAP-KM-001)

INFORMATIONAL POWER: The ability of an individual with information or knowledge to influence the behaviors of others (LAP-EI-135)

INFORMED CONSENT: A voluntary agreement to participate in research given with knowledge and understanding of the study’s goal and what participation will involve (LAP-IM-025)

INFORMED PERSONALITY: A basic type of customer personality characterized by the customer's displaying confidence in choices, spending for quality, being a trendsetter, and/or wanting the best (SE LAP 810)

INFRASTRUCTURE: The basic roadways, utilities, and other services (police, fire, etc.) that create a foundation for a society (LAP-EC-104)

INFRASTRUCTURE DEVELOPMENT: A career that involves the creation of the components that provide support for the Internet and its applications (PD LAP 3)

IN-GAME PROMOTIONS: In sports marketing, a team or organization's attempt to communicate with and entertain fans during the course of play (LAP-PD-051)

INHERENT: Existing in something as a permanent, essential, or characteristic attribute (LAP-EI-092)

INHIBITIONS: Feelings that hold you back from doing something (QS LAP 5)

IN-HOUSE DISTRIBUTION METHOD: A technique in which the business is responsible for all activities relating to the creation and transfer of e-mail messages from the business to the recipients (PR LAP 14)

IN-HOUSE LIST: An organized collection of information about individuals who have expressed a desire to receive e-mails from a business (PR LAP 14)

INITIAL SALES TRAINING: Sales training developed for new recruits that is intended to influence their knowledge, skills, and attitudes (SE LAP 123)

INITIATIVE: Willingness to act without having to be told to do so; willingness to accept/seek additional or unpleasant duties; exceeding employer's expectations (LAP-EI-024, LAP-EI-918, MN LAP 40)

INJUNCTION: A court order forbidding someone from carrying out an act (e.g., an injunction against picketing) (LAP-BL-058, LAP-EC-915)

INJURY: Physical harm or damage (RM LAP 3)

INNOVATION: Something new, such as a new product, strategy, or process (LAP-EC-107, LAP-EC-918, LAP-EI-045, LAP-PD-126)
The process of creating new or more effective products, processes, services, technologies, or ideas (LAP-EC-103, LAP-EI-108, LAP-KM-001, LAP-PD-066)
The ability to make relevant changes or improvements (LAP-PD-012)

INNOVATIVE: Able to come up with something new (LAP-EI-027, LAP-EI-130, LAP-EI-134)

INNOVATIVE MANAGEMENT: A style of management that is more participative and facilitative than traditional, controlling management (LAP-EC-107)

INPUTS: The specific economic resources used in producing goods and services (LAP-EC-023, LAP-EC-913, LAP-OP-017, LAP-OP-189)

INQUIRY, THE: Method of answering objections in which the salesperson asks questions in an attempt to uncover the true reason behind an objection; also known as the question method (LAP-SE-874)

INSERTS: High-quality newspaper advertisements printed on higher quality paper and inserted into the newspaper (PR LAP 6)

INSIDER TRADING: When a company’s owners, directors, or key management trade its stock; illegal when trading on information that is not disclosed to the public (QS LAP 50)

INSIDERS: Owners, directors, and key management of a company (QS LAP 36)

INSIGHT: The “Aha!” moment when an answer comes to you (QS LAP 5)

INSOLUBILITY: Without one single, obvious solution to a problem (LAP-EI-092)

INSPIRATION: An influence on an individual that drives them to pursue a vision with creative and productive energy (LAP-EI-133)

INSTALLATIONS: High-cost, long-lasting industrial goods that are used to produce other goods and services (LAP-EC-902)

INSTALLMENT CREDIT ACCOUNT: A type of credit account set up to handle one total amount of credit that is to be paid off in regular installments (LAP-FI-002)

INSTITUTIONAL INVESTORS: Mutual fund managers, large investment firms, and significant holding companies who invest in the stock market (QS LAP 40)

INSTITUTIONAL KNOWLEDGE: The sum of information possessed by a company and its employees; sometimes called tribal knowledge (LAP-OP-303)

INSTITUTIONAL PROMOTION: A type of promotion that aims to create a certain image of the company in the eyes of consumers; also known as corporate promotion (LAP-PR-902)

INSTRUCTING: The process of actually giving verbal or written instructions to employees (LAP-SM-066)

INSTRUMENT: In finance, any medium used for borrowing purposes (LAP-EC-100)

INSUBORDINATION: Defiance of authority (LAP-PD-251)

INSULTING CUSTOMERS: Customers who intentionally make unpleasant remarks or use foul language (CR LAP 9)

INSURANCE: A contractual agreement in which one company (insurer) will pay for specified losses incurred by the other company (insured) in return for installment payments (premium) (Career Opps in Finance, LAP-EC-911, PD LAP 25)

INSURANCE AGENT: A person who sells insurance policies; may sell a variety of other financial products and services as well (QS LAP 51)

INSURANCE CARRIER: A large company that provides insurance and assumes the risk covered in the policies (QS LAP 51)

INSURANCE PREMIUM: A fee paid to an insurance company for providing insurance protection (PP LAP 7, PM LAP 7)

INTANGIBLE(S): Not having a physical presence (LAP-FI-093, LAP-OP-017)
In a cost-benefit analysis, costs and benefits that are difficult to quantify in dollar amounts (FI LAP 357)
Not capable of being detected through the senses (LAP-MK-012, LAP-PM-040, LAP-PM-079, SE LAP 17)
Not able to be detected through any of the five senses (LAP-PI-047, SE LAP 1)

INTANGIBLE ASSET: An asset that is not physical in nature; in investing, intangible assets include copyrights, patents, intellectual property, goodwill, etc. (QS LAP 42)

INTEGRATED MARKETING COMMUNICATIONS: The practice of coordinating all promotional activities to form a unified brand message (LAP-PR-903)

INTEGRATION: The process of coordinating the physical flow of materials to ensure maximum productivity throughout the entire supply chain (LAP-OP-303, LAP-OP-443)

INTEGRITY: Adhering to an established set of ethics and sound moral principles (LAP-CR-017)
Adhering to an established set of personal ethics and sound moral principles (LAP-EI-909)
Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations (LAP-EC-106, LAP-EI-004, LAP-EI-041, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-126, LAP-EI-127, LAP-EI-128, LAP-EI-131, LAP-EI-132, LAP-EI-137, LAP-EI-138, LAP-EI-918, LAP-FI-351, LAP-FI-355, LAP-IM-025, LAP-KM-002, LAP-OP-190, LAP-OP-246, LAP-OP-675, LAP-PD-251, LAP-RM-041)*
Wholeness; soundness (LAP-FI-343)

INTELLECTUAL CAPITAL: The value of employees’ knowledge that may provide the organization with competitive advantages (LAP-KM-002)

INTELLECTUAL DIVERSITY: An environment in which new and different ideas are embraced (LAP-EI-136)

INTELLECTUAL PROPERTY: Intangible business assets resulting from thinking processes (LAP-KM-002, LAP-NF-001)

INTELLIGENCE: The ability to know or learn (QS LAP 5)

INTELLIGENCE QUOTIENT: A number used to express the cognitive intelligence of a person based on a standardized test; also called IQ (LAP-EI-001)

INTENSIVE DISTRIBUTION: A distribution pattern in which a producer sells a product through every available wholesaler and retailer in a geographic area where consumers might look for it (LAP-CM-001)

INTENSIVE MEDIA COVERAGE: An advertising strategy based on reaching a small audience often (PR LAP 5)

INTENT, INTENTION: The purpose one has in mind (QS LAP 22)

INTERBANK MARKET: A financial market used for trading between commercial banks; excludes retail investors and individuals (LAP-EC-100)

INTERDEPENDENCY: People relying on each other to accomplish a task (LAP-EC-914)

INTERDEPENDENT: Influencing or relying upon one another (LAP-EC-907, LAP-EI-024, LAP-EI-037, LAP-EI-130, LAP-EI-918)

INTEREST: The reward or cost of lending or borrowing money, usually figured as a percentage of the amount (EC LAP 71, QS LAP 30)
Payments for the use of borrowed money (LAP-FI-091)
The fee which lenders charge borrowers for the use of credit (LAP-FI-002)

INTEREST RATE: The amount a lender charges a borrower for use of the money; expressed as a percentage of the principal loan amount (EC LAP 83, LAP-EC-100, LAP-FI-002, LAP-IM-184)

INTEREST-RATE RISK: The possibility of loss due to a rise in interest rates over a period of time (QS LAP 33)

INTERESTS: The things that a person is curious about, concerned for, or involved with (HR LAP 2, HR LAP 20, IM LAP 9)
The things that a person is curious about, concerned for, or involved with; a person’s needs or wants (LAP-EI-062)

INTERMEDIARIES: Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services (LAP-CM-001, MN LAP 43, LAP-PM-021, SE LAP 17)
Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services; also known as middlemen (LAP-CM-003, LAP-PR-901, LAP-PR-903)*

INTERMEDIATE FORECAST: A sales forecast for a period of five years or less (IM LAP 3)

INTERMEDIATE MANUFACTURER(S): Businesses that make and supply products used in the creation of a finished product (LAP-OP-443)

INTERMEDIATE PRODUCTS: Items that are part of other finished products (LAP-EC-917, LAP-OP-303)

INTERMEDIATE-RANGE FORECASTING: Sales forecasting that predicts sales for periods of three months to two years; used to plan quarterly or yearly budgets or to determine whether to make capital expenditures (purchases of equipment, land, etc.) (LAP-MP-013)

INTERMEDIATE-TERM TIME HORIZON: An investing time frame of 5 to 15 years (some sources say 3 to 10 years) (QS LAP 41)

INTERMITTENT PRODUCTION PROCESS: A production process in which production periodically stops and restarts (LAP-OP-017)

INTERNAL ACCOUNTANT: A person who prepares, analyzes, and verifies financial data for corporations or other organizations, with an emphasis on checking for fraud or waste (QS LAP 51)

INTERNAL ACCOUNTING CONTROLS: Policies and procedures that are created and enforced to ensure the reliability of accounting systems (LAP-FI-343)

INTERNAL BRANDING: The process of building a business’s corporate brand among its employees; educating employees so that they understand and embrace the values, personality, and promise of their corporate brand (LAP-PM-126)

INTERNAL CONFLICT: Conflicting thoughts or ideas within yourself (LAP-EI-915)

INTERNAL CUSTOMERS: The people (i.e., employees) who work cooperatively together to achieve business goals (CR LAP 3, LAP-PM-913)

INTERNAL DATA: Facts and figures located inside the company (LAP-IM-010)
Secondary information that already exists in an organization’s “in-house” system (LAP-IM-281)
Facts and figures located inside a company; secondary information that already exists in an organization’s in-house system (LAP-IM-001)

INTERNAL DISTRACTION: A concern, thought, or worry on the part of the listener that takes away from their ability to attend to the speaker’s message; examples include hunger or thirst, a personal problem, poor health, etc. (LAP-CO-017)

INTERNAL ENVIRONMENT: A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing (LAP-NF-015)

INTERNAL FACTOR: A force that exists within the company itself (SE LAP 932)

INTERNAL FAILURE COSTS: The costs associated with defective products reaching customers (QM LAP 1)

INTERNAL FEEDBACK: Evaluative information that comes from within you (LAP-EI-903)

INTERNAL INFORMATION: Facts that come from sources inside the business (e.g., accounting records, financial statements) (LAP-IM-025, LAP-MP-013)

INTERNAL MOTIVATION: Wanting to achieve something for your own satisfaction (QS LAP 5)

INTERNAL REVENUE SERVICE (IRS): A United States federal agency that collects taxes and enforces tax law (LAP-BL-006, LAP-EC-072)

INTERNAL RISKS: Financial risks that are controlled by the business, such as poor budgeting, inaccurate financial data, and inadequate accounting processes (LAP-EC-911)

INTERNAL SOURCES: Contacts within the school, organization, or club (LAP-OP-003, QS LAP 19)

INTERNAL TRAINING: Training provided by management or the company's training staff; usually conducted within the firm (MN LAP 42)

INTERNATIONAL ASSOCIATION OF AMUSEMENT PARKS AND ATTRACTIONS: An organization whose membership is composed of operators of amusement parks, tourist attractions, swimming pools and beaches, and manufacturers of outdoor amusement equipment. Address: 1448 Duke Street, Alexandria, VA 22314 (CD LAP 1)

INTERNATIONAL LAW: Laws created and enforced by organizations such as the United Nations (UN) and the International Criminal Court (ICC) that deal with agreements between nations and globally accepted standards for behavior (LAP-BL-163)

INTERNATIONAL ORGANIZATION FOR STANDARDIZATION (ISO): The world’s largest developer of voluntary international standards for products, services, and good practice (LAP-OP-163, LAP-OP-189)
A nongovernmental organization that develops and publishes standards for business, government, and society (LAP-OP-017)

INTERNET: A worldwide network of computers that enables users to access information and communicate with others (BA LAP 3, PR LAP 6)

INTERNET BROWSER: Software used to access and display web pages (BA LAP 3)

INTERNET CORPORATION FOR ASSIGNED NAMES AND NUMBERS (ICANN): An agency established by the federal government to manage how domain names are distributed (BA LAP 5)

INTERNET CREDIT-CARD FRAUD: A deception carried out to secure unfair or unlawful gain by individuals using stolen credit-card information (BA LAP 4)

INTERNET FRAUD COMPLAINT CENTER: A U.S. government agency responsible for fighting Internet fraud (BA LAP 4, BA LAP 5)

INTERNET SERVICE PROVIDER: A company that provides access to the Internet, usually for a fee (e.g., America Online) (PR LAP 13, PR LAP 14)

INTERNET TAX FREEDOM ACT: A law that prohibits any new Internet taxes (BA LAP 5)

INTERNET TELEPHONY: Technology that allows users to communicate over the internet rather than through traditional public networks (LAP-NF-003)

INTERNET-USE POLICIES: General rules that outline the proper use of the Internet at work (BA LAP 5)

INTERNET USE TAX: Money paid by the buyer to the state based on a percentage of the sale price (BA LAP 4)

INTERNSHIP: Training in which schools and businesses cooperate to provide on-the-job practice for learners; learners receive classroom instruction and on-the-job experience (MN LAP 42, PD LAP 3, LAP-PD-051)

INTERPERSONAL RELATIONSHIPS: Interactions between individuals (EI LAP 14, MN LAP 55)

INTERPERSONAL SKILLS: The ability to communicate, interact, and build relationships with others (LAP-SM-001)

INTERPRET: To explain (HR LAP 25, QS LAP 18, QS LAP 24)

INTERPRETIVE QUESTION: A type of question asked to check for understanding when the salesperson summarizes the customer’s ideas in his/her own words

INTERRELATED: Having an effect on or depending upon one another (LAP-FI-106, LAP-NF-015)

INTRANET: An internal network similar to the Internet that is accessible only by authorized personnel; used to access information and communicate with others within an organization (SE LAP 62)
A computer network that is restricted to the organization it serves; an internal internet (LAP-KM-001, LAP-PD-251)

INTRINSIC MOTIVATION: Motivation that comes from within an individual and is a result of their work or task (LAP-EI-059, LAP-EI-133)

INTRINSIC VALUE: The underlying actual value of a company; a company’s actual, fair worth (QS LAP 42, QS LAP 49)

INTRODUCTION STAGE: The product life cycle stage when the product first appears in the marketplace (PM LAP 17, PM LAP 24)
INTRODUCTORY STAGE: The product life cycle stage when the product first appears in the marketplace (LAP-PI-902, LAP-PR-903)

INTROVERT: A person who draws energy from within themselves; tends to be reserved and reflective and might take pleasure in solitary activity (LAP-EI-126)

INTUITION: Instinct; “gut feelings” (LAP-EI-125, LAP-KM-001, LAP-PD-077)*
The ability to rely on your own instincts or inner reasoning (LAP-PD-012)

INTUITIVE PROBLEM-SOLVING: A problem-solving method that relies on gut feeling and flashes of insight (LAP-PD-077, QS LAP 26)

INVENTIVENESS: The ability to create something original (LAP-PD-012)

INVENTORY: All the stock that a business has on hand (DS LAP 2, DS LAP 3, DS LAP 6, LAP-OP-163, LAP-OP-189, QS LAP 38)
Stock of goods (LAP-EC-903, LAP-FI-343, LAP-OP-190)
The goods a business has in stock (LAP-MP-013)

INVENTORY CONTROL: Tracking the amount, kind, and value of inventory that a business has on hand (DS LAP 2, DS LAP 6, LAP-OP-189)

INVENTORY CONTROL SYSTEM: The methods used to track inventory (DS LAP 2, DS LAP 6)

INVENTORY LEVEL: The amount of goods on hand (LAP-FI-002, IM LAP 3)

INVENTORY RECORD: A document containing information related to the goods that a business has on hand or on order (LAP-NF-001)

INVENTORY MANAGEMENT: The process of supervising and controlling the number of finished products a company has in stock (EC LAP 71, LAP-OP-477)

INVENTORY SHRINKAGE: Losses of inventory due to such causes as shoplifting, employee theft, break-age, misplaced goods, or poor record keeping (DS LAP 2, DS LAP 3, DS LAP 4, DS LAP 6, RM LAP 4)

INVENTORY VALUATION: Appraisal of all the stock that a business has on hand (QS LAP 38)

INVERSE RELATIONSHIP: A relationship between two variables in which the value of one increases when the other decreases (LAP-EC-023)

INVERTED PYRAMID: A triangle turned upside down; term used to describe the way the media present facts by starting with the most important points and ending with the least important (PR LAP 10)

INVESTING: Building wealth by using money to make money (QS LAP 30, QS LAP 31)

INVESTMENT: The use of money to generate a profit or gain (Career Opps in Finance)

INVESTMENT BANK: A firm that specializes in helping corporations and governments issue securities; also aids in complicated financial matters such as mergers and acquisitions (QS LAP 51)

INVESTMENT BANKER: A person who assists clients with the details and strategy that complicated financial matters (such as mergers and acquisitions and issuing securities) require (QS LAP 51)

INVESTMENT FUND: Pooled money from numerous investors, professionally managed to earn a profit (LAP-EC-100)

INVESTOR(S): Those who invest their funds in a business; may be owners or stockholders (LAP-EC-106, LAP-FI-085, LAP-FI-091)

INVESTOR CONFIDENCE: The attitudes of investors toward risk (LAP-NF-015)

INVOICE: The formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc. (DS LAP 4, DS LAP 5, LAP-OP-015)

IPO (INITIAL PUBLIC OFFERING): The introduction of a corporation’s stock to the market (QS LAP 34)

IRON CURTAIN: A term referring to the ideological separation of East and West during the Cold War (LAP-EC-104)

IRRATIONAL: Illogical; without clear reason (HR LAP 8)

IRRITABLE/MOODY CUSTOMERS: Customers who may be pleasant one day and touchy or unpredictable the next (CR LAP 9)

ISO 9000: A set of quality-management standards used by millions of organizations worldwide (LAP-OP-163, LAP-PM-019)

ISSUE LOG: A document that tracks problems or conflicts that have already happened and are currently impacting a project (LAP-OP-520)

ISSUER: The corporation or governing body borrowing a bond investor’s money (QS LAP 33)

J

JARGON: Specialized language known only to a certain group of people (LAP-EC-045, LAP-PD-252, SE LAP 62)

JEOPARDIZE: To risk or put in danger (RM LAP 2)

JOB ANALYSIS: A systematic study of the tasks and responsibilities of a job and its place in an organization (MN LAP 50)

JOB DESCRIPTION: Explanation of responsibilities and tasks associated with a specific job (LAP-HR-410, QS LAP 19, LAP-SM-065)
The official statement of job duties an employee must perform (EC LAP 71)

JOB-KNOWLEDGE SKILLS: Specialized body of information or knowledge that enables supervisors and managers to do their particular jobs (MN LAP 50)

JOB POSITION: A worker’s assigned duties and the level of authority that goes with their job (LAP-EI-036)

JOB ROTATION: An instructional method in which employees are rotated periodically from one job to another to broaden the employees' perspective of the business (LAP-EC-914, MN LAP 42, MN LAP 50)

JOB SPECIFICATION: Explanation of the skills, knowledge, and characteristics required for a job (LAP-HR-410, LAP-SM-065)

JOB SPECIALIZATION: Becoming an expert in a specific work task (LAP-EC-103)

JOB TASK: Unit of work assigned to an individual to complete a job (LAP-EC-914)

JOINT VENTURE: An arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties; the relationship is usually short-term or for a single project/transaction (LAP-BL-003, LAP-MP-007)
An arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties; the relationship is usually short-term or for a single project/transaction; also known as a strategic alliance (LAP-EC-104)*

JOURNAL: A special book or computer program in which a business's transactions are recorded in the order in which they occur (LAP-FI-085)

JOURNEYMAN: A skilled union member who has taken courses in an occupational area, has passed an exam, and has been licensed by the state (LAP-EC-915)

JUDGMENT SAMPLING: A non-probability sampling method in which researchers handpick respondents based on their knowledge or expertise; also called expert sampling (IM LAP 285)

JUDGMENTAL: Inclined to criticize or form opinions (LAP-EI-030)

JUNIOR BOARDS: An instructional method in which a junior board of directors of mid-level managers is formed to discuss any problem that the senior board would discuss (MN LAP 50)

JURISDICTION: The authority to decide how the law applies and to enforce the law (BA LAP 5, LAP-BL-163)

JURY OF EXECUTIVE OPINION: A qualitative sales forecasting method that gathers opinions from company executives (IM LAP 4)

JUST CAUSE: Sufficient reason, as supported by evidence, for disciplining an employee (MN LAP 53)

JUST-IN-TIME: An inventory control method that orders goods just in time for them to be used or sold.(DS LAP 3)

JUST-IN-TIME INVENTORY: An inventory method in which goods are ordered so that they arrive when they are needed rather than being stockpiled (LAP-EC-903)

“JUST-LOOKING” CUSTOMER: A type of customer who does not intend to buy at the time, but if treated courteously, often does buy

JUSTICE: Treating others how they deserve to be treated based on an ethical understanding of what is right; keeping people’s unique needs in mind when determining what is fair (LAP-BL-163, LAP-EI-127)

K

KEYNESIAN THEORY OF UNEMPLOYMENT: A set of ideas that assumes unemployment begins when businesses cut wages and can be controlled by increasing demand and encouraging spending (EC LAP 82)

KEYWORD: Significant word or phrase used in searches (LAP-PR-462)

KICKBACK: An illegal payment or bribe paid in return for securing a contract (LAP-OP-246)

K.I.S.S. PRINCIPLE: A rule used in e-mail marketing suggesting that e-mails should be short and simple (PR LAP 14)

KNOWLEDGE: The intangible combination of human experiences, insights, and intuitions that provide structure for interpreting and reacting to the world around you (LAP-KM-001, LAP-KM-002)

KNOWLEDGE BASE: A place for an organization to store and organize its knowledge (usually a database or software program) (LAP-KM-001)

KNOWLEDGE GAP: An area or subject you don’t know anything about (LAP-EI-137)

KNOWLEDGE LEADER: The person responsible for overseeing an organization’s knowledge management efforts (LAP-KM-001)

KNOWLEDGE MANAGEMENT: The process of creating, identifying, collecting, organizing, sharing, and using knowledge and knowledge sources for the benefit of the organization or business (LAP-KM-001, LAP-KM-002)

KNOWLEDGE MAP: A tool for knowing what knowledge resides where and for illustrating patterns of knowledge (LAP-KM-001)

KNOWLEDGE TEAM: A team of people from a wide cross section of organizational departments that uses its skills and expertise to assist the knowledge leader in implementing an organization-wide system of knowledge management (LAP-KM-001)

L

LABEL: Printed information affixed to a consumer good (PM LAP 7)
A small piece of paper or other material that is attached to an object for the purpose of categorizing or providing information about the object (LAP-PM-040)

LABOR: The work people do or the workers themselves (LAP-EC-023)

LABOR CONTRACT: An agreement between a union and a company outlining the wages, fringe benefits, working conditions, and rules under which employees will work (LAP-EC-915)

LABOR-INTENSIVE PROCESS: A production process that relies heavily on the skills of workers (LAP-OP-017)

LABOR UNION: A group of workers who join together to improve the terms and conditions under which employees work (LAP-EC-915)

LAGGING INDICATOR: An economic measure that confirms what is already known and does not predict future trends (EC LAP 82)

LAISSEZ-FAIRE LEADERSHIP: A hands-off leadership style in which the leader assumes little or no responsibility, allowing employees to determine their own work behavior and productivity levels (LAP-HR-493)

LAISSEZ-FAIRE MANAGERS: Managers who assume little or no leadership responsibility, allowing subordinates to determine their own work behavior and productivity level (LAP-EI-037)

LANDING PAGE: The page customers visit after clicking a link (LAP-PR-462)

LANHAM ACT: Federal law that provides trademark protection; specifies proper procedures for registering trademarks (LAP-BL-058, PM LAP 153)

LARGE-LANGUAGE MODELS (LLMS): Massive machine learning algorithms that can understand and generate text or other content (LAP-OP-677)

LARGE-SCALE GOAL: A medium-sized, long-term goal (LAP-PD-918)

LATERAL RELATIONS: The amount of teamwork included in an organizational design (LAP-EC-103)

LATERAL THINKING: A process used to solve problems and generate ideas in purposely illogical ways (LAP-PM-127)

LAW OF DEMAND: Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service (LAP-EC-905)

LAW OF DIMINISHING RETURNS: An economic concept that states that if one input increases while all others are constant, at some point the increases in output will decline; also known as the law of diminishing marginal returns or the law of variable proportions (LAP-EC-023)

LAW OF SUPPLY: Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price (LAP-EC-905)

LAW OF SUPPLY AND DEMAND: Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low (LAP-EC-905)
A principle that states high demand/low supply will increase prices and low demand/high supply will decrease prices (LAP-EC-100)

LAW(S): Rules and regulations enforced by the government of a country or community (LAP-SE-106)
Rules enforced by the government of a country or community that, if violated, result in penalties (LAP-BL-163)

LAYAWAY: A type of sale in which merchandise is removed from the sales floor and held by the business until the customer pays the outstanding balance (LAP-EC-904)

LAYOUT: The way in which the elements of an advertisement are arranged (PR LAP 7)

LAYOUT GRIDS: A rectangular design template that specifies the layout of the site (PR LAP 15)

LEAD: The name of an organization or individual that might be interested in a salesperson's good or service (SE LAP 1, SE LAP 828)
The introductory sentence or paragraph in a news release or article that leads into the story (PR LAP 10)

LEAD CLUB: A group composed of noncompeting salespeople who meet to exchange information about prospects

LEAD TIME: Amount of time that passes between placing an order and receiving the stock (DS LAP 2)
The amount of time required by a medium to place an advertisement (PR LAP 5)

LEADER: An individual who provides leadership to achieve goals (QS LAP 29)
An individual with the ability to guide or direct the actions of others in a desired manner (LAP-EI-909, LAP-HR-493)
A frequently purchased item priced close to cost to bring customers into a business and to give the impression that all the business's prices are low

LEADERSHIP: The ability to guide or direct the actions of others in a desired manner (LAP-EI-027, LAP-EI-131, LAP-EI-909, HR LAP 10, LAP-HR-493, MN LAP 47, LAP-SM-066)

LEADERSHIP SKILLS: The ability to guide or direct the actions of others (LAP-EI-024, LAP-EI-918, LAP-PD-066, LAP-PD-297, QS LAP 18)

LEADERSHIP STYLE: The way or manner in which a leader goes about the task of influencing others (HR LAP 9)

LEADING ECONOMIC INDICATORS: Statistical measures that signal the likely future movement of the economy; typically rise or fall 3-12 months prior to the rest of the economy (LAP-EC-918)

LEADING QUESTIONS: Questions that subtly prompt the respondent to answer in a particular way (LAP-IM-025)

LEAN PRODUCTION: A quality-control method that focuses on maximizing customer value while minimizing waste; often referred to simply as “lean” (LAP-OP-163)

LEARNER-CONTROLLED INSTRUCTION: An on-the-job instructional method in which managers or supervisors are given a competency-based contract to complete at their own pace (MN LAP 50)

LEARNING GOAL: A goal involving mastery of a new skill (LAP-PD-918)

LEAVE POLICY: A policy that describes how many days of paid and/or unpaid leave employees are entitled to (LAP-PD-250)

LEAVE-ME-ALONE CUSTOMERS: Customers who prefer or pretend to prefer to be left alone to find what they want (CR LAP 9)

LECTURE/DISCUSSION: An instructional method in which general information is explained to a group of people at one time (MN LAP 44, SE LAP 123)

LEDGER: The accounting record for a specific department or area of the business (LAP-FI-085)

LEGAL: Acceptable under the law (LAP-EC-106)

LEGAL RECORDS: Documents containing information relating to or concerned with the law (LAP-NF-001)

LEGITIMATE POWER: The ability to influence the behavior of others due to position or role (LAP-EI-135)

LENDING INVESTMENTS: Investments in which lenders allow borrowers to use their money during a period of time for a specified fee or rate of interest (LAP-FI-077, QS LAP 40)

LENGTH: A product-mix dimension referring to the total number of products in the product mix (PM LAP 3)

LESSONS LEARNED: What went well, what didn’t go well, and how to improve in the future during the course of a project (LAP-OP-521)

LESSONS-LEARNED DOCUMENT: A project-end summary of what went well, what didn’t go well, and how to improve in the future (LAP-OP-158)

LETTER OF AGREEMENT: A short document outlining the terms of an arrangement between two parties; it may be considered legally binding if signed by both parties (LAP-PR-175)

LETTER OF INTENT: A document communicating what a person or business intends to do within (or during) a specific time frame (LAP-SM-007)

LETTER OF THE LAW: The literal meaning of a law as it is written, word for word (LAP-BL-163, LAP-CM-006, LAP-OP-677, LAP-PI-015, LAP-RM-041)

LETTERHEAD: Business stationery imprinted with the firm's name, address, telephone number, fax number, logo, etc. (PR LAP 10)

LEVERAGE: The amount of power one person holds during a negotiation (LAP-EI-062)

LIABILITY: A debt, usually money, that a business owes (LAP-OP-190)

LIABILITIES: Debts (LAP-FI-093)
Responsibilities of the business, especially legal responsibilities; debts (PM LAP 3, LAP-SM-007)
Debts, usually money, owed (LAP-FI-085, LAP-IM-184, QS LAP 38, QS LAP 44)*

LIABILITY INSURANCE: A contractual agreement that provides compensation for losses that a person or business is responsible for (LAP-EC-911)

LIABILITY WAIVER: A document that a customer signs to release a company from taking responsibility for the inherent risks involved in buying a product or participating in an activity (SE LAP 932)

LIBEL: Writing something untrue that damages a person’s or business’s reputation (LAP-SE-106)

LICENSE: A permit to import or export goods and services (LAP-EC-916)
A permit that allows a business to operate (PM LAP 7)

LICENSE GRANT: The section of a license agreement that specifies which rights and properties are being licensed, what types of merchandise will be produced, and the exclusivity of the license category (PM LAP 153)

LICENSED MERCHANDISE: Goods that carry the name or logo of a sports organization that the organization has authorized a manufacturer to make and distribute for sale (LAP-MK-012)
Goods bearing the name or logo of a sport/event product produced and distributed by an authorized manufacturer (LAP-PM-079)

LICENSEE: The buyer of copyrighted, patented, or trademarked material (LAP-BL-003, LAP-BL-058)
A company that wants to manufacture and sell products using trademarked property (LAP-PM-139, PM LAP 153)

LICENSING: Issuing a government permit that allows an individual or a business to function in the marketplace (LAP-EC-016)
A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a specific activity, during a specific time period, for the profit of both parties (LAP-BL-003, LAP-EC-104, LAP-FI-099, PM LAP 17)
An agreement that allows one company to use the trademarked property of another company to manufacture and sell its own products (LAP-PM-139, PM LAP 153)

LICENSOR: The owner of copyrighted, patented, or trademarked material (LAP-BL-003, LAP-BL-058)
An organization or company that holds the rights to trademarked property (LAP-PM-139, PM LAP 153)

LIEN: A legal claim to an item of property that protects the seller if the buyer does not complete their payments (LAP-FI-002)

LIFE CYCLE: The stages through which goods and services move from the time they are introduced on the market until they are taken off the market; also known as the product
life cycle (LAP-SM-007)

LIFE PHASE: Where you are in life (just out of college, single, married, children, no children, close to retirement, etc.); greatly influences your investment choices (QS LAP 41)

LIFE SKILL: Basic skill necessary to survive (QS LAP 24)

LIFESTYLE: The way in which people lead their daily lives; determined by their attitudes, interests, and activities (LAP-EI-036, IM LAP 9)
The way in which people lead their daily lives; determined by their income, interests, and activities (LAP-MP-003)
A person’s activities, interests, and opinions (LAP-MK-014)

LIMIT ORDER: In investing, a buy or sell order that specifies a price limit at which to execute the trade (QS LAP 47)

LIMITED AUTHORITY: A negotiating strategy in which one person claims that they do not have the authority to make a decision and must consult another person who is not present during the negotiation process (LAP-EI-062)

LIMITED DECISION: A type of decision that requires some consideration (LAP-EI-091, LAP-PD-017)

LIMITED LIABILITY: Restricted chance of loss; a condition in which business owners risk only the amount of their investment (LAP-BL-003, LAP-BL-006)

LIMITED LIABILITY COMPANY (LLC): A hybrid form of business ownership in which members of a business experience limited liability and taxation; the business entity has a limited life span (LAP-BL-006)
A form of business ownership in which members of a corporation experience limited liability; there is limited taxation on company income and limited life for the business entity (LAP-BL-003)

LIMITED LIABILITY PARTNERSHIP (LLP): A hybrid form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners (LAP-BL-006)
A form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partners (LAP-BL-003)

LIMITED PARTNERSHIP: A type of partnership agreement in which at least one partner has limited liability and a general partner has unlimited liability; the liability of the limited partner(s) is limited to the amount of their investment (LAP-BL-003, LAP-BL-006)

LIMITED WARRANTY: A warranty that does not contain the provisions of a full warranty; may cover specific parts, certain repairs, or a particular time period (LAP-PM-920)

LINE AUTHORITY: Formal, direct authority that affects a business’s day-to-day operations (LAP-EC-103)

LINE OF COMMAND: See chain of command (LAP-EC-103)

LINE TRAINERS: Corporate personnel such as senior sales representatives, field supervisors, or sales managers who are assigned training responsibilities (SE LAP 123)

LINEAR: Straightforward (LAP-EI-005)

LIQUIDATE: To convert assets into cash (PM LAP 24)

LIQUIDITY: Ability to be converted into cash (LAP-FI-093)
The ability to easily convert your investment back into cash (QS LAP 35, QS LAP 41)

LIQUIDITY RATIO: A class of financial ratios that measures the ability of a company to turn its assets into cash (or to pay its bills) (QS LAP 43)

LIQUIDITY RISK: The possibility of loss due to the inability to access a financial investment (QS LAP 33)

LIST BROKER: A company that prepares prospect lists for a fee (SE LAP 1)

LIST MANAGEMENT SYSTEM: A method used for organizing, handling, and/or supervising information about individuals who deal with a particular business (PR LAP 13, PR LAP 14)

LIST PRICE: A price established by a seller of goods, services, or resources; the price at which products are offered (PU LAP 3)

LITERATE: Able to read and to write (MN LAP 55)

“LITTLE Q”: A focus on making sure that manufacturing processes and end products conform to specifications; a tactical approach to quality management (LAP-OP-163)

LOAD: The transaction fee or commission on a mutual fund; may be charged at the time of purchase (front end) or when the fund is sold (back end) (QS LAP 44, QS LAP 48)

LOAD TIME: The amount of time it takes for various components of a web page to appear on a computer screen (PD LAP 3)

