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            - Ajit Patel UK, Sanda Wellbeing and Sanda Wellness Group, Goldshield Group

Business Terms and Words 6 - Ajit Patel UK, Sanda Wellbeing & Sanda Wellness, Goldshield Group

Factory Floor - The area of a factory where the goods are made. Also the collective name of the ordinary workers in a factory, rather than management.
Factory Price - The price charged for goods direct from the factory, not including transport costs, etc. Factory Price is often quoted by retailers or in advertisements to show that products are for sale at a very low price.
Fairy Dust - A term often used in the entertainment business. The final enhancement or touch on a project. The unknown factor which turns something great into something fantastic.
Fallen Angel - Term used in finance to describe bonds which once had a good investment value, but have now dropped in value to a much lower rating.
False Accounting - A criminal offence. Giving false information in, or destroying, a company's accounts, usually for personal gain. Fraud.
False Bottom - On the stock market, selling prices which seem to have already hit their lowest level because of a subsequent price rise then fall through a false bottom because the price falls even lower.
Fast Moving Consumer Goods (FMCG) - Products (and the related industry) which are sold in big volumes by big retailers at low profit margins, at keen prices, to domestic consumers - traditionally foods and groceries, household consumables, etc., and nowadays extending to any products of short life and disposable/consumable nature. See FMCG in the acronyms section.)
Fast Track - Quick route in a career to success and promotion, associated with high ambition.
Fat Cat - A wealthy person living off investments or dividends, or a chief executive of a large company or organisation who is on a very large salary, huge pension, etc.
Fault Tolerance - Enables a system, especially in computing, to continue to operate properly even though a component in the system has failed.
Feasibility Study - A preliminary assessment of a new project, including costs, risks, etc., to determine whether the project will be successful and practical.
Feather-Bedding - A term often used in industry describing the practice of hiring more workers than is necessary to carry out a job, often because of a contract with a union.
Federation - An organisation which has been formed by the joining together of a group of companies, clubs, etc.
Fiat Currency/Fiat Money - A very bold term for monetary currency which is established and traded as a national currency, such as US Dollar, Sterling, Euro, etc. From Latin 'fiat', 'it shall be'.
Fidelity Bond - Also known as Fidelity Insurance. Protects an employer against any losses incurred because of dishonesty, or damage caused, by an employee.
Fiduciary - Describes an organisation or individual who manages money or property for a beneficiary.
Figurehead - In business, organizations, politics, etc., a person who holds an important position or office but lacks real power or authority; a 'front man'. Derived from the carved painted figurehead models which traditionally were fixed to the front of sailing ships.
Filibuster - To delay or obstruct legislation by giving long speeches in a parliamentary debating process, so as to 'talk out a bill', i.e., ensure that the debate is prolonged beyond the deadline for passing a bill which would otherwise have been approved. The noun filibuster refers to a person who does this, or to the act of filibustering, which is commonly done by more than one person acting together. There are occasional cases of lone filibusters standing and talking for several hours without a break. Filibustering may be used for purposes that have lots of popular support, or virtually no popular support. The term entered US politics from American-Spanish but ultimately is from Dutch vrijbuiter, pirate.
Fill or kill - Also FOK, on the stock exchange, an instruction received by a broker from a client to buy or sell specified shares immediately or not at all.
Filofax - A personal organiser (and the name of the company which makes it), which was very popular in the 1980s, with pages which can be easily removed or added. This product was associated with 'Yuppies'.
Finance - To provide or obtain funds for a business, commercial project, an individual, etc. The management of money. To sell or provide goods on credit.
Financial Engineering - The practice of solving financial problems or creating financial opportunities in a company, by changing the way money is borrowed, debts paid, etc.
Financial Equity - The ownership of interest in a company, usually in the form of shares.
Finite CapacityScheduling - A process in which a computer program organises tasks, matching the resources available to the most efficient way of production.
Firepower - The amount of power, money and/or influence that is available to a business or organisation.
Firewall - A system in a computer which prevents unwanted or unauthorised access, but allows the authorised user to receive information.
Firmware - Describes the fixed programs, which cannot be lost or changed, in electronic devices such as digital cameras, calculators, remote controls, etc.
First Mover - A business that gains an advantage by being the first to establish itself in a specific market by producing a new product or offering a new service, or by being the first to use new technology.
First Order Of Business - The most important task to be dealt with.
Fiscal Drag - A situation in which wages rise because of inflation but income tax thresholds are not increased, which can push people into higher tax brackets and therefore makes them pay an increased proportion of their wages in tax.
Fiscal Policy - A government policy to regulate a nation's annual economic activity by setting tax levels and determining government expenditure.
Five Nines - Refers to the 99.999% of the time that some companies claim their computer systems work properly.
Fixed Assets - Assets, such as property, equipment, furniture, vehicles, etc., which are owned by a company and which are needed to operate the business.
Fixed Costs - Costs, or overheads , which are incurred by a business whether or not it is operating or generating income, such as wages, rent, insurance, utilities (for example electricity, gas, water), etc.
Fixed Parity - In foreign exchange, when the currency of one country is equal in value to the currency of another country.
Fixed Term Contract - Also known as Temporary Contract. A contract of employment which ends on a specific date, or on completion of a task or project. Fixed term employees have the rights to the same pay, conditions and benefits as full-time employees.
