Essential Business Terms You Need to Know

Understanding essential business terms can make navigating office work simpler and more effective. In this section, we provide straightforward definitions of key business terminology, covering areas like virtual assistance, ergonomics, and productivity. Familiarizing yourself with these business terms can enhance your confidence and efficiency in professional settings.

Our curated list of business terms to know includes practical insights to support your daily tasks and improve workplace communication. Explore these essential concepts to stay informed and up-to-date on important business terminology for success.

A strategy or plan used to launch a product or service to the market.
The department of a business or organization that deals with the hiring, administration, and training of staff.
The process by which a private company offers shares to the public for the first time.ion text goes here
An international standard-setting body that develops and publishes worldwide technical, industrial, and commercial standards.
A measurable value that indicates how effectively a company is achieving its key business objectives.
A product with just enough features to satisfy early customers and provide feedback for future product development.
A legal contract establishing a confidential relationship between parties to protect any type of confidential and proprietary information.
A goal-setting framework used by individuals, teams, and organizations to define measurable goals and track their outcomes.
A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period.
A professional responsible for planning, executing, and closing projects.
An internet advertising model used to drive traffic to websites, in which an advertiser pays a publisher when the ad is clicked.
A policy that provides employees with a bank of hours or days that they can use for various types of leave, such as vacation, personal leave, or sick leave.
A way of preventing mistakes and defects in manufactured products and avoiding problems when delivering solutions or services to customers.
A set of activities undertaken by a company to innovate and introduce new products and services.
A performance measure used to evaluate the efficiency of an investment or compare the efficiency of several investments.
A software distribution model in which applications are hosted by a service provider and made available to customers over the internet.
The process of improving the quality and quantity of website traffic by increasing the visibility of a website or a web page to users of a web search engine.
A contract between a service provider and a customer that specifies the level of service to be provided.
Businesses whose personnel numbers fall below certain limits.
A factor that differentiates a product or service from its competitors, such as the lowest cost, the highest quality, or a unique feature.

The simulation of human intelligence in machines that are programmed to think and learn.
An urgent request for prompt action.
Transactions or activities conducted between businesses.
Transactions or activities conducted directly between a business and consumers.
A detailed list of raw materials, components, and assemblies required to construct, manufacture, or repair a product or service.
A policy allowing employees to use their personal devices for work purposes.
The highest-ranking executive in a company, responsible for overall management.
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The executive responsible for managing the financial actions of a company.
A software application used to create, edit, and manage digital content.
The executive responsible for the daily operation of the company.
A system for managing a company’s interactions with current and potential customers.
A person who interacts with customers to handle complaints, process orders, and provide information about an organization’s products and services.
An instruction to the audience to provoke an immediate response, usually using an imperative verb.
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The ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement.
A status indicating that someone does not want to be interrupted.
Refers to the close of business hours for the day, often used as a deadline.
Business process management software that allows an organization to use a system of integrated applications.
The expected time at which something will arrive or be completed.
A list of common questions and answers on a particular topic.
A notation indicating that the recipient should be aware of the enclosed information.