Tactical Marketing PlanA tactical marketing plan breaks down those business goals into marketing objectives, then details the marketing strategies and tactics that will be used to achieve those objectives |
TaxationTaxation is a compulsory payment to the government. |
TaxesTaxes are a compulsory payment to government. |
TechnologyApplication of scientific knowledge to the workplace or everyday life. Technology aids us in completing tasks and storing data more effectively and to analise data. Software applications are technology tools that aid us in everyday life as well as the working environment. |
Terms of TradeTerms of trade is the ratio between export prices and import prices. |
The Cost FunctionThe Cost Function, shows the relationship between the price of inputs and the quantity produced. A firm’s costs of production depend on the prices and quantities of its factors of production. When a firms’ output changes we can also expect the firm’s costs to change. The relationship between the production function and the cost function is that the cost function is derived from the production function. |
Time Management Good time management enables you to work smarter – not harder – so that you get more done in less time, even when time is tight and pressures are high. It is a process of planning how you will spend your time per task. |
Total Costs (TC)Total costs (TC) are all costs incurred for all factors of production. |
Total Fixed Costs (TFC)Total fixed costs (TFC) are incurred by fixed factors of production. They do not vary with the output level and have to be paid even if nothing is produced. |
Total Product (TP)Total product (TP) measures the total number of items produced as more workers are hired. |
Total ProfitTotal profit is the product of average revenue (AR) X quantity (Q) or (TP). |
Total Quality Management (TQM)TQM describes a structured, systematic and integrated management approach to long–term success through maximizing internal and external customer and supplier satisfaction. It is where all managers and employees of an organization use quantitative methods to participate together as a team and actively work to support each other in improving all the processes, products, services, and the culture (ethos) in which they work. It is a management philosophy that looks to integrate all the organizational functions (marketing, finance, customer service, etc.) to continually improve on the delivery of customer needs and business objectives. TQM is also referred to today as Business Excellence |
Total RevenueTotal revenue is the revenue earned when all products are sold. TR = P x Q. |
Total Revenue (TR)Total revenue (TR) is the total income received through the sale of goods. |
Total Variable Costs (TVC)Total variable costs (TVC) are costs that are incurred by variable factors of production. These costs vary with the number of items produced. |
Trade BalanceTrade balance equals merchandise exports – merchandise imports + net gold exports. |
Trade PolicyTrade policy is the indirect intervention by government to affect the volume or price of exports and imports. |
Trade-OffA trade-off is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. |
Transaction CostsCosts required for gathering information, negotiating, and enforcing contracts, letters of credit and transactions. Often referred to as the cost of doing business. |
Transfer PaymentsTransfer payments are one way money flows from the government, example child grants. |
TranshipmentThis involves the transfer of goods from one carrier to another and/or from one mode to the other. |