Fixer - A person who makes arrangements for someone else, usually for a fee, by using their influence and often underhand, illegal methods.
Flame - To send a rude or unacceptable message by e-mail, or to post a message on an Internet forum which is offensive or inciteful.
Flash Drive - A small portable device such as a 'pen drive' which connects to a USB port on a computer and is used to store data which can then be transferred to another computer. The term flash drive derives from 'flash' memory, invented by Dr Fujio Masuoka of Toshiba around 1980. The name flash (apparently, according to Wikipedia, 2010) was suggested by Masuoka's colleague, Shoji Ariizumi, who likened the memory erasure function to a camera flash.
Flash Mob - A secretly-planned (usually via modern computerised social networking technology), quickly-formed, organized group of people, assembled to engage in a quirky activity, typically for the amusement and entertainment of the participants. Potentially the term may be applied to similar gatherings organized for more conventional promotional, protest or other publicity/pressure purposes, although this strays somewhat from the usual concept, in which the flash mob event is an aim in itself, rather than part of a wider campaign with a specific purpose. The expression is not new. It originated in the 1940s US underworld when it referred to a gang of thieves or confidence tricksters. The word flash has been used in various criminal contexts since the 1600s and in the original 1940s phrase flash mob, flash literally meant criminal. The modern use of the flash mob expression naturally fits the notion of flash photography, a fast or fleeting appearance, a 'flash of inspiration', and especially the recent understanding of flash in relation to quick technology such as flash memory and flash drives.
Flats - In the entertainment industry, these are painted canvas sheets fixed onto wooden frames used on film sets, etc. for scenery.
Flexecutive - A manager who works flexible hours, often from home using the Internet. A multi-skilled executive who can change tasks or jobs with ease.
Flexitime - A work system in which employees work a set number of hours each week or month, but they decide when they are going to start and finish each day, usually between a range of given working hours.
Flight Capital - The movement of large sums of money from one of investment to another, or from one country to another, to avoid high taxes or financial instability due to political unrest.
Flighting - A cost effective method of advertising. A commercial is scheduled to appear on TV, usually when viewing figures are high (flight). There are periods in between the flights when the commercial does not appear on TV (hiatus). During the TV hiatus the product being advertised will often appear in newspapers or magazines, so the public is continually aware of it.
Floatation - See definition for Flotation.
Floor Limit - In retailing, the highest amount of money for a sale for which a debit or credit card can be used by a customer without authorisation from the customer's bank.
Floor Trader - Also known as a Local. An investor who is allowed on the trading floor of a stock exchange, to buy and sell shares, etc., for their own account.
Flotation - The process of financing a company by selling shares on the stock exchange for the first time.
Flyback - Also known as a Callback. A series of screening interviews for a job during which a person, usually a student, is interviewed several times, often on the same same day, by the prospective employer.
Flynn Effect - Research showing that the results of IQ (Intelligence Quotient) tests in various countries (i.e. internationally) have risen consistently over several decades, (after political scientist James R Flynn).
FMCG - Fast Moving Consumer Goods.
Focus List - A list of companies, recommended by an investment firm, whose shares are worth buying or selling.
Footer - In a report or document, a line or block of text that appears at the bottom of every page which is printed from a computer.
Footfall - The extent or measure of numbers of people who visit a business or shop or other retail/leisure/entertainment venue during a given period of time. Footfall is a crucial factor in retailing methods, and also in promotion and advertising which focuses on the physical presence - on foot - of consumers at a particular location.
Force Field Analysis - A technique developed by Kurt Lewin to support positive factors and decrease negative factors, as the result of a change in an organisation.
Force Majeure - A clause in a contract which exempts the contracting party (e.g., insurer) from liability in the event of an unforeseen intervention or catastrophe which prevents fulfilment of contractual obligations, such as war, act of God, etc. The term force majeure is French, meaning loosely 'superior strength'.
Forex - Also called FX, refers to Foreign Exchange, in which foreign currencies are bought and sold.
Fortune 500 - Published by Fortune magazine, an annual list of the 500 US corporations with the largest revenue.
Forwarding company - Also called a 'freight forwarder', a company specialising in transfer of freight from businesses or individuals by finding an appropriate transporter of the goods.
Forward Integration - A business strategy whereby a company takes control of its distributors, therefore guaranteeing the distribution of the controlling company's products.
Four-Colour Process - In printing, the use of four ink colours - yellow, magenta, cyan and black - which are combined together to produce the whole spectrum of colours.
Fractional Ownership - An arrangement where a number of people or companies each buy a percentage of an expensive asset, such as a property. The individual owners then share the asset, and when it is sold the profits are distributed back to the owners.