LOAN: Money lent to individuals or businesses in exchange for the promise of repayment plus interest (LAP-FI-091)
A sum of money lent to a business or an individual for a specific time period that is repayable with interest (EC LAP 71)

LOAN OFFICER/COUNSELOR: A person who specializes in finding clients and helping them to apply for loans, such as commercial, consumer, or mortgage (QS LAP 51)

LOBBYING: A practice in which a person or group attempts to influence lawmakers to pass or block certain legislation (LAP-EC-105)

LOCAL LAWS: Laws created by the legislators in cities, counties, towns, and villages rather than by international, federal, or state lawmakers (LAP-BL-163)

LOCAL UNION: The lowest level of union organization; dues are paid to local unions (LAP-EC-915)

LOCKOUT: A company strategy in which the business is closed, and the employees are not allowed to work (LAP-BL-058)
A company pressure strategy in which management refuses to allow union members to work by either temporarily closing the business or bringing in nonunion members, known as strikebreakers, to work (LAP-EC-915)

LODGING: A career area in which employees are in charge of making sure guests are comfortable and satisfied (Career Opps in Hosp)

LOG FILES: Files that provide information about the activities of web-site visitors (PM LAP 9)

LOGIC: An objective, or neutral, way to make sense of the facts by considering some facts more important than others (LAP-PD-017, QS LAP 29)

LOGISTICS: Refers to managing the flow of goods and services from production to consumption (LAP-OP-189)
The coordination of how a venture will come to life (workplace, materials, technology, etc.) (LAP-EN-038)
The coordination of the movement and storage of products throughout the supply chain (LAP-OP-303)

LOGO: A distinctive symbol, design, or group of letters (LAP-CR-001, LAP-MK-012, LAP-PM-206)
The name and/or symbol used by a business; also called signature (LAP-PM-139, PM LAP 153)

LOGOTYPE: The name and/or symbol used by a business; also called signature (PR LAP 7)

LONG PRODUCT MIX: A description of the length of a business’s product mix offering many products in its product lines (PM LAP 3)

LONG-RANGE FORECASTING: Sales forecasting that predicts sales for periods of more than two years; used when making strategic plans to develop new products, enter new markets, build new facilities, etc. (LAP-MP-013)

LONG-TERM BUDGET: A budget that covers a time period of more than a year (usually three years) (LAP-FI-099)

LONG-TERM FORECAST: A sales forecast for a period longer than five years (IM LAP 3, IM LAP 4)

LONG-TERM GOALS: Objectives that will take a year or more to reach (LAP-PD-918)

LONG-TERM LIABILITIES: Debts that will take longer than a year to pay (LAP-FI-093)
Debts that will take longer than a year to pay, e.g., a mortgage (QS LAP 38)

LONG-TERM ORIENTED SOCIETY: A society in which people focus on future rewards and value actions such as persistence and saving money; typically associated with Eastern cultures (LAP-EC-045)

LONG-TERM TIME HORIZON: An investing timeframe of at least 10 to 15 years (QS LAP 41)

LOOPHOLE: An ambiguity in a law that allows people or businesses to avoid its consequences (LAP-OP-190)

LOSE-LOSE: A negotiation outcome in which both parties do not receive what they want; often a result when using the avoidance negotiating style (LAP-EI-062)

LOSE-WIN: A negotiation outcome in which one party gives up or accommodates the other party with the hope of gaining something in a future negotiation; often a result when using the accommodating negotiating style (LAP-EI-062)

LOSS AVERSION: The tendency to avoid a loss at all costs, even when attempting to avoid that loss can lead to negative consequences (LAP-FI-355)

LOSS PREVENTION: A function of risk management that focuses on planning and security procedures to avoid theft or injury

LOW-CONTEXT CULTURE: A culture that relies more on verbal communication than on nonverbal communication (LAP-EC-045)

LOWER ORDER NEED: A basic need that an individual addresses before anything else, such as food, clothing, or shelter (LAP-MK-014)

LOYALTY: Faithfulness and devotion to a person, ideal, or company (LAP-EI-128, LAP-EI-138, LAP-EI-918)*

LUCRATIVE: Profitable (LAP-BL-058)

M

MAGNITUDE: The size, extent, or severity of something (LAP-EI-091)

MAGNUSON-MOSS WARRANTY ACT: A federal law passed in 1975 to set guidelines for warranties, require them to be easy for consumers to understand, and require businesses to make it as easy as possible for consumers to use the warranties (LAP-PM-920)
A federal law passed in 1975 to set guidelines for warranties and to require businesses to provide more and better warranty information that is easy for consumers to understand (PM LAP 7)

MAJORITY RULE: A decision-making method in which a group’s majority makes the decision (LAP-EI-911)

MAIL RELAYING: The process of using another business’s mail server to hide the identity of the sender of e-mail messages (BA LAP 4)

MAINTENANCE MARGIN: A minimum financial requirement for the privilege of using borrowed funds to trade investments (QS LAP 49)

MAKE-OR-BUY DECISION: The act of determining whether to produce a needed part or purchase it from a supplier (LAP-OP-015)

MALFUNCTION: A failure to perform properly (LAP-PM-920)

MALPRACTICE INSURANCE: A type of insurance that provides financial protection for physicians and other health-care providers in the event of a lawsuit (PP LAP 7)

MANAGEMENT: The process of coordinating resources to accomplish an organization's goals (LAP-HR-493, LAP-PD-297, LAP-SM-001, LAP-SM-007, LAP-SM-066)

MANAGEMENT ACCOUNTANT: A person who prepares, analyzes, and verifies financial data for corporations or other organizations, with an emphasis on budgeting, asset management, and preparing reports for public disclosure; often part of high-level teams responsible for making important business decisions (QS LAP 51)

MANAGEMENT FUNCTION: Groups of activities related to management (i.e., planning, organizing, staffing, directing, and controlling) (LAP-SM-001)

MANAGEMENT GAMES: An instructional method in which teams are provided information about the operation of a firm and are presented with a problem or uncertainty requiring decision-making (MN LAP 50)

MANAGEMENT INFORMATION SYSTEM (MIS): An integrated technology that assists with an organization’s information management needs (LAP-NF-110)

MANAGEMENT STYLE: How an individual approaches the task of supervising (LAP-EI-037)

MANAGER: Individual whose job involves carrying out management functions (LAP-PD-297, LAP-SM-001)
Individual whose job involves planning, organizing, staffing, directing, and controlling for a business (EC LAP 71)
An individual responsible for the coordination of resources to accomplish an organization’s goals (LAP-PD-066)

MANAGERIAL ACCOUNTING: A type of accounting that involves preparing and reporting financial data to internal users, usually managers, who need financial information to control day-to-day operations and to make financial decisions and plans affecting the business (LAP-FI-085, LAP-FI-351)

MANAGERIAL FEE: The charge for managing a mutual fund (QS LAP 44)

MANIPULATE: To control others for your own advantage (LAP-EI-008)
Control (LAP-IM-289)

MANUAL DEXTERITY: Skill in using your hands (HR LAP 2)

MANUAL INVENTORY CONTROL SYSTEM: Counting and recording inventory by hand (DS LAP 2)

MANUAL UNIT CONTROL: Controlling inventory by gathering and recording inventory information by hand (DS LAP 3)

MANUFACTURER: A type of producer that changes the shapes or forms of materials so that they will be useful to consumers (LAP-EC-070, LAP-FI-106, LAP-OP-015, SE LAP 17)
A business that takes goods or materials from suppliers and creates a finished product (LAP-OP-443, LAP-OP-477)

MANUFACTURER’S BRAND: Brand for which the manufacturer assumes all the responsibility of branding (LAP-PM-021)

MANUFACTURER'S PREPACK: Products packed for consumers at the production or manufacturing location. Such packages are usually enclosed in transparent plastic (men's underwear, for example) or boxed with pictures of the product on the packing box (electric mixer, for example) (SE LAP 105)

MANUFACTURING: Changing the shapes or forms of materials so that they will be useful to consumers (EC LAP 71)

MARGIN: In investing, borrowed money used for maximizing profit potential (QS LAP 49)

MARGINAL COST: The change in cost that occurs when there is a change in output (LAP-EC-023)

MARGINAL PRODUCT: The additional output that occurs with each additional input (LAP-EC-023)

MARGINAL REVENUE: The change in total revenue that occurs when one more unit of output is sold (LAP-EC-023)

MARK: A shorthand reference to any type of mark, including trademarks, service marks, and collective marks (PM LAP 153)

MARKDOWNS: Reductions in the selling price of goods (DS LAP 2, DS LAP 4)

MARKET: A customer or a potential customer who has an unfulfilled desire and is financially able and willing to satisfy that desire (MN LAP 43, LAP-MP-003, PI LAP 1)
Any circumstance under which buyers and sellers exchange goods or services for a price (LAP-EC-906)

MARKET ANALYSIS: A systematic study of a specific market (LAP-EN-038, LAP-MK-002, LAP-SM-007, LAP-SM-013)*

MARKET CAPITALIZATION: An indicator of the size of a public company, as measured by the total dollar value of its stock; calculated by multiplying share price by number of outstanding shares; companies are often categorized as small cap, mid cap, or large cap, though the specific dollar categories vary by source (QS LAP 34, QS LAP 42, QS LAP 44)

MARKET-CLEARING PRICE: The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; the price equal to both the demand price and the supply price; also known as equilibrium price (LAP-EC-906)

MARKET CONDITIONS: Features of the current marketplace (e.g., interest rates, level of competition, employment rates) (LAP-MP-013)

MARKET DEMAND: The quantity of a good or service that buyers are ready to purchase at a given price at a particular time (LAP-PI-047)

MARKET ECONOMY: An economic system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace (EC LAP 15, LAP-EC-072, LAP-EC-907)

MARKET EXIT STRATEGY: A marketing strategy a company uses when taking a product off the market (LAP-MP-007)

MARKET MAKER: In investing, a broker or firm that trades a specific stock on a regular basis (QS LAP 47)

MARKET ORDER: In investing, a buy or sell order to be executed immediately at the best available price (QS LAP 47)

MARKET PLANNING: A marketing function that involves creating strategies to attract the customer to a business, including setting goals, selecting target markets, creating budgets, forecasting sales, and performing analyses (LAP-MK-002)

MARKET POSITION: The rank of a particular business in a specific market (LAP-MP-007, LAP-SM-007, LAP-SM-013)

MARKET PRICE: Actual price that prevails in a market at any particular moment (LAP-EC-906, LAP-PI-902)

MARKET PSYCHOLOGY: The overall attitude toward a financial market at any given time (LAP-EC-100)

MARKET RESEARCH: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern, and the use of that data to create and implement plans to reach new target audiences (PM LAP 272)
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market (LAP-CM-001, LAP-EC-902, LAP-NF-015, PM LAP 17, LAP-PM-913)

MARKET RESEARCH AND DEVELOPMENT: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern, and the use of that data to create and implement plans to reach new target audiences (LAP-PD-051)

MARKET SATURATION: A state that occurs when a product has been distributed throughout the population and the only chance for increased sales comes with population growth or a shift in market share (PM LAP 24)

MARKET SEGMENT: One of the groups into which the total market is divided (LAP-IM-012, LAP-IM-184, LAP-MP-003)
A group of people who share the same characteristic(s) (e.g., age, nationality, gender) (LAP-MP-013)

MARKET SEGMENTATION: The division of a total market into smaller, more specific groups (LAP-MP-003, LAP-OP-677, LAP-PI-047)

MARKET SHARE: An organization’s portion of the total industry sales in a specific market (LAP-EC-104, FI LAP 357, LAP-IM-001, LAP-IM-010, LAP-IM-012, LAP-IM-184, MK LAP 19, LAP-MP-007, PI LAP 1, LAP-PI-902, LAP-PM-021, PR LAP 9)

MARKET SHARE ANALYSIS: A breakdown of market share data that allows a company to measure its sales performance against that of its competitors (LAP-IM-184)

MARKET STRUCTURE: The type of market, or environment, in which businesses operate (LAP-EC-912)

MARKET TIMER: An investor who uses the “buy low and sell high” trading strategy; also known as trader (QS LAP 49)

MARKET TIMING: A form of the “buy low and sell high” trading strategy, in which investors purchase securities at low prices and sell them at high prices to profit from the difference (QS LAP 49)

MARKET TREND: The direction in which a product’s market is moving (IM LAP 3)

MARKET VALUE: In investing, the economic viewpoint that a stock is worth whatever people are willing to pay for it; also sometimes used as a synonym for market capitalization (QS LAP 42)

MARKETABLE BONDS: Bonds that can be bought and sold in the open market (QS LAP 33)

MARKETING: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relations in ways that benefit the organization and its stakeholders (CD LAP 2, PD LAP 25, PI LAP 1, LAP-SM-007)
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (LAP-MK-002, LAP-MK-901, LAP-PD-024)
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (EC LAP 71)

MARKETING CAMPAIGN: A business’s organized efforts to promote a certain product or line of products (LAP-NF-015)

MARKETING COMMUNICATIONS: A career area in which employees focus on marketing activities that inform, remind, and/or persuade the targeted audience of ideas, experiences, goods/services, and/or images (PD LAP 25)

MARKETING CONCEPT: A philosophy of conducting business based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals (LAP-EC-904, IM LAP 7, IM LAP 9, LAP-IM-010, LAP-MK-901, MN LAP 43, LAP-MP-001)

MARKETING FUNCTIONS: Interrelated activities that must work together to get goods and services from producers to consumers (CD LAP 2, LAP-MK-002)

MARKETING INFORMATION: Data available from inside and outside the business that have been processed and organized so that they can be used to create, communicate, and deliver value to customers and for managing customer relations in ways that benefit the organization and its stakeholders (LAP-IM-025)
All the marketing-related data available from inside and outside the business (LAP-CM-001)

MARKETING-INFORMATION MANAGEMENT: A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions (BA LAP 3, LAP-IM-001, LAP-IM-025, LAP-MK-002)

MARKETING INFORMATION SYSTEM (MIS): An organized way of continuously gathering, sorting, analyzing, evaluating, and distributing marketing information (LAP-IM-001, LAP-IM-010)

MARKETING INTELLIGENCE SYSTEM: A way of gathering existing marketing data informally from internal and external sources (LAP-IM-001)

MARKETING MANAGEMENT: A career area in which employees focus on all marketing functions, including channel management, marketing-information management, pricing, product/service management, promotion, and selling (LAP-PD-024, PD LAP 25)

MARKETING MIX: The combination of the four elements of marketing--product, place, promotion, and price (IM LAP 7, MN LAP 43, LAP-MP-001, PI LAP 1, LAP-PR-901)

MARKETING OBJECTIVES: The goals a firm seeks to reach with its marketing plan (PR LAP 8)
The goals a firm seeks to achieve with its marketing plan (LAP-MP-007)

MARKETING OPERATIONS: A career in which employees focus on the science of marketing, including strategic planning and budgeting, project management, process development, analyzing data, etc. (LAP-PD-024)

MARKETING ORIENTATION: A strong focus on meeting customer needs and wants (LAP-EC-107)

MARKETING PLAN: A set of procedures or strategies for attracting the target customer to a business (LAP-MK-002, LAP-MP-007, LAP-SM-007)

MARKETING RESEARCH: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern (LAP-IM-001, LAP-IM-010, IM LAP 9, LAP-IM-025, LAP-IM-281, LAP-IM-282, LAP-IM-284, PI LAP 1)
A career that involves the systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services (CD LAP 2, LAP-PD-024, PD LAP 25)

MARKETING RESEARCH DESIGN: The master plan for conducting marketing research; lays out the types of data needed, how much data to collect, what collection methods to use, and how data will be analyzed (LAP-IM-284)

MARKETING STRATEGY: Plan of action for achieving marketing goals and objectives (IM LAP 3, LAP-MP-007, PM LAP 17)

MARKETPLACE: Anywhere the buying and/or selling of goods and services takes place (EC LAP 15)

MARKETS: Arrangements for the buying and selling of goods and services (LAP-EC-907)

MARKING: The step in the receiving process in which prices are added to goods (DS LAP 5)

MARKUP: The difference between the cost of a product and its selling price (DS LAP 4, LAP-PI-902)

MASKING TAPE: Paper tape with adhesive on one side (RM LAP 2)

MASLOW'S HIERARCHY OF NEEDS: A content theory of motivation in which needs are arranged in five levels: physiological, safety/security, social, esteem/status, and self-fulfillment (MN LAP 47)
A motivational theory that categorizes human needs into levels that help explain how and why people are motivated (LAP-EI-059)

MASS AUDIENCE: All of the readers or viewers reached by a media channel, e.g., all individuals who watch a news program (PR LAP 8)

MASS MARKETING: Designing products and directing marketing activities to appeal to the whole market; also known as undifferentiated marketing (LAP-MP-003)

MASS MEDIA: Sources of information that reach large audiences; television, books, magazines, newspapers, radio, movies, and the internet (LAP-MP-013)

MASS PRODUCTION: The rapid production of large quantities of a product (LAP-EC-913, LAP-EC-914, LAP-OP-017)

MASTER: A skilled union member who has worked as a journeyman and who is a team leader for other employees in the same occupation (LAP-EC-915)

MASTER BUDGET: The overall budget of a company, made up of information from specialized budgets that are generated by individual departments; see fixed budget (LAP-FI-099, LAP-FI-106)

MASTER LICENSEE: A person or firm who helps franchisors find franchisees in a particular region or territory (LAP-BL-003)

MATERIAL RESOURCES: Equipment and supplies used by businesses in their operation (LAP-SM-001)

MATERIALS: Industrial goods that become part of the finished product after they have been processed (LAP-EC-902)

MATERIALS INVENTORY: Stock used by a business in the production of other goods (DS LAP 2)

MATRIX STRUCTURE: An organizational design that combines the traditional functional structure with the divisional structure (LAP-EC-103, LAP-SM-064)

MATURE ATTITUDE: Outlook of people who have confidence and self-respect but also have a high regard for the feelings and opinions of others (HR LAP 9)

MATURITY: The ability to respond to your environment in an appropriate manner (LAP-EI-075)

MATURITY DATE: The date a bond is to be repaid (QS LAP 33)
The date on which a debt or obligation must be repaid (LAP-EC-100)*

MATURITY STAGE: The product life cycle stage in which sales peak and then increase at a slower rate or start to decline (LAP-PI-902, PM LAP 17, PM LAP 24, LAP-PR-903)

MAXIMUM STOCK: The largest amount of goods that a business keeps on hand (DS LAP 3)

McCLELLAND'S POWER-AFFILIATION-ACHIEVEMENT THEORY: A content theory of motivation that identifies three socially acquired needs which underlie behavior: achievement, affiliation, and power (MN LAP 47)

MEANS OF PRODUCTION: All the resources required in the production of goods and services (LAP-EC-907)

MEASURABLE GOAL: A goal that can be counted or measured in some way (QS LAP 22)

MEDIA: The message channels used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines, internet) (CD LAP 2, IM LAP 7, IM LAP 9, LAP-MP-001, PR LAP 8, LAP-PR-903)
The message channels used to promote a good, service, or idea (e.g., radio, TV, newspapers, magazines, internet, social media); one of several sports/event fan bases (LAP-MK-012, LAP-PR-136)

MEDIA BUZZ: Attention from a variety of media sources (LAP-PR-136)

MEDIA CHANNEL: An individual medium used to transmit a message to the public, e.g., radio (PR LAP 8)

MEDIA PLAN: A written document that summarizes the factors relevant to media selection, i.e., business objectives, target market, competitive activities, advertising budget, nature of the product, and distribution (PR LAP 5)

MEDIA RELATED FACTORS: Factors unique to a medium that affect a business and its advertising activities (PR LAP 5)

MEDIATION: The process in which a neutral third party works to help opposing parties resolve a conflict (LAP-EC-915, LAP-EI-915)

MEDIATOR: A person or agency that clarifies issues and makes suggestions concerning contract negotiations (BA LAP 5, LAP-EC-915)

MEDICAID: Low-income health care coverage in the United States (LAP-EC-072, EC LAP 82)

MEDICARE: Government-supplied health care for seniors in the United States (LAP-EC-072)

MEDITATION: Spending time in quiet, calm thought (EI LAP 28)

MEDIUM: The message channel used by a seller to promote a good, service, or idea (e.g., radio, television, newspapers, magazines) (PI LAP 1)

MEDIUM OF EXCHANGE: Something of value that can be used to obtain goods and services; most common form is money (LAP-EC-907)

MEMBERSHIP GROUP: A social group to which a person belongs (e.g., school, church, neighborhood, and friendship groups) (LAP-MK-014)

MEMORABILIA: Souvenirs, mementos, things collected to remember something (LAP-MK-012)

MENSWEAR RETAILERS OF AMERICA: An organization composed of retailers of men's and boys' clothing and furnishings. Address: 2011 I Street, N.W., Suite 300, Washington, D.C. 20006 (CD LAP 1)

MENTAL ABILITY: An individual’s ability to learn and think (LAP-EI-036)

MENTAL TRAITS: Personal traits associated with intellectual abilities such as remembering, comprehending, analyzing, evaluating, and creating (LAP-EI-918)

MENTOR: An experienced worker who acts as a guide to new employees (LAP-EI-004, MN LAP 44)

MENTOR METHOD: An instructional method in which an experienced worker is assigned to assist a new employee during his/her first weeks of employment (MN LAP 44)

MENU COST: The expenses involved in changing prices (EC LAP 83)

MERCHANDISE APPROACH: A comment or question that helps direct the customer’s attention to the merchandise; usually refers to goods on display in which the customer seems to be showing an interest (SE LAP 101)

MERCHANDISE CLASSIFICATION: The categories into which products are divided, e.g., color, style number, or size (DS LAP 2)

MERCHANDISE CONTROL CARDS: Automatic reorder cards that some producers pack with their goods (DS LAP 3)

MERCHANDISE INVENTORY: Stock that wholesalers and retailers have on hand (DS LAP 2)

MERCHANDISING: The process of having the right goods in the right place at the right time in order to make a profit (PD LAP 25)

MERCHANDISING/BUYING: A career involving the selection of products so that the right goods are in the right place at the right time to make a profit (LAP-PD-024)

MERCHANDISING-RELATED DISCOUNT: A deduction from the seller’s price offered to buyers at various points in the distribution channel (PU LAP 3)

MERGER: Two individual businesses that combine to form one organization (LAP-BL-003, LAP-BL-006, EC LAP 71, LAP-EN-038, LAP-FI-355)

MESSAGE: Ideas or information transmitted to others through written or oral communication (PR LAP 8)

MESSAGE BOARDS: A gathering place for transmitting ideas or information through electronic communication (PR LAP 16)

META TAGS: HTML codes that display information about web pages (BA LAP 5, PM LAP 9, PR LAP 16)

METAPHOR: A figure of speech in which one idea, concept, or entity is compared to or used in place of another (LAP-PM-127)

METEOROLOGIST: Expert weather forecaster (QS LAP 49)

METHODOLOGY: A set of principles or guidelines (QM LAP 1)

METROPOLITAN AREA: A city and the area immediately surrounding it, including all its suburbs (PR LAP 8)

MICROTARGETING: A marketing strategy that uses consumer demographic, psychographic, geographic, and behavioral data to identify specific individuals or very small groups of like-minded individuals to predict and influence their buying behavior (PR LAP 3)

MID-LEVEL MANAGEMENT: Managers who report to top-level management and who have supervisors who report to them (LAP-SM-001)

MIDDLE MANAGEMENT: Mid-level management (LAP-SM-001)

MIDDLEMEN: See intermediaries (LAP-CM-001, LAP-CM-003)

MIGRATE: To move from one country of residence to another (IM LAP 9)

MIND MAPPING: A form of brainstorming that organizes ideas and information graphically, using shapes, pictures, and words; a creative-thinking technique that involves the generation of ideas by association (LAP-PD-077, LAP-PM-127, QS LAP 26)

MINDFULNESS: The state of being aware of the moment you are in, including your thoughts, feelings, and actions (LAP-EI-092)

MINIMUM STOCK: The smallest amount of goods that a business keeps on hand (DS LAP 3)

MINOR-POINTS CLOSE: A closing technique that involves getting the customer to make minor decisions about a purchase before asking for the major decision of whether to buy; also known as stimulus-response close (LAP-SE-895)

MINORITY: Any group within a country that is smaller than the majority; often used to refer to groups based on race, religion, or culture (MN LAP 55)

MINORITY RULE: A decision-making method in which a group’s minority makes the decision (LAP-EI-911)

MISINTERPRET: Not to understand something as it was intended to be understood (QS LAP 24)

MISREPRESENTATION: Telling the facts in an inaccurate way (LAP-SE-106)

MISSION: The business or organization’s purpose for existing (LAP-SM-065)

MISSION STATEMENT: A brief summary of what a business owner wants their business to be doing (EC LAP 71, LAP-MP-007, LAP-PD-251, LAP-PM-126, LAP-SM-013)
A statement dealing with the now and how—what an individual or organization is doing right now and how it is helping them achieve their long-term vision (LAP-EI-063)

MITIGATION: A risk-response strategy that involves reducing or controlling the impact of a risk if it occurs (LAP-OP-001, LAP-SM-075)

MIXED COSTS: Expenses that are fixed until the company reaches a certain level of production, then become variable; also called semi-variable costs or semi-fixed costs (LAP-OP-024)

MIXED ECONOMY: An economic system in which elements of market and socialist command economies are combined (LAP-EC-907)

MIXED SYSTEM: An economic system in which individuals make most economic decisions but some government control and ownership exist (EC LAP 15)

MODEL STOCK PLAN: A list of items the business always keeps in stock (DS LAP 3)

MODELING: Demonstrating or displaying certain behaviors, attitudes, etc. to other people; a process by which people learn by observing and imitating the behavior of others (LAP-EI-132)

MODEM: An internal or external computer communications device that is used to transmit information over a particular medium such as telephone lines or television cables (PR LAP 14)

MODERATE INVESTOR: An investor who is willing to tolerate some risk, but not high risk (QS LAP 41)

MONETARY POLICY: The government policy that determines the amount of money that will be in circulation and the level of interest rates (LAP-EC-016, LAP-EC-918, LAP-NF-015)

MONEY MARKET ACCOUNTS: Lending investments in which individuals lend a minimum amount of money to a bank to earn interest (LAP-FI-077, QS LAP 40)

MONEY MARKET FUND: A pool of shareholders' money invested in securities that earn relatively higher rates of return over the short-term; also called a money fund (QS LAP 35)

MONEY SUPPLY: The total quantity of money that exists at any one time in a nation; the total amount of money circulating in an economy (LAP-EC-918)
The total amount of money circulating in an economy (EC LAP 83)

MONITOR: To check on the progress of something periodically (LAP-OP-520, QS LAP 28)

MONOPOLISTIC COMPETITION: A type of market structure in which a lot of businesses sell similar products that have only a few differences (LAP-EC-912, LAP-PI-902)

MONOPOLY: A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available (LAP-BL-058, LAP-CM-006, LAP-EC-912, LAP-PI-015)
A condition in which a market is controlled by one supplier with no substitute goods or services readily available (LAP-EC-016)

MONOTONE: A single tone of voice without variation in pitch (HR LAP 20)

MOOD: A person’s current attitude or frame of mind (SE LAP 810)

MORALE: The state of a person's attitude or outlook on life that affects their approach to work (DS LAP 2, LAP-EI-133, LAP-EI-141, LAP-EI-903, LAP-OP-190, LAP-PR-463, LAP-SM-065)

MORALS: See Ethics (HR LAP 19)
Principles for distinguishing between right and wrong (LAP-EI-126)

MORPHOLOGICAL ANALYSIS: A creative-thinking method to generate ideas by focusing on the details of a situation; involves combining some or all of a product’s attributes in different ways to create new things (LAP-PM-127)

MOTIVATE: Prompt another person to take some kind of action (LAP-EI-912, HR LAP 20, QS LAP 18, SM LAP 400)

MOTIVATION: The process of getting employees to strive to achieve management's objectives because they want to achieve them (MN LAP 47, MN LAP 54, LAP-SM-066)
Anything that drives a person to pursue a certain outcome (LAP-EI-059, LAP-EI-133)

MOTIVATOR: Force or influence that prompts a person to take some kind of action (LAP-EI-141)

MOTOR COORDINATION: The harmonious use of muscles to accomplish a task (HR LAP 2)

MOVIE THEATER ADVERTISING: Promotional messages shown prior to the screening of a film in a movie theater; also includes posters, standees/stand-ups, and other advertisements present in a movie theater lobby (LAP-PR-007)

MR = MC RULE: A rule that states that when marginal revenue equals marginal cost, maximum profit is achieved (LAP-EC-023)

MULTI-LEVEL MARKETING: A business structure that pays commission on sales earned by people at two or more levels; the sales representatives usually work independent of the company; the representatives not only sell products but try to get others to sell them (LAP-BL-003)

MULTINATIONAL CORPORATION (MNC): A company that operates on a worldwide scale (LAP-EC-104)

MULTIPLE: Another name for the price-earnings financial ratio (QS LAP 42)

MULTI-STAGE SAMPLING: A sample design that uses a combination of different sampling methods (IM LAP 285)

MULTIPLE-CHANNEL CONFLICT: A type of conflict that occurs among members of two or more channels of distribution that compete in the same market for a particular producer (LAP-CM-006)

MULTIPLE DISTRIBUTION: Distributing a product through many different channels (LAP-CM-001)

MULTIRACIAL: Having ancestors from two or more races; sometimes called biracial (LAP-EI-036)

MUNICIPAL BONDS: Bonds issued by a local municipality, such as a state, city, or county (QS LAP 33)

MUTUAL FUND: A pool of shareholders' money invested by professional managers in an assortment of different securities (QS LAP 35)

MUTUAL FUND MANAGER: The person in charge of a pool of shareholders’ money invested in an assortment of different securities (QS LAP 40)
A person who trades the individual securities within a mutual fund and makes decisions that will cause the fund to grow and increase in value (QS LAP 51)

N

NARRATIVE CLOSE: A closing technique in which the salesperson tells a story about other people who successfully made a buying decision and how the product solved their problem (LAP-SE-895)

NARROW PRODUCT MIX: A description of the width of a business's product mix offering a limited number of product lines (PM LAP 3)

NATIONAL ASSOCIATION OF PROFESSIONAL INSURANCE AGENTS: An organization whose members are independent property and casualty agents. Address: 400 N. Washington Street, Alexandria, VA 22314 (CD LAP 1)

NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD): Private-sector (not affiliated with the government) regulator of the United States securities industry; licenses individuals and firms (QS LAP 48)

NATIONAL AUTOMOBILE DEALERS ASSOCIATION: An organization whose members are franchised new car and truck dealers. Address: 8400 Westpark Drive, McLean, VA 22102 (CD LAP 1)

NATIONAL DEBT: The total amount of money that the federal government has borrowed (LAP-EC-072)

NATIONAL FARM AND POWER EQUIPMENT DEALERS ASSOCIATION: An organization composed of retailers of farm machinery and lawn and garden equipment. Address: 10877 Watson Road, St. Louis, MO 63127 (CD LAP 1)

NATIONAL FEDERATION OF INDEPENDENT BUSINESS: An organization composed of independent businesspeople and professional people that works to give small business a voice in government. Address: 150 W. 20th Avenue, San Mateo, CA 94403 (CD LAP 1)

NATIONAL GROCERS ASSOCIATION: An organization composed of independent food retailers and wholesale food distributors. Address: 1825 Samuel Morse Drive, Reston, VA 22090 (CD LAP 1)

NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION: The federal agency created to administer laws that regulate the safety of both new and used tires and motor vehicles (PM LAP 7)

NATIONAL HOME FURNISHINGS ASSOCIATION: An organization whose members are retailers of furniture, carpeting, and related furnishings. Address: P.O. Box 2396, High Point, NC 27261 (CD LAP 1)

NATIONAL LABOR RELATIONS ACT: Legislation passed by Congress in 1935; gives all workers the right to organize into unions to collectively bargain and strike (LAP-BL-058)

NATIONAL OFFICE PRODUCTS ASSOCIATION: An organization whose members are retailers, wholesalers, and manufacturers' representatives of office furniture and supplies. Address: 301 N. Fairfax Street, Alexandria, VA 22314 (CD LAP 1)

NATIONAL RESTAURANT ASSOCIATION: An organization whose members operate restaurants, cafeterias, clubs, drive-ins, etc. Address: 1200 17th Street, N.W., Washington, D.C. 20036 (CD LAP 1)

NATIONAL RETAIL FEDERATION: An organization whose members operate department, chain, mass merchandise, and specialty stores. Address: 100 W. 31st Street, New York, NY 10001 (CD LAP 1)

NATIONAL TRAFFIC AND SAFETY ACT: A federal law passed in 1958 to provide the basis for setting safety standards for motor vehicles and tires (PP LAP 7, PM LAP 7)

NATIONAL/INTERNATIONAL UNION: A level of union organization that consists of a number of local unions (LAP-EC-915)

NATIONALISM: A sense of pride in one’s own country that can create a resistance to outside influences (LAP-EC-104)

NATIVE ADVERTISING: A form of paid advertising that attempts to resemble the content and design of a host platform; also called sponsored content (LAP-PR-462)

NATURAL MONOPOLY: A single business that influences the entire production of a particular good or service because it is in the best interests of the public for the business to do so (LAP-EC-016)

NATURAL RESOURCES: Items that are found in nature and used to produce goods and services (EC LAP 15, LAP-EC-901, LAP-EC-903, LAP-EC-907, LAP-EC-914, LAP-OP-017)*

NAVIGATE: Travel from site to site on the World Wide Web (PD LAP 3)

NEED: Something required or essential that is lacking (CR LAP 4, LAP-EI-008, LAP-MK-014, SE LAP 17, LAP-SE-048, LAP-SE-114, LAP-SE-374, SE LAP 810, LAP-SE-874, LAP-SE-883, LAP-SM-066)*

NEED DECISION: The point at which the customer decides that s/he needs to purchase a good or service that may satisfy a need or a want (SE LAP 811)

NEEDS: Basic purchases that are essential for survival (QS LAP 30, QS LAP 31)

NEEDS ANALYSIS: A process of identifying and prioritizing training needs (SE LAP 123)

NEEDS ASSESSMENT: A process of identifying and prioritizing training and development needs (MN LAP 50)

NEGATIVE ATTITUDE: An outlook that focuses on the bad side of things (LAP-EI-019)

NEGATIVE FEEDBACK: Criticism or disapproval (LAP-EI-903)

NEGATIVE REINFORCEMENT: The act of terminating or withdrawing something unpleasant when a desired response is given (MN LAP 47, LAP-SM-066)

NEGATIVE RETURNS: Marginal product of below zero; occurs during the third stage of production, when total product declines (LAP-EC-023)

NEGATIVE SELF-CONCEPT: An unfavorable image of one's self (HR LAP 12)

NEGLIGENCE: Not doing something necessary or required (LAP-SE-106)

NEGOTIATING: A conflict response mode in which one or more parties exhibit assertive behavior and express a moderate or high level of cooperation (LAP-EI-915)

NEGOTIATING STRATEGY: The plan or technique a person uses to reach a goal or achieve a desired outcome (LAP-EI-062)

NEGOTIATING STYLE: Personal characteristics that influence the manner in which a person behaves during the negotiation process (LAP-EI-062)

NEGOTIATION: The process of one party reaching an agreement with another party to meet specific needs or wants; the process of persuading or influencing someone to take a certain course of action to achieve a desired outcome (LAP-EI-033, LAP-EI-062, QS LAP 18)
The process of one party reaching an agreement with another party to meet specific needs or wants (LAP-EC-045, LAP-OP-015, LAP-PD-297, LAP-SM-065)*
A method of settling a disagreement or agreeing to common terms in which one or more parties may compromise (LAP-EI-001)

