CabotageThe right to transport in a specific territory. More specifically, it refers to transportation between two terminals located in the same country, irrespective of the country in which the mode providing the service is registered. Cabotage is subject to restrictions and regulations. Under such circumstances, each nation reserves for its national carriers the right to move domestic freight or passenger traffic.
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Capacity PlanningCapacity planning is the process of determining the production capacity needed by an organization to meet changing demands for its products. In the context of capacity planning, design capacity is the maximum amount of work that an organization is capable of completing in a given period. |
CapitalCapital refers to goods / equipment used in the production of other goods, example machinery. |
Capital FormationCapital formation is the process of investing in capital equipment. |
Capital GoodsCapital goods are goods used in the production of consumer goods, example machinery. |
Capital Intensive ProductionCapital intensive production refers to companies that use more capital equipment than labour, example automation. |
Capitalisation StructureWay of funding operations and growth by using different sources of funds, e.g. equity, debt or preference share capital. |
Carriage on PurchasesCarriage on purchases – cost of transporting goods purchased to the business premises.eg freight in and railage in |
Carrying CostIn marketing, carrying cost, carrying cost of inventory or holding cost refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities and salaries, financial costs such as opportunity cost, and inventory costs related to perishability, shrinkage and insurance. |
Cash BudgetUsed to facilitate the planning and control of cash. |
Cash CycleThe flow of cash begins with the payment for raw materials and ends with receipt of cash on goods sold. |
Cash FlowThe total amount of money being transferred into and out of a business, especially as affecting liquidity. |
Cash Reserve RequirementCash reserve requirement refers to the minimum amount banks are required to hold back out of total deposits. |
Ceteris ParibusCeteris paribus is a Latin term which means “all other things being equal” |
Change in DemandChange in demand refers to a change in every quantity demand at every price, i.e. a shift of the demand curve. |
Change in Quantity DemandedChange in quantity demanded refers to a change in the number of items demanded because of a change in price. |
ChoiceChoice exists in every decision made in the economy and refers to accepting one option over another. |
Circular FlowCircular flow refers to the flow of money between households and firms in one direction and the flow of goods and services in the opposite direction. |
Citethe mention of the
author’s name from whose work you obtained the idea as well as the date of the publication |
Closing the SaleThe art of closing a sale has many salespeople believing that if they master the art of closing a sale, they will be known as the best salesperson. Closing, however, is not one technique that is used at the end of the sale. The process of closing starts the moment the salesperson meets the customer. Technically, ‘closing’ a sale takes place when products or services are delivered to the customer’s satisfaction and payments are received. Van Heerden and Drotsky (2018) define closing as ‘taking the order’. |
CollusionCollusion exists when competing suppliers meet to fix prices or divide market share. |
CommunicationCommunication is any form of exhanging information by speaking and writing or any other methods. It is sharing information. |
CommuterA person who travels regularly between home and work or school.
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Commuter Bus ServiceFixed-route bus service, predominantly in one direction during peak periods, with limited stops, using multi-ride tickets and routes of extended length, usually between the central business district and outlying suburbs.
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Commuter RailLocal and regional passenger train operations between a central city, its suburbs and/or another central city.
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Company EquilibriumCompany equilibrium exists where the output or quantity produced is where profit is maximised and where marginal cost = marginal revenue. |
Comparative / Relative AdvantageComparative / relative advantage exists where a country has a lower opportunity cost in the production of a good or service than does another country. |
CompensationCompensation is more than money! There is a hugely positive effect when salespeople have their success behaviour rewarded. The design and implementation of effective sales reward systems are, therefore, vital to the success of a sales force. |
Competitive AdvantageCompetitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals. |
ComplementsComplements are products that can be used together, example bread and peanut butter. |
Concurrent EngineeringConcurrent engineering is a work methodology emphasizing the parallelization of tasks, which is sometimes called simultaneous engineering or integrated product development using an integrated product team approach. |
CongestionOccurs when transport demand exceeds transport supply in a specific section of the transport system.