Franchise/Franchising - An authorization or licence - effectively a business methodology, which can be bought - enabling someone (franchisee) to use the franchisor's company name and trademarks to sell their products services, etc., and usually to receive certain support, in a particular town, area of a country, or international region. A franchise for a whole country is typically called a master franchise, and typically may include rights to operate as a sub-franchisor responsible for developing and managing a franchise network. The term derives from the term franc, Old French for free, which was adopted into English corporate law in the late middle-ages to signify a grant of legal immunity, which in turn grew in legal application and technical meaning to become franchising, whereby a franchisor grants licence to a franchisee to make use of its business methods, products, brands, technologies, innovation, purchasing power, marketing, etc. Some extremely well-known large corporations have grown using the franchise model, for example, Mcdonald's, Subway, Avis, and Hilton Hotels. While franchising can theoretically be applied to any market sector, it typically entails reliable replication of high quality products/services, supported by clever/protected technology, patents, branding, together with proven training, marketing and business support. Most franchises emerge at the beginning of their respective product life-cycle, when innovation and novelty is significant, and barriers to market entry are challenging. As such, many entrepreneurs decide that franchising offers an appealing option compared to starting up a business completely independently from nothing. When innovation and novelty has declined in major established franchise organizations, market appeal and position is subsequently maintained by exploiting strengths of brand(s), marketing, and financial strength.
Free Collective Bargaining - A situation in which workers and union members meet with employers to discuss working conditions, pay, etc., in talks that are not limited by law or government.
Freeconomics - A situation in which companies provide certain goods and services for free, and those businesses who don't follow suit are likely to fail.
Freedom Of Association - The right of individuals to join together to form, or join an existing, group or organisation, including a union.
Free Enterprise - An economic system in which private businesses have the freedom to compete with each other for profit, with minimal interference from the government.
Free Market - A market in which prices of goods and services are affected by supply and demand, rather than government regulation.
Free On Board - Maritime trade term. The supplier delivers the goods to a ship at a specified port. The supplier then pays the shipping costs after obtaining official clearance. Once they have been put on board, the buyer is then responsible for the goods.
Free Port - A port where goods can be brought and stored temporarily, without custom duties having to be paid, before being shipped to another country.
Freepost - A UK postal system, usually used in business, in which the recipient business pays the postage on mail, rather than the sender or customer.
Free Rider - A person or organisation that enjoys benefits and services provided by others, and doesn't pay their fair share of the costs.
Freeware - Computer software that is copyrighted by the author and offered, usually on the Internet, free of charge.
Free Zone - An area in a country where importers can store foreign goods, prior to further transportation, without having to pay customs duties or taxes on them.
Frictional Unemployment - Unemployment of people who are temporarily between jobs, changing careers, changing location, etc.
Fringe Benefit - A benefit given to employees in addition to their salary, such as a company car, pension scheme, paid holidays, etc.
Front-End Load - A fee charged for an investment, for example an insurance policy, limited partnership, mutual fund, etc. The fee is made with the initial payment, and subsequent payments are therefore lower.
FTSE - An abbreviation of the Financial Times Stock Exchange (Index), commonly referred to verbally as 'footsie'. There are various FTSE indices (indexes), including most notably the FTSE 100, which is the index of the top 100 shares on the London Stock Exchange, whose movement is regarded as an important indicator of national (and wider) economic health and buoyancy. The FTSE 100 represents about 80% of the market capitalization of all shares listed on the London Stock Exchange, which is interesting considering over 3,000 companies are listed in total. For Pareto enthusiasts (the '80-20 Rule') that's 3.3% of listed companies, accounting for 80% of total market value of companies listed on the London Stock Exchange, which is even by Pareto standards an extreme ratio of concentration. When economic commentators say the "...the footsie is up/down (a number of points)..." this is a reference to the relative movement of share prices among the companies listed in (usually) the FTSE 100. The 'footsie' is owned and operated by FTSE Group, which is basically a provider of economic information and data services, especially about stock and commodity exchanges. FTSE Group was until 2012 50% owned by Pearson Group (owners of the Financial Times newspaper group) and 50% by the London Stock Exchange, the latter buying full ownership from Pearson in 2012. It is not likely that the 'Financial Times' origins of the FTSE abbreviation will be strongly acknowledged in future, given its change of ownership.
Fulfillment/fulfilment - In the context of business and retailing, fulfilment refers to the processing of a (consumer or commercial) customer's purchase/order - i.e., a 'sale'. Fulfilment is generally considered to happen after the order is placed and usually payment is made, completing on confirmation of safe and correct delivery to the customer. Payment/invoicing is generally separate from the fulfilment process/provider. In most cases fulfilment entails the warehousing, stock management, product 'picking', order assembly/compiling, packaging and delivery, then confirmation of safe delivery, of products/orders for which payment has already been made. Fulfilment may be an internal activity of the selling organization, or may instead be contracted to an external provider of fulfilment services. Fulfilment has an entirely different meaning in the context of human emotional wellbeing, in which it refers to feelings/situations of personal happiness and life-balance, achievement and wellbeing itself, without stress, pressure or other negative effects.
Fulfilment House - A provider of order-processing fulfilment services to a 'selling' company, typically processing sales/orders of the selling company, through to the delivery of products to the purchaser. Specific activities of a fulfilment house generally include warehousing, stock control, order picking, packaging, distribution/delivery to the customer (and confirmation thereof), and typically a degree of direct customer communications, and potentially handling returns.
Full-Time Contract - FT. A permanent or ongoing contract of employment in which the employee works at least the standard number of hours in a working week, usually 35.
Fungible - Describes goods or commodities which can be exchanged for something of the same kind, of equal value and quality.