NEPOTISM: The practice of using one’s power or influence to benefit one’s friends or relatives (LAP-EN-044)

NET ASSET VALUE (NAV): The total value of a fund's investment portfolio, minus its liabilities, divided by the number of its outstanding shares (QS LAP 35, QS LAP 44)

NET CHANGE: The difference between a stock's closing price and the previous day's price (QS LAP 37)

NET EXPORTS OF GOODS AND SERVICES: A factor used in the calculation of GDP that is determined by subtracting imports from exports (LAP-EC-917)

NET INCOME: Money remaining after operating expenses are subtracted from gross profit (LAP-OP-189)

NET INCOME/PROFIT: Money remaining after operating expenses are subtracted from gross profit (FI LAP 94)

NET INCOME/PROFIT/EARNINGS: Money remaining after operating expenses are subtracted from gross profit (QS LAP 38)

NET PROFIT: Money left after the cost of goods and operating expenses are subtracted from the total income (LAP-EC-010)

NET PROFIT MARGIN: Financial ratio that shows the percentage of profit after considering all aspects of running the business; calculated by dividing net profit by total sales (QS LAP 42, QS LAP 43)

NET WORTH: A company’s worth according to the balance sheet; also called book value (LAP-FI-085, LAP-FI-093)
The total value of the business (QS LAP 38)

NETWORK: To connect with individuals who might help accomplish personal, career, or professional goals (MN LAP 44, LAP-PD-066)
A system of computers connected together by telephone wires, cable wires, or other means (BA LAP 3, LAP-NF-003)

NETWORK ADMINISTRATOR: The individual responsible for overseeing all aspects of the system of computers connected together by telephone wires, cable wires, or other means (BA LAP 4, PM LAP 9)

NETWORKING: Exchanging information with others for the purpose of professional or business development and/or advancement (PR LAP 16)
Making contact and exchanging information with a variety of people; used mostly for business and career purposes (SE LAP 1)

NEUTRAL: Impartial; unbiased (FI LAP 579)

NEUTRAL CULTURE: A culture that tends to keep emotions controlled and subdued (LAP-EC-045)

NEVER-OUT LIST: A list of a firm's best sellers or its key items of merchandise (DS LAP 3)

NEW PRODUCT: A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner (PM LAP 17)

NEWS CONFERENCE: A meeting to which a business or group invites members of the media in order to make an announcement; used to announce major developments (PR LAP 8)

NEWS RELEASE: A factual announcement sent to the media to be used as a news item (PR LAP 8, PR LAP 10)

NEWSLETTER ARCHIVE: A collection of articles on a web site that provides information of interest to particular groups (PM LAP 9)

NEWSLETTERS: Messages that provide information of interest to particular groups (PR LAP 13)

NEWSWORTHY: Of interest to the public (PR LAP 8)

NICHE: The small segment of the total market interested in a subject; unique role (PM LAP 24, LAP-SM-007)*
Unique role (PM LAP 272)

NICHE MAGAZINE: A publication that focuses on a narrow subject and is targeted to the small segment of the total market that is interested in that subject (PR LAP 6)

NO-LOAD MUTUAL FUND: A mutual fund without a charge (or commission) paid by the purchaser (QS LAP 44, QS LAP 45)

NOMINAL GDP: Gross domestic product that has not been adjusted to account for inflation (LAP-EC-917)

NON-DOLLAR SECURITY: Investments not using the U.S. dollar (QS LAP 44)

NONCUMULATIVE DISCOUNT: A quantity discount for a single order or shipment; a volume-based discount (PU LAP 3)

NONDURABLE GOODS: Tangible items that are consumed within a short time (LAP-EC-917, LAP-MK-901)

NONECONOMIC WANT(S): A desire for something that can be satisfied without spending money (LAP-EC-901, LAP-EC-902)

NONEXCLUSIVE CATEGORY: In licensing, a category in which more than one licensee is authorized to produce merchandise (PM LAP 153)

NONEXCLUSIVE SPONSORSHIP: A partnership in which sponsors share the category with other sponsors, such as for small, community events like Little League (LAP-SE-321)

NONHAZARDOUS: Not dangerous (PM LAP 7)

NON-INTERACTIVE CONTENT: Information that lacks the capacity to create an individual experience (PR LAP 13)

NON-MARKETABLE BONDS: Bonds that cannot be bought or sold in the open market (QS LAP 33)

NONPRICE COMPETITION: A type of rivalry between or among businesses that involves factors other than price (e.g., customer services, modern facilities, trained personnel, and variety of products) (LAP-EC-912)

NON-PROBABILITY DESIGN: A type of sampling design in which the probability of selecting each sampling unit is not known and the selection process is not random; its results are not considered to be representative of the entire population (IM LAP 285)

NONPROFIT BUSINESS: Business or organization whose intent is to make enough money to support its mission (EC LAP 71)

NONPROFIT CORPORATION: A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes (LAP-BL-003)

NONPROFIT ORGANIZATIONS: Businesses and organizations whose intent is to make enough money to support their mission (LAP-MK-015)

NONRENEWABLE RESOURCES: Natural resources that may become entirely depleted; natural resources that cannot be replenished after use (LAP-EC-903)

NONRESIDENTIAL INVESTMENT: The money businesses invest in buildings, equipment, vehicles, furniture, etc. (LAP-EC-917)

NON-SAMPLING ERROR: Any mistake in a research study that occurs outside the sampling process; affects the accuracy of the data rather than the representativeness of the sample (IM LAP 285)
Human error in a research study (EC LAP 83)

NONSTORE RETAILING: A business that buys consumer goods or services and sells them to the ultimate consumer by means other than through a store, e.g., phone, mail, door to door, vending machines (CD LAP 2)

NONVERBAL: Communication that involves the use of gestures or facial expressions, rather than the use of words (QS LAP 1, QS LAP 24)

NONVERBAL ASSERTIVENESS: A confident attitude expressed through body language (LAP-EI-008)

NONVERBAL COMMUNICATION: Communication that uses body language instead of words or to support words (LAP-CO-017, LAP-CO-025, LAP-EI-008, LAP-EI-033, LAP-EI-041, LAP-EI-045, LAP-EI-129, LAP-EI-130, LAP-EI-140, HR LAP 20)
Communication that uses body language to either replace or support verbal communication (LAP-EC-045)

NONVERBAL SIGNALS: Communication that involves the use of gestures or facial expressions, rather than the use of words (SE LAP 120)

NORM: Something that is typical or standard (LAP-EI-064)

NOTES PAYABLE: Forms stating that particular loans are to be repaid (QS LAP 38)

NOTES TO THE FINANCIAL STATEMENTS: Footnotes that complete the company’s financial statements (QS LAP 38)

NOVELTY: Newness (LAP-EI-092)

O

OBJECTION(S): A point of difference between a customer and a salesperson that may prevent a sale; the customer's reason for not buying (LAP-SE-048, SE LAP 120, LAP-SE-874, LAP-SE-895)
Points of difference between an audience and a presenter that may prevent full acceptance; doubts or hesitations that an audience has that may prevent them from agreeing with an idea (LAP-EI-108)

OBJECTIVE: A point of view or opinion that is not influenced by bias, prejudice, or outside opinion (LAP-IM-010)
Factual; not influenced by personal attitudes, expectations, or beliefs (LAP-MK-014)
Neutral; unbiased (LAP-EI-915, LAP-IM-281, LAP-MP-013)

OBJECTIVELY: Without bias or assumption (LAP-EI-136)

OBJECTIVES: Goals to be reached (LAP-EC-103, LAP-EC-913, IM LAP 9, MN LAP 50, LAP-PD-017, PR LAP 5, QS LAP 18, QS LAP 22, QS LAP 28)
Concrete tasks that help you on your way to achieving your goals (PD LAP 14, LAP-PD-019)

OBJECTIVITY: Viewing things in an unbiased manner; not allowing one's personal needs, desires, etc., to influence one's perceptions (HR LAP 1)
The state of being impartial or lacking bias (LAP-FI-351, LAP-IM-025, LAP-OP-246)*

OBLIGATION: Duty; requirement (LAP-EC-106)

OBSERVATION: A marketing research method that gathers data by watching consumers (LAP-IM-010)
A data collection method that gathers data by watching consumers (LAP-IM-289)

OBSOLESCENCE: Becoming outdated due to the introduction of new products, processes, and/or technology (LAP-EC-911, LAP-EC-914, LAP-NF-001)

OBSOLETE: Outdated; useless (LAP-SM-065)

OBVIOUS BENEFIT: Advantage of product that is apparent, plain to see, easily recognizable (SE LAP 109)

OCCUPATIONAL SAFETY AND HEALTH ACT OF 1970: A federal act that stipulates that workers may not be disciplined or discharged for refusing to work in unsafe environments or because they report an alleged violation to the appropriate government agency (MN LAP 53)

OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION (OSHA): A federal government agency that writes and enforces safety and health standards for businesses (LAP-EC-016, RM LAP 2, RM LAP 3)

ODD LOTS: In investing, an order restriction that instructs a broker to trade fewer than 100 shares (QS LAP 47)

ODD PRICING: Settling selling prices below even-dollar amounts to suggest a bargain

OFFENSIVE LANGUAGE: Words or phrases that are distasteful or insulting (LAP-EI-036)

OFFICE MANAGEMENT: A career area that facilitates business operations through information and communication management, data processing and collection, and project tracking; sometimes referred to as administrative services or business office management (LAP-PD-297)

OFFSHORING: Producing goods in foreign countries (EC LAP 71)
Producing goods in foreign countries; typically involves moving domestic jobs overseas (LAP-EC-104)

OLIGOPOLY: A market structure in which there are relatively few sellers, and industry leaders usually determine prices (LAP-EC-912, LAP-PI-902)

ON-BOARDING ACTIVITIES: Human resources management tasks that must be performed when a new employee joins the company (e.g., orientation and paperwork) (LAP-HR-410)

ON-THE-JOB TRAINING: The most common method of training; the employee learns by actually performing the job (LAP-HR-410, MN LAP 42, SE LAP 123)

ONBOARDING: Staffing tasks that must be performed when a new employee joins the company (e.g., orientation and paperwork) (LAP-SM-065)

ONE-TIME COSTS: Expenses that a business will pay just once when implementing a decision or undertaking a project (FI LAP 357)

ONLINE BROKER: A broker who conducts business on the Internet; full-service and discount brokers may also have online services (QS LAP 48)

ONLINE DISCOUNT BROKER: A company or individual that provides investment services through the Internet on behalf of another for a reduced price (QS LAP 45)

ONLINE DISPUTE RESOLUTION: The process of resolving issues over the Internet (BA LAP 5)

ONLINE REPUTATION MANAGEMENT (ORM): The practice of monitoring and influencing online public perception about a brand or business (LAP-PR-463)

ONLINE SURVEY: A marketing research method that involves collecting opinions and other data from individuals via email or internet websites (LAP-IM-010)

OPEN DOOR POLICY: A business practice whereby management encourages communication between employees and their superiors by stating that management's doors are always open (MN LAP 45)
A communication policy in which senior managers leave their office doors (figuratively or literally) open to encourage transparency within the organization (LAP-HR-411)

OPEN-END MUTUAL FUND: Fund with no limit on the number of shares it can issue or the amount of money it can hold (QS LAP 35)

OPEN-ENDED QUESTION: A type of question that requires more than a simple “yes” or “no” response (LAP-CO-017, LAP-EI-041, SE LAP 120, LAP-SE-874)

OPEN-MINDED: The ability to see different views and perceptions (QS LAP 29)

OPEN-MINDEDNESS: A willingness and ability to consider new ways of thinking (LAP-EC-107, LAP-PD-126)
The willingness and ability to reserve judgment and consider new ways of thinking (LAP-EI-092)*

OPEN RATE: The basic charge for a minimum amount of advertising space against which discounts are applied in a sliding-scale rate plan (PR LAP 6)

OPEN-RESPONSE QUESTION: A searching question that requires more than a “yes” or “no” answer (SE LAP 810)

OPEN SHOP: A union security agreement that does not require employees to join the union or pay dues (LAP-EC-915)

OPEN WOUND: An injury in which there is a break in the skin, e.g., scrapes, cuts, and punctures (RM LAP 3)

OPENING PRICE: The first stock price of the day; also called the open (QS LAP 49)

OPERATING AGREEMENT: A written document signed by members of a limited liability partnership (LLP) or limited liability company (LLC) that specifies the terms of their business arrangement (LAP-BL-003)

OPERATING BUDGET: See short-term budget (LAP-FI-099)

OPERATING COSTS: The ongoing, day-to-day expenses of running a business that are not directly related to production (LAP-MP-013, LAP-OP-024)

OPERATING EXPENSES: All of the expenses involved in running a business that are not directly related to production (LAP-EC-010, LAP-EN-038, FI LAP 94, LAP-FI-091, LAP-PI-902, QS LAP 38, QS LAP 44)

OPERATING FUNDS: Monies used by a business to pay the costs of running the business (IM LAP 3)

OPERATING PROFIT: The result of subtracting operating expenses from gross profit (QS LAP 38)

OPERATING STATEMENT: Another name for an income statement (FI LAP 94)

OPERATING SYSTEM: The process a business uses to manufacture a good or provide a service; consists of people, places, materials, equipment, and information (LAP-OP-189)

OPERATIONAL CHANGES: Changes in the way a business is set up or operates, e.g., remodeling, expanding parking (IM LAP 4)

OPERATIONAL RISKS: Possible events or situations that are the result of employee actions, core processes, and daily business activities (LAP-EC-911, LAP-RM-041, LAP-SM-075)*

OPERATIONS: The day-to-day activities for continued business functioning (LAP-OP-189)
The day-to-day activities needed for continued business functioning (EC LAP 71, LAP-OP-190, LAP-SM-007)

OPERATIONS MANAGEMENT: A career area in which employees focus on planning, organizing, coordinating, and controlling the resources needed to produce and provide a business’s goods or services (PD LAP 25, LAP-PD-297)

OPINION: A person’s point of view or belief about a topic (QS LAP 29)

OPINION LEADER: Influential person; role model (LAP-MK-014)

OPINION-GATHERING PROBE: A technique for probing that is used to involved customers in sales presentations in order to determine their reactions to what has been said and to elicit their comments (SE LAP 120)

OPPORTUNITY: A circumstance that presents itself as a favorable means to meet an objective (LAP-PD-066)
A favorable situation in the environment surrounding your business (LAP-MP-010, LAP-NF-015)

OPPORTUNITY COST: The benefit that is lost when you decide to use scarce resources for one purpose rather than for another (LAP-EC-901)
The benefit that is lost when you decide to use scarce resources for one purpose rather than another, i.e., the opportunity cost of going to college is the money you would have earned if you worked instead (QS LAP 31)
What a business will lose if it spends its resources on one decision rather than another (FI LAP 357)

OPT-IN EMAIL: Electronic promotional messages that are sent with a recipient’s permission and allow the recipient to request removal from the subscriber list at any time; also known as permission-based marketing (PR LAP 13)

OPT-IN EMAIL MARKETING: Sending electronic promotional messages with a recipient’s permission and allowing the recipient to request removal from the subscriber list at any time (LAP-PR-007)

OPT-OUT EMAIL: Electronic promotional messages that are sent without a recipient’s permission and allow the recipient to request to be removed from the subscriber list (PR LAP 13)

OPTION: A trading instrument used on the foreign exchange market; an agreement between two parties in which the owner of the option has a right—but not an obligation—to exchange one currency for another at an agreed-upon rate on an agreed-upon date (LAP-EC-100)

OPTION TO RENEW: An element of a sponsorship agreement that allows the sponsor to extend the agreement after the contract expires (LAP-BL-058)

OPTIONS: A category of derivatives giving investors the opportunity to buy or sell the rights to an asset according to contracted terms; types are calls and puts (QS LAP 49)

OPTIMISM: Hopefulness or confidence about the future or the successful outcome of something (LAP-EI-092, LAP-EI-133)*

OPTIMIST: A person with a positive attitude (LAP-EI-019)

ORAL DIRECTIONS: Verbal instructions (QS LAP 24)

ORAL PRESENTATION: A speech that brings an idea to someone’s attention (LAP-CO-025)

ORDER: In investing, an instruction to a broker to make a trade on your behalf (QS LAP 47)

ORDER FULFILLMENT: The complete act of receiving, processing, and shipping a customer’s order (LAP-OP-303, LAP-OP-443, LAP-OP-677)

ORDERLY AND SYSTEMATIC BEHAVIOR: Acting in an organized and methodical manner (HR LAP 4)

ORDINARY DATING: A dating term based on the invoice date; also known as DOI, or Date-of-Invoice, dating (PU LAP 3)

ORGANIC: Free or unpaid (LAP-PR-462)

ORGANIZATION: The ability to take ideas and bring each component together in an orderly way to achieve goals (LAP-OP-675)

ORGANIZATIONAL AWARENESS: Knowing how a business operates, the relationships between key divisions, and who the decision makers are (LAP-EI-001)

ORGANIZATIONAL CHART: A graphic representation of the flow of authority within an organization (LAP-EC-103, LAP-EN-038, LAP-SM-064)

ORGANIZATIONAL CULTURE: The customs, traditions, and habits of employees working together at a particular firm (LAP-EC-045, LAP-KM-002, LAP-OP-519, LAP-SM-065)
The values and ideals that an organization encourages among its employees; also called corporate culture (LAP-CR-001)
A set of shared values, beliefs, and assumptions that govern how people behave within an organization; also known as corporate culture (LAP-EI-064)

ORGANIZATIONAL DESIGN: The process of structuring a business’s people, information, and technology to enable the business to operate smoothly and be successful; also called organizational structure (LAP-EC-103)

ORGANIZATIONAL LEARNING: A concept that refers to a firm’s ability to accept and respond to change appropriately, becoming as effective and efficient as it can be (LAP-EC-107)

ORGANIZATIONAL RESTRUCTURING: A significant change to a business’s structure or operations (e.g., merger, acquisition, downsizing) (LAP-HR-410)

ORGANIZATIONAL SKILLS: The ability to take ideas and bring each component together in an orderly way to achieve goals (Career Opps in Hosp, LAP-PD-297, QS LAP 18)

ORGANIZATIONAL STRUCTURE: The company’s configuration of employees for accomplishing specific business tasks; how the business is organized (LAP-CR-016, LAP-PD-252, LAP-SM-064, LAP-SM-065)
See organizational design (LAP-EC-103)

ORGANIZATIONAL VISION: The future a company’s leaders desire to create (LAP-EI-060)

ORGANIZED PARTICIPANTS: Players of sports that have rules and are controlled by groups or sanctioning bodies (LAP-MK-012)

ORGANIZING: The management function of setting up the way the business's work will be done (LAP-SM-001, LAP-SM-064, LAP-SM-065)

ORIENTATION: Job preparation or induction training in which new employees are acquainted with their surroundings, receive general information about the company and its policies, and are given specific information about their jobs (EC LAP 71, LAP-EC-913, MN LAP 44, MN LAP 54)
Job preparation or induction training in which new employees are acquainted with their surroundings and are given general information about the company and its policies as well as specific information about their jobs (LAP-HR-410)

ORIENTATION CHECKLIST: An organized list of activities to be completed during a new employee orientation program; a planning tool used by the person conducting an orientation (MN LAP 44)

OTHER ASSETS: Any assets not considered part of current assets or property and equipment; e.g., goodwill (QS LAP 38)

OUTBOUND MARKETING: A methodology that seeks to proactively approach customers (LAP-PR-462)

OUT-OF-HOME MEDIA: Promotional media that are delivered to consumers when they are away from home (LAP-PR-007)

OUTER COVERING: The wrapping material that covers the outside of the customer’s purchase (SE LAP 105)

OUTLINE: A general plan giving only the main points to be covered (PR LAP 9)

OUTPUTS: The goods and services produced as the result of combining inputs (LAP-EC-023, LAP-EC-913, LAP-OP-017, LAP-OP-189)

OUTSIDE COURSES: Courses offered outside the business facility, including vocational, trade, and evening schools, university programs or courses, and correspondence courses (MN LAP 42)

OUTSIDE SPECIALISTS: Consultants who are temporarily hired by a company to assist with all or part of a sales training program (SE LAP 123)

“OUTSIDE THE BOX”: In sales promotion, a way to describe fresh, new ideas that haven’t been done before (PR LAP 187)

OUTSOURCING: Acquiring assistance from outside organizations/consultants to obtain goods or services to accomplish business objectives or perform primary business activities (EC LAP 71, LAP-EC-105, LAP-EC-107, LAP-NF-001, LAP-NF-110, PM LAP 9)
Acquiring assistance from outside organizations/consultants to accomplish business objectives or perform primary business activities (LAP-HR-410)
A business practice in which companies reduce costs by transferring portions of work outside the business, often sending the work overseas (EC LAP 82)
Acquiring assistance from a commercial marketing-research firm to conduct marketing research (LAP-IM-281)

OUTSTANDING SHARES: The number of shares of common stock currently held by investors; number of outstanding shares is a critical element in “per share” financial ratios and in capitalization (QS LAP 42)

OVER-THE-COUNTER MARKET: In investing, a place for trading securities outside of a formal exchange (QS LAP 47)

OVERAGE: The physical inventory is greater than the book inventory (DS LAP 6)

OVERAGES: Extra amounts beyond what was requested (DS LAP 5)

OVERCOMMITTED: Being committed to more than what is possible, necessary, or desirable (LAP-EI-077)

OVERHEAD: Business expenses for things such as payroll, rent, and utilities (EC LAP 71)

OVER-LISTENING: Listening so closely to the individual words and details in a message that the main message is lost (LAP-CO-017)

OVERSTOCKS: Larger amounts of stock than the business is able to sell (IM LAP 4)

OVERVALUED STOCK: A stock that is priced higher than the company's perceived intrinsic value (QS LAP 42)
In investing, a stock that is priced higher than the company's perceived intrinsic value (QS LAP 44)

OVERWHELMED: Overcome by a situation or set of circumstances (HR LAP 4)

OWNED-GOODS SERVICE: A product that involves repairing or changing a good the consumer has already purchased (LAP-PM-079)

OWNER'S EQUITY: The amount an owner has invested in the business plus or minus profits and losses (LAP-FI-085, LAP-FI-091, LAP-FI-093)

OWNERSHIP: The state of possessing a good or service; having full control over a product’s use (LAP-EI-045)
In a sponsorship agreement, the sponsor's assurance that its message will not get lost in sponsor clutter; the opportunity to own part of the event, such as the pregame show or the MVP award (LAP-SE-321)

OWNERSHIP INVESTMENTS:  Investments in which individuals purchase a portion or all of an item; investments that provide owners’ rights in return (LAP-FI-077)

P

PACE: The speed at which something moves (HR LAP 4)

PACKAGING: Enclosing products in appropriate wrappings or containers (IM LAP 7, LAP-PM-040)

PACKING: A customer service that consists of enclosing customer purchases in protective materials to prevent damage to the goods and to improve their appearance (SE LAP 105)

PACKING SLIP: A shipper's form that usually accompanies incoming merchandise which describes the type and number of each item in a shipment (DS LAP 5)

PADDED PAYROLL CHECK: A check issued for higher wages than the employee actually earned (RM LAP 4)

PADDING: Extra resources needed to cover unexpected situations (QS LAP 19)
Accounting for any obstacles or risks that might arise during a project (LAP-OP-003)

PAID LISTINGS: Online advertisements that appear near the top of search engine results; may appear to the right of regular listings; often referred to as “sponsored” or “featured” results (LAP-PR-903)

PAINTED BULLETIN: Outdoor advertising space on which advertising messages are painted by artists (PR LAP 6)

PARADIGM INNOVATION: A type of innovation that is a significant change in the way a product is viewed by users and society at large (LAP-PD-126)

PARADIGMS: The values, assumptions, and beliefs that make up the way people see things (LAP-PD-126)

PARAPHRASING: Restating a message in other words to confirm or clarify its meaning; does not involve judgment or evaluation (LAP-CO-017, LAP-EI-041)

PARETO CHART: A type of bar graph that aids in quality management by helping determine which problems need the most immediate attention (LAP-OP-163)

PARTIALLY FINISHED GOODS INVENTORY: The producer’s inventory of products that are works in progress (LAP-OP-189)

PARTIAL-RUNS: Printing technique that allows advertisers to place advertisements in specific editions rather than in a magazine's full-run (PR LAP 6)

PARTIALITY: Favoritism (LAP-EI-021)

PARTICIPANT: One who participates or takes part (QS LAP 28)

PARTICIPATIVE DECISION-MAKING: The involvement of several individuals in making decisions; in business, the participation of employees in decisions to be made by management (LAP-EC-913)

PARTNER: A term frequently used for sponsor (LAP-PR-175)

PARTNERSHIP: A form of business ownership in which the business is owned by two or more persons (LAP-BL-003, LAP-BL-006, LAP-EC-911)

PARTNERSHIP AGREEMENT: A written document signed by business partners that specifies the terms of the partnership, such as the rights and responsibilities of each individual (LAP-BL-006)

PARTS: Industrial goods that become part of a finished product without any additional processing (LAP-EC-902)

PAR VALUE (OR FACE VALUE): The original bond amount that is to be repaid at maturity (QS LAP 33)

PASS-THROUGH ENTITY: A business in which profits and losses pass through to the business owners; also called a flow-through entity

PASSION: A strong feeling of enthusiasm, determination, and devotion (LAP-PD-012, LAP-PD-066)

PASSIVE BEHAVIOR: Conduct in which people fail to exercise their own rights or to respect their own needs (LAP-EI-008)

PASSIVE LISTENING: Listening without paying full attention (LAP-CO-017)

PASSIVE MANAGEMENT: A style of mutual fund management that does not attempt to "beat the market"; the buy-and-hold approach (QS LAP 35)

PASSIVE VOICE: The verb form used to indicate the subject is receiving the action (PR LAP 9, PR LAP 10)

PAST TENSE: A verb form that indicates action has already taken place (PR LAP 9)

PATENT: Legal protection of an invention or a process granted by government to its owners for a certain number of years (LAP-FI-091, LAP-FI-093, LAP-NF-001)*

PATENT INFRINGEMENT: A violation of the rights of a person who owns a patent (LAP-EN-044)

PATIENCE: The ability to endure life's aggravations and difficulties calmly (EI LAP 14, LAP-EI-027, LAP-EI-041, LAP-EI-092)
Enduring life's frustrations and difficulties calmly (LAP-EI-131)

PATRONAGE: Loyalty to a particular business (CR LAP 3)

PATRONAGE MOTIVES: Emotional or rational reasons for buying that cause people to choose one business over another (LAP-SE-883)

PATRONAGE PROMOTION: A type of institutional promotion designed to promote a firm’s prestige or its features (LAP-PR-902)

PAY-PER-CLICK (PPC): A form of advertising that allows businesses to pay for increased visibility of their site (LAP-PR-462)

PAY-PER-CLICK LINK: An online advertisement placed by advertisers who pay their web host a fixed amount each time someone clicks on the ad (LAP-PR-903)

PAY-PER-CLICK SEARCH ENGINES: Internet services that charge a fee for each click that results in a visitor to a web site based on how much the advertiser bids for key words (PM LAP 9, PR LAP 16)

PAYBACK PERIOD: The amount of time it takes a business to recover its initial investment into a certain decision or project (FI LAP 357)

PAYROLL: The sum of money paid to employees in a given period (LAP-FI-091)

PAYROLL RECORD: A document about the sum of money paid to an employee in a given period (LAP-NF-001)

PAYROLL TAX: A tax on employment, paid by both employers and employees; used to fund Social Security and Medicare in the United States (LAP-EC-072)

PEAK: The phase of the business cycle considered the high point of economic activity when demand begins to exceed the production capacities of producers (LAP-EC-918)

PEG: The focus or angle of a news release or article (PR LAP 10)

PEGGED CURRENCY: Currency that has a fixed exchange rate with another country’s currency; also called fixed currency (LAP-EC-100)

PENETRATION PRICING: A strategy that involves setting prices lower than those of the competition (LAP-PI-015, LAP-PI-047, PM LAP 24)

PENNY STOCK: Speculative stocks that sell at very low prices, usually $1 or less per share (QS LAP 34)

PENSION: A retirement fund that has been paid into by an employee and/or employer (EC LAP 83, LAP-EC-915)

PENSION FUND: An investment fund that benefits employees’ retirement accounts (LAP-EC-100)

PENSION PLAN: A system for paying employees after they have retired from the company (QS LAP 38)

PEOPLE KNOWLEDGE: Awareness and recognition of different people and cultures (CD LAP 2)

PEOPLE SKILLS: The ability to get along well with others using interpersonal skills such as communications and leadership (Career Opps in Finance, Career Opps in Hosp, CD LAP 2, MN LAP 50, LAP-PD-297)

PERCEPTION: An individual’s personal picture of the world; how they make sense out of the inputs they receive (LAP-MK-014)

PERFECT COMPETITION: A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition (LAP-EC-023, LAP-EC-912)

PERFECTIONIST: A person who refuses to accept any standard short of perfection (LAP-EI-077)

PERFORMANCE: How well a product does the job it was designed to do (LAP-PM-042)

PERFORMANCE EVALUATION: A formal assessment by the supervisor of a worker’s job performance that lets the worker know how s/he is doing on the job (LAP-EI-903, MN LAP 54)

PERFORMANCE GOAL: A goal that is described by the level of performance reached or by a task completed (LAP-PD-918)

PERFORMANCE REVIEW: A formal assessment of a worker’s job performance by his/her supervisor that lets the worker know how s/he is doing on the job (LAP-HR-410)

PERIODIC INVENTORY CONTROL: A method of inventory control in which stock is counted at certain times of the year (DS LAP 4)

PERIODIC INVENTORY RECORDS: Stock information that is obtained from a physical count of the items of stock at periodic intervals (DS LAP 4)

PERIODIC SYSTEM: An inventory method that counts inventory at certain times of the year (DS LAP 2)

PERIODIC UNIT CONTROL: An actual count or a physical check of the units of stock at specific intervals (DS LAP 3)

PERIODICAL: A magazine or newspaper (LAP-MP-013)

PERISHABILITY: A product's ability to withstand being stored (LAP-PM-079)

PERISHABLE: Fleeting; going away quickly (LAP-MK-012)

PERISHABLE GOODS: Items that are capable of spoiling, decaying, or dying (DS LAP 5)

PERKS: See Fringe Benefits (HR LAP 19)

PERMISSION-BASED MARKETING: Electronic promotional messages that are sent with the recipient’s permission; also known as opt-in e-mail (PR LAP 13)

PERMIT: A document that grants permission to do something (LAP-FI-091)

PERPETUAL INVENTORY: A record of inventory information continuously updated (DS LAP 6)

PERPETUAL INVENTORY CONTROL: A method of inventory control that updates inventory information on a continuous basis as transactions occur (DS LAP 4)

PERPETUAL INVENTORY RECORDS: Stock information that is provided by a perpetual inventory control system (DS LAP 4)

PERPETUAL INVENTORY SYSTEM: An inventory method that updates inventory information on a continuous basis (DS LAP 2, LAP-NF-001)

PERPETUAL UNIT CONTROL: A running record of all inventory transactions that is constantly being updated (DS LAP 3)

PERSEVERANCE: Continuing with a project or course of action in spite of problems or discouragement (LAP-EI-001)

PERSISTENCE: The ability to continue working at a task or idea until the desired outcome is achieved (LAP-EI-006, LAP-EI-027, LAP-EI-041, LAP-EI-131)
The attitude or characteristic of not giving up (QS LAP 5)

PERSONAL APPEARANCE: The physical image created by how you look and what you wear (LAP-PD-002)

PERSONAL AUTHORITY: Authority given to an individual because of their personality traits, character, or actions; informal authority (LAP-HR-493)

PERSONAL BRAND: The image an individual creates with their personal appearance and behavior (LAP-PD-002)

PERSONAL CHANGES: Changes concerning our bodies, minds, lifestyles, etc. (HR LAP 8)

PERSONAL CODE OF ETHICS: Guidelines for applying morals to our daily lives (QS LAP 8)

PERSONAL CODE OF ETHICS (BEHAVIOR): The way a person behaves based on his/her internal beliefs and standards (LAP-SE-106)

PERSONAL CONSUMPTION EXPENDITURES: A factor used to calculate GDP that includes the final market value of all services and new and used goods purchased for consumption by individuals and nonprofit organizations (LAP-EC-917)

PERSONAL CONSUMPTION EXPENDITURES PRICE INDEX: An inflation-rate measure similar to the Consumer Price Index; takes into account changing consumer preferences (EC LAP 83)

PERSONAL FINANCIAL ADVISOR: A person who provides individuals and families with guidance for their investment and financial decision; may also buy and sell certain financial products; also known as financial planner or a financial consultant (QS LAP 51)

PERSONAL IDENTIFICATION NUMBER (PIN): A number you choose to gain access to an account (LAP-NF-003)

PERSONAL INTERVIEW: A data collection method in which a researcher sits down with a respondent one-on-one to ask questions and record the respondent's answers (LAP-IM-289)
A face-to-face conversation in which a researcher surveys an individual to obtain research data (LAP-IM-010)

PERSONAL OBSERVATION: Awareness of one's surroundings; the most commonly used method of prospecting (SE LAP 1)

PERSONAL OWNERSHIP: Considering a task your very own; viewing a task or objective as your responsibility (QS LAP 5)

PERSONAL RESPONSIBILITY: Taking ownership of your behavior and the consequences of your behavior (LAP-EI-021)

PERSONAL SELLING: The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities (IM LAP 7, LAP-MK-901, LAP-MP-001, LAP-PR-903)
Planned, personalized communication that influences purchase decisions and enhances future business opportunities (SE LAP 932)

PERSONAL SKILLS INVENTORY: Assessment tool designed to help determine strengths and weaknesses (LAP-EI-902, QS LAP 16)

PERSONAL SOURCES: Contacts that each individual has through his/her customers, friends, or relatives (SE LAP 828)

PERSONAL TRAIT: A human characteristic expressed by a consistent pattern of behavior (HR LAP 12)
A personal characteristic expressed by a consistent pattern of behavior (LAP-EI-024, LAP-EI-918)*

PERSONAL VISION: A mental picture of an individual’s desired life at some point in the future (LAP-EI-063)

PERSONALITY: An individual's qualities, or traits, and behavior (LAP-EI-036, LAP-MK-014, LAP-EI-918, SE LAP 810, SE LAP 828)
An individual’s character traits and behaviors (LAP-MP-003)

PERSONALIZATION: The act of customizing an experience or communication to an individual or a group based on information gathered about them (LAP-PR-462, LAP-PR-463)

PERSONNEL: A business’s employees (LAP-CR-010)

PERSONNEL RECORD: A document containing information about an employee (LAP-NF-001)

PERSUADE: To change a person’s mind or to convince someone to consider and accept new ideas or take action; a purpose of oral presentations (LAP-CO-025)

PERSUASION: Ability to get people to see things your way, to do things your way, or to agree with you (LAP-EI-912)

PERSUASIVE: Convincing; influential (LAP-EI-005)

PERT CHART: Program Evaluation and Review Technique; a statistical tool that analyzes project tasks and aids in creating an appropriate project schedule (LAP-OP-001)

PESSIMIST: A person with a negative attitude (LAP-EI-019)

PESSIMISTIC: Tending to see the worst in things or assuming that bad things will happen (LAP-EI-133)

PETITION: A formal document that typically contains many people’s signatures and is submitted to a court or elected official to ask them to address an injustice (LAP-BL-163)

PETTY CASH FUND: Small amount of money kept on hand by a business for business purchases (HR LAP 19)

PHILANTHROPIC: Voluntarily generous (LAP-EC-106, LAP-PI-015)

PHILOSOPHY: The combination of principles, attitudes, or beliefs held by individuals or organizations that influence their behavior (PR LAP 8, LAP-SM-065)