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Connotationswords which are used for their subtext rather than their literal meaning:
your manager may dislike being called “boss” because of the negative meaning
associated with the word |
Constant PricesConstant prices are expressed in relation to a selected base year’s value or price. Also known as real prices. |
Consumable StoresConsumable stores – items such as packing material, stationery and any other consumable consumed within a financial period. |
Consumer Buyer BehaviourRefers to the actions taken (both on and offline) by consumers before buying a product or service. |
Consumer GoodsConsumer goods are goods purchased by households, example bread. |
Consumer Price Index (CPI)Consumer price index is an index of the relative prices of a representative basket of goods and services and measures the cost of living. |
Consumer SpendingConsumer spending refers to the spending by households. |
Consumer SurplusConsumer surplus is defined as the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price). |
Consumption of Fixed CapitalConsumption of fixed capital is the use of all manufactured resources, e.g. machines, buildings, tools, etc. over time. |
ContextThe background to something you do. |
Contractionary PolicyContractionary policy refers to either monetary or fiscal policy aimed at counteracting inflation. |
ContributionContribution – the difference between sales and variable/direct cost. It is as good as gross profit for a retail business. |
ControlThe definition of control is power to direct, or an accepted comparison model in an experiment, or a device used for regulation. |
ConvergenceThe merging of distinct technologies, industries, or devices into a unified whole |
Cooperative RelationshipThe cooperative relationship is more of a network, although it a loose one. More people in the supplier’s organisation are getting involved with the customer, not only the key accounts manager. |
CorridorA linear orientation of transport routes and flows connecting important locations that act as origins, destinations and point of transhipment. Corridors are multi-scalar entities depending on the types of flow being investigated. Thus, they can be composed of streets, highways, transit routes, rail lines, maritime lines, or air paths.
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Cost of EquityThe cost of equity is the return a company requires to decide if an investment meets capital return requirements. ... A firm's cost of equity represents the compensation the market demands in exchange for owning the asset and bearing the risk of ownership. |
Cost ReductionCost reduction is a planned positive approach to reduce expenditure. |
Cost-Push InflationCost-push inflation where supply decreases and pushes prices up. |
Counter-ArgumentAn argument or set of reasons put forward to oppose an idea or theory developed in another argument. |
Credit LossesCredit losses – credit clients that have defaulted. Also referred to as bad debts. |
Cross Elasticity of DemandCross elasticity of demand refers to the sensitivity of the quantity demanded of one product to a change in the price of a related product. |
CultureCulture is an umbrella term which encompasses the social behavior and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these groups. |
Current AccountCurrent account is a record of exports, imports, income receipts and payments and transfers of a country over a period of time. |
Current PricesCurrent prices are expressed in today’s value (i.e. today’s prices). Also known as nominal prices. |
Custom BrokerThese organisations oversee the movement of goods through customs and ensure that the documentation for a shipment is complete and accurate. |
Customer DriversThe three primary drivers of customer satisfaction are: Response time — the time it takes for the customer to get a response from a qualified person (i.e., someone who is going to attempt to resolve the issue). Resolve time — the time it takes for the customer to get the issue resolved to their satisfaction. |
Customer EngagementDefinition of customer engagement: Customer engagement monitors the relationship between a consumer and a company. This relationship is important for encouraging customer loyalty, increasing awareness and looking at customer satisfaction. |
Customer ExitsPart of managing a key account is the ability to know when to adopt, and similarly when to retire an account. A company with an unmanageable portfolio, since inappropriate customers have not been cleaned out, simply drains company resources, and ultimately profitability. There are two options for customers who should leave the portfolio: they should either be exited to customer tier below, or they should be completely exited, and their business lost to the supplier. When the choice to exit the customer to the below tier is done, the customer could be carefully and slowly withdrawn from company resources, as not to notice the change in key account status. |
Customer Market SurveyMarket survey is the survey research and analysis of the market for a particular product/service which includes the investigation into customer inclinations. A study of various customer capabilities such as investment attributes and buying potential. |
Customer OrientationCustomer orientation stage, where the company conducts applied research through utilising various methods such as focus groups, and the internet to determine what the needs of the consumers are, thereafter produce products to satisfy those needs. |
Customer PowerThe change within the business environment that is having the most dramatic impact on the development of KAM is the new-found expertise and power of customers and consumers in exercising choice. Customer empowerment is not just a cultural change due to companies being more customer focused, it is a consequence of mature markets, and as a result of technology. Consumers today are extremely knowledgeable and make very informed buying decisions. |
Customer RelationshipsThe development of an ongoing connection between a company and its customers. |
Customer RetentionCustomer retention is a company's ability to retain its customers over time |
Customer ServiceCustomer service is the provision of service to customers before, during, and after a purchase. |
Customer Service Measurementscustomer service metrics, as the name suggests, provide data on your customer service team's performance in terms of efficiency and speed. These metrics focus purely on numbers, such as how many emails you receive per day, how many calls you answer, the rate of response, and so on. |
Cyclical UnemploymenCyclical unemployment coincides with a downswing or slump in the business cycle. |