PHISHING: An online identity-theft scam that fools its victims into believing they are submitting sensitive, personal information (such as credit card numbers or bank passwords) to a legitimate web site (QS LAP 50)

PHONE INTERVIEW: Surveying individuals via phone to obtain research data (LAP-IM-010)

PHYSICAL COUNT: An actual tally of each unit of stock (DS LAP 3)

PHYSICAL INVENTORY: An actual count of the items of stock (DS LAP 4, DS LAP 6)

PHYSICAL RESOURCES: Material items used to accomplish an activity (LAP-SM-007)

PHYSICAL TRAITS: Personal traits such as age, sex, height, weight, coloring, build, posture, grooming, and general health (LAP-EI-918)

PHYSIOLOGICAL NEEDS: Basic human desires needed to sustain life; first level of needs in Maslow's hierarchy of needs (LAP-EI-059, MN LAP 47)

PICKET: A union member involved in a picketing strategy (carrying signs, chanting slogans, etc.) (LAP-EC-915)

PICKETING: A union pressure strategy in which union members position themselves near a business during a conflict or strike, often carrying signs and chanting slogans (LAP-EC-915)

PICKING: The process of collecting products from inventory for delivery (LAP-OP-303)

PIGGYBACK FRANCHISE: A form of ownership in which a retail franchise operates within the facilities of another store; often referred to as the host (LAP-BL-003)

PILFERAGE: Theft of small sums of money or inexpensive items; petty theft (DS LAP 5, RM LAP 4)

PILOT STUDY: A small-scale research study used to test the feasibility of a project or idea (LAP-IM-284)

PIRACY: The act of stealing a person's copyrighted materials (BA LAP 5)

PITCH: The degree of highness or lowness of sound (HR LAP 20)

PLACE: Marketing element focusing on considerations in getting a selected product in the right place at the right time (LAP-IM-012, MN LAP 43, LAP-MP-001, LAP-MP-007, LAP-PI-047)

PLACE (DISTRIBUTION): Marketing element focusing on considerations in getting a selected product in the right place at the right time (IM LAP 7, PI LAP 1, PM LAP 24)

PLACE DECISION: The decision to buy from a certain business (SE LAP 811)

PLACE SMOOTHING: The process of dividing a venue into different sections and pricing tickets accordingly (LAP-PI-047)

PLACE UTILITY: Usefulness created by making sure goods or services are available at the place where they are needed or wanted by consumers (LAP-EC-904)

PLAIN TEXT: A body of information that does not contain special fonts, formatting, or graphics (PR LAP 13)

PLAIN TEXT E-MAIL: An electronic message that does not contain special fonts, formatting, or graphics (PR LAP 14)

PLANNED OBSOLESCENCE: The practice of designing a product to become obsolete, or unusable, before it should reasonably need replacement (MN LAP 43)
The practice of designing a product to become obsolete, or outdated or useless, before it should reasonably need replacement (LAP-PM-040)*

PLANNING: The management function of deciding what will be done and how it will be accomplished (LAP-MK-901, MN LAP 43, LAP-OP-519, LAP-SM-001, LAP-SM-065)

PLANNING TOOL: A chart or computer software program used for project planning (QS LAP 28)

PLANT OPERATORS: Companies that own, sell, erect, and maintain outdoor advertising space (PR LAP 6)

PLAYERS’ ASSOCIATION: A union in a professional sport league (LAP-BL-058)

PLAYING THE DEVIL'S ADVOCATE: Arguing against a position for the sake of argument or to validate that position (LAP-FI-355)

PODCAST: A digital recording that is distributed over the Internet and downloaded to a computer or mobile device for playback (SE LAP 62)

POINT-COUNTERPOINT: Method of answering objections in which the salesperson agrees on a valid point made by the customer and then answers the point by offering an equal or superior point; also known as the superior point or counterbalance method (LAP-SE-874)

POINT-OF-PURCHASE SCANNER: The wand or electronic screen that reads product codes and records related data (LAP-IM-289)

POINT OF SALE: Store or other locations where products are sold to the final consumer (LAP-CM-001, LAP-CM-006)

POINT-OF-SALE FRAUD: Attempts to cheat a business out of money at the time of purchase; may involve cash, checks, or credit cards (RM LAP 4)

POINT-OF-SALE TERMINAL: Computerized cash register that automatically transmits data about each transaction directly to the computer (DS LAP 3)

POINT-SALES QUOTAS: A type of sales-volume quota in which salespeople receive a number of points for each dollar or product sold (SE LAP 118)

POLICY: A guideline explaining how employees are to act and how they are to deal with customers (LAP-CR-010)
Any guideline explaining how employees are to act (LAP-PD-250)

POLITE: Courteous; respectful (CR LAP 4)

POLITICAL CLIMATE: Government environment (LAP-NF-015)

POLITICAL STABILITY: The degree to which a government is free from turmoil (LAP-NF-015)

POLYSTYRENE: A rigid plastic that can be molded into different shapes; often used as an insulator (IM LAP 3)

PONZI SCHEME: An investment scam that lures in new investors by promising high rates of return with little to no risk (QS LAP 50)

POP-UP ADS: Promotional messages that appear in a separate browser window (LAP-PR-007, PR LAP 16)

PORTABLE HARD DRIVE: A small, lightweight electronic storage device that can be used with any computer containing a USB drive; examples of portable hard drives include flash drives, memory sticks, and thumb drives (LAP-NF-001)

PORTAL: Popular starting point for surfing the web; a gateway to the web; a directory that offers a variety of features such as news, chats, weather, etc. (LAP-PR-007)
A place to store information across an entire organization or team (LAP-KM-001)

PORTFOLIO: An investor’s complete collection of investments, including stocks, bonds, and mutual funds (QS LAP 45)

POSITION: What someone believes or feels about an idea or issue (LAP-EI-062)
The image or impression of a product or brand that customers have in their minds (LAP-PM-042)
The image or impression of a business, organization, brand, or product that consumers have in their minds (LAP-PR-901)

POSITIONAL AUTHORITY: Authority and responsibility officially assigned to an individual who holds a position and/or a title on an organizational chart; formal authority (LAP-HR-493)

POSITIONING: A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers (PM LAP 3, PM LAP 17, PM LAP 272, LAP-PM-913)
A strategy in which a business creates a certain image or impression of a product or brand in customers' minds (LAP-PM-042)

POSITIONING INNOVATION: A type of innovation that occurs when the purpose of a product is changed (LAP-PD-126)

POSITIVE ATTITUDE: An outlook that focuses on the good side of things (EI LAP 14, LAP-EI-019, LAP-EI-024, LAP-EI-918, HR LAP 20)

POSITIVE FEEDBACK: Praise or approval (LAP-EI-903)

POSITIVE REINFORCEMENT: The act of encouraging a desired response by giving something pleasant (LAP-EI-060, MN LAP 47, LAP-SM-066)

POSITIVE SELF-CONCEPT: A favorable image of one's self (HR LAP 12)

POSITIVE SELF-TALK: A way to think positively by giving yourself a “pat on the back” for your abilities and successes (LAP-EI-019)

POSSESSION UTILITY: Usefulness created when ownership of a product is transferred from the seller to the user (LAP-EC-904)

POST-PURCHASE TOUCHPOINTS: All the opportunities that businesses have after sales transactions to connect with customers and reinforce their brand (LAP-PM-126)

POSTAGE METER: A piece of business equipment that prints postage strips that are used in place of postage stamps (HR LAP 19)

POSTAL SURVEY: A marketing research method that involves collecting opinions and other data from individuals via the postal service (LAP-IM-010)

POSTER PANELS: Outdoor advertising space on which posters containing advertising messages are affixed; also known as billboards (PR LAP 6, LAP-PR-007)

POSTURE: The way in which you hold your body when sitting, standing, etc. (LAP-CO-025, LAP-EI-008, HR LAP 20)

POUNCE: To make an abrupt assault or approach (SE LAP 101)

POWER: The ability of an individual to influence the actions of other people; the bargaining power that each person brings to a specific negotiating process (LAP-EI-062)
The ability of an individual to influence the actions of other people (LAP-EI-135)

POWER DISTANCE: A dimension of national culture that refers to how accepting less-powerful members of a society are of the inequality within the society (LAP-EC-045)

POWER NEEDS: Desire to have impact, to be influential, or to control others (MN LAP 47)

PPE: Property, plant, and equipment; another term for fixed assets (LAP-FI-093)

PRACTICAL OR FRUGAL PERSONALITY: A basic type of customer personality characterized by the customer's being cautious; disliking experiments; looking for a simple, uncluttered life; and/or looking for value (SE LAP 810)

PREDATORY PRICING: The illegal practice of setting prices unrealistically low to eliminate competition (LAP-PI-015)

PREDICTION: A forecast made about the future; also known as a projection (LAP-IM-012)

PREDICTIVE RESEARCH: Marketing research used to help the business forecast future business developments (LAP-IM-010)

PREEMPTION RATES: Discount rates offered by broadcasters to advertisers who are willing to have their advertisement slot sold to a higher paying advertiser (PR LAP 6)

PREFERRED POSITION: Newspaper or magazine space thought to attract the greatest audience attention (PR LAP 6)

PREFERRED STOCK: A basic share of ownership in a corporation that comes with extra privileges but no voting rights (QS LAP 34)

PREGNANCY DISCRIMINATION ACT OF 1978: A law passed to protect the job rights of pregnant workers by making it illegal to fire or to demote them or to refuse to hire or to promote them because of their pregnancy (MN LAP 55)

PREJUDICE: Opinion or judgment that is based on feeling or hearsay, rather than fact; bias (LAP-EI-030, LAP-EI-033, LAP-EI-036, LAP-EI-127, LAP-EI-903, LAP-EI-092, LAP-EI-917)*

PREMIUM: An item a business offers free to the purchaser of a particular product (PR LAP 187)

PREMIUM BONDS: Bonds available for purchase above par value (QS LAP 33)

PREPARING TO SELL: The phase of the selling process in which the salesperson acquires knowledge about the product, generates and qualifies sales leads, and prepares the sales presentation (LAP-SE-048)

PRE-PURCHASE TOUCHPOINTS: All the opportunities that businesses have before sales transactions to connect with customers and reinforce their brand (LAP-PM-126)

PRESCRIBING SOLUTIONS: The phase of the selling process in which the salesperson recommends specific goods or services that meet the customer's needs (LAP-SE-048)

PRESENT TENSE: A verb form that indicates action is going on currently or occurs regularly (PR LAP 9)

PRESENTING SPONSORSHIP: A partnership in which the sponsor's name follows the event's name, such as the Grand Ole Opry presented by Cracker Barrel Old Country Store (LAP-SE-321)

PRESS CONFERENCE: See News Conference ( PR LAP 8)

PRESS KIT: A set of articles and pictures provided to the media in order to obtain publicity (PR LAP 8)

PRESS RELEASES: Written information provided to the media in order to obtain publicity (CD LAP 2)

PRE-TAX PROFIT: The result of subtracting the interest expense from the operating profit (QS LAP 38, QS LAP 44, QS LAP 46)

PRESTIGE PRICING: Deliberately putting an artificially high price on a good or service to suggest high quality and status (LAP-PI-015)

PREVENTATIVE: A type of internal accounting control designed to prevent errors or fraud from happening (LAP-FI-343)

PREVENTION COSTS: The costs associated with planning and implementing quality so that defective products aren’t created (QM LAP 1)

PREVENTIVE DISCIPLINE: An approach to remedial action which concentrates on managing employees in such a way that behaviors which would require discipline are prevented (MN LAP 53)

PRICE: The amount of money paid for a good, service, or resource (LAP-EC-901, LAP-EC-906)
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products (IM LAP 7, IM LAP 9, LAP-IM-012, MN LAP 43, LAP-MP-001, LAP-MP-007, LAP-PI-047, PM LAP 24)

PRICE-BASED COSTING: A pricing method in which the business determines how much customers will pay for a product, then adjusts costs accordingly (LAP-OP-024)

PRICE COMPETITION: A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars (LAP-EC-912)

PRICE CONTROL(S): A government’s determination of what price a product can be sold for (LAP-EC-045)

PRICE DECISION: The decision a customer reaches on the price s/he is willing to pay for a good or service (SE LAP 811)

PRICE DEFLATOR: An economic metric that converts current prices to a base dollar value to calculate real GDP (LAP-EC-917)

PRICE-DIRECTED SYSTEM: A descriptive term for the American private enterprise economy because price determines what people buy, the jobs they take, the success of failure of businesses, and the products that will be produced (EC LAP 15)

PRICE DISCRIMINATION: An illegal activity in which a business charges different customers different prices for similar amounts and types of products (LAP-EC-016, LAP-EC-912, LAP-PI-902, LAP-SE-106)
An illegal activity in which a business charges different customers different prices for the same product (LAP-CM-006, LAP-PI-015)

PRICE-EARNINGS (PE): Financial ratio that shows how much investors are willing to pay for each dollar of earnings; calculated by dividing a stock’s share price by earnings per share; often referred to as the multiple (QS LAP 42, QS LAP 43)

PRICE-EARNINGS AND GROWTH (PEG): Financial ratio that considers price, earnings, and growth, allowing investors to gauge whether the market’s expectations for earnings are in line with projections for growth; calculated by dividing projected PE by projected EPS growth (QS LAP 42, QS LAP 43, QS LAP 44, QS LAP 46)

PRICE-EARNINGS RATIO (P/E): Financial ratio that shows how much investors are willing to pay for each dollar of earnings; calculated by dividing a stock’s share price by earnings per share; often referred to as the multiple (QS LAP 37, QS LAP 44, QS LAP 46)

PRICE ELASTICITY: A measure of how sensitive customers are to changes in price (LAP-PI-047)

PRICE FIXING: Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer (LAP-PI-902)
Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer (LAP-EC-912, LAP-PI-015)*

PRICE GOUGING: A practice where businesses charge unfair prices due to a demand spike or lack of supply, such as in times of crisis (LAP-PI-015)

PRICE INFORMATION: A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost (LAP-EC-906)

PRICE LINING: The practice of selling goods/services at a limited number of predetermined price points, or levels

PRICE MARKUP: The difference between the total cost of a product and its selling price (LAP-OP-024)

PRICE POLICY: A guideline regulating the range of prices for goods and services that businesses offer to customers (HR LAP 25)

PRICE SKIMMING: A pricing strategy that involves setting prices higher than those of the competition (LAP-PI-047, PM LAP 24)

PRICE STABILITY: An economic environment in which prices don't change very rapidly and the value of money is stable (EC LAP 83)

PRICE SUPPORTS: Assistance by government in maintaining the price of a good or service to enable the producers to earn a profit (LAP-EC-016)

PRICE-TAG SWITCHING: A type of fraud by which a higher priced tag is removed from goods and replaced by a lower priced tag (LAP-OP-025)

PRICE-TICKET SWITCHING: A type of fraud by which a higher priced ticket is removed from merchandise and replaced by a lower priced ticket (RM LAP 4)

PRICING: A marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value (BA LAP 3, CD LAP 2, LAP-EC-010, LAP-MK-002, LAP-MK-901, PI LAP 1, LAP-PI-015, LAP-PI-047)

PRICING OBJECTIVES: Goals a company hopes to accomplish through its pricing strategies (PI LAP 1, LAP-PI-047, LAP-PI-902)

PRIMARY CIRCULATION: The total number of copies of a newspaper or a magazine sold at newsstands or by subscription (PR LAP 6)

PRIMARY DATA: Facts collected specifically for the problem or project at hand (LAP-IM-010, LAP-IM-184, LAP-IM-281, LAP-IM-282)*

PRIMARY DIMENSIONS OF DIVERSITY: Inborn differences that cannot be changed and that affect a person’s entire life; include such characteristics as age, race/ethnicity, nationality, sexual orientation, and certain physical and mental traits and abilities (LAP-EI-033)

PRIMARY INFORMATION: Marketing information developed from data collected for the problem or project at hand (LAP-IM-001, LAP-IM-025)*

PRIMARY NEEDS: Desires for things that the body cannot live without, e.g., air, food, and water (MN LAP 47)

PRIMARY PRODUCT PROMOTION: A type of product promotion intended to stimulate demand for an entire class of goods or services (LAP-PR-902)

PRIMARY RESEARCH: Research that generates data that are new and specific to the problem or project at hand (LAP-IM-281, IM LAP 285)

PRIME INTEREST RATE: The interest rate at which banks borrow from each other; banks offer this rate to their best credit customers (LAP-EC-917)

PRIME RATE: The interest rate offered by banks to their best credit customers (PU LAP 3)

PRINCIPAL: The original amount of a loan on which the amount of interest is based (LAP-FI-002)
The original amount of an investment (QS LAP 45)

PRINTED DIRECT MAIL: Sales letters, catalogs, folders, flyers, booklets, and postcards containing promotional messages delivered through a postal service (LAP-PR-007)

PRIORITIES (PRIORITY): The order of importance of your activities (HR LAP 4, QS LAP 22)

PRIORITIZE: To determine the order for completion of activities based on their importance (PD LAP 14, LAP-PD-019)

PRIORITIZING: Determining the order of completion based on importance (LAP-EI-077)

PRIVACY POLICIES: Statements indicating how the business attempts to protect the privacy of its web-site visitors (BA LAP 4)

PRIVACY POLICY: A statement that discloses how an organization will gather, use, and manage a customer's data (LAP-CR-017, LAP-IM-025)

PRIVATE BRAND: Brands owned by intermediaries (LAP-PM-021)
A brand owned by the intermediary (retailer, wholesaler, or other distributor) that sells the brand rather than the manufacturer; sometimes called a private label, store brand, or distributor brand (LAP-PM-206)

PRIVATE CORPORATION: A type of corporation owned by a few people that does not offer its shares for sale to the general public; also known as closely held, or close, corporation (LAP-BL-003)

PRIVATE ENTERPRISE: An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services. Also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system (LAP-EC-072)

PRIVATE ENTERPRISE SYSTEM: An economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system (LAP-BL-003, LAP-EC-010, EC LAP 15, LAP-EC-016, LAP-EC-912, LAP-MK-002)*

PRIVATE PROPERTY: Anything of value that people own (EC LAP 15)

PRIVATE SECTOR: That part of the economy that is owned and controlled by individuals and/or businesses (LAP-EC-016)

PRIZE INDEMNITY: A type of insurance that protects organizations or sponsors from loss of income due to contest awards (LAP-BL-058)

PROACTIVE: Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems (CR LAP 3, LAP-EI-001, LAP-EI-024, MN LAP 43, LAP-PR-136, LAP-SM-075)*
Causing something to happen rather than waiting for something to happen (LAP-EI-075)

PROACTIVE MANAGEMENT: A style of management that involves anticipating and planning in advance for change, rather than simply reacting to outside events when they occur (LAP-EC-107)

PROBABILITY: The likelihood that an event will occur (LAP-EI-091, LAP-SM-075)

PROBABILITY DESIGN: A type of sampling design in which each sampling unit has a known probability of being selected and the selection process is random; its results are considered to be representative of the entire population (IM LAP 285)

PROBE: To find out what customers think, feel, or know (SE LAP 120)

PROBING: The use of probes, an investigation of what customers think feel, or know (SE LAP 120)

PROBLEM: An issue that needs a solution (LAP-PD-077, QS LAP 26)

PROBLEM-SOLVING: Finding solutions to obstacles or problems (LAP-PD-017, LAP-PD-077, QS LAP 5, QS LAP 26)
A conflict response mode in which one or more parties exhibit assertive behavior and express a moderate or high level of cooperation (LAP-EI-915)

PROBLEM-SOLVING SKILLS: The ability to find solutions to obstacles or problems (Career Opps in Finance, LAP-PD-066, LAP-PD-077, LAP-PD-126, LAP-PD-297)

PROCEDURE: The step-by-step process personnel follow in performing a specific task (LAP-CR-010)
A step-by-step process that employees must follow while performing a specific task (LAP-PD-250)

PROCESS: The way in which an activity is carried out (LAP-OP-189)

PROCESS INNOVATION: A type of innovation that occurs when a business changes a method or how something is done (LAP-PD-126)

PROCESS ORIENTATION: A focus on how things are done, rather than just outcomes (LAP-OP-163)

PROCESS PERFORMANCE MANAGEMENT (PPM): The supervision of business and/or manufacturing processes to ensure their quality and efficiency (LAP-OP-163)

PROCESS THEORIES: Theories of motivation that concentrate on why people behave the way they do and how people go about meeting their needs (MN LAP 47)

PROCESSING PRIORITY: The order in which items are handled; depends upon their perishability, value, or the demand for them (DS LAP 5)

PROCRASTINATION: Putting off until tomorrow what could be done today (LAP-EI-077, PD LAP 14, LAP-PD-019)

PROCUREMENT: The buying of goods and services for a business; also known as purchasing (LAP-OP-189)
The buying of goods and services for a business; also known as sourcing (LAP-OP-303)

PRODUCER PRICE INDEX (PPI): A family of indexes that measure prices and inflation at the producer and wholesaler levels (EC LAP 83)

PRODUCERS: The people who make or provide goods and services (LAP-CM-001, LAP-CM-003, LAP-EC-070, LAP-EC-901, LAP-EC-902, LAP-EC-903, LAP-EC-906, LAP-EC-907, LAP-MK-002, LAP-MK-901)

PRODUCT(S): Marketing element referring to what goods, services, or ideas a business will offer its customers (LAP-CM-001, IM LAP 9, LAP-IM-012, LAP-MK-901, LAP-MK-015, MN LAP 43, LAP-MP-007, LAP-PI-047, PM LAP 17, PM LAP 24, PM LAP 272)
Goods and services (LAP-EC-917, SE LAP 17, SE LAP 57)
A good, service, or idea a business offers its customers (LAP-PM-042, LAP-PR-901)
A good or service that a company sells to customers (LAP-CM-003, LAP-EC-902, LAP-PM-019, LAP-PM-040, LAP-SM-007, LAP-SM-013)

PRODUCT ANALYSIS SHEET: An organized list of a product’s features prepared by the salesperson to assist in the sales presentation (LAP-SE-374)

PRODUCT BRAND: A name, term, symbol, design, or combination of these elements that identifies a product and distinguishes it from competitors' products (LAP-PM-021)

PRODUCT/BRAND MANAGEMENT: A career that involves monitoring and developing one or more existing products or brands; planning the entire lifespan of a product or brand (LAP-PD-024)

PRODUCT DECISION: The decision a customer makes on the brand, type, model, etc., to buy (SE LAP 811)

PRODUCT DECISIONS: Marketing element referring to what goods, services, or ideas a business will offer its customers (PI LAP 1)

PRODUCT DEMONSTRATION: Actions of the salesperson in the sales presentation that show the product’s features and benefits (LAP-SE-048, LAP-SE-374)

PRODUCT DEVELOPMENT: The stage in the creation of a new product in which a working model may be tested, modified, and retested; production costs are estimated and final details of the product are planned (e.g., label, promotion, and distribution) (LAP-CR-016, PM LAP 17, LAP-SM-007, LAP-SM-013)

PRODUCT DIFFERENTIATION: A strategy for making a product appear different from similar products on the market (PM LAP 272)

PRODUCT ELIMINATION: The removal of a weak product from the market and from the company’s product mix, also known as product discontinuation (PM LAP 17)

PRODUCT INNOVATION: A type of innovation that occurs when a business either creates or improves a product (LAP-PD-126)

PRODUCT ITEM: Each individual good, service, or idea that a business offers for sale (PM LAP 3)

PRODUCT KNOWLEDGE: Information about a specific good or service that can be used in sales presentations (SE LAP 17)

PRODUCT LIABILITY: The producer’s responsibility for any injury that the business’s products may cause (PP LAP 7, PM LAP 7)

PRODUCT LIFE CYCLE: The stages through which goods and services move from the time they are introduced on the market until they are taken off the market (LAP-EC-107, IM LAP 3, LAP-MK-002, LAP-MP-013, LAP-PI-902, PM LAP 17, PM LAP 24, LAP-PM-040, LAP-PM-127, LAP-PR-903, LAP-SM-013)

PRODUCT LINE: A group of related product items (IM LAP 3, PM LAP 3, LAP-PM-021, PM LAP 24)

PRODUCT MANAGEMENT: A career that involves monitoring and developing one or more existing products (CD LAP 2)

PRODUCT MANAGER: An individual who monitors one or more existing or developing products (LAP-EC-103)

PRODUCT MANAGERS: Individuals within an organization who are responsible for an individual product or group of products; also known as brand managers (LAP-PM-040)

PRODUCT MIX: The particular assortment of goods and services that a business offers to meet the needs of its market(s) and its company goals (DS LAP 3, LAP-PI-902, PM LAP 3, PM LAP 17, LAP-PM-040, PR LAP 8)

PRODUCT-MIX STRATEGIES: The ways in which businesses handle, or manage, their product mixes (PM LAP 3)

PRODUCT PLACEMENT: A type of “other” media that uses branded products as props in movies, TV shows, online videos, and video games (LAP-PR-903, LAP-PR-007)

PRODUCT POLICY: A guideline affecting the kinds of goods and services that businesses offer to customers (HR LAP 25)

PRODUCT PORTFOLIO: The complete listing of products offered by a business (LAP-OP-303)

PRODUCT POSITIONING: In a sponsorship agreement, the sponsor's privilege of having its goods or services used at the event (LAP-SE-321)

PRODUCT PROMOTION: A type of promotion that aims to persuade consumers to buy a particular good or service (LAP-PR-902, LAP-SM-007)

PRODUCT RECALL: The removal from the marketplace of a product that is defective or hazardous to consumers (LAP-OP-163, PP LAP 7, PM LAP 7)

PRODUCT-RELATED SERVICES: Services that are offered with a product such as maintenance, delivery, or repair (PM LAP 17)

PRODUCT/SERVICE MANAGEMENT: A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities (BA LAP 3, LAP-MK-002, PM LAP 17, LAP-PM-040)

PRODUCT/SERVICE MIX: The particular assortment of products that a business offers to meet the needs of its markets and its company goals (BA LAP 3, LAP-MK-002)

PRODUCT STANDARDS: Criteria for determining a product's ability to meet specified guidelines or requirements (LAP-EC-916)

PRODUCT TRADE-NAME FRANCHISE: A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as dealership or exclusive distributorship (LAP-BL-003)

PRODUCTION: The economic process or activity of producing goods and services (EC LAP 71, LAP-EC-901, LAP-EC-903, LAP-EC-907, IM LAP 9, LAP-OP-017)

PRODUCTION COSTS: Expenses directly associated with the creation of products (e.g., raw materials) (LAP-EN-038, LAP-MP-013)

PRODUCTION FUNCTION: An explanation of the relationship between inputs and outputs; also expressed as Q = f(L,K) (LAP-EC-023)

PRODUCTION PLANNING: Determining how products will be produced and in what amounts (LAP-OP-017)

PRODUCTION PROCESS: The way in which production is carried out (LAP-OP-017)

PRODUCTIVE: Producing favorable or useful results (HR LAP 4, HR LAP 11)

PRODUCTIVITY: The amount and value of goods and services produced (outputs) from set amounts of resources (inputs) (CR LAP 3, LAP-EC-106, LAP-EC-913, LAP-EC-914, FI LAP 357, IM LAP 3, LAP-OP-015, LAP-OP-190, LAP-PD-252)
The amount of work employees perform in a given period, usually their output per hour (LAP-EC-103, LAP-EI-005, EI LAP 28, LAP-MK-015, MN LAP 40)

PROFESSIONAL BUYER: A person whose job is to purchase the goods and services a business needs to create, promote, and sell products as well as to operate on a day-to-day basis (LAP-MK-014)

PROFESSIONAL DEVELOPMENT: Steps that an individual takes to enhance or improve skills or traits that are needed to excel in their career/profession (LAP-EI-902, LAP-HR-410, LAP-PD-066)

PROFESSIONAL ORGANIZATION: A group of persons in the same profession who form a society to further their common interests–primary focus is generally the expansion of professional knowledge and the maintenance of high professional standards (CD LAP 1)

PROFESSIONAL UNION: A union made up of workers in the same profession (e.g., teachers, nurses) (LAP-EC-915)

PROFESSIONALS: Athletes who are paid to play a sport, which is often their occupation (LAP-MK-012)

PROFILE: A list of the main characteristics of a person or group of persons that creates a "picture" of the person or group (IM LAP 9, LAP-IM-010)

PROFIT: Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid (LAP-BL-006, LAP-EC-010, EC LAP 15, LAP-EC-906, LAP-EC-907, LAP-EI-004, HR LAP 19, HR LAP 25, IM LAP 7, LAP-MK-002, LAP-MP-001, LAP-OP-025, LAP-OP-190, LAP-PI-902, SE LAP 76, LAP-SM-007)
A business’s income after expenses (LAP-CR-010)
Monetary reward a business owner receives for taking the risk involved in investing in a business (EC LAP 71, PI LAP 6)
Income left once all expenses are paid (FI LAP 94, PM LAP 24)

PROFIT-AND-LOSS STATEMENT: Income statement (LAP-FI-091)
Another name for an income statement (FI LAP 94)

PROFIT MARGIN: A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales (LAP-OP-015, PI LAP 1)
The percent of sales remaining after subtracting expenses; profit margin can be figured on gross profit, operating income, pre-tax earnings, net profit, or any level of income as needed (QS LAP 43, QS LAP 44, QS LAP 46)

PROFIT MAXIMIZATION: A profit-oriented pricing objective intended to make the firm the most possible immediate profit (LAP-PI-902)

PROFIT MOTIVE: The desire to make a profit, which moves people to invest in business (LAP-EC-010, EC LAP 15)

PROFIT-ORIENTED PRICING: A category of pricing objectives that focus on profit for the business (LAP-PI-902)

PROFIT QUOTAS: A type of financial quota whose use encourages salespeople to be profit oriented, rather than volume oriented (SE LAP 118)

PROFITABILITY: The degree or level of profit of a business or a product (LAP-EC-106, LAP-MK-015, QS LAP 42)
Ability to yield a financial gain

PROFITABILITY ANALYSIS: A financial breakdown that allows owners/managers to determine when a business venture will break even or start turning a profit (LAP-EN-038)

PROFITABILITY RATIO: A class of financial ratios that measures the ability of a company to make a profit (QS LAP 43)

PROGRAMMED INSTRUCTION: A training method that presents material in small units which are followed by examinations to determine trainee’s knowledge gain (SE LAP 123)

PROGRAMMED THINKING: A process used to solve problems and generate ideas in logical, analytical, organized ways (LAP-PM-127)

PROGRESSIVE DISCIPLINE: A form of corrective discipline which calls for administering progressively more severe penalties each time an offense is repeated (MN LAP 53)

PROGRESSIVE TAX: A tax structure that has a more significant impact on high-income groups than low-income groups; the higher the taxable amount, the higher the tax rate (LAP-EC-072)

PROJECT: Any type of undertaking, or task, that has a distinct beginning and end (QS LAP 18, QS LAP 19, QS LAP 28)
A short-term undertaking that creates a unique good or service (LAP-OP-001, LAP-OP-158)
Any type of undertaking, or task, that has a distinct beginning and end and that creates a unique good or service (LAP-OP-003, LAP-OP-519, LAP-OP-521)*

PROJECT CHAMPION: A project’s sponsor; a person who has the ability and authority to assist the project manager in getting the job done (LAP-OP-158)

PROJECT CHARTER: A formal document that officially authorizes a project to get underway (LAP-OP-158)
A document created at the initiation of the project that gives the project manager authority to complete the project (LAP-OP-001)

PROJECT CLOSE: The fifth stage of the project management process; includes wrapping up the project, delivering the end product, and documenting lessons learned (LAP-OP-158)

PROJECT CREEP: A problem wherein the scope of a project keeps getting bigger and bigger (LAP-OP-158)

PROJECT EXECUTION: The third stage of the project management process; includes carrying out the actual project work (LAP-OP-158)

PROJECT INITIATION: The first stage of the project management process; includes all the activities required for starting up a new project, such as creating a statement of work and a project charter (LAP-OP-158)

PROJECTION: A forecast made about the future; also known as a prediction (LAP-IM-012)

PROJECT MANAGEMENT: The process of planning, scheduling, and monitoring the progress of a project to achieve a specific goal (LAP-OP-003, LAP-OP-675, QS LAP 18, QS LAP 28)
The skills, tools, and processes used to plan, execute, and control the elements of a project (LAP-OP-158)

PROJECT MANAGER: Person responsible for overseeing all the activities that are part of a project (LAP-OP-158, QS LAP 18, QS LAP 28)

PROJECT MONITORING AND CONTROLLING: The fourth stage of the project management process; includes making sure the project stays on track and making the appropriate corrective measures if it doesn’t (LAP-OP-158)

PROJECT PLAN: A detailed plan for completing a project (QS LAP 28)
A set of related, “living” documents that serve as a road map for a project from beginning to end (LAP-OP-001, LAP-OP-520)*

PROJECT PLANNING: The second stage of the project management process; includes determining how all parts of the project will be accomplished, including creating the work breakdown structure (LAP-OP-158)

PROJECT RESOURCES: The items you need to complete a project (LAP-OP-519, LAP-OP-521)

PROJECT SCHEDULE: A document that tracks important dates and deadlines during the life of a project (LAP-OP-001, LAP-OP-519, LAP-OP-521)

PROJECT SCOPE: What a project will and will not include (LAP-OP-001)

PROJECT TEAM: A group of people who are assigned to work together on a specific assignment (LAP-EI-045)

PROMISSORY NOTE: A legal form signed by a borrower promising to repay a loan (LAP-FI-002)

PROMOTING: The act of communicating information about products, services, images, or ideas to customers or clients (CD LAP 2)

PROMOTION: A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome (BA LAP 3, LAP-CM-001, LAP-MK-002, LAP-OP-025, LAP-PR-901, LAP-PR-902, LAP-PR-903, SE LAP 76)
Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products (IM LAP 7, LAP-IM-012, MN LAP 43, LAP-MP-001, LAP-MP-007, LAP-PI-047, PM LAP 24, LAP-PM-042)

PROMOTION DECISIONS: Marketing element referring to selection of the various types of communications that marketers use to inform, persuade, or remind customers of their products (PI LAP 1)

PROMOTIONAL BUDGET: The amount of money a business plans to spend on promoting its goods and services during a certain period of time (PI LAP 1, PR LAP 8)

PROMOTIONAL DISCOUNT: A deduction from the seller’s price for promoting the seller’s merchandise; a function-based discount (PU LAP 3)

PROMOTIONAL ITEMS: Small objects distributed to promote the company (LAP-SE-106)

PROMOTIONAL MATERIALS: Information designed to influence buying decisions

PROMOTIONAL MIX: A combination, or blend, of marketing communication channels that a business uses to send its messages to consumers (i.e., advertising, sales promotion, personal selling, and publicity) (PR LAP 8, LAP-PR-903)

PROMOTIONAL PLAN: A framework for the promotional activities of a business (PR LAP 9)

PROMOTIONAL POLICY: A guideline affecting the kinds of special activities, such as contests and prizes, that businesses use to attract customers and to increase sales (HR LAP 25)

PROMOTIONAL PRICING: Pricing goods/services at low levels and advertising them heavily

PROMOTIONAL RECORD: A document containing information about the various types of communications that businesses use to inform, persuade, or remind customers of their products, images, or ideas (LAP-NF-001)

PROOFREAD: To read written materials in order to find and to mark errors for correction (PR LAP 9)

PROPERTY AND EQUIPMENT: A company’s assets that involve land, buildings, or machinery; sometimes called property, plant, and equipment (PPE) (QS LAP 38)

PROPERTY TAX: A tax based on a percentage of the value of the property owned; most often applies to real estate (LAP-EC-072)

PROPORTIONAL TAX: Also known as flat taxes; a tax structure under which the tax rate does not change in relation to the taxable amount (LAP-EC-072)

PROPORTIONATELY STRATIFIED SAMPLING: A type of stratified random sampling in which the sample size from each stratum is dependent on that stratum’s size relative to the entire population (IM LAP 285)

PROPRIETARY INFORMATION: Private information that belongs to an organization and cannot be released to the public (LAP-NF-110)

PROS: Positive characteristics (LAP-PD-017)

PROSPECT: Any person or business with the potential to purchase a good, service, or idea; qualified lead (LAP-IM-184, SE LAP 1, SE LAP 76)

PROSPECTING: The act of identifying any person or organization with the potential to buy a product and compiling that information in an organized manner for future use (SE LAP 1, SE LAP 828)
A selling activity that focuses on locating and cultivating new clients (SE LAP 932)

PROSPECTIVE RISKS: Risks that have not happened before but could occur in the future (LAP-SM-075)

PROSPECTUS: Document containing all vital information about a mutual fund (QS LAP 35, QS LAP 44)

PROSPERITY: A state of economic growth (LAP-NF-015)

PROTECTIONISM: A government's policy to protect domestic industries and businesses against foreign competition (LAP-EC-916)

PROTEST: A demonstration or gathering of people taking a stand for or against a particular issue (LAP-BL-163)

PROTOCOL: The established set of rules that govern behavior within an organization (LAP-PD-250)

PROTOTYPE: An early sample or model of a product (LAP-OP-163, PM LAP 17)

PROVISION: A clause in a legal document that describes specific requirements or conditions (LAP-PM-920)

PROXY STATEMENT: A document describing information relevant to shareholders; distributed before a shareholders' meeting as an SEC requirement (QS LAP 44)

PSYCHOGRAPHIC SEGMENTATION: The division of a market on the basis of customers' lifestyles and personalities (LAP-MP-003, LAP-PI-047)

PSYCHOLOGICAL PRICING: A pricing method that appeals to the emotional responses of customers and is used by businesses to attract customers to the value of the goods/services offered for sale (LAP-PI-015)

PSYCHOLOGY: The study of a person's or group's thoughts, feelings, and actions (CD LAP 2)

PUBLIC ACCOUNTANT: A person who prepares, analyzes, and verifies financial data for a variety of clients, including the government, corporations, and individuals (LAP-FI-351, QS LAP 51)

PUBLIC COMPANY: A company whose shares are traded on a stock exchange (LAP-FI-093, LAP-NF-001)

PUBLIC CORPORATION: A type of corporation that usually sells millions of shares of stock to many stockholders; must make its financial information available to the general public; also known as a “C” corporation (LAP-BL-003)

PUBLIC GOODS: Goods and services that are used by all people and cannot be withheld from people who don't help to pay for them (LAP-EC-016)

PUBLIC HEALTH CIGARETTE SMOKING ACT: A federal law passed in 1971 to ban radio and television advertising of tobacco products (PP LAP 7)

PUBLIC IMAGE: The way people view the business (LAP-EI-004)

PUBLIC RELATIONS: A career that involves dealing with controversial public issues that are related to a company or its products (CD LAP 2)
A function of business designed to establish and maintain positive relationships between the business and its various publics, or fan bases (LAP-MP-001, LAP-PR-136)
A career in which employees are responsible for establishing good relations between their business or organization and the public; may also involve dealing with controversial public issues that are related to a company or its products (LAP-PD-024)

PUBLIC RELATIONS AGENCY: A business that prepares news releases and other forms of publicity for clients (PR LAP 10)

PUBLIC RELATIONS DEPARTMENT: A division of a business whose function is to establish good relations between the business and the public (PR LAP 8, PR LAP 10)

PUBLIC RELATIONS PROMOTION: A type of institutional promotion created to deal with issues that are in the public’s interest but are also related to the company or its products (LAP-PR-902)

PUBLIC SECTOR: That part of the economy that is owned and operated by government at all levels (e.g., schools, libraries, highway systems) (LAP-EC-016)

PUBLIC SERVICE PROMOTION: A type of institutional promotion that informs consumers about noncontroversial issues that are in the public’s best interest (LAP-PR-902)

PUBLICATIONS: Category of advertising media that includes newspapers and magazines; materials that are printed on a regular basis (LAP-PR-007)

PUBLICITY: Any nonpersonal presentation of ideas, goods, or services that is not paid for by the individual or organization benefiting from or harmed by it (LAP-CR-001, IM LAP 7, LAP-MK-002, LAP-MK-901, LAP-MP-001, LAP-OP-025, PP LAP 7, LAP-PR-136)
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it (LAP-PR-903)

PUBLICITY GOALS: The objectives that a business or organization hopes to achieve through the use of publicity (PR LAP 8)

PUBLICITY PLAN: The steps a business follows in order to reach its publicity goals (PR LAP 8)

PUBLICS: The audience or intended recipients of a public relations message; the sports/event fan bases (LAP-PR-136)

PUFFERY: An unsubstantiated exaggeration or overstatement typically used for self-gain; most frequently used in advertisements, sales presentations, and financial forecasts (LAP-EN-044, LAP-PR-463)

PULL STRATEGY: A promotional strategy in which a company uses product promotion tactics (e.g., advertisements, discounts, word-of-mouth referrals) to draw customers to a product (LAP-PR-903)

PULSING STRATEGY: A media timing strategy that involves intermittent bursts of advertising (PR LAP 5)

PUMP AND DUMP: An investment scam that takes place mostly online; scammers buy a small stock and then hype it up to other investors, causing its price to rise; the scammers sell when the price is high, leaving the victims to deal with the rapid price decline afterwards (QS LAP 50)

PUNCHED PRICE-TICKET STUB: The portion of a coded price ticket retained by the business; merchandise information punched into the stub is read by the computer scanner (DS LAP 3)

PUNISHMENT: An unpleasant condition used to eliminate undesirable behavior (MN LAP 47)

PUNISHMENT TECHNIQUE: Negative reinforcement given for losing self-control (EI LAP 14)

PURCHASE: Obtaining a good or service

PURCHASE AGREEMENT: A purchase contract that lists the good(s) or service(s) to be purchased, the quantity to be purchased, the price, terms of delivery, payment information, warranty and guarantee information, and other details as needed (LAP-OP-015)

PURCHASE LABORATORY: A simulated shopping experience that marketing researchers use to run experiments (LAP-IM-289)

PURCHASE ORDER: The form that a business fills out to order goods; may be the same as a purchase agreement or purchase contract (DS LAP 5, LAP-OP-015)

PURCHASE TOUCHPOINTS: All the opportunities that businesses have during sales transactions to connect with customers and reinforce their brand (LAP-PM-126)

PURCHASING: The buying of goods and services for a business; also known as procurement (LAP-OP-015, LAP-OP-025, LAP-OP-189, LAP-OP-190, LAP-OP-246)*
Buying the resources needed for production (LAP-OP-017)
The process of acquiring the goods and services necessary to keep production going and to accomplish business goals (EC LAP 71)

PURCHASING POWER: The financial ability to buy products and services; the value of a sum of money (LAP-EC-917)

PURCHASING PROCESS: A series of sequential steps taken by purchasing specialists to buy goods and services for a business (LAP-OP-015, LAP-OP-246)

PURE COMPETITION: A market structure in which there are many businesses selling a lot of nearly identical products for about the same price to many buyers (LAP-PI-902)

PURE MONOPOLY: A market structure in which the market is controlled by one supplier, and there are no substitute goods or services readily available (LAP-PI-902)

PURE RISK(S): A risk that carries the possibility of loss or no loss (LAP-EC-911, LAP-SM-075)

PURE SERVICES: Services provided to consumers without the involvement of any tangible product (PM LAP 17)

PUSH STRATEGY: A promotional strategy in which a company takes its products directly to consumers (e.g., through trade shows, point-of-sale displays, product placement) (LAP-PR-903)

PUTTABLE BONDS: Bonds that can be repaid before their maturity date at the request of the lender (QS LAP 33)

PYRAMID SCHEME: An illegal form of multi-level marketing in which emphasis is placed on collecting initial fees from as many people as possible (LAP-BL-003, QS LAP 50)

Q

QUALIFIED LEADS: Organizations or individuals who have a need for a product, have the ability to pay, have the authority to buy, and are accessible to the salesperson (SE LAP 1)

QUALIFYING: A selling activity that focuses on ensuring the customer is right for the product (e.g., has the funds to pay for it) (SE LAP 932)

QUALITATIVE DATA: Facts and figures based on opinion and personal interpretations (LAP-IM-010)
Information that is based on thoughts, feelings, experiences, or opinions; descriptive and nonstatistical in nature (LAP-IM-284, LAP-IM-289, LAP-OP-520, LAP-OP-521)
Subjective information; based on thoughts, feelings, opinions, experiences (LAP-IM-281)

QUALITATIVE FORECASTING: Sales forecasting that is based on expert opinion and personal experience (LAP-MP-013)

QUALITATIVE MEASURES: Measures that rely on subjective judgment in evaluating quality, such as effectiveness of management, level of competition, innovativeness, etc.; often used with quantitative measures (QS LAP 42, QS LAP 46)

QUALITATIVE MEDIA FACTORS: Characteristics of advertising media and vehicles that are often difficult to measure, such as credibility and editorial environment, that have an influence on their selection (PR LAP 5)

QUALITATIVE METHODS: Forecasting methods based on expert opinion and personal experience (IM LAP 3)

QUALITY: The degree of excellence of a good or service–how good it is (IM LAP 7, LAP-MP-001, LAP-OP-001, LAP-OP-189, LAP-OP-190, LAP-PI-902, LAP-PM-040, LAP-PM-042, LAP-PM-079)
A measure of excellence; a measure of how well something conforms to predetermined standards (LAP-OP-163, LAP-OP-519, LAP-OP-520, LAP-OP-521, LAP-OP-675)
The evaluation of a product based on excellence, value, conformance to specifications, and customer satisfaction (QM LAP 1, LAP-QM-012)

QUALITY ASSURANCE: A process businesses use to prevent defective products from being created, not just to eliminate or correct them after they’ve already been produced (LAP-MK-002, LAP-OP-189, QM LAP 1)

QUALITY CHECK: An examination of incoming goods or materials to ensure that they meet the quality standards of the purchaser (DS LAP 5)

QUALITY CIRCLE: A team of employees with similar roles who meet regularly to discuss issues and solve problems (LAP-EI-045)

QUALITY CONTROL: Ensuring the degree of excellence of a good or service (EC LAP 71, LAP-OP-189)
A process businesses use to check for defects after products have been produced; also called quality inspection (LAP-OP-477, QM LAP 1)

QUALITY-CONTROL MEASURES: Methods and activities that organizations use to ensure excellence and conformance to standards (LAP-OP-163)

QUALITY IMPROVEMENT: A business’s ongoing commitment and willingness to make changes for the purpose of maintaining quality (QM LAP 1)

QUALITY INSPECTION: A process businesses use to check for defects after products have been produced (LAP-OP-189)

QUALITY MANAGEMENT: The ongoing process of planning, implementing, and integrating quality into every aspect of an organization (QM LAP 1, LAP-QM-012)

QUALITY-MANAGEMENT PLAN: In project planning, a document that contains strategies for meeting quality requirements for both the deliverable(s) and the project itself (LAP-OP-001)

QUALITY-MANAGEMENT SYSTEM: An organization-wide plan to ensure excellence and conformance to standards (LAP-OP-163)

QUALITY STANDARDS: Established specifications used to measure the degree of excellence of a good or service (LAP-PM-019, LAP-SM-066)

QUANTIFY: To put into numerical form; to assign a monetary value to (LAP-OP-190)

QUANTITATIVE DATA: Numerical facts and figures (LAP-IM-010)
Information that is based on numbers, statistics, or hard facts (LAP-IM-284, LAP-IM-289, LAP-OP-520, LAP-OP-521)
Objective information; specific and measurable (LAP-IM-281)

QUANTITATIVE FORECASTING: Sales forecasting that is based on the analysis of hard facts or numerical data (LAP-MP-013)

QUANTITATIVE MEASURES: Measures that rely on numbers; often used with qualitative measures (QS LAP 42, QS LAP 46)

QUANTITATIVE MEDIA FACTORS: Factors affecting selection of media and vehicles that can be measured numerically (PR LAP 5)

QUANTITATIVE METHODS: Forecasting methods based on numerical market data (IM LAP 3)

QUANTITY DISCOUNT: A deduction from the seller’s price for purchasing large volumes or dollar amounts of goods; a volume-based discount (PU LAP 3)

QUANTITY STANDARDS: Established specifications used to measure the amount of work produced (LAP-PM-019, LAP-SM-066)

QUARTERLY SURVEY OF BUYING INTENTIONS: Data gathered by the U.S. Bureau of Census as to consumers’ intentions to purchase durable goods (IM LAP 4)

QUERY: Question or request (LAP-PR-462)

QUESTIONING: Using straightforward, nonjudgmental questions to clarify or to get more information (LAP-CO-017, LAP-EI-041)

QUESTIONNAIRE: A set of written questions designed to gather information (CD LAP 2, LAP-EI-911, LAP-IM-010, LAP-IM-281, LAP-IM-284, LAP-IM-289, SE LAP 57)

QUOTA: A trade restriction limiting the quantity of goods that can move into or out of a country (LAP-EC-045, LAP-EC-916)

QUOTA SAMPLING: A non-probability sampling method in which researchers recruit respondents based on fixed quotas or percentages (IM LAP 285)

QUOTAS: Specific goals to be met (LAP-EC-907, LAP-PM-019, LAP-SE-106)

QUOTE: An estimated price (LAP-OP-190)

QUOTE CURRENCY: The second currency listed in an exchange rate quotation; its value will be equal to one unit of the base currency; also called counter currency (LAP-EC-100)

R

R&D PROJECT: A business endeavor that involves the research and development of new knowledge, processes, technologies, etc. (LAP-OP-158)

RACE: A division of human beings based on their ancestry, physical characteristics, and/or personal identity (LAP-EI-036, LAP-EI-917, IM LAP 9)

RACK JOBBER: A vendor who delivers stock to a business and puts it in racks or other locations for the business (DS LAP 4)

RADIO OR TELEVISION ANNOUNCEMENTS: Brief messages presented by the broadcast media (PR LAP 8)

RANDOM CHECK: A method of checking goods that involves checking a few items or containers chosen at random, rather than each item or container in the shipment; also called spot check (DS LAP 5)

RANDOM SAMPLE: A sample in which every element in the population has an equal chance of being selected (LAP-OP-163)

RAPPORT: A good relationship (SE LAP 811)

RATE CARD: Price list used by media vehicles to list their rates and other relevant information (PR LAP 6)

RATE OF RETURN: The reward or benefit received in return for an investment, recorded as a percentage of the investment (QS LAP 44)
Gain or loss on an investment; expressed as a percentage (LAP-EC-100)*

RATIFY: To approve or sanction (LAP-EC-915)

RATIO: A comparison created when one number is divided into another (FI LAP 94, QS LAP 42, QS LAP 43)

RATIONAL: Logical; reasonable; sensible (HR LAP 8)

RATIONAL BUYING REASON: A customer’s motivation for purchasing a product that is based on thinking or logic (LAP-SE-114)

RATIONAL MOTIVES: Reasons for buying that appeal to the sense of reason or judgment (MK LAP 19)
Reasons for buying that are based on reason, judgment, or logic (LAP-SE-883)

RATIONALIZATION: Justification for one’s actions (LAP-FI-343, LAP-FI-355)

RATIONING: A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed (LAP-EC-906)

RAW FORM: Natural state or condition

RAW-GOODS PRODUCER: A type of producer that provides goods in their natural state (LAP-EC-070)

RAW MATERIALS: Items in their natural state or condition (DS LAP 4, LAP-EC-902, LAP-EC-903, IM LAP 3, LAP-OP-303, LAP-OP-443, LAP-OP-477, QS LAP 38)

RAW MATERIALS INVENTORY: The producer’s inventory of materials needed to make its product (LAP-OP-189)

REACH: A quantitative measure of the number of different people in the target audience who are exposed at least once to an advertising message (PR LAP 5)

REACHING CLOSURE: The phase of the selling process in which the salesperson addresses customer objections and asks the customer to buy (LAP-SE-048)

REACTIVE: Hesitant to take action; passive; waiting for changes to occur before acting (LAP-EI-024, MN LAP 43, LAP-SM-075)

REAFFIRMING BUYER-SELLER RELATIONSHIPS: The phase of the selling process that requires the salesperson to utilize techniques to follow up the sale to increase the customer's confidence in their buying decision (LAP-SE-048)

REAL GDP: The final market value, adjusted for inflation, of the total output of all goods and services produced within a country's geographic boundaries during a year's time (LAP-EC-918)
Gross domestic product that has been adjusted to account for inflation using a price deflator (LAP-EC-917)

REAL ESTATE: An ownership investment in which individuals purchase property in buildings and land (LAP-FI-077)

REAL ESTATE AGENT: An independent worker who works for a real estate broker on a contract basis; responsible for assisting both buyers and sellers in all aspects of the process of purchasing or selling property (QS LAP 51)

REAL ESTATE APPRAISER: A person who determines the value of a specific property; often specializes in a certain type of property (QS LAP 51)

REAL ESTATE BROKER: An independent business that sells real estate owned by others (QS LAP 51)

REBALANCE: Assign new proportions to segments of an investment portfolio (QS LAP 45)

REBATE: A return of part of the price a customer pays for a good or service; usually offered by the product's manufacturer (LAP-EC-912, PR LAP 187)

RECEIPT-OF-GOODS DATING (ROG): A dating term indicating that the payment period begins the day the buyer’s firm receives the goods from the seller (PU LAP 3)

RECEIVING: The acceptance of a shipment of goods (DS LAP 5)

RECEIVING AREA: A specific area of a business set aside to receive incoming shipments of goods (DS LAP 4)

RECEIVING DEPARTMENT: The area of a business to which goods are delivered by vendors (DS LAP 3)

RECEIVING PLATFORM: The area in the receiving department where goods are unloaded from the carrier's vehicle; also called the loading dock (DS LAP 5)

RECEIVING PROCESS: All of the activities involved in accepting delivery of goods and preparing them for sale to customers (DS LAP 5)

RECEIVING RECORDS: Forms containing data about shipments of goods received by the business (DS LAP 5)

RECENCY BIAS: In investing, purchasing stocks based on recent (short-term) performance, not solid fundamentals (QS LAP 45)

RECEPTIVE: Welcoming; accepting; being willing to receive (HR LAP 8)

RECEPTIVITY: Openness to change and input from others (LAP-EI-918)

RECESSION: A six-month contraction in GDP (QS LAP 40)
A periodic economic contraction during which trade and economic activity are reduced, usually identified by a fall in GDP for at least two successive quarters (LAP-EC-917, LAP-EC-918)
A state of economic decline (EC LAP 82, LAP-NF-015)

RECIPIENT: Anyone to whom something is communicated or given; the receiver (PR LAP 8)

RECIPROCAL LINKING: An arrangement in which web sites agree to link to each other (PR LAP 16)

RECIPROCITY: A method of doing business in which sellers buy from their customers; illegal when required (LAP-SE-106)

RECOGNITION: Special notice or attention; acknowledgement of something, usually of a positive quality or aspect of a person, effort, or contribution (LAP-EI-141)

RECOGNIZE: To acknowledge or take notice of, as in recognizing a previous acquaintance; to acknowledge with special notice or attention, as in recognizing the efforts and contributions of others (LAP-EI-141)

RECONCILIATION: A comparison of a business’s internal accounting records to external records of some kind (LAP-FI-343)

RECORDKEEPING: The process of systematically recording, organizing, and destroying all the types of information necessary for a business's operational and financial decision-making (LAP-NF-001)

RECOURSE: Someone or something to which one can turn for help (LAP-PM-920)

RECOVERY: A period of time in which an economy grows from recession to prosperity (LAP-NF-015)

RECREATIONS, AMUSEMENTS, AND ATTRACTIONS: A career area in which employees are in charge of making sure customers have a great time while visiting parks, recreation areas, and other special attractions (Career Opps in Hosp)

RECRUITING: Seeking out and attracting qualified potential employees (EC LAP 71, LAP-HR-410, LAP-SM-065)

RECURRING COSTS: Expenses that occur regularly or are reasonably expected to “pop up” occasionally (FI LAP 357)

REDUNDANCY: Repeating a task that has already been done or that is no longer necessary (LAP-PD-252)

REFERENCE GROUP: A group that an individual does not belong to but either aspires to be a part of or desires to disassociate themselves from (LAP-MK-014)

REFERENT POWER: The ability of a respected and admired individual to influence the behaviors of others (LAP-EI-135)

REFERRAL METHOD: A method of prospecting in which a salesperson asks someone s/he know or someone who uses the product(s) to recommend them to others (SE LAP 1)

REFERRAL(S): Individuals or businesses to whom salespeople are recommended (SE LAP 828)
An individual or business to whom a salesperson is recommended (SE LAP 57)

REFLECT: To think carefully about something (LAP-EI-136)

REFRESHER TRAINING: Training provided for experienced salespeople to reinforce previous training and keep them up to date (SE LAP 123)

REGISTERED MARK: A brand that has been registered with the U.S. Patent and Trademark Office for legal protection, designated by the symbol ® (PM LAP 153)

REGRESSIVE TAX: A tax structure under which individuals with lower incomes pay a higher percentage of their income in taxes compared to higher earners (LAP-EC-072)

REGULAR CREDIT ACCOUNT: A credit account that allows credit users to buy at any time during a set period, usually 30 days; also known as an open account (LAP-FI-002)

REGULATED MONOPOLY: A monopoly that the government allows to exist legally under controlled conditions (LAP-EC-912)

REGULATIONS: An established set of rules (QS LAP 40)
Standards and rules that dictate how laws will be enforced (LAP-BL-163)

REGULATORY FACTOR: A law or regulation that affects a business (SE LAP 932)

REIMBURSE: Pay back or refund money someone has spent (HR LAP 19)

REINFORCEMENT THEORY: A theory of motivation that is focused on the individual's environment and its consequences for the person; assumes behavior is learned from the environment rather than from one's inner needs (MN LAP 47)

RELATED-PRODUCT CLOSE: A closing technique using products that go with the item being presented to help customers make buying decisions (LAP-SE-895)

RELATEDNESS NEEDS: Desires for relationships with others (MN LAP 47)

RELATIONSHIP BUYING: The purchases a customer makes because of a long-term relationship s/he has established with a business (LAP-CR-016)

RELATIONSHIP MARKETING: A strategy in which businesses spend time with current and prospective clients outside the office setting to enhance the partnership (LAP-SE-321)

RELATIVE PRICE: One price compared to another; the ratio between two prices (LAP-EC-906)

RELATIVE STRENGTH INDEX: Computation comparing gains and losses within a short time frame; used in technical analysis (QS LAP 49)

RELEVANT: Appropriate to the matter at hand (FI LAP 579)
Pertaining to the topic at hand (QS LAP 29)

RELEVANT VARIABLES: The types of information studied in a marketing research project (e.g., brand awareness, customer satisfaction, etc.); also known as constructs (LAP-IM-282)

RELAY BRAINSTORMING A brainstorming technique that involves multiple individuals from competing teams responding in a certain order with no assistance from teammates (LAP-PM-127)

RELIABILITY: How consistently a product performs over time (LAP-PM-042)
Dependability (SE LAP 62)
The measure of how well a product performs its purpose without breaking down (QM LAP 1)

RELIABLE: Giving the same results every time (LAP-IM-010)
Doing what you say you will do (LAP-EI-909)

RELIGION: A system of personal beliefs influencing one's actions (LAP-EI-036, IM LAP 9)

RELOCATION: Moving from one place to another (IM LAP 9)

REMEDIAL ACTION: A supervisory tool used to obtain desirable workplace behavior from employees by shaping or correcting employee behavior and attitudes (MN LAP 53)

REMINDER SERVICE: E-mail messages sent to help individuals remember an event or business (PR LAP 13)

RENTAL OR LEASE AGREEMENTS: Contracts in which one party takes possession of the property of another for a specific period of time for a certain amount of money

RENTED-GOODS SERVICE: A product that involves giving consumers limited use of a good for a certain period of time (LAP-PM-079)

REORDER POINT: The level of inventory at which an order for new stock should be placed (DS LAP 2, DS LAP 3)

REPAIRABILITY: How simple or inexpensive a product is to fix (LAP-PM-042)

REPAYMENT RISK: The possibility of loss due to the repayment terms of a bond investment (QS LAP 33)

REPAYMENT TERMS: The way(s) a bond can be repaid (QS LAP 33)

REPEAT BUSINESS: Customers who continue to buy from a company, salesperson, etc. (SE LAP 76)

REPOSITION: To change the nature or image of a product to target a new or wider market (LAP-PM-040)

REPRESENTATIVE: Typical (IM LAP 285)

REPRIMAND: A rebuke or scolding, usually from someone official (LAP-PD-252)

REPUTATION: A business’s good name (LAP-CR-010)
A person’s or business’s good name (LAP-EI-123, MK LAP 19)
A person’s or business’s good name; quality of character (SE LAP 76)
General belief or opinion others have about a person or business (LAP-EI-091, LAP-EI-129)

RESALE: The process of selling again (SE LAP 17)

RESEARCH: Investigation or inquiry (IM LAP 7, IM LAP 9, LAP-KM-002)

RESEARCH AND DEVELOPMENT: Activities involved in gathering information and creating goods and/or services based on that information (LAP-OP-025)

RESEARCH DESIGN: A master plan detailing how research will be carried out; identifies types of data needed, how much data to collect, where to find the data, what data collection methods to use, and how data will be analyzed (LAP-IM-010)

RESEARCH OBJECTIVE: A formal statement of what a marketing research study will achieve (LAP-IM-282)

RESEARCH PROBLEM: A question that asks what needs to be done to solve a decision problem (LAP-IM-282)

RESENTMENT: A feeling of bitterness that you have been treated unfairly (LAP-EI-075)

RESIDENTIAL INVESTMENT: The money landlords invest in the buildings and the equipment they own and rent to others (LAP-EC-917)

RESILIENCE: The ability to recover from setbacks or obstacles (LAP-PD-012, LAP-PD-126)

RESIST: To oppose or dispute (LAP-EI-006)

RESISTANCE: The act or capacity for resisting, opposing, or withstanding (LAP-EI-005, LAP-EI-134, HR LAP 8)

RESOLUTION: The outcome of a conflict (LAP-EI-915)

RESOURCE(S): Any item that is used to accomplish another activity, such as producing/providing goods and services (LAP-EC-010, EC LAP 17, EC LAP 71, LAP-EC-901, IM LAP 7, LAP-MP-001, QS LAP 12, LAP-SM-007)
An item or person that can be tapped (or used) to accomplish an objective (QS LAP 22)
Items that are needed to complete a project (LAP-OP-003, QS LAP 18, QS LAP 19, QS LAP 28)
Items that can be used to produce goods and services (LAP-SM-001)

RESOURCE OWNERS: Those who provide human resources, natural resources, and capital goods in order for production to take place (LAP-EC-901, LAP-EC-903, LAP-EC-906)

RESOURCEFULNESS: The ability to act imaginatively when new ideas or solutions are required (LAP-EI-024)

RESPECT: Regard or esteem (CR LAP 3, LAP-EI-021, LAP-EI-075, LAP-EI-131, LAP-EI-911, QS LAP 8)
Regard or esteem; honoring the rights, freedoms, views, and property of others (LAP-EC-106, LAP-EI-004, LAP-EI-036, LAP-EI-045, LAP-EI-077, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-126, LAP-EI-127, LAP-EI-128, LAP-EI-129, LAP-EI-132, LAP-EI-138, LAP-EI-917, LAP-KM-002, LAP-OP-675, LAP-OP-677, LAP-PD-251, LAP-RM-041)*

RESPECTFUL: Displaying reverence or politeness (LAP-EI-136)

RESPONDENT: In marketing research, a person who answers questions or supplies data (LAP-IM-289)

RESPONSIBILITY: Fulfilling one’s obligations in a dependable, reliable manner (LAP-EC-106, LAP-EI-123, LAP-EI-128, LAP-EI-129, LAP-EI-131, LAP-EI-909, LAP-FI-351, QS LAP 8)
The duty to get a job done (LAP-EC-103)
Being accountable for all of one’s own decisions and actions (LAP-EI-075, LAP-EI-138)

RESPONSIBILITY CHART: A project-planning tool that shows who is responsible for accomplishing the tasks required for completing a project (QS LAP 28)

RESPONSIBLE BEHAVIOR: Words and actions associated with fulfilling one's obligations in a dependable, reliable manner (LAP-EI-021)

RESPONSIVE WEB DESIGN: An approach that makes a web page adjust its content and layout to the device or window size used (LAP-PR-462)

RESPONSIVENESS: The ability to react quickly and helpfully to customers' needs and questions (LAP-PM-042)
The level of promptness and willingness with which a service is provided (QM LAP 1)

RESTAURANT AND FOOD/BEVERAGE SERVICES: A career area in which employees keep restaurants running by purchasing, preparing, and serving food, among other duties (Career Opps in Hosp)

RESTRAINT: A dimension of national culture that refers to the tendency to exercise self-control over desires or to regulate enjoyment (LAP-EC-045)

RESULTS-ORIENTED GOAL: A goal that is focused on the outcome–and on the performance that brings about that outcome (QS LAP 22)

RETAIL INSTALLMENT SALES ACTS (RISAs): State laws governing installment sales of personal property (LAP-FI-002)

RETAILER(S): A business that buys consumer goods or services and sells them to the ultimate consumer (LAP-CM-001, LAP-CM-003, LAP-EC-070, LAP-FI-106, IM LAP 9, LAP-OP-015, LAP-PR-903, SE LAP 17, SE LAP 57)
A business that buys consumer goods or services and sells them to the final consumer (LAP-OP-443, LAP-OP-477)

RETAILING: A career that involves providing a product directly to the ultimate consumer (CD LAP 2)

RETAIN: Keep (LAP-SM-065)

RETENTION: An organization’s ability to keep its customers or its employees from going elsewhere (LAP-KM-001)

RETIREMENT PLAN: An investment program for use after an investor has ceased working (QS LAP 45)

RETROACTIVE RISKS: Risks that have previously occurred (LAP-SM-075)

RETURN: The reward or benefit received in return for an investment (LAP-EC-911, LAP-FI-077)

RETURN ON CAPITAL: A measure of how well a business generates cash flow in relation to the capital it has already invested in itself (FI LAP 354)

RETURN ON EQUITY: Financial ratio that shows how much profit results from each dollar of investment; calculated by dividing net income by book value (QS LAP 42, QS LAP 43, QS LAP 44, QS LAP 46)
Financial ratio that shows how much profit results from each dollar of investment; calculated by dividing net income by equity (LAP-SM-007)

RETURN ON INVESTMENT (ROI): A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its capital investment (MN LAP 50, LAP-PI-902)
Net profit divided by investment or the "bottom line" on how successful an ad or campaign was in terms of what the returns (generally sales revenue) were for the money expended (invested) (LAP-PR-175, SM LAP 400)
Financial ratio calculated by dividing net profit by investment (LAP-SM-007)

RETURN ON SALES: A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its sales; also known as target return (LAP-PI-902)

RETURNS: Goods that are taken back to a business because the customers are dissatisfied with the goods for some reason (DS LAP 4)

REVENUE: Income (LAP-EC-911, LAP-EN-038, LAP-FI-099)

REVENUE(S): Sales or gross income (EC LAP 71, QS LAP 38)
The total amount of money earned by a business; income (FI LAP 94)

REVERSE BRAINSTORMING: A problem-solving tool used to generate ideas and possible solutions; instead of identifying ways to solve a problem, identifying ways to make the problem worse (LAP-PD-077, QS LAP 26)
A brainstorming technique that involves looking at a problem from the opposite point of view to generate solutions (LAP-PM-127)

REVERSE LOGISTICS: The backward movement of products through the supply chain, from customers to distributors, manufacturers, or suppliers (LAP-OP-303, LAP-OP-677)

REVOLVING CREDIT ACCOUNT: A type of credit account that limits the total amount of money that may be owed and charges interest on outstanding balances (LAP-FI-002)

REWARD: A tangible item that is given in return for someone’s service or accomplishment (LAP-EI-141, LAP-SM-066)

REWARD POWER: The use of incentives and prizes to motivate someone to complete a desired task (LAP-EI-135)

REWARD TECHNIQUE: Positive reinforcement given for showing self-control (EI LAP 14)

RICH MEDIA E-MAIL: An electronic message that contains such things as graphics, sound, video, and animations (PR LAP 14)

RIGHT OF FIRST REFUSAL: An element of a sponsorship agreement that says the event organizers will allow the sponsor the opportunity to renew the contract before offering it to any other sponsors (LAP-BL-058)

RIGHT OF PRIVACY: A type of law that protects a person mentally and emotionally; prevents intrusion upon a person’s seclusion; protects a person from an unreasonable amount of publicity, or placing a person in a false light (LAP-BL-058)

RIGHT OF PUBLICITY: A type of law that protects a person financially; prevents the unauthorized use of a person’s name and likeness for financial gain (LAP-BL-058)

RIGHT-TO-WORK LAWS: Legislation that prohibits the requirement of employees to join a union (LAP-EC-915)

RIGID: Unbending; stiff (HR LAP 4)

RIM: Outer edge (HR LAP 4)

RISK: The possibility of loss (failure) or gain (success) (LAP-EI-091, LAP-EI-092, HR LAP 8, LAP-KM-002, LAP-OP-001, LAP-OP-520, LAP-OP-675, LAP-RM-041, LAP-SM-075)
The possibility of loss or failure (LAP-CM-001, LAP-EC-010, LAP-EC-106, LAP-EI-027, LAP-EI-134)
The possibility of investment loss (LAP-FI-077, QS LAP 41)

RISK ANALYSIS: An assessment of a project’s potential risks and challenges, performed by project managers to better prepare for minimizing the effects (LAP-OP-158)

RISK-AVERSE: Having a negative attitude toward risk (LAP-FI-077)
Avoiding risk whenever possible (LAP-SM-075)

RISK CHECKLIST: A standardized list of risks that a business faces on a regular basis; used to speed up the risk-identification process (LAP-SM-075)

RISK IDENTIFICATION: A risk-management process that involves recognizing risks that could impact a business’s objectives and activities (LAP-SM-075)

RISK IMPACT/PROBABILITY CHART: A framework used to determine the severity of risks if they occur; used by risk managers to prioritize risks (LAP-SM-075)

RISK MANAGEMENT: A business activity that involves the planning, controlling, preventing, and limiting of business losses and enhancing possibilities for gain (LAP-RM-041, LAP-SM-075)
A business activity that involves the planning, controlling, preventing, and procedures used by management to limit business losses; optimizes the relationship of potential loss to gain (LAP-OP-519)*

RISK-MANAGEMENT PLAN: A business document that involves the planning, controlling, and preventing of and procedures involved in limiting business losses; optimizes the relationship of potential loss to gain (LAP-SM-007)
In project planning, a document that contains strategies for avoiding or limiting potential risks to project success (LAP-OP-001)

RISK MEASUREMENT: A risk-management process that involves determining the potential severity of different risks (LAP-SM-075)

RISK MONITORING AND CONTROL: A risk-management process that involves determining the effectiveness of current risk-response strategies and tools, tracking existing risks, monitoring new risks, and developing responses and workarounds for previously unidentified risks (LAP-SM-075)

RISK REGISTER: A record or listing of risks that could potentially impact a business or project (LAP-OP-520, LAP-SM-075)

RISK RESPONSE: A risk-management process that involves selecting the most effective ways to handle different risks (LAP-SM-075)

RISK/RETURN TRADEOFF: A principle that says an investor will earn more from money that is invested at a higher risk; used to determine a “comfortable” balance between an investment’s risk and return (QS LAP 45)

RISK-SEEKING: Looking for ways to turn risk into a strategic advantage or capital (LAP-SM-075)

RISK-TAKING: Understanding and accepting the responsibility of not knowing the outcome of your actions (LAP-EI-006)

RISK-TAKING ABILITY: Understanding and accepting the responsibility of not knowing the outcome of your actions (LAP-PD-126)

RISK TOLERANCE: A measure of how much risk an investor is willing to accept in exchange for potentially high returns (QS LAP 41)

RISK-TOLERANT: Accepting risk when necessary, but not seeking risk (LAP-SM-075)
Having a positive attitude toward risk (LAP-FI-077)

ROBBERY: Theft that involves the use of force, violence, or fear (RM LAP 4)

ROBINSON-PATMAN ACT: A federal regulation that prohibits price discrimination (LAP-EC-912)
A federal law that prevents price discrimination (LAP-PI-047)

ROBOCALLING: A form of telemarketing in which a computerized auto-dialer makes phone calls and delivers a pre-recorded message (PR LAP 3)

ROBOTICS: A mass production technique in which robots carry out the repetitive tasks that workers would find monotonous and tiring (LAP-OP-017)

ROBUST DESIGN: An approach to quality management that focuses on product research, design, and development, rather than manufacturing; also called the Taguchi method (LAP-OP-163)

ROLE MODEL: A person whose behavior is imitated by others (LAP-EI-124, LAP-EI-902, LAP-EI-909, QS LAP 16)
A person whose behavior is imitated by others; a person whom you admire and look to as a guide for your choices and actions (LAP-EI-004, LAP-EI-132)

ROLE PLAYING: An instructional method in which trainees are presented a situation and are given roles to play, but no script is involved (MN LAP 50, SE LAP 123)

ROLES: Parts or positions that one plays in life in response to the various demands of society (i.e., child, student, worker, parent, etc.) (HR LAP 12)

ROLLING BUDGET: A budget that typically replaces each passing month with a new month added to the end of the budget so that there is always a year-long budget in place; also known as a continuous budget (LAP-FI-099, LAP-FI-106)

ROTH IRA: A non-tax-deferred retirement plan; contributions are made with after-tax income, but investors avoid capital gains taxes and owe no money at the time of withdrawal (QS LAP 41)

ROUND LOTS: In investing, an order restriction that instructs a broker to trade shares in multiples of 100 (QS LAP 47)

ROUND-ROBIN BRAINSTORMING: A brainstorming technique that requires participants to respond quickly and only when it’s their turn (LAP-PM-127)

ROUTINE DECISION: A type of decision that doesn’t require much (or any) consideration (LAP-EI-091, LAP-PD-017)

ROUTINELY: Done on a daily basis (HR LAP 4)

ROUTING: The activity that determines the sequence of the steps for production (LAP-OP-017, LAP-OP-189)

ROYALTIES: Fees paid to a parent company that are often based on a percentage of the franchise’s profits; a percentage of actual sales that a licensee pays to a licensor; usually anywhere from 5 to 15% (LAP-BL-003)
A percentage of actual sales that a licensee pays to a licensor; usually anywhere from 5% to 15% (LAP-EC-104, LAP-FI-099, PM LAP 153, LAP-SM-007)
A percentage of actual sales that a licensee pays to a licensor; usually anywhere from 5-15% (LAP-PM-139)

RULE: An explicit or understood regulation or principle governing conduct within a particular activity or sphere (LAP-PD-251)

RULE OF 72: Equation that tells you how long it will take to double your money at a given interest or return rate (QS LAP 30)

RULE OF LAW: Complying with laws and regulations (LAP-EI-123, LAP-EI-124, LAP-EI-125)
The legal and philosophical principle that explains that laws, rather than individuals or governments, should govern society because the law exists to serve, represent the interests of, and protect the rights of all people, rather than just those in power; complying with laws and regulations (LAP-BL-163, LAP-FI-355, LAP-IM-025)*

RUN OF PAPER (ROP): Print media space-purchase option that allows the publisher to place the advertisement anywhere in the publication and the advertiser to receive a lower rate (PR LAP 6)

RUN OF SCHEDULE (ROS): Broadcast media time-purchase option that allows the station to run the spot at its convenience and the advertiser to receive a lower rate (PR LAP 6)

RUTHLESS: Willing to win at any cost (LAP-EI-027)

S

S&P 500: Standard & Poor’s Index 500; an index tracking the averages of 500 large-cap stocks in the U.S (QS LAP 40)

S-O STRATEGY: A marketing strategy that focuses on opportunities that are a good match with the business’s strengths (LAP-MP-010)

S-T STRATEGY: A marketing strategy that focuses on using a business’s strengths to overcome its threats (LAP-MP-010)

SABOTAGE: Interfering with a process or plan in an underhanded manner (LAP-SE-106)

SAFE HAVEN: An investment or currency considered to be strong and stable in an uncertain market (LAP-EC-100)

SAFETY: Freedom from danger, risk, or injury (RM LAP 2)

SAFETY HAZARD: Any situation that has the potential to cause bodily harm (RM LAP 2)

SAFETY NEEDS: Desires to be free of the fear of physical danger and deprivation of basic physiological needs; second level of needs in Maslow’s hierarchy of needs (LAP-EI-059)

SAFETY STOCK: Extra stock purchased to prevent stockouts (DS LAP 2, DS LAP 3)

SAFETY/SECURITY NEEDS: Desires to be free of the fear of physical danger and deprivation of basic physiological needs; second level of needs in Maslow's Hierarchy of Needs (MN LAP 47)

SALARIES: Money payments for labor (EI LAP 28)

SALE PRICING: Pricing items at low levels and promoting them for a limited period of time

SALES: A career that involves responding to consumer needs and wants through planned, personalized communications intended to influence purchase decisions and ensure satisfaction (CD LAP 2, LAP-PD-024, SE LAP 76)
Total sales figures for a given period that are not adjusted for expenses; also known as revenue(s) or gross income (QS LAP 38, QS LAP 42, QS LAP 43)

SALES AND MARKETING EXECUTIVES INTERNATIONAL: An organization whose members are executives concerned with sales and marketing management, research, training, etc. Address: Statler Office Tower, No. 458, Cleveland, OH 44115 (CD LAP 1)

SALES CHECK: Form used to record information about specific sales transactions (DS LAP 3)

SALES CLOSE: The point in a sales presentation at which the customer makes a favorable buying decision (SE LAP 76, SE LAP 875)
The point in the selling process at which the customer makes a favorable buying decision (LAP-SE-895)

SALES COMMISSION: An amount a salesperson earns per sale, either a percentage or a flat rate (LAP-OP-024)

SALES DIALOGUE: Discussion between the salesperson and the customer during the sales presentation in which the salesperson describes the product's features and customer benefits (LAP-SE-374)

SALES FINANCE COMPANY: A business that purchases borrowers' contracts from sellers and receives the borrowers' payments (LAP-FI-002)

SALES FORCE COMPOSITE: A qualitative sales forecasting method that gathers opinions from the sales force (IM LAP 4)

SALES FORECAST: A prediction of future sales over a specific period of time (LAP-FI-106, LAP-IM-001, IM LAP 3, LAP-IM-012, LAP-MP-013)

SALES GROWTH: The increase or decrease in sales over a specific period of time; calculated by dividing the change in sales by sales at the beginning of the period (QS LAP 43, QS LAP 44, QS LAP 46)

SALES INCOME: Money a business makes from selling its goods and/or services (LAP-FI-099)

SALES INVOICE: An itemized statement of money owed for a good or service (LAP-IM-012, LAP-IM-184)

SALES LEAD GENERATION: The act of finding potential customers (LAP-SE-048)

SALES LEAD QUALIFICATION: The act of determining if a potential customer has the interest, ability, and authority to buy a product (LAP-SE-048)

SALES MANAGEMENT SURVEY OF BUYING POWER: A yearly publication that gives market and sales data broken down by region, state, county, metropolitan statistical areas, and towns of more than 25,000 (IM LAP 4)

SALES OPENING: The beginning step in a selling process when the customer and the salesperson first communicate

SALES-ORIENTED PRICING: A category of pricing objectives that focus on increasing total amount of income from sales (LAP-PI-902)

SALES PRESENTATION: The sales procedure in which the salesperson shows the customer the benefits of the product’s features; includes the sales dialogue and product demonstration (SE LAP 17, LAP-SE-048, SE LAP 62, SE LAP 76, LAP-SE-374, LAP-SE-895, SE LAP 932)
Part of the selling process in which the salesperson shows the customer the benefits of a product’s features; includes sales talk and product demonstration (SE LAP 828)

SALES PROMOTION: Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases (IM LAP 7, LAP-MK-002, LAP-MK-901, LAP-MP-001, PR LAP 187, LAP-PR-903)

SALES QUOTAS: Specific selling goals set for members of the sales force (IM LAP 4, LAP-MP-013, SE LAP 118, SE LAP 932)

SALES REPORT: A comprehensive record of sales activities over a period of time (LAP-IM-184)

SALES REVENUES: Money that comes in to the business from the sale of goods and services; also called income from sales (PI LAP 6)

SALES TAX: A tax collected from consumers at the point of purchase; usually a percentage of the total sale (LAP-EC-072)

SALES TRAINER: A company employee or an outside consultant selected to deliver a sales training program (SE LAP 123)

SALES TRAINING: A systematic process for enabling salespeople to acquire the attitudes, knowledge, and skills that are needed in order to attain organizational goals (SE LAP 123)

SALES VOLUME: The amount of a firm’s sales, usually expressed in dollars (IM LAP 3, LAP-PI-902, LAP-SM-007)

SALES VOLUME ANALYSIS: A breakdown of sales volume data that allows a company to measure its actual sales against a number of different criteria (LAP-IM-184)

SALES-VOLUME QUOTAS: Quotas based on sales or some aspect of sales volume; expressed in terms of dollars, physical units, or points (SE LAP 118)

SALESPERSON: An individual employed to advance and/or facilitate the exchange of a good or service (SE LAP 76)

SAMPLE: A representative group of units within a target population from whom researchers obtain data for a study (IM LAP 285)
A subset of the population (LAP-IM-281)

SAMPLE DESIGN: A method for selecting sampling units out of the target population (IM LAP 285)

SAMPLING: The process of choosing a representative group of consumers to survey (LAP-IM-010)
The process of drawing a representative “slice” of the target population to study for marketing-research purposes (IM LAP 285)

SAMPLING ERROR: Any mistake in sample size or selection (IM LAP 285)
Statistical error in a research study (EC LAP 83)

SAMPLING PLAN: An outline for the sampling process that ensures that a truly representative sample of the population can be drawn in the most efficient way possible with the lowest potential for error (IM LAP 285)

SAMPLING UNIT: An individual element of a target population (IM LAP 285)

SANCTIONING BODIES: Groups or organizations that regulate sports and sports participants (LAP-MK-012)

SANCTIONS: Financial penalties or fines (LAP-CM-001)

SANDWICH FEEDBACK METHOD: A method of giving constructive criticism that “sandwiches” criticism in between positive comments (LAP-EI-133)

SARBANES-OXLEY ACT: A U.S. regulation mandating that public businesses comply with specific accounting requirements (LAP-EC-106, LAP-NF-001, LAP-NF-110)

SARBANES-OXLEY ACT OF 2002: Legislation passed by the U.S. Congress intended to protect investors from corporate accounting fraud; also known as the Public Company Accounting Reform and Investor Protection Act (QS LAP 50)

SATISFACTION: Feeling fulfilled after accomplishing a task or objective (QS LAP 5)

SATELLITE: An object placed into orbit by humans; most are used for communications purposes (LAP-NF-003)

SAVING: Taking a portion of your current income and putting it away to use in the future (QS LAP 30)

SAVINGS ACCOUNTS: Lending investments in which individuals lend money to a bank to earn interest (LAP-FI-077, QS LAP 40)

SAVINGS AND LOAN ASSOCIATION: A financial institution that offers savings accounts and makes loans to borrowers, most of which are for real estate purchases (LAP-FI-002)

SAVINGS BANK: A financial institution that offers savings accounts and makes loans to borrowers, most of which are for real-estate purchases; also known as a savings and loan or a mortgage bank (QS LAP 51)

SAVINGS BONDS: Non-marketable bonds offered by the U.S. government (QS LAP 33)

SCALABILITY: The ability to quickly adjust and align an organization’s people and resources in response to market changes; an aspect of organizational agility (LAP-EC-107)

SCALAR PRINCIPLE: Creating authority that flows in a clear, continuous line (LAP-EC-103, LAP-SM-064)

SCALE: Degree of size (QS LAP 22)

SCANNER: The wand or electronic screen that "reads" UPC codes found on products and enters product information into the computer (DS LAP 2, LAP-IM-010)

SCARCE: Limited (LAP-EC-902, LAP-EC-912)

SCARCITY: A condition resulting from the gap between limited resources and unlimited wants for goods and services (LAP-EC-901, LAP-EC-907)

SCATTER DIAGRAM: A graphical representation of two variables that is used to determine cause and effect (LAP-OP-163)

SCHEDULES: Plans that list the order of activities and completion times; timetables (QS LAP 18)

SCHEDULING: The activity that establishes the timetable to be followed in production (LAP-OP-017, LAP-OP-189)
The process of arranging, controlling, and optimizing your time to be as productive as possible (LAP-EI-077)

SCOPE: The number of tasks involved in a job and the frequency with which they occur (LAP-EC-914)
What a project will and will not include (LAP-OP-158, LAP-OP-519, LAP-OP-520, LAP-OP-521, LAP-OP-675)*

SCREENING: Reviewing in order to make a decision as to what should be kept and what should be discarded (PM LAP 17)

SCREENREADER: A device that reads words appearing on a computer screen (BA LAP 5)

SEARCH ENGINE: Software program that automatically crawls the web looking for information pertaining to specified search terms and displays a list of results (BA LAP 3, PM LAP 9, PR LAP 6, PR LAP 16, LAP-PR-462, LAP-PR-463)

SEARCH ENGINE LISTING: An online advertisement appearing in a list of websites generated by a search engine in response to a keyword(s) (LAP-PR-903)

SEARCH ENGINE OPTIMIZATION (SEO): The process of designing and submitting web pages so that they can be found easily by spiders in order to obtain a good position in the search results (PR LAP 16)
A set of strategies that helps websites appear in search results for relevant queries (LAP-PR-462)

SEARCH ENGINE RESULTS PAGE (SERP): Web page of results in response to a search query (LAP-PR-462)

SEASON TICKET SALES: In sports, the marketing of full memberships or complete season-long ticket packages to individuals or companies (LAP-PD-051)

SEASONAL DISCOUNT: A deduction from the seller’s price for ordering products in advance of the season; a time-based discount (PU LAP 3)

SEASONAL GOODS: Goods appropriate to a particular season of the year, e.g., lawn mowers or Christmas ornaments (DS LAP 3)

SEASONAL UNEMPLOYMENT: A type of structural unemployment that affects seasonal employees, such as farm workers, lifeguards, ski-resort employees, tax-return preparers, etc. (EC LAP 82)

SECONDARY CIRCULATION: The number of pass-along readers of a publication who do not purchase the publication (PR LAP 6)

SECONDARY DATA: Facts and figures that have been collected for purposes other than the project at hand (LAP-IM-010, LAP-IM-184, LAP-IM-282)
Information that has been collected for purposes other than the project at hand (LAP-IM-281)

SECONDARY DIMENSIONS OF DIVERSITY: Differences that may change at various points throughout one’s lifetime; include such characteristics as language, religion, income, geographic location, family status, work experience, communication style, and education level (LAP-EI-033)

SECONDARY INFORMATION: Marketing information developed from data that have already been collected by others (LAP-IM-001, LAP-IM-025)

SECONDARY MARKET: In investing, a place where investors can buy and sell securities that have been issued by a corporation (QS LAP 34, QS LAP 47)

SECONDARY NEEDS: Desires for things that the body can live without; learned desires (MN LAP 47)

SECONDARY PRODUCT PROMOTION: A kind of product promotion intended to stimulate demand for a particular brand of product (LAP-PR-902)

SECONDARY RESEARCH: Research that collects facts specifically for the problem or project at hand (IM LAP 285, may need to update with next revision)
Research that contains data that have already been collected for some reason other than the research project at hand (LAP-IM-281)

SECTOR: A subset of the economy in which companies share related products or services; sectors are broader than industries and include things like energy, health care, consumer goods, etc. (QS LAP 42, QS LAP 45)

SECURE CONNECTION: A link between a customer’s computer and a merchant’s computer that cannot be hacked into to obtain private information (PR LAP 15)

SECURE ELECTRONIC TRANSACTION (SET): A security measure that protects online credit-card transactions using encryption and a mechanism by which account information can only be read by the customer’s credit-card company (BA LAP 4)

SECURE SOCKETS LAYER (SSL): A security measure that protects online credit-card transactions using encryption and a mechanism by which only the merchant’s software is able to unscramble the data (BA LAP 4)

SECURED BONDS: Bonds that are “guaranteed” to be repaid—by backing from collateral or a mortgage, for instance (QS LAP 33)

SECURED LOAN: A type of loan in which the borrower pledges to the lender some valuable possession as collateral, or security, to guarantee that the loan will be repaid (LAP-FI-002)

SECURED PAYMENT SYSTEM: A method for protecting online credit-card transactions that uses encryption and/or a mechanism by which account information can only be read by specified parties (PR LAP 15)

SECURITIES: The legal owning or lending agreements between individuals, businesses, or governments (LAP-FI-077, QS LAP 46)
Stocks, bonds, and other investments (LAP-EC-100)

SECURITIES ACT OF 1933: Legislation passed by the U.S. Congress as the result of the stock market crash of 1929; compelled public companies to be truthful about their finances and established laws against fraudulent activities (QS LAP 50)

SECURITIES AND INVESTMENTS INDUSTRY: The total of businesses consisting of brokerage firms, investment banks, and stock exchanges, all of which support the flow of funds from investors to companies and institutions (Career Opps in Finance, PD LAP 25)

SECURITIES AND EXCHANGE COMMISSION (SEC): Federal agency that regulates the financial markets; charged with protecting the investing public from fraud or malpractice (QS LAP 36, QS LAP 39, QS 50)

SECURITIES EXCHANGE ACT OF 1934: Legislation passed by the U.S. Congress intended to govern securities trading on the secondary market; created the Securities and Exchange Commission (QS LAP 50)

SECURITY: Techniques for protecting information stored on computers or in transit over the Internet (BA LAP 4)

SECURITY PROBLEMS: Activities that threaten the security of the business or its property (RM LAP 4)

SEGMENT: One of the groups into which the total market is divided; also known as market segment (LAP-MP-013)

SEGMENT MARKETING: The classification of customers into similar groups to appeal to one or more individual segments (LAP-MP-003)

SELECTIVE BINDING: Printing technique that involves placing different sections of targeted advertising and editorial information in specific editions of a magazine (PR LAP 6)

SELECTIVE DISTRIBUTION: A distribution pattern is which a producer sells a product through a limited number of middlemen in a geographic area (LAP-CM-001)

SELF-ACTUALIZATION NEEDS: Desires to maximize an individual's potential; desires to become all that one is capable of becoming at that point in time; fifth level of needs in Maslow's Hierarchy of Needs (MN LAP 47)
The need to achieve one’s full potential; the need to feel personally fulfilled; fifth level of needs in Maslow’s hierarchy of needs (LAP-EI-059)

SELF-AWARE: Conscious of one’s own strengths, weaknesses, and emotions (LAP-PD-066)

SELF-AWARENESS: A person’s knowledge of their own emotions (LAP-EI-001, LAP-EI-909)
The ability to recognize the effect you have on the people and situations around you (LAP-EI-075, LAP-EI-137)

SELF-CONCEPT: Your image of yourself; the way(s) in which you see yourself (HR LAP 2, HR LAP 12)
How you see yourself (LAP-PD-002)

SELF-CONFIDENCE: A positive belief in your own talents, skills, and objectives (LAP-EI-001, LAP-EI-008, LAP-EI-024, LAP-EI-092, LAP-EI-909, LAP-EI-918, LAP-PD-002, PD LAP 25)*
A sense of trust and belief in your own judgments and abilities (LAP-EI-075)

SELF-CONTROL: Restraint of your feelings, words, and actions (LAP-EI-001, EI LAP 14, LAP-EI-903, LAP-EI-918)
The ability to restrain your emotions and actions appropriately (LAP-EI-075)

SELF-DIRECTED WORK TEAM: A team in which all individual members work together without the supervision of a leader (LAP-EI-045)

SELF-DISCIPLINE: The ability to stay committed to important tasks even when it’s difficult (LAP-EI-075)

SELF-EMPLOYED: An individual who is their own boss (LAP-PD-066)

SELF-EMPLOYMENT TAX: Money that a self-employed person must pay to the federal government to fund Medicare and Social Security; the equivalent of a business's payroll tax (LAP-EC-072)

SELF-ESTEEM: How you feel about yourself at any given time (LAP-EI-902, HR LAP 2, HR LAP 4, HR LAP 12)
The way a person feels about him/herself at any given time (LAP-EI-903)
The feelings you have about yourself related to your self-concept (LAP-PD-002)
Self-respect (LAP-EI-075)
Self-respect; how you feel about yourself at any given time (LAP-EI-008)*

SELF-ESTEEM NEED: Desire for high self-esteem and recognition from others (LAP-EI-141)

SELF-IMAGE: The way a person feels about him/herself

SELF-INFORMATION: Facts about yourself (HR LAP 2)

SELF-MANAGEMENT: The ability to direct and control one’s emotions in a purposeful way (LAP-EI-001)
The ability to direct and control one’s emotions in a way that is purposeful (LAP-EI-909)

SELF-MOTIVATION: An inner drive to complete tasks and accomplish goals (LAP-EI-918)

SELF-OBSERVATION: An evaluation of one’s own conduct in order to identify strengths, weaknesses, and/or problem behavior(s) (EI LAP 14)

SELF-SERVICE STORE: A business in which customers usually help themselves and need not be approached at all (SE LAP 101)

SELF-SERVING: Giving priority to one's own interests (MN LAP 47)

SELF-UNDERSTANDING: Comprehending one's own interests, abilities, values, attitudes, and personality traits and recognizing their effects on one's behavior; knowing yourself (HR LAP 2)

SELL ORDER: In investing, an instruction to a broker to sell a particular stock or security (QS LAP 47)

SELLER'S MARKET: The best time for producers to sell; characterized by large demand, small supply, and high prices (LAP-EC-905, LAP-EC-906)

SELLING: A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities (BA LAP 3, LAP-MK-002, PD LAP 25, SE LAP 17)

SELLING AID: An item a salesperson can use to help demonstrate a product, such as a graph, a chart, or a customer testimonial (LAP-SE-374)

SELLING POINT: A valid reason for buying (LAP-SE-874)

SELLING POLICIES: General rules established by management to guide the personal-selling effort (SE LAP 932)

SELLING PRICE: The amount a seller charges the purchaser for a good or service (PI LAP 6, LAP-PI-902)

SELLING PROCESS: A systematic approach to selling that consists of a sequence of selling phases intended to assist salespeople in achieving their goal of making a sale (LAP-SE-048)

SELLING SHORT: In investing, an attempt to earn a profit by borrowing securities in anticipation of a price drop, selling the shares, buying them back, and returning them to the lender (QS LAP 47)

SELLING SKILLS: The ability to determine customers' needs, wants, and buying motives; open and close sales; question customers; handle customer objections; suggest additional or substitute items; demonstrate products; and follow up sales (SE LAP 17, SE LAP 123)

SELLING-ACTIVITY POLICIES: Guidelines for selling activities that involve interaction with customers or potential customers (SE LAP 932)

SEMI-FIXED COSTS: Expenses that are fixed until the company reaches a certain level of production, then become variable; also called mixed costs or semi-variable costs (LAP-OP-024)

SEMI-VARIABLE COSTS: Business costs that vary to some extent in response to sales (PI LAP 6)
Expenses that are fixed until the company reaches a certain level of production, then become variable; also called mixed costs or semi-fixed costs (LAP-OP-024)

SENIORITY: The amount of time an employee has worked for a company (LAP-EC-915)

SENSITIVE: Aware of and responsive to the feelings of others (LAP-EI-030)

SENSITIVITY: Responsiveness to the feelings of others (QS LAP 8)

SENSITIVITY ANALYSIS: A method of measuring how much a change in one variable will affect another variable (LAP-FI-099)

SENSITIVITY TRAINING: An instructional method in which trainees learn how their behavior affects other people; goal is to develop sensitivity and trust (MN LAP 50)

SENTENCE FRAGMENT: A group of words that does not present a complete thought (PR LAP 9)

SEPARABILITY: A product's ability to be considered apart from its provider (LAP-PM-079)

SEPARATION OF DUTIES: The dividing of accounting responsibilities so that no one person oversees the life span of a single financial transaction (LAP-FI-343, LAP-OP-246)

SEQUENTIAL: In logical order, as in first, second, and third (QS LAP 24)

SERIES 7 EXAM: Licensing requirement for brokers in the United States (QS LAP 48)

SERIES 63 EXAM: Licensing requirement for brokers in the United States (QS LAP 48)

SERIES DISCOUNT: Two or more discount percentages quoted in succession (PU LAP 3)

SERIES EE SAVINGS BONDS: Non-marketable U.S. bonds that do not make interest payments before maturity (QS LAP 33)

SERIES HH SAVINGS BONDS: Non-marketable U.S. bonds that make interest payments before maturity (QS LAP 33)

SERVER: A computer hardware system that hosts an organization’s intranet (LAP-KM-001)

SERVICE(S): Intangible activities that are performed by other people for money; productive acts that satisfy economic wants (LAP-CM-003, LAP-EC-901, LAP-EC-902, LAP-EC-917, LAP-MK-015, LAP-MK-901, LAP-OP-017, PM LAP 3, PM LAP 17, LAP-PM-079, LAP-PR-901, SE LAP 17, LAP-SM-013)
An intangible object that can be sold (e.g., haircuts, insurance, dry cleaning, etc.) (SE LAP 57)
Intangible activities that are performed by other people for money (LAP-OP-015, LAP-PM-140)

SERVICE APPROACH: A polite question that indicates willingness to be of service to the customer (SE LAP 101)

SERVICE ATTITUDE: A salesperson's commitment to the client's needs as expressed through his/her professional behavior (SE LAP 828)

SERVICE BUSINESS: A type of business that performs intangible activities that satisfy the wants of consumers or industrial users (LAP-EC-070, LAP-EC-913, LAP-FI-106, LAP-OP-189)

SERVICE CREDIT: Credit used for utilities that have been consumed but not yet paid for (LAP-FI-002)

SERVICE MARK: A word, name, symbol, or device used to identify and distinguish a company's services, including a unique service, from those of another service provider (PM LAP 153)

SERVICE MARKETING: A career that involves performing acts to satisfy needs and wants (CD LAP 2)
A career that involves performing acts to satisfy needs and wants; marketing products that are intangible (LAP-PD-024)

SERVICE POLICIES: Guidelines governing the support a company provides to the customer after the sale through return, repair, and installation policies (HR LAP 25)
Guidelines governing the support a company provides to the customer after the sale (SE LAP 932)

SERVICEABILITY: The measure of how easy a product is to fix and maintain (QM LAP 1)

SET-UP FEE: A charge to merchants for setting up a system so that customers can pay by credit card (PR LAP 15)

SEXUAL HARASSMENT: Any unwelcomed sexual remarks, advances, conduct, or requests made to another person (LAP-EI-036, MN LAP 44, MN LAP 55)
Any unwelcome sexual remarks, advances, conduct, or requests made to another person (LAP-EI-004)

SEXUAL ORIENTATION: An individual's sexual and romantic preferences (LAP-EI-036, LAP-EI-917)

SHALLOW PRODUCT MIX: A description of the depth of a business's product mix offering few variations within the product line (PM LAP 3)

SHARE: In investing, a piece of ownership in a corporation; also known as a stock (QS LAP 34)

SHARED MAIL: Less expensive direct-mail promotion in which a company bundles a circular with weekly coupons and delivers it to consumers (PR LAP 6)

SHARED TIME: When two employees share the responsibility for one full-time position (LAP-EC-903)

SHARED VISION: The future that a group of people collectively want to create and work toward together (LAP-EI-060)

SHAREHOLDER(S): Anyone who owns stock in a corporation; also known as a stockholder (LAP-EC-911, LAP-EC-072, LAP-OP-190, QS LAP 34)*
Owners of stock; also known as stockholders (LAP-BL-003, LAP-BL-006)

SHAREHOLDER'S EQUITY: Assets minus liabilities; also known as shareholders’ equity, book value, and net worth; sometimes referred to as equity (LAP-IM-184)

SHERMAN ANTITRUST ACT: A federal regulation intended to prevent monopolies from forming and prices from being fixed (LAP-BL-058, LAP-EC-912, LAP-PI-047)

SHOPLIFTING: Customer theft of goods from a business (DS LAP 4, RM LAP 4)

SHOPPING CART: Computer program designed to act as an online catalog and order processing center (PM LAP 9, PR LAP 15)

SHOPPING PRODUCTS: Consumer goods and services purchased after the customers compare to get the best quality, price, and/or service (SE LAP 101)
Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service (LAP-EC-902)
Goods and services purchased after the customers compare goods and stores in order to get the best quality, price, and/or service (LAP-PR-903)

SHORT-CHANGE ARTISTS: Thieves who try to confuse cashiers into giving them more change than is due (RM LAP 4)

SHORT-CHANGE FRAUD: A method of point-of-sale fraud in which thieves try to confuse cashiers into giving them more change than is due (RM LAP 4)

SHORT MESSAGING SERVICE (SMS): Technology that allows people to send text messages over their cell phones (LAP-PR-007)

SHORT-RANGE FORECASTING: Sales forecasting that predicts sales for periods of less than three months; used to aid in day-to-day decision-making regarding planning, scheduling, staffing, inventory, etc. (LAP-MP-013)

SHORT-TERM BUDGET: A budget that usually lasts one year; the go-to budget that managers can consult and adjust regularly; also known as an operating budget (LAP-FI-099)

SHORT-TERM FORECAST: A sales forecast for a period of a year or less (IM LAP 3, IM LAP 4)

SHORT-TERM GOALS: Objectives that take less than a year to achieve (LAP-PD-918)
The physical inventory is less than the perpetual inventory (DS LAP 5, DS LAP 6)

SHORT-TERM GRATIFICATION: The pursuit of instant satisfaction rather than delaying rewards for greater long-term benefit (LAP-FI-355)

SHORT-TERM LIABILITIES: Debts that will take a year or less to pay (LAP-FI-093)

SHORT-TERM LOANS: Loans that must be paid back within the year (QS LAP 38)

SHORT-TERM ORIENTED SOCIETY: A society in which people focus on the past or present and value things such as national pride and fulfilling social obligations; typically associated with Western cultures (LAP-EC-045)

SHORT-TERM TIME HORIZON: An investing timeframe of less than five years (some sources say two to three years) (QS LAP 41)

SHOW 'EM: Method of answering objections in which the salesperson clears up the objection by showing the product in use; also known as the demonstration method (LAP-SE-874)

SICK-OUT STRIKE: A union pressure strategy in which all employees call in “sick” at the same time (LAP-EC-915)

SIDEBAR AD: An advertisement, usually vertical, that is placed on the side of a website (LAP-PR-007)

SIGNATURE: Text or images appearing at the bottom of an e-mail indicating a person’s or business’s identity, contact information, and/or offer (PR LAP 14)

SILENCE: A negotiating strategy that involves listening but not speaking; often used when a situation becomes emotionally heated or when the other party does not like a specific message (LAP-EI-062)

SILENCE CLOSE: A closing technique in which the salesperson stops talking after the presentation to allow the prospect time to think and to respond (LAP-SE-895)

SIMILE: A figure of speech in which two unlike things are compared using the words “like” or “as” (LAP-PM-127)

SIMPLE RANDOM SAMPLING: A probability sampling method in which every sampling unit has a known and equal chance of being selected (IM LAP 285)

SIMULATE: To imitate the conditions of something else (LAP-IM-289)

SIMULATION: Imitation (LAP-IM-284)

SINCERITY: Genuineness (QS LAP 8)

SIT-DOWN STRIKE: A union pressure strategy in which employees stay on the job but refuse to work; also known as sit-in strike (LAP-EC-915)

SITE ANALYSIS: A career that involves the collection and interpretation of information about web site visitors (PD LAP 3)

SITE ARCHITECTURE: A career that involves putting information on the WWW in a logical format so that Internet users can find what they are looking for (PD LAP 3)

SITE DESIGN: A career that involves the creation of the visual elements that make web sites attractive to users (PD LAP 3)

SITE MAP: A flowchart that puts information on the Web in a logical format so that Internet users can find what they are looking for (PR LAP 15)

SITE OBJECTIVES: Goals to be reached by web sites (PR LAP 15)

SITUATION ANALYSIS: A determination of a firm’s current business situation and the direction in which the business is headed; exploratory research conducted with the purpose of providing a more complete understanding of a problem and the total business environment in which it exists (LAP-IM-001, LAP-IM-282, LAP-MK-002, LAP-MP-007)

SITUATIONAL FACTORS: Existing conditions that affect a business and its advertising activities (PR LAP 5)

SITUATIONAL THEORY OF LEADERSHIP: A theory of leadership which holds that each situation is different and requires a different approach, calling upon the leader to analyze the situation and take appropriate action to perform the necessary tasks (LAP-HR-493)

SIX SIGMA: A popular quality-management methodology that relies on a five-step approach to improve any business process (QM LAP 1)

SIZE DISCOUNTS: Rate reductions offered to advertisers who buy larger sized advertising space units (PR LAP 6)

SKILL: The ability to perform a task that is developed through knowledge, training, and practice (LAP-PD-066, QS LAP 18, QS LAP 19, QS LAP 22)

SKIP INTERVAL: In systematic random sampling, the number of spaces between each sampling unit drawn for the sample (IM LAP 285)

SKU CODE: A two- to four-digit code number assigned to a stock keeping unit, or SKU (DS LAP 3)

SLACK RESOURCES: Resources above and beyond what are needed to operate an organization (LAP-EC-107)

SLANDER: Saying something untrue that damages a person’s or business’s reputation (LAP-SE-106)

SLIDING-SCALE RATE: Discount rate structure offered by newspapers to advertisers willing to purchase a large volume of advertising space over a one-year period (PR LAP 6)

SLOGAN: A phrase that is easy to remember (LAP-PM-139, PM LAP 153, PM LAP 272, PR LAP 7)
A phrase that is easy to remember, often used by marketers to help customers remember a product or brand (LAP-CR-001, LAP-PM-042)

SLOTTING ALLOWANCE: A payment from a producer to a retailer to ensure their products appear on the store’s shelves (LAP-CM-006)

SLOW/METHODICAL CUSTOMERS: Customers who require a lot of time to make a purchase because of shyness or indecisiveness (CR LAP 9, SE LAP 810)

SMALL BUSINESS: A business that employs 500 or fewer people (LAP-PD-066)

SMALL-BUSINESS OWNER: An individual who owns a business venture to generate income without intentions of growing or expanding the business (LAP-PD-066)

SMALL-SCALE GOAL: A medium-sized, short-term goal (LAP-PD-918)

SMART GOAL: A goal that helps you identify exactly what it is you want to achieve and know for sure when you’ve achieved it; a goal that is specific, measurable, attainable, results-oriented, and time-bound (LAP-IM-012, LAP-MP-007, LAP-PD-918)

SMARTPHONE: A mobile phone with advanced capabilities, such as accessing the internet (LAP-NF-003)

SMISHING: Illegal activity that involves posing as a financial institution or other business and sending fraudulent text messages requesting personal information such as account numbers and passwords; similar to phishing (LAP-PR-007)

SMOOTHING: Offering consumers a discount for purchasing products that otherwise would go to waste (LAP-PM-079)

SNAIL MAIL: A slang term used to describe the sometimes slow process of sending mail through the postal service (BA LAP 3)

SNOWBALL SAMPLING: A non-probability sampling method in which researchers ask respondents to help them identify and recruit additional respondents for the study; also called referral sampling (IM LAP 285)

SOCIAL AND CULTURAL ATTITUDES: The belief and feelings of people in a society that cause them to act in certain ways (LAP-NF-015)

SOCIAL AWARENESS: The ability to know and understand others’ emotions (LAP-EI-909)

SOCIAL CHANGES: Shifts in the values, tastes, habits, composition, etc., of society (HR LAP 8)

SOCIAL MANAGEMENT: The ability to respond effectively to others’ emotions (LAP-EI-909)

SOCIAL MEDIA: Forms of electronic communications through which users build communities, network, share information, etc. (SE LAP 57)

SOCIAL MEDIA FOOTPRINT: Digital or electronic records left behind from social media activity and internet usage (LAP-EI-091)

SOCIAL (AFFILIATION) NEEDS: Desires to belong and to be accepted by various groups; third level of needs of Maslow's Hierarchy of Needs (MN LAP 47)
The needs for relationships, acceptance, and a feeling of belonging; third level of needs in Maslow’s hierarchy of needs (LAP-EI-059)

SOCIAL RESPONSIBILITY: The duty of business to contribute to the well-being of society (LAP-EC-070, LAP-EC-105, LAP-EC-106)
Taking other people's needs, interests, and feelings into account and acting accordingly (LAP-EI-021)

SOCIAL SECURITY: Federal programs for retirees, the disabled, and children of deceased workers (LAP-EC-072, EC LAP 83)

SOCIAL SKILL: A skill valued by people, such as manners (QS LAP 24)

SOCIALISM: A command economic system in which government owns some basic means of production and allows private ownership of business as well (LAP-EC-907)

SOCIETY: A group of individuals who share an environment (IM LAP 9, LAP-NF-015)

SOCIETAL MARKETING CONCEPT: A philosophy of conducting business which involves creating and marketing products that benefit individual customers as well as contribute to the good of society as a whole (LAP-MK-901)

SOCIOECONOMIC STATUS: An economic and sociological measure of a person’s income, education, and occupation (LAP-EI-917, LAP-MP-003)

SOCIOLOGY: The study of the effects a people’s beliefs and values have on group interaction (CD LAP 2)

SOFT NEWS: Information that does not need to be announced immediately because it will be of as much interest to the public later as it is now (PR LAP 10)

SOFT SKILLS: Interpersonal (rather than technology or qualification) based skills that help a person advance in the workplace (Career Opps in Finance)

SOFTWARE: Programs that instruct computers to perform specific operations (BA LAP 3, LAP-NF-003, RM LAP 4)

SOFTWARE INTEGRATION: The process of converting varied information or programs into a singular, uniform system (LAP-OP-303)

SOLE LICENSE: A licensing category in which one licensee is authorized to produce merchandise, while the licensor retains the right to use the trademarked property (PM LAP 153)

SOLE PROPRIETORSHIP: A business owned by one person who receives all the profits from the business and takes all the risks (LAP-BL-003, LAP-BL-006, LAP-EC-911)

SOUND: Sensible (FI LAP 357)

SOURCES: People or organizations that have what you need or can help you locate what you need to complete a task (LAP-OP-003)

SPAM: Junk email that the recipient did not request and does not allow the recipient to request removal from the subscriber list; also known as unsolicited commercial email (BA LAP 3, BA LAP 5, PR LAP 13)
Junk email that the recipient did not request and that does not allow the recipient to unsubscribe; also known as unsolicited commercial email (LAP-PR-007)
Junk email that the recipient did not request; also known as unsolicited commercial email (LAP-CR-017, LAP-NF-110)

SPAN OF CONTROL: The measurement of how many workers are supervised by one manager (LAP-EC-103, LAP-SM-064)

SPATIAL APTITUDE: Abilities related to the use of space (HR LAP 2)

SPECIAL EVENT: Any happening arranged for a specific reason or occasion (LAP-CO-025, PR LAP 8)

SPECIAL GIFT WRAP: A variety of papers, ribbons, and enclosure cards available to the customer for an extra charge (SE LAP 105)

SPECIALIST: A member of an exchange who acts as a market maker and facilitates trading of a specific stock (QS LAP 47)

SPECIALIZATION: The process of making the best use of resources in the production of goods and services (LAP-EC-913)
An employee’s narrow focus on one task or area of expertise (LAP-KM-001, LAP-SM-064)
The process of using an employee’s narrow focus on one task or area of expertise in the production of goods and services (LAP-EC-914)

SPECIALIZATION BY STAGE OF PRODUCTION OR TASK: A type of specialization that occurs when more than one stage or task is required to create a finished product; different people are usually involved during the different stages and tasks of production; also known as division of labor (LAP-EC-914)

SPECIALIZATION BY TRADE OR PROFESSION: Division by the type of work that you perform to earn a living; the most common type of specialization (LAP-EC-914)

SPECIALIZED BUDGET: A budget that reflects a particular department or activity of a company; specialized budgets are interrelated, often relying on one another for estimates of future activity (LAP-FI-106)

SPECIALTY PRODUCTS: Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain (LAP-EC-902)
Goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain (LAP-PR-903)

SPECIALTY MEDIA: A type of “other” media that features a business’s name or logo, is a useful item, and is given away free of charge (LAP-PR-007)

SPECIFICATIONS: Standards that are established and described in detail; requirements (DS LAP 5, LAP-OP-015, QS LAP 19)

SPECIFIC GOAL: A goal that includes the details necessary to make sure you don’t confuse it with another goal (QS LAP 22)

SPECTACULAR: A type of out-of-home advertisement built to order and often designed with neon lights or moving parts; large, elaborate electrical signs (PR LAP 6, LAP-PR-007)

SPECTATOR: A type of fan who follows and watches a specific performer, athlete, team, or organization (LAP-PR-136)

SPECTATORS: Observers, or fans, of a sporting event (LAP-MK-012)

SPECULATION: Conducting risky financial transactions with expectation of substantial gain (LAP-EC-100)

SPECULATIVE: Highly risky; based on estimates (QS LAP 49)

SPECULATIVE RISKS: A risk that may result in loss, no change, or gain (LAP-EC-911, LAP-SM-075)

SPECULATIVE STOCKS: Stocks issued by companies that have not yet established themselves (QS LAP 34)

SPEED: The ability to change quickly; an aspect of organizational agility (LAP-EC-107)

SPIDERS: Software programs that visit web pages and provide information to search engines (PR LAP 16)

SPIN: A dishonest way of presenting a person or situation (LAP-EI-123)

SPIRIT OF THE LAW: The intent of the law; the social and moral consensus of how to interpret the law (LAP-BL-163, LAP-CM-006, LAP-OP-677, LAP-PI-015, LAP-RM-041)

SPLIT BILL: A form of cash-related fraud in which the ends of a large-denomination bill are cut off and glued to the ends of a small-denomination bill to make it appear more valuable (RM LAP 4)

SPLIT-RUNS: Printing technique that allows publishers of magazines to print different advertisements for the same product in alternating copies of the publication (PR LAP 6)

SPONSOR: A business, individual, or organization that pays the costs of promotion (PR LAP 8, QS LAP 19)
To exchange money, goods, or services for public recognition (LAP-PR-175)

SPONSORS: Businesses or organizations that pay to associate their names or products with a sporting event (LAP-MK-012)

SPONSORSHIP: The provision of financial or other support to an entity in exchange for public exposure (LAP-PR-175)
A partnership in which a company pays a fee to affiliate itself with a team, league, or event (LAP-SE-321)
An agreement that allows a company to pay a fee to a team, event, etc. for the right to affiliate itself with that team, event, etc. (LAP-PM-139, LAP-PR-903)*

SPONSORSHIP ACTIVATION: A sponsor's commitment to promoting the team, league, or event by investing in advertising and promotion; also known as exploitation (LAP-SE-321)

SPONSORSHIP FEE: A sponsor's initial payment or investment to enter into a marketing partnership with a team, league, or event (LAP-SE-321)

SPONSORSHIP MANAGEMENT: In event marketing, an activity that involves securing corporate funding for an event's promotions costs or consulting with corporations to find events that reach the company's target audience (LAP-PD-051)

SPONTANEOUS: Arising from a genuine, natural impulse without external influence (LAP-EI-141)

SPORTING EVENT: An intangible, perishable experience; the athletes; the facility (LAP-MK-012)

SPORTING GOODS: Tangible, manufactured products that are sold and used within the sports industry (LAP-MK-012)

SPORTS BROADCASTING ACT: Allows professional sport leagues to pool their broadcasting rights and sell them as a package to TV networks (LAP-BL-058)

SPORTS/EVENT ENTITY: An athlete, team, league, or event on a local, regional, national, or international level (LAP-PR-175)

SPORTS MARKETING: The process of planning and executing the conception, pricing, promotion, and distribution of sporting ideas, goods, and services to create exchanges that satisfy individual and organizational objectives (LAP-MK-012, LAP-PD-051, LAP-PM-140)

SPOT: A trading instrument used on the foreign exchange market; an agreement between two parties to buy or sell a currency at the current exchange rate (LAP-EC-100)

SPOT CHECK: See Random Check (DS LAP 5)

SPRAIN: An injury to muscles or joints caused by stretching or tearing of the ligaments (RM LAP 3)

SPREAD: An advertisement placed on two facing pages in print media (PR LAP 6)
Commission on bonds (QS LAP 48)

STABILITY STRATEGY: A marketing strategy designed to keep market share the same (LAP-MP-007)

STAFF AUTHORITY: Advisory authority, often without the ability to enforce or take action (LAP-EC-103)

STAFF SPECIALISTS: Permanent employees hired specifically to plan, design, and deliver sales training programs (SE LAP 123)

STAFFING: The management function of finding workers for the business (LAP-SM-001)
The management function of finding, training, and compensating workers for the business (LAP-SM-065)
A human resources management activity that involves recruiting, interviewing, hiring, orienting, and dealing with job changes for a company’s employees (LAP-HR-410)

STAKEHOLDER(S): Those who benefit from a project or from investing in a project (QS LAP 28)
A person who is invested in a project’s success or failure (LAP-EI-911, LAP-OP-001)
People or businesses who are affected by a company’s success or failure (LAP-EC-106, LAP-RM-041)
A person who has an interest or investment in a project’s outcome (LAP-OP-158, LAP-OP-519)
Those who are affected by a project’s success or failure (LAP-OP-520)
People who are invested in and affected by the project’s success (LAP-OP-675)
A person or business who has an interest and/or investment in a project’s outcome (LAP-OP-246, LAP-OP-521)*

STAKEHOLDER-MANAGEMENT PLAN: A document that includes analysis of project stakeholders and a strategy for engaging with them (LAP-OP-001)

STANDARD OF LIVING: The general conditions in which people live; quality of life (LAP-EC-905, LAP-EC-912, LAP-EC-913, LAP-EC-917, LAP-EC-918, LAP-MK-002, LAP-MK-901)*
The level of material comforts a person is used to (EC LAP 83)

STANDARDIZATION: The organization of work so that it is always done in the same way (LAP-EC-913, LAP-FI-343)

STANDARDS: Specifications or statements that are used as a basis for comparing or judging goods or services (LAP-PM-019)

STANDING COMMITTEE: A committee that exists and functions on a permanent basis (LAP-EI-045)

STANDING-ROOM-ONLY CLOSE (SRO): A closing technique in which the salesperson creates a sense of urgency to buy by mentioning that the item being presented is one of a kind or in limited supply (LAP-SE-895)

STAPLE ITEM: A frequently purchased item that businesses keep on hand continuously because the demand for it is constant (DS LAP 3, LAP-EC-902, IM LAP 3)

STARBURSTING: A brainstorming technique that involves using a star-shaped diagram to ask and answer basic questions about an issue or situation (LAP-PM-127)

STARTUP COSTS: All of the expenses involved in setting up a new business or introducing a new product to the market (LAP-EN-038, IM LAP 3)

STATE "COOLING-OFF LAWS": State regulations that allow consumers to cancel contracts with door-to-door salespeople within a certain number of days

STATE LAW: Laws created by each state’s legislators (LAP-BL-163)

STATEMENT OF RETAINED EARNINGS: A statement that shows the way that net income and dividends affected the financial position of a company over a period of time (LAP-IM-184)

STATEMENT OF WORK (SOW): A dynamic document that serves as the foundation of a project; includes goals, scope, deliverables, etc. (LAP-OP-158)

STATIC: Unchanging (LAP-EI-005)

STATIC BUDGET: See fixed budget (LAP-FI-099)

STATISTICS: Information presented in numerical form (CD LAP 2)

STATISTICAL: Numerical (LAP-IM-289)

STATISTICAL PROCESS CONTROL (SPC): The use of statistics to determine if a production process is working properly or not (LAP-OP-163)

STATISTICAL QUALITY CONTROL (SQC): A group of tools used to evaluate quality and identify problems; contains three main components—descriptive statistics, acceptance sampling, and statistical process control (SPC) (LAP-OP-163)

STATUS QUO: The way things are right now, or the existing state of affairs (LAP-EI-005, LAP-EI-027, LAP-EI-134, LAP-EI-136)*

STATUS QUO BIAS: A preference to maintain the status quo, and the view that a change from it is a loss (LAP-EI-134)

STEALING: Taking something that belongs to someone else with no intention of returning it (HR LAP 19)
Taking something that does not belong to you in a way that is wrong or illegal (LAP-EI-138)

STEREOTYPE(S): A set image or an assumption about a person or thing (LAP-EI-030, LAP-EI-036, HR LAP 11)
A set image or an assumption about a person, group of people, or thing (LAP-EI-033, LAP-EI-127, LAP-EI-140, LAP-EI-917, LAP-PD-012, LAP-PR-463)*

STEREOTYPING: Generalizing people based on their cultural backgrounds (LAP-EC-045)

STIMULI: Inputs that evoke a reaction (LAP-MK-014)

STIMULUS: Anything that evokes or triggers a response (EI LAP 14)
Anything that triggers a response (e.g., an economic stimulus aims to jumpstart growth) (EC LAP 82)

STIMULUS CONTROL: Finding ways to avoid or limit the triggers that cause stress (EI LAP 14)

STOCK: Shares or units of ownership in a corporation (LAP-BL-006, LAP-FI-077, QS LAP 34, QS LAP 40)

STOCK EXCHANGE: A place (physical or virtual) where stocks are traded by brokers who represent buyers and sellers (QS LAP 34, QS LAP 47)

STOCK FUND: A pool of shareholders' money invested in stocks; also called an equity fund (QS LAP 35)

STOCK MARKET: The buying and selling of stocks or shares (QS LAP 40)

STOCK MARKET INDEX: A measure of average stock prices that gives a general indication of the market (QS LAP 34)

STOCK MUTUAL FUNDS: Ownership investments in which a variety of stocks from different corporations or agencies (usually from different industries) are combined into one investment (LAP-FI-077)

STOCK OPTIONS: The right to buy or sell a stock at a particular time for a particular price (QS LAP 38)

STOCK OVERAGE: A larger amount of stock than the business is able to sell (DS LAP 3)

STOCK PRICE: The price at which the stock will sell (QS LAP 40)

STOCK SCREENER: An online tool for investors that filters stock choices using a predetermined set of criteria (QS LAP 46)

STOCK SPLIT: Dividing a corporation’s existing stock into multiple shares (QS LAP 34)

STOCK TABLE: Format used to list stock quotes, traditionally found in newspapers, but also listed in financial publications and web sites (QS LAP 37)

STOCKHOLDER: Anyone who owns stock in a corporation; also known as a shareholder (QS LAP 34)

STOCKHOLDERS: Owners of stock; also known as shareholders (LAP-BL-003, LAP-BL-006)

STOCKHOLDERS' EQUITY: Assets minus liabilities; also known as shareholders' equity, book value, and net worth; sometimes referred to as equity (QS LAP 36, QS LAP 38, QS LAP 42)
The amount that stockholders have invested in the business plus or minus profits and losses (LAP-FI-093)

STOCKKEEPING UNIT: Each item or group of items in a unit control system; called an SKU (DS LAP 2, DS LAP 3, DS LAP 6)

STOCKOUT: A situation in which there is no stock of an inventory item(s) on hand (DS LAP 2, DS LAP 3)

STOCKOUT COSTS: Costs associated with running out of needed inventory; considered in terms of lost money and sales, lost productivity, and lost customer satisfaction (LAP-OP-189)

STOCKPILING: Maintaining a large inventory (LAP-EC-903)

STOCKTURN: The number of times stock is sold in a given period of time (DS LAP 3)

STOP ORDER: In investing, a buy or sell order that instructs a broker to execute a trade when a certain price is reached or passed (QS LAP 47)

STORE WRAP: A simple gift wrap provided for customer purchases without charge (SE LAP 105)

STRAIGHTFORWARD: Direct; open and honest (HR LAP 19)

STRAIGHT BONDS: Bonds that are repaid on the maturity date with no option to be repaid sooner (QS LAP 33)

STRAIN: An injury to muscles or tendons caused by stretching or overexerting (RM LAP 3)

STRATEGIC: Long-term (LAP-OP-163)

STRATEGIC ALLIANCE: An arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties; also known as a joint venture (LAP-EC-104)

STRATEGIC MANAGEMENT: The process of planning, controlling, and organizing an organization or department (EC LAP 71, LAP-HR-410)

STRATEGIC ORGANIZING CENTER (SOC): A coalition of North American labor unions founded in 2005; formerly the Change to Win Federation (CtW) (LAP-EC-915)

STRATEGIC PLAN: A long-term plan (LAP-MP-013, LAP-SM-007)

STRATEGIC PLANNING: Long-range planning (three to five years) for the company as a whole (LAP-HR-410, LAP-MP-010, LAP-NF-015, LAP-OP-015, LAP-OP-246, LAP-SM-001)

STRATEGIC POSITION: How a business measures up in relation to other businesses in the industry; can involve the image or impression of a business or organization (EC LAP 71)

STRATEGIC RISKS: Possible events and situations that can affect the execution of an organization’s long-term plans (LAP-EC-911, LAP-RM-041, LAP-SM-075)

STRATEGIES: Plans of action for achieving goals and objectives (EC LAP 71, IM LAP 7, LAP-MP-001, LAP-SM-001)

STRATEGY: A carefully designed plan of action (LAP-PM-042)
A plan of action for achieving goals and objectives (LAP-SM-007, LAP-SM-013)

STRATEGY-ORIENTED DECISION PROBLEM: A decision problem aimed at answering “How?” or “Which?” (LAP-IM-282)

STRATIFIED RANDOM SAMPLING: A probability sampling method in which researchers break the target population down into non-overlapping groups and draw simple random samples from each one (IM LAP 285)

STRATUM: In stratified random sampling, a non-overlapping group researchers want to study (IM LAP 285)

STREAMING MEDIA: Sound, video, or animations that play in real time (PR LAP 13)

STRENGTH: Any resource or capability your business has that can help you gain a competitive advantage in your industry (LAP-MP-010, LAP-NF-015)

STRENGTHS: Positive habits and qualities (LAP-EI-902, QS LAP 16)

STRESS: A mental, physical, or emotional feeling of pressure or tension (EI LAP 28, HR LAP 4, LAP-PD-019, RM LAP 2)

STRESSORS: Causes of stress (EI LAP 28)

STRIKE: A union strategy in which employees stop working and leave their jobs (LAP-BL-058)
A union pressure strategy in which employees stop working and leave their jobs (LAP-EC-915)*

STRIKEBREAKERS: A company pressure strategy in which the company hires nonunion members to work while union members are on strike (LAP-EC-915)

STRONG CURRENCY: Currency that is generally more valuable than other currencies on the foreign exchange market (LAP-EC-100)

STRUCTURAL UNEMPLOYMENT: Unemployment that arises when there is a mismatch between available workers and available jobs (EC LAP 82)

STRUCTURED RELATIONSHIP: A type of relationship characterized by rules, well‑defined positions, and clear lines of authority; e.g., work relationships (HR LAP 1)

STYLE MANUAL: A reference book of guidelines for news writing (PR LAP 10)

SUBCHAPTER “S” CORPORATION: A type of corporation that is limited to 100 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership; also known as an “S” corporation (LAP-BL-003)

SUBCULTURE: A secondary group within a dominant culture (LAP-EC-045, LAP-EI-033, LAP-MK-014)

SUBHEADLINE: Text that continues or clarifies the thought expressed in the headline; usually positioned below the headline and set in slightly smaller type size (PR LAP 7)

SUBJECT LINE: The location within an e-mail that indicates what the message is about (PR LAP 14)

SUBJECTIVE: Based on thought or opinion rather than fact (FI LAP 357)

SUBORDINATES: Lower-ranking members of an organization who are required to report to higher-ranking supervisors and managers (LAP-HR-493)

SUBSIDIARY: A company that is entirely owned or controlled by a parent company (LAP-MP-007)

SUBSIDY: Government financial help given to a business (LAP-EC-016, MN LAP 43, LAP-NF-015)
Financial support extended by the government with the goal of creating an economic or social benefit (LAP-EC-916)

SUBSISTENCE: Existence at a level that barely supports life (LAP-EC-907)

SUBSTITUTE ITEMS: Goods or services other than the original request that are suggested by a salesperson when the salesperson does not have the item requested or when the salesperson recognizes the customer's true needs

SUBSTITUTE PRODUCTS: Goods and/or services that can be used in place of others; items that satisfy the same needs/wants (LAP-EC-905, LAP-NF-015, LAP-PM-127)*

SUBSTITUTION EFFECT: A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another (LAP-EC-906)

SUBTLE: Hardly noticeable (SE LAP 101)

SUGGESTING-OWNERSHIP CLOSE: A closing technique in which the salesperson stresses the benefits the customer will enjoy from owning a product (LAP-SE-895)

SUGGESTION SELLING: A sales technique in which the salesperson attempts to increase the customer's purchase by recommending additional items after the original decision to buy has been made; also known as suggestive selling (PR LAP 13, LAP-SE-048, SE LAP 875)
A sales technique in which the salesperson attempts to increase the customer's purchase by recommending additional items after the original decision to buy has been made (SE LAP 76, SE LAP 57)

SUGGESTION SYSTEM: A written communication method in which employees can submit to management their ideas for changes or improvements in the business (MN LAP 54)

SUMMARY CLOSE: A closing technique in which the salesperson reviews a product's features and benefits at the conclusion of the presentation (LAP-SE-895)

SUNK COSTS: Costs that have already been incurred and thus cannot be recovered (LAP-FI-355)

SUPERDOT SYSTEM: Super Designated Order Turnaround system at the New York Stock Exchange; routes trade orders directly to the specialist in charge of the security (QS LAP 47)

SUPERIOR ATTITUDE: Outlook of people who seem to believe that they are better than the people around them; tend to be very self‑confident and dominant in groups (HR LAP 9)

SUPERVISE: Oversee and direct the activities of others (QS LAP 18)

SUPERVISING: Overseeing employees’ actions, monitoring their performance, and providing guidance and feedback (LAP-SM-066)

SUPERVISOR: An employee who oversees other employees (EC LAP 71)

SUPERVISORY MANAGEMENT: First-line management (LAP-SM-001)

SUPPLIERS: Vendors; businesses from which other businesses buy goods or services (LAP-EC-010, HR LAP 4, IM LAP 7, LAP-IM-012, LAP-IM-184, LAP-OP-015, LAP-OP-443, LAP-OP-477)

SUPPLIES: Industrial goods that are constantly being purchased and used up in the operation of a business (LAP-EC-902)

SUPPLY: The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period (LAP-EC-905, LAP-EC-906, LAP-EC-907)

SUPPLY AND DEMAND: The providing and seeking of goods and services (LAP-PI-015, QS LAP 40)

SUPPLY CHAIN: Network of organizations, activities, and technologies involved in creating a product and delivering it to the consumer (LAP-OP-246, LAP-OP-303, LAP-OP-443, LAP-OP-477, LAP-OP-677)

SUPPLY CHAIN MANAGEMENT (SCM): A career area in which employees supervise the complete process of getting products into the marketplace; a career field in which employees are responsible for the flow of goods (LAP-PD-297)
The process of overseeing the flow of products, information, and finances, from raw materials to finished products (LAP-OP-303, LAP-OP-443, LAP-OP-477, LAP-OP-677)*

SUPPLY PRICE: The minimum price producers are willing and able to receive for a product (LAP-EC-906)

SUPPLY SHOCK: An unexpected event that suddenly changes the price of a commodity (EC LAP 83)

SUPPORT SERVICES: Technical or complicated activities that project members cannot do themselves (QS LAP 19)

SUPPORT SYSTEM: A network of individuals and/or organizations who offer assistance to those in need of advice and information (LAP-PD-066)

SURETY BOND: A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them (LAP-EC-911)

SURPLUS: An amount in excess of the required amount (QS LAP 40)

SURVEY: A marketing research method that involves asking consumers questions to learn their opinions and the reasons behind those opinions (LAP-IM-010, LAP-IM-281, LAP-IM-284, LAP-OP-519, LAP-PR-136)
A data collection method that involves asking consumers questions to learn their opinions and the reasons behind those opinions (LAP-IM-289)

SURVEY OF BUYER INTENTIONS: A qualitative sales forecasting method that gathers information about consumers' plans to purchase (IM LAP 4)

SUSPICIOUS CUSTOMERS: Customers who doubt or question everything and may want facts and proof before being convinced something is true (CR LAP 9, SE LAP 810)

SUSTAINABILITY: The successful long-term management of an organization’s financial, social, and environmental risks, opportunities, and obligations (SM LAP 400)

SWAP: A trading instrument used on the foreign exchange market; a type of forward agreement in which two parties trade currencies for a certain length of time, then “swap back” at an agreed-upon date in the future (LAP-EC-100)

SWEEPSTAKES: A game of chance in which a customer wins a prize (PR LAP 187)

SWOT ANALYSIS: A marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion (LAP-MK-002, LAP-MP-007, LAP-MP-010)

SWOT MATRIX: Table that displays the key issues in a SWOT analysis (LAP-MP-010)

SYMPATHETIC STRIKE: A union pressure strategy in which employees of one local union walk off the job to support another union that is on strike (LAP-EC-915)

SYMPATHY: The ability to recognize another person’s feelings; feeling sorry for another person who has a problem or has suffered misfortune (LAP-EI-030)

SYNECTICS: A creative-thinking technique that involves making connections through the use of forced relations, metaphors, and imagery (LAP-PM-127)

SYSTEM FOR ELECTRONIC DOCUMENT ANALYSIS AND RETRIEVAL (SEDAR): A database for securities filings and information in Canada (QS LAP 48)

SYSTEMATIC RANDOM SAMPLING: A probability sampling method in which researchers place sampling units into a random list and draw a sample using a skip interval (e.g., every 50th name) (IM LAP 285)

T

TABLE OF CONTENTS: The portion of a document in which the sections are listed with their page numbers for easy access (LAP-SM-007, LAP-SM-013)

TABOO: Something that is forbidden or avoided due to cultural beliefs (LAP-PM-021)
Something that is prohibited or restricted; something that is forbidden or avoided due to cultural beliefs (LAP-EI-064)

TACIT KNOWLEDGE: Knowledge an individual possesses that is difficult to transfer to others either verbally or in writing; it is gained through some sort of experience (LAP-EI-130, LAP-KM-001, LAP-KM-002)

TACT: The ability to do or to say the right thing in any circumstances (LAP-EI-030, LAP-EI-036, LAP-EI-129, HR LAP 19)

TACTICAL PLANNING: Short-range planning (one year) of specific actions the business will take (LAP-SM-001)

TACTIC(S): Specific actions that will be used to carry out strategies (EC LAP 71, IM LAP 7, LAP-MP-001, LAP-NF-015)

TACTICAL: Short-term (LAP-OP-163)

TAG LINE: A slogan used in an advertisement (PR LAP 7)

TAGUCHI METHOD: An approach to quality management that focuses on product research, design, and development, rather than manufacturing; also called robust design (LAP-OP-163)

“TAKE-WITH”: A purchase that the customer carries from the store (SE LAP 105)

TAMPERING: Adjusting something that you have no right to adjust (e.g., a competitor’s product) (LAP-SE-106)

TAMPERPROOF: Resistant to intentional damage or modification; designed so that you can see if the product has been changed, opened, removed, or damaged (LAP-PM-040)

TANGIBLE(S): Able to be detected through the five senses (e.g., heard, seen, felt, tasted, smelled) (SE LAP 1)
Having a physical presence (LAP-FI-093)
Capable of being touched, smelled, tasted, seen, or heard; physical (LAP-EC-902, LAP-EC-904, LAP-EI-141, LAP-MK-012, LAP-OP-017, LAP-PI-047, LAP-PM-040, LAP-PM-079, SE LAP 17)
In quality management, refers to the environment in which a service is performed (QM LAP 1)

TANGIBLE ITEM: Any item capable of being touched, smelled, tasted, seen, or heard (CD LAP 2, LAP-PM-140)

TANGIBLE RESOURCES: The equipment, supplies, and materials needed to complete a project (LAP-OP-003)

TARGET AUDIENCE: A group of consumers who are the most likely prospects for a good, service, image, or idea (PR LAP 5, PR LAP 9, PR LAP 187, LAP-PR-901)

TARGET MARKET: The particular group of customers a business seeks to attract (LAP-CM-001, CR LAP 3, LAP-IM-010, LAP-IM-012, LAP-IM-282, LAP-IM-289, LAP-MK-002, LAP-MK-015, LAP-MP-003, LAP-MP-007, LAP-PI-047, LAP-PI-902, PM LAP 3, PM LAP 17, LAP-PM-042, PM LAP 272, LAP-PR-007, LAP-PR-463, LAP-PR-903, LAP-SE-321, LAP-SM-007, LAP-SM-013)

TARGET MARKETING: The identification and selection of markets for a business or for a product (LAP-MP-003, PR LAP 13)

TARGET POPULATION: The specific group of individuals or other units that researchers are studying for marketing-research purposes (IM LAP 285)

TARGET RETURN: A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its sales; also known as return on sales (LAP-PI-902)

TARIFF: A tax on imported goods; also called duty (LAP-EC-016, LAP-EC-045, LAP-EC-916)

TASK: Work assigned to an individual to complete a project (QS LAP 19)

TASK UTILITY: Usefulness created by altering or changing the characteristics of a service (or task) to make it more useful to the consumer (LAP-EC-904)

TAX-DEFERRED RETIREMENT PLAN: A plan that allows investors to deposit money into an investment account and hold off paying the taxes on it until they start using the money (QS LAP 41, QS LAP 46)

TAX CODE: A document that details the rules for individuals and businesses to follow when paying taxes to the government (LAP-EC-072)

TAX HAVEN: A country that offers low or no tax rates (LAP-EC-104)

TAX RECORD: A document about monies that individuals or businesses must pay to the government (LAP-NF-001)

TAX REVENUE: The income the government gains by levying taxes on individuals and businesses (LAP-EC-072)

TAX STRUCTURES: Systems that governments use to decide what tax rate to charge for different types of taxes (LAP-EC-072)

TAXABLE INCOME: The portion of an individual's or business's earnings that is subject to taxation (LAP-EC-072)

TAXES: Monies that individuals or businesses must pay to the government (LAP-EC-010, LAP-EC-072, LAP-EC-105)

T-BILLS: Treasury bonds that last less than a year (QS LAP 33)

T-BONDS: Treasury bonds that last more than 10 years (QS LAP 33)

TEAM: A group that collaborates and evenly shares responsibilities to accomplish a goal (LAP-EI-045)

TEAM-BUILDING: The use of cooperative efforts among employees and management to accomplish company goals and objectives (MN LAP 40)

TEAM VISION: A smaller, more specific vision that complements the organizational vision (LAP-EI-060)

TEAMWORK: The cooperative effort of two or more people working together to reach a common goal (LAP-EI-045, LAP-EI-060, LAP-EI-130, MN LAP 55)

TECHNICAL ANALYSIS: Process using historical information from market activity, prices, and volume to evaluate securities and predict future price activity (QS LAP 49)

TECHNICAL JARGON: The specialized language of a trade

TECHNICAL SKILLS: The ability to acquire and utilize systematic, specialized applications to accomplish business objectives (LAP-PD-066)
Ability to understand the specialized aspects of jobs (LAP-SM-001)

TECHNOLOGICAL CHANGES: Developments, breakthroughs, and other changes in the scientific applications to business objectives or the methods used to obtain those objectives (HR LAP 8)

TECHNOLOGICAL UNEMPLOYMENT: A type of structural unemployment that occurs when advances in technology eliminate certain job positions (EC LAP 82)

TECHNOLOGY: Scientific applications to business objectives or the methods used to attain those objectives (CD LAP 2, EC LAP 71, LAP-EC-105, LAP-EC-903, LAP-PM-913)
The practical application of science to society and industry (LAP-NF-003)

TELECOMMUTE: To work from a location other than the office (LAP-HR-410, LAP-NF-003)
To work from home or somewhere other than the office (LAP-SM-065)

TELEMARKETING: Advertising medium grouped with “other” media that utilizes phone service to promote a product, either by calling prospective customers or providing a number for them to call (MN LAP 55, LAP-PR-007)

TELLER: A person who conducts routine bank transactions and may also sell additional products that the bank offers (QS LAP 51)

TEMPERAMENT: Nature; personality (LAP-FI-077)

TENTATIVE AGREEMENT: An agreement between union leaders and company representatives that has not yet been approved by the union members (LAP-EC-915)

TERMINATION-AT-WILL POLICY: A policy that allows for the discharge of any employee without cause, provided there is no legal restriction or contract which applies to the situation (MN LAP 53)

TERMS: Specific points that reveal each party’s expectations and responsibilities in a negotiation agreement (LAP-EI-062)

TERMS-OF-SALE POLICIES: Guidelines covering the aspects of a sale with which customers are usually most concerned, (e.g., price, credit, discounts)
Guidelines covering the conditions of purchase and transfer of a product from a business to a consumer (e.g., price, credit, discounts, liability) (SE LAP 932)

TEST MARKETING: The process of introducing a new product to a limited market to determine what its acceptance will be (LAP-IM-010, LAP-IM-284, PM LAP 17, SM LAP 400)
An experiment in which marketers introduce a new product to a limited market to determine what its acceptance will be (LAP-IM-289)

TESTIMONIAL: A statement by an identified user of a product proclaiming the benefits received from the use of that product (LAP-EI-912, LAP-PM-140, PR LAP 7, PR LAP 9, SE LAP 62, LAP-SE-374)

TESTIMONIAL, THE: Method of answering objections in which the salesperson uses a neutral third party who has tried the product as an example; also known as the third-party method (LAP-SE-874)

TEXT EDITOR: A computer program that is capable of manipulating words (PR LAP 13, PR LAP 14)

THEORY X MOTIVATION: An authoritative, traditional view of motivation in which workers were viewed as preferring direction, having little ambition, avoiding responsibility, and wanting security (MN LAP 47)

THEORY Y MOTIVATION: A humanistic view of motivation that recognizes a new breed of employees who are concerned with the ultimate meaning and social value of their work and its consequences (MN LAP 47)

THESAURUS: An indexed book of synonyms (PR LAP 9)

THIRD-PARTY AGREEMENT: A legal or financial arrangement in which two companies do business through (or using) a third company (LAP-SM-007)

THREAT: Any unfavorable situation in the environment surrounding your business (LAP-MP-010, LAP-NF-015)

THREE-CLICK RULE: A web-design principle that states that visitors should be able to find what they are looking for within three clicks (PR LAP 15)

THREE-POINT ESTIMATING: A technique that considers the ways in which uncertainty and risk can affect estimates (LAP-OP-003)

THOUGHT STOPPING: A positive-thinking technique that involves blocking negative thoughts and replacing them with positive ones (LAP-EI-019)

THUMBNAIL: An image that has been reduced in size (BA LAP 5)

TICKET SCALPING: Reselling tickets for more than their face value (LAP-BL-058)

TICKET MANAGEMENT: In sports/event marketing, an activity that involves coordinating the box-office staff and keeping detailed ticket sales records (LAP-PD-051)

TICKER CONTROL: A rotating system of counting portions of stock at regular intervals (DS LAP 3)

TICKER SYMBOL: System of letters that uniquely identifies a company; also known as call letters (QS LAP 37)

TIE-IN SALES: An illegal practice in which the purchase of an additional product is mandatory (LAP-SE-106)

TIME-BASED DISCOUNT: A discount that is based on the period of time a buyer has to pay an invoice in order to receive the discount (PU LAP 3)

TIME-BOUNDED GOAL: A goal that has a set time limit; a goal that has a distinct beginning and ending (QS LAP 22)

TIME DECISION: The decision a customer makes on when to buy (SE LAP 811)

TIME-HORIZON: The amount of time available; often applied to achieving goals, figuring the return on investments, setting limits, etc. (QS LAP 31, QS LAP 41)

TIME LOG: A detailed record of how you spend your time (LAP-PD-019)

TIME MANAGEMENT: How people use the 24 hours in their day (LAP-OP-675, PD LAP 14, LAP-PD-019)*

TIME SMOOTHING: The process of determining prime and non-prime hours for a service and pricing accordingly (LAP-PI-047)

TIME STANDARDS: Established specifications that monitor the amount of time needed to complete specific business activities (LAP-PM-019)

TIME THEFT: A situation that occurs when an employee spends company time on personal matters (LAP-OP-190)

"TIME THIEVES": Things that steal your time, such as procrastination and interruptions (PD LAP 14)

TIME UTILITY: Usefulness created when products are made available at the time needed to complete specific business activities (LAP-EC-904)

TIMING: In the production process, determining when materials will arrive at a certain destination and how long they will stay there (LAP-OP-189)

TITLE: Right of ownership or a document showing the right of ownership (LAP-FI-002)

TITLE SPONSORSHIP: A partnership in which the sponsor's name precedes the event's name, such as the Allstate Sugar Bowl (LAP-SE-321)

T-NOTES: Treasury bonds that last one to 10 years (QS LAP 33)

TO-DO LIST: A list of activities that an individual plans to accomplish during a certain period of time (LAP-OP-519, LAP-PD-019)

TOLERANCE: The capacity to accept deviation from the norm (LAP-EI-092, HR LAP 4)

TONE OF VOICE: The specific pitch or quality of the voice used in speaking (HR LAP 20)

TOP-DOWN APPROACH: Starting the sales forecast process by preparing an overall forecast for the entire company; also called breakdown approach (IM LAP 4)

TOP-DOWN STRATEGY: A strategy in which decisions are made by a company's leaders and communicated to everyone else in an organization (LAP-QM-012)

TOP-LEVEL DOMAIN NAMES: The three-letter extensions that come after the dot in a web address (e.g., .com, .biz, or .org) (PR LAP 15)

TOP-LEVEL MANAGEMENT: All managers who are responsible for the operation of the company or a business unit (LAP-SM-001)

TOSS-IT-BACK: Method of answering objections in which the salesperson turns the customer's objection into a valid reason for buying; also known as the boomerang method (LAP-SE-874)

TOTAL AUDIENCE PLANS: Radio discount rate plan that offers advertisers reduced rates for purchasing a minimum number of time slots across days and day parts (PR LAP 6)

TOTAL COSTS: All of a business's costs, both fixed and variable (PI LAP 6, LAP-PI-902)
The sum of the overhead and direct costs required to make a product (LAP-OP-024)

TOTAL QUALITY MANAGEMENT (TQM): A focus on ingraining quality into every aspect of an organization to deliver what customers want and to exceed their expectations; a strategic approach to quality management; also called “Big Q” (LAP-OP-163)

TOTAL REVENUE: The total amount of money a company receives from the sale of its output (LAP-EC-023)

TOUCHPOINT(S): All the opportunities that businesses have to connect with customers and reinforce their brand value (CR LAP 3, MK LAP 19)
All the opportunities that businesses have to connect with customers and reinforce their brand (LAP-CR-001, LAP-CR-016, LAP-PM-126, LAP-PM-206, LAP-PR-463)

TRACKING: A data collection method in which marketers monitor customers’ behavior, usually online or through store purchases (LAP-IM-289)

TRADE AGREEMENTS: Agreements between nations that provide for favorable trade relations (LAP-EC-916)

TRADE ASSOCIATION: A group of persons in the same industry or geographic area who form a society to serve their common interests (CD LAP 1, LAP-PM-019)

TRADE CENTERS: Facilities located in most major cities throughout the world that assist exporters through the export process and share information about tariffs, product standards, and other regulations with importers (LAP-EC-916)

TRADE CHARACTER: A brand mark that has been personified and made to seem lifelike (LAP-PM-021)

TRADE DEFICIT: An unfavorable balance of trade in which a nation's imports are greater than its exports (LAP-EC-100, LAP-EC-916, LAP-EC-917)

TRADE DISCOUNT: A deduction from the list price of goods for performing certain marketing activities; a function-based discount (PU LAP 3)

TRADE DRESS: A particular type of trademark that protects the distinctiveness of the appearance and image of a product or service (PM LAP 153)

TRADE-IN ALLOWANCE: A price reduction offered for selling back an old model of the product being purchased

TRADE INDUSTRIES: Businesses that buy and sell goods to others; retailers and wholesalers (LAP-EC-070)

TRADE JOURNAL: An industry-specific publication (LAP-IM-012, SE LAP 62)

TRADE MISSION: A trip involving business executives and/or government officials who travel to a foreign country to promote trade (LAP-EC-916)

TRADE NAME: The name that is used to identify a company or an organization (LAP-PM-021)

TRADE-OFF: Giving up all or part of one thing to get something else (LAP-EC-901)

TRADE PUBLICATIONS: Journals or magazines published by a particular industry for the businesses in that industry (IM LAP 3, LAP-IM-184)

TRADE SECRET: Undisclosed information within a particular business or industry (LAP-NF-001, LAP-NF-110)

TRADE SHOWS: Events where businesses display and/or demonstrate their products to build sales leads and interest (SE LAP 62, SE LAP 828)

TRADE SURPLUS: A favorable balance of trade in which a nation's exports are greater than its imports (LAP-EC-916, LAP-EC-917)

TRADE TALKS: Meetings among nations to discuss improving economic and trade relations (LAP-EC-916)

TRADE UNION: A union made up of workers with a particular skill (e.g., plumbers, electricians); also known as a craft union (LAP-EC-915)

TRADEMARK: A symbol, design, or word used by a producer to identify a good or service and registered with the government to prevent use by others; a brand that is owned by a business; designated by the symbols™ or ® (BA LAP 5, LAP-BL-058, LAP-NF-001)
A word, name, symbol, or device used by a manufacturer or merchant to identify and distinguish its goods from those manufactured and sold by others (LAP-FI-093, PM LAP 153)
A brand that is owned by a business; designated by the symbol ™ (LAP-PM-021)

TRADEMARK INFRINGEMENT: The reproduction, counterfeiting, copying, or imitation, in commerce, of a registered mark (LAP-EN-044, PM LAP 153)
The reproduction, counterfeiting, copying, or imitation of a registered mark in commerce (LAP-BL-058)

TRADEMARKED PROPERTY: A symbol, design, or word used to identify a good or service and registered with the government to prevent use by others (LAP-PM-139, PM LAP 153)

TRADER: An investor who uses the “buy low and sell high” trading strategy; also known as market timer (QS LAP 49)

TRADING AREA: The territory in which a firm conducts business (IM LAP 4)

TRADING DESK: The location where investment purchases and sales occur; also known as the dealing desk (QS LAP 49)

TRADING DOWN: A sales technique in which the salesperson suggests a lower priced product than the one originally requested by the customer (LAP-SE-114)
A product-mix strategy in which a business adds a lower priced product or product line to its product mix (PM LAP 3)

TRADING UP: A sales technique in which the salesperson suggests a higher priced product than the one originally requested by the customer (LAP-SE-114, SE LAP 875)
A product-mix strategy in which a business adds a higher priced product or product line to its product mix (PM LAP 3)

TRADITION: A custom or repetitive action that is established over time (LAP-PR-136)

TRADITIONAL ECONOMY: An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition (LAP-EC-907)

TRAFFIC PATTERNS: The usual routes or pathways individuals follow as they move about (RM LAP 2)

TRAILING: The most recent time period, usually twelve months; often abbreviated in securities’ tables as “ttm” for trailing twelve months (QS LAP 43)

TRAINING: Teaching or developing a specific skill (MN LAP 42, MN LAP 50)

TRAINING AND FITNESS: The sport product that involves doing something to better yourself in a sport (LAP-MK-012)

TRAINING OBJECTIVES: Goals intended to guide the development of sales training programs (SE LAP 123)

TRAIT THEORY OF LEADERSHIP: A theory of leadership which holds that select individuals are born with all of the traits and characteristics that are necessary to lead (LAP-HR-493)

TRAITS: Personal characteristics, expressed by a regular pattern of behavior, that become a part of you over time (LAP-EI-918, LAP-PD-066)

TRANSACTION: A business activity such as a sale, a purchase, or a return (LAP-FI-085)

TRANSACTION FEE: A charge to a merchant that results when customers pay by credit card (PR LAP 15)
A charge for purchasing securities, such as stock; the seller’s commission (QS LAP 45)

TRANSFER PAYMENTS: Monies paid by the government for which no goods or services are received in exchange, such as Social Security payments, welfare benefits, veterans' benefits, disaster aid, and other similar payments (LAP-EC-917)

TRANSFERENCE: A risk-response strategy that involves moving the impact of a risk to someone or something else (LAP-SM-075)

TRANSFORMATION: A change in the shape or appearance of an object (LAP-OP-015)

TRANSIT POSTER: A form of out-of-home advertisement found in various modes and locations of mass transportation (LAP-PR-007)

TRANSPARENCY: The quality of being just as one seems; trustworthy (LAP-EI-001, LAP-CR-017)
The quality of being just as one seems; being open and truthful when communicating (LAP-EC-106, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-128, LAP-EI-129, LAP-EI-131, LAP-EI-132, LAP-IM-025, LAP-KM-002, LAP-OP-246, LAP-OP-477, LAP-OP-519, LAP-OP-520, LAP-OP-521, LAP-OP-675, LAP-PI-015, LAP-RM-041)*
Maintaining honest and open communications (LAP-FI-351, LAP-FI-355)

TRANSPORTATION: The act of moving anything from one place to another or the method by which it is moved (e.g., rail carriers, motor carriers, water carriers, pipelines, and air carriers) (LAP-CM-001)

TRASH COMPACTORS: Machines that compress paper, cartons, etc. for easier disposal or removal (RM LAP 2)

TRAVEL AND ENTERTAINMENT CARD: A type of credit card frequently used by travelers to pay bills in restaurants, clubs, hotels, and motels (LAP-FI-002)

TRAVEL AND TOURISM: A career area in which employees make sure customers have the best experience possible while traveling and planning their trips (Career Opps in Hosp)

TREASURY BONDS: Marketable bonds issued by the U.S. government (QS LAP 33)

TREND(S): The general direction(s) in which people or events are moving (LAP-IM-010, LAP-PD-066, LAP-PD-126, LAP-PM-127)
A period of time in which the market, or prices of particular securities, move in one general direction (upward or downward, for example) (QS LAP 49)

TRENDSETTER: One who is a leader in introducing new styles or movements (SE LAP 810)

TRIAL BALANCE: The listing of a business’s different accounts and their current balances; used to check the accuracy of journal and ledger entries (LAP-FI-085)
A statement of the debits and credits in an accounting system (LAP-FI-343)

TROUGH: The phase of the business cycle considered the low point of economic activity; characterized by high rates of unemployment and business failures (LAP-EC-918)

TRUST: The ability to rely on the character, integrity, or truthfulness of something or someone (LAP-CM-006, LAP-EC-106, LAP-EI-004, LAP-EI-045, LAP-EI-123, LAP-EI-125, LAP-EI-127, LAP-EI-128, LAP-EI-129, LAP-EI-132, LAP-KM-002, LAP-OP-003, LAP-OP-246, LAP-OP-675, LAP-RM-041)

TRUST FUND: Money that is set aside for a specific use or purpose (LAP-EC-072)

TRUSTWORTHINESS: Reliability; the quality of deserving others’ confidence (LAP-EI-131, PD LAP 25, QS LAP 8)

TRUSTWORTHY: Reliable; deserving the confidence of others (LAP-EI-123, LAP-EI-124, LAP-EI-128, LAP-EI-138, LAP-EI-909, HR LAP 19)

TRUTH-IN-LENDING ACT (TILA): A federal law that protects consumers who use credit and makes it easier for them to compare the terms of different credit systems; also known as Consumer Credit Protection Act (CCPA) (FI LAP 1, LAP-FI-002)

TRY IT: Method of answering objections in which the salesperson allows the customer to actually try out the product before buying it (LAP-SE-874)

TURNOVER: The rate at which an organization has to replace employees (LAP-KM-001, LAP-SM-066)
The rate at which a business gains and loses employees (FI LAP 357, LAP-PR-463)

TURNOVER RATE: The number of times inventory sells, or turns, during a particular period of time (DS LAP 2)

TYING AGREEMENT: An illegal agreement requiring a customer to buy other products to obtain desired goods and services (LAP-CM-006, LAP-EC-912)

U

U.S. CHAMBER OF COMMERCE: A national organization that gathers and compiles business's views on national issues and problems affecting the economy and reports them to the U.S. government (RM LAP 4)

ULTIMATE CONSUMER(S): Anyone who personally uses a good or service to satisfy their own wants (LAP-EC-902)
People who personally use a good or service to satisfy their own wants (CD LAP 2, LAP-PM-140, LAP-PR-903)
People who personally use a good or service to satisfy their own wants; also known as final consumers (LAP-CM-001)
People who personally use a good or service to satisfy their own needs or wants; also known as final consumers (LAP-CM-003, LAP-MK-002)

ULTIMATE CONSUMPTION: The process or activity of using goods and services for personal use (SE LAP 17)

UNAUTHORIZED SUBSCRIPTIONS: A situation in which individuals have unknowingly or unwillingly been signed up to receive or gain access to electronic information (PR LAP 13)

UNCERTAINTY AVOIDANCE: A dimension of national culture that refers to a society’s tolerance toward uncertainty or insecurity (LAP-EC-045)

UNCONSCIOUS BIAS: Bias that we are unaware of and unable to control (LAP-EI-917)

UNCOUNTED PRODUCTION: Goods and services that are not counted in GDP because money is not paid for them (LAP-EC-917)

UNDECIDED CUSTOMER: A type of customer who feels a need or want for something but does not know the exact good or service (SE LAP 101)

UNDERCOVER SHOPPERS: Security personnel hired by the business to pose as customers in order to detect employee dishonesty (RM LAP 4)

UNDEREMPLOYMENT: A situation in which a worker is not working enough or is not using his/her skills effectively (EC LAP 82)

UNDERGROUND ECONOMY: An economy that involves transactions in which money changes hands but no receipts are kept (LAP-EC-917)

UNDERSTANDING: Grasping the meaning; comprehending (LAP-EI-030)

UNDERSTOCKS: Inadequate amounts of stock on hand to meet consumers’ needs (IM LAP 4)

UNDERSTUDY: An instructional method in which a manager or supervisor has been specifically designated as the person to succeed his/her superior and is learning the job-knowledge skills from that person (MN LAP 50)

UNDERVALUED: In investing, a stock that is priced lower than the company’s perceived intrinsic value; undervalued stocks can be said to be “on sale” (QS LAP 42)

UNDERWRITER: A person who calculates the risk of loss, establishes premium rates, and designs policies to cover risk; may specialize in life insurance, health insurance, or property and casualty insurance; may further specialize in either individuals or group policies (QS LAP 51)

UNDIFFERENTIATED MARKETING: Designing products and directing marketing activities to appeal to the whole market; also known as mass marketing (LAP-MP-003)

UNEMPLOYMENT RATE: The percentage of the labor pool that is currently seeking but unable to find work (EC LAP 82, LAP-IM-184, LAP-NF-015)

UNEMPLOYMENT TAX: A tax that businesses must pay to fund benefits for unemployed workers (EC LAP 82)

UNETHICAL: Lacking morals; wrong (LAP-EC-106, LAP-EI-004)

UNFEASIBLE: Difficult, impractical, or impossible (LAP-EN-038)

UNIFORM COMMERCIAL CREDIT CODE (UCCC): A set of credit laws drawn up to give states a model to follow in writing their own sets of credit laws (LAP-FI-002)

UNIFORM LIMITED PARTNERSHIP ACT (ULPA): United States legislation that serves as a guide for legally formulating a limited partnership agreement (LAP-BL-006)

UNIFORM PARTNERSHIP ACT: United States legislation that serves as a guide for legally formulating a general partnership agreement (LAP-BL-006)

UNION SECURITY: An agreement under which a union may or may not require company employees to join the union or pay dues (LAP-EC-915)

UNION SHOP: A union security agreement in which employees are required to join the union after their probationary period (LAP-EC-915)

UNIQUE BENEFIT: Exclusive, the only one of its kind; a benefit competitor’s good or service does not possess (SE LAP 109)

UNIQUE SELLING PROPOSITION: A one-of-a-kind attribute of a product or brand that separates it from the competition (PM LAP 272)

UNIT CONTROL: A way of keeping track of inventory according to the number of physical units of stock (DS LAP 2, DS LAP 4)

UNIT INVENTORY CONTROL: A system of keeping track of inventory according to the actual number of units of stock (DS LAP 3)

UNIT OF ANALYSIS: The entity or element that is being studied in market research (e.g., individual, household, etc.) (LAP-IM-282)

UNIT OPEN-TO-BUY: The number of units of stock a business can buy in a given period of time (DS LAP 3)

UNIT PRICING: A pricing technique in which consumers are given the price per unit (ounce, pound, etc.) for products along with the total price of the items (LAP-PI-902)
Showing product prices per unit of measure in addition to showing total price (e.g., cents per ounce) (PM LAP 7)

UNIT PRODUCTION: The production of one item at a time or items in small quantities (LAP-OP-017)

UNIT-SALES QUOTAS: A type of sales-volume quota in which salespeople are evaluated on the number of products or physical units that they sell instead of on dollar volume (SE LAP 118)

UNITARY DEMAND: A market situation in which changes in price create proportionate changes in product sales (LAP-PI-047)

UNITED STATES BUREAU OF LABOR STATISTICS: The U.S. government’s fact-finding agency for economics and labor (EC LAP 82)

UNITED STATES-MEXICO-CANADA AGREEMENT (USMCA): An agreement among the United States, Canada, and Mexico eliminating most of their trade barriers; replaced the North American Free Trade Agreement (NAFTA) (LAP-EC-916)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC): Federal agency that regulates the financial markets; charged with protecting the investing public from fraud or malpractice (QS LAP 48)

UNITY OF COMMAND: A principle that states no employee should answer to more than one supervisor at a time (LAP-EC-103, LAP-SM-064)

UNLIMITED LIABILITY: Requirement that business owners be responsible for paying business debt; personal assets can be used to pay the debt (LAP-BL-003, LAP-BL-006)

UNORGANIZED PARTICIPANTS: Players of sports that are not controlled by organizations or groups; do not follow formal rules (LAP-MK-012)

UNSAFE ACTS: Behavior or actions that may be harmful or cause harm (RM LAP 2, RM LAP 3)

UNSAFE CONDITIONS: Physical or environmental hazards (RM LAP 2, RM LAP 3)

UNSECURED LOAN: An amount of money borrowed by an individual or a business simply by signing a promissory note promising to repay the loan (LAP-FI-002)

UNSOLICITED COMMERCIAL E-MAIL: Electronic promotional messages from businesses that do not give the recipient the option of opting out; also known as UCE or spam (PR LAP 13)

UNSOUGHT PRODUCTS: Consumer goods and services bought out of necessity or adversity rather than desire (LAP-EC-902)
Products that consumers do not actively seek (LAP-PR-903)

UPC LABEL: Universal Product Code label encoded with product information such as price, brand, size, etc. to be read by an electronic scanner (DS LAP 5)

UPLOAD: To transfer a file, data, or program from a peripheral computer to a central computer (BA LAP 3)

UP-SELLING: A sales technique in which a higher priced product than the one originally requested by the customer is suggested (PR LAP 13)

URGENCY: A pressing need (LAP-EI-005)

URL: Uniform Resource Locator; website address (LAP-PM-021)

USURY LAWS: State legislation that establishes the highest interest rate that can be charged on credit contracts (FI LAP 1)

UTILITY: Usefulness; capable of satisfying wants and needs (LAP-EC-904, LAP-EC-905, SE LAP 17)

UTILITY COSTS: Charges for the use of electrical, gas, and water services (LAP-OP-025)

V

VALID: Based on fact; relevant (LAP-EI-903)
Measuring what the researcher intends to measure (LAP-IM-010)

VALIDITY: Legitimacy; acceptability (LAP-IM-289)

VALUE(S): The amount of satisfaction a good or service will provide a customer (LAP-CM-001, LAP-EC-906, IM LAP 7, LAP-MP-001, LAP-OP-189, LAP-PI-015, LAP-PI-047)
Importance; worth (LAP-EI-137)
The principles by which you live; the ideas, morals, and characteristics that are the most important to you (e.g., kindness and commitment to family) (LAP-EI-063, LAP-EI-064, LAP-EI-126, LAP-EI-132)
In quality management, refers to a customer’s opinion on whether or not the product is worth the price (QM LAP 1)

VALUE-IN-KIND (VIK): A sponsorship agreement in which the sponsor pays part or all of its fee with goods or services (LAP-SE-321)

VALUE JUDGMENT: A statement that reflects a person’s opinion or evaluation of something (QS LAP 29)

VALUE STOCKS: Stocks that trade at lower-than-average prices because they have been overlooked or undervalued by investors (QS LAP 34)

VALUING DIVERSITY: Openly acknowledging differences and believing that they are assets instead of problems (LAP-EI-033)

VARIABLE: Factor that is subject to change (LAP-IM-284, LAP-IM-289, LAP-OP-163)

VARIABLE BUDGET: See flexible budget (LAP-FI-099)

VARIABLE-COST MARGIN: The amount of variable costs that apply to one unit; also called fixed-cost contribution (PI LAP 6)

VARIABLE COSTS: Business costs that change according to changes in sales volume (PI LAP 6)
Business costs that change according to changes in sales volume; also known as variable expenses (LAP-EN-038, LAP-OP-024, LAP-PI-047, LAP-PI-902)

VARIABLE EXPENSE(S): Operating costs that fluctuate with changes in production; also known as variable costs (LAP-OP-024)
An expense that fluctuates with changes in sales volume or productivity (LAP-FI-099)

VARIANCE: The difference between a budgeted amount and an actual amount (LAP-FI-106)
Difference; inconsistency (LAP-FI-099)

VENDOR: A supplier of goods, usually a wholesaler or distributor (DS LAP 2, DS LAP 4, DS LAP 5, LAP-IM-012, LAP-IM-184, LAP-OP-675)

VENDOR COORDINATION: In event marketing, an activity that involves organizing suppliers of goods or services who will be present at an event (LAP-PD-051)

VENTURE: A business or business project; usually new (LAP-SM-007)

VENTURE CAPITAL: Invested money used for new business opportunities (EC LAP 71, FI LAP 354)

VENUES: Buildings or places where sports and events occur (LAP-PM-079)

VERBAL: Communication involving the use of words (QS LAP 24)

VERBAL ASSERTIVENESS: A confident attitude expressed through the use of words (LAP-EI-008)

VERBAL COMMUNICATION: Communication that involves the use of spoken words (LAP-EC-045, LAP-EI-008, LAP-EI-140, HR LAP 20)

VERTICAL CONFLICT: A type of channel conflict that occurs between channel members at different levels within the same channel (LAP-CM-001, LAP-CM-006)

VERTICAL INTEGRATION: The acquisition of firms at different supply chain levels (LAP-OP-303)

VIABILITY: The long-term value of your choices and actions (LAP-EI-004, LAP-EI-123, LAP-EI-124, LAP-EI-125, LAP-EI-137, LAP-OP-246, LAP-OP-521, LAP-PI-015)*
The long-term value of choices and decisions to relevant stakeholders (LAP-EC-106, LAP-RM-041)

VICE VERSA: In reverse order

VIRTUAL SERVICES: Services provided through a medium of communication (such as the Internet), rather than in person (EC LAP 71)

VIRTUAL WORKERS: Human resources that perform work-related responsibilities over a network such as the Internet (PR LAP 15)

VIRUSES: Programs designed to disrupt computer operations (BA LAP 3, BA LAP 4, PR LAP 13)
Computer programs that download to your computer or network without your permission; programs designed to disrupt computer operations (LAP-NF-110)

VISIBILITY: The ability to anticipate change; an aspect of organizational agility (LAP-EC-107)

VISION: The future you desire to create (LAP-EI-060, LAP-EI-131, LAP-EI-909, QS LAP 12)
A mental picture of the ideal future (LAP-EI-063)
The future a business or organization wants to create (LAP-SM-065)

VISION (STATEMENT): A summary of what a business owner wants their business to become (EC LAP 71, LAP-PM-126)

VISUAL AID: A chart, picture, image, model, etc., that helps make a point or is used to enhance a presentation (LAP-CO-025)

VISUAL CONTROL: Looking over stock to see what needs to be reordered (DS LAP 3)

VISUAL MERCHANDISING: Display (MN LAP 56)

VISUAL SEARCH ENGINE: Software program that searches the web looking for information pertaining to specified search terms and displays a list of results in graphic format (BA LAP 5)

VISUALIZE: Imagine or picture in your mind (QS LAP 22)

VISUALIZATION: The practice of imagining yourself in possession of a present or desired strength (an affirmation) (HR LAP 12)

VISUALIZATION SKILLS: The ability to imagine how different media will complement each other on the World Wide Web (PD LAP 3)

VOICE: The way a person sounds when speaking as described through volume, pitch, speed, and pronunciation; not the actual words or meaning (LAP-CO-025)

VOICE over INTERNET PROTOCOL (VoIP): Technology that allows users to make phone and video calls over the internet (LAP-NF-003)

VOLATILITY: The movement of a stock relative to the movement of an index or the stock market; refers to a stock’s movement in price; a stock that rises and falls sharply is said to be “volatile” (QS LAP 37, QS LAP 40, QS LAP 49)

VOLUME: Degree of loudness (HR LAP 20)
Number of shares traded during a specific period (QS LAP 37, QS LAP 49)

VOLUME-BASED DISCOUNT: A discount that is based on the quantity of a purchase (PU LAP 3)

VOLUNTARY RECALL: The act of removing a product from the market and requesting that consumers return, destroy, or stop using the product due to potential risks (LAP-PM-040)

VOLUNTEER: Individual who donates time to complete a project (QS LAP 19)

VOLUNTEER COORDINATION: In event marketing, an activity that involves delegating responsibility and assigning workers where they are needed (LAP-PD-051)

VOTING: A decision-making method in which votes are counted for or against an alternative (LAP-EI-911)

W

W-O STRATEGY: A marketing strategy that focuses on overcoming a business’s weaknesses so that the business can pursue opportunities (LAP-MP-010)

W-T STRATEGY: A marketing strategy that focuses on ensuring that a business’s weaknesses don’t make it even more vulnerable to the threats it already faces (LAP-MP-010)

WAGES: Money payments for labor on an hourly, daily, or weekly basis (LAP-EC-915)

WAGNER ACT OF 1935: A federal act that protects union employees by stipulating that employees may not be disciplined or discharged for engaging in union activities (MN LAP 53)

WAIT UNEMPLOYMENT: A situation in which a worker wants a different or higher paying job but “waits” in another position until that job becomes available (EC LAP 82)

WALK-IN PROMOTIONS: In sports marketing, a team or organization's attempt to communicate with and reward fans as they enter the sports venue (LAP-PD-051)

WANT: A desire for something that may or may not be required (LAP-EC-901, LAP-EC-902, SE LAP 17, SE LAP 810, LAP-SE-874, LAP-SE-883)
Something that is desired but not required (LAP-MK-014)

WANTS: A desire for something that is not required (QS LAP 31)

WAREHOUSING: A career that involves placing goods in safe locations until they are needed or ready to be sold (CD LAP 2)

WARRANTOR: A person or business that provides a warranty to others (LAP-PM-920)

WARRANTY: A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected (LAP-EC-911, LAP-FI-093, IM LAP 7, LAP-MP-001, LAP-OP-015, LAP-PM-920, SE LAP 57, SE LAP 62, SE LAP 76, LAP-SE-106, SE LAP 828, SM LAP 400)
A promise to the purchaser that a product will be repaired or replaced if it proves to be defective (PM LAP 7)

WEAKNESS: Any limitation or shortcoming your business has that can keep you from achieving your objectives (LAP-MP-010)

WEAKNESSES: Negative habits and qualities (LAP-EI-902, QS LAP 16)

WEAK CURRENCY: Currency that is generally less valuable than other currencies on the foreign exchange market (LAP-EC-100)

WEATHERPROOF: Resistant to the effects of bad weather, especially rain (LAP-PM-040)

WEB AUTHORING SOFTWARE: Programs that instruct computers on how to create and manage web pages (PD LAP 3)

WEB BUGS: Invisible code that loads with a web page and tracks Internet behavior (BA LAP 4)

WEB CLASSIFIED ADS: Promotional messages found in electronic versions of newspapers and magazines; also known as “want ads” (PR LAP 16)

WEB DESIGN: The creation of the visual elements that make web sites attractive to users (PR LAP 15)

WEB HOST: A service that stores web pages on a server for a monthly fee (PM LAP 9, PR LAP 14)

WEB-HOSTING SERVICE: An Internet Service Provider (ISP) that keeps businesses web pages up and running for a fee (BA LAP 4)

WEBINAR: A seminar or training session conducted online (LAP-SE-374)

WEB RINGS: A series of linked web pages that share a common theme (PR LAP 16)

WEB-SITE LOG FILES: A collection of information that provides information about web-site visitors (PR LAP 14)

WEB-SITE MAINTENANCE: The process of performing tasks that keep a web site up and running smoothly (PM LAP 9)

WELFARE STATE: A government that provides multiple social programs such as free health care and education to its citizens (LAP-EC-907)

WEIGHTED COST PER THOUSAND (CPM): A quantitative measure of the cost efficiency of a media vehicle calculated by determining the cost per thousand of a portion of the audience exposed to a promotional message (PR LAP 5)

WHEELER-LEA ACT: An amendment to the Federal Trade Commission Act extending the FTC’s authority to cover the advertising of foods, drugs, cosmetics, and medical devices (PP LAP 7)
A federal law that prevents businesses from deceiving customers through pricing strategies (LAP-PI-047)

WHISTLEBLOWER(S): Employees who report unethical or illegal business practices (LAP-EI-004, LAP-HR-411)

WHITE SPACE: Blank space in a print advertisement that is unoccupied by text or illustrations (PR LAP 7)

WHOLESALER(S): Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers (LAP-CM-001, LAP-CM-003, LAP-EC-070, HR LAP 19, IM LAP 9, LAP-OP-015, LAP-OP-443, LAP-PR-903, SE LAP 17)

WHOLLY OWNED SUBSIDIARY: A business entity completely owned and controlled by its parent company (LAP-EC-104)

WIDTH: A product-mix dimension referring to the number of product lines carried by a company (PM LAP 3)

WIKI: A web site that allows its users to contribute and edit content (SE LAP 62)

WILDCAT STRIKE: A union pressure strategy in which local union employees refuse to work but do not have the consent of the national union (LAP-EC-915)

WIN-LOSE: A negotiation outcome in which one party gets everything they want while the other party does not; often a result when using the combative or competitive negotiating style (LAP-EI-062)

WIN-WIN: A negotiation outcome in which both parties benefit; often a result when using the collaborative negotiating style (LAP-EI-062)

WIRELESS NETWORK: A computer network connected without the use of wires or cables (LAP-NF-110)

WISH: A hope or longing for something (QS LAP 22)

WITHDRAWAL: A conflict response mode in which one or more parties exhibit passive behavior and express a low level of cooperation; also called ignoring (LAP-EI-915)

WORD-OF-MOUTH ADVERTISING: Promotion and publicity for a business provided by customers who tell others of their satisfaction with the business (SE LAP 828)

WORD-OF-MOUTH MARKETING: Promotion and publicity for a business provided by customers who tell others of their satisfaction with the business (LAP-CR-001)

WORD-OF-MOUTH PROMOTION: Promotion for a business provided by customers who tell others of their satisfaction with the business (CR LAP 3, LAP-CR-016)

WORK-BASED LEARNING: Education that occurs on the job as opposed to in a school environment (PD LAP 3)

WORK BREAKDOWN STRUCTURE (WBS): A document that details the division of a project workload into smaller, more manageable parts (LAP-OP-158)

WORK ORDER: A written description of tasks that are to be completed by a specified time (LAP-NF-001)

WORK TEAMS: Employee groups who perform the same major functions, such as receiving clerks, markers, stockpersons, salespersons, etc. (MN LAP 40)

WORKER PRODUCTIVITY: The amount of work a worker can perform in a given period of time (e.g., customers served per hour) (LAP-EC-913)

WORKERS’ COMPENSATION: Insurance purchased by employers to provide benefits to employees who are injured on the job (LAP-EC-072, RM LAP 3)

WORKFORCE ANALYSIS: An assessment of an organization’s current and future human resources (LAP-SM-065)

WORKING CAPITAL: Cash available for the business to use, or put to work, in its day-to-day operations (IM LAP 4)

WORKING CAPITAL MANAGEMENT: Management of a firm’s current balance of assets and liabilities; involves accounts payable and receivable, inventory, and cash (FI LAP 354)

WORKING CONDITIONS: Job factors such as physical surroundings, equipment and supplies, recreational facilities, medical care facilities, parking facilities, and work schedules (MN LAP 40)

WORKLOAD ANALYSIS: An assessment of an organization’s current and future human resources needs (LAP-SM-065)

WORLD TRADE ORGANIZATION (WTO): A global organization that essentially sets the rules of trade among nations; administers trade agreements, handles trade disputes, and acts as a forum for trade negotiations for its member nations (LAP-EC-916)

WORLD WIDE WEB (WWW): A vast collection of interconnected sites and files accessible through the Internet (BA LAP 3)

WOUND: An injury of any kind (RM LAP 3)

WRAPPING: A customer service that consists of adding an outer covering to customer purchases (SE LAP 105)

WRITTEN COMMUNICATION: Communication that involves the use of recorded (written or typed) words (LAP-EI-140)

Y

YES, BUT...: Method of answering objections in which the salesperson tactfully acknowledges an objection and then courteously and objectively answers the objection without directly contradicting the customer (LAP-SE-874)

YIELD: What a bond brings an investor at a particular bid price over the time period—listed as a percentage (QS LAP 33)

YIELD PERCENTAGE: Annual dividend divided by the current stock price; also called rate of return and dividend yield (QS LAP 37)

YIELDING: A conflict response mode in which one or more parties exhibit passive behavior and express a high level of cooperation (LAP-EI-915)

Z

ZERO-BASED BUDGETING: A budgeting strategy in which managers rebuild the budget for each new budgeting period, reevaluating and reapproving all items and making adjustments as necessary (LAP-FI-099)
A method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a previous period; in effect, each new budget begins at zero (LAP-FI-106)

ZONING: The practice by some newspapers of printing special editions that are targeted to specific areas, or zones, within the circulation area (PR LAP 6)

ZONING REGULATIONS: Laws governing the use of land (LAP-NF-015)