- Ajit Patel UK, Sanda Wellbeing and Sanda Wellness Group, Goldshield Group

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Business Terms and Words – Part 5b - Ajit Patel UK, Sanda Wellbeing and Sanda Wellness Group, Goldshield Group

Eyeballs - Advertising term. A name given to the number of people who visit a website advertisement, which can be counted by the number of click-throughs.

E-Zine - An electronic magazine which is published on the internet, or delivered by e-mail.

Earnest Money - Money paid in good faith as a deposit, usually for a property, to show that the buyer is serious about doing business with the vendor.

Earn-Out - An arrangement in which an extra future conditional payment is made to the seller of a business in addition to the original price, based upon certain criteria being met.

Easterlin Paradox - A theory that beyond satisfaction of basic needs, increasing wealth of a country does not produce increasing happiness, suggested by US professor of economics Richard Easterlin based on his research published in 1974.

Easy Monetary Policy - A policy which enables the public to borrow money easily, at low interest rates, in order to expand the economy by investing the money in business activities.

E-Business - Electronic Business. Using the internet to conduct business or enable businesses to link together.

E-Commerce - Electronic Commerce. The buying and selling of products and services over the Internet.

Econometrics - Using mathematics and statistics to study the economy.

Economic Growth - An increase in a region's or nation's production of goods and services.

Economic Life - The period of time during which an asset, e.g. property, vehicle, machinery, etc., is expected to be usable, including repairs and maintenance, before a replacement is required.

Economic Union - Also known as a Common Market. An agreement between a group of countries which allows the free flow of goods, services, labour, etc., between the member countries and usually has a common currency.

Economies Of Scale - In manufacturing, the more units being made the cheaper each unit costs to produce.

Economy - The management of money, currency and trade of a nation. The efficient management of resources.

Ecotourism - Nature based travel to unspoilt places in the world with a view to conservation and to bring economic benefit to the local people. Also known as Ecological Tourism.

E-Currency - Electronic currency. Used on the Internet for making and receiving payments. Companies which provide this service include Paypal and E-Gold.

Edutainment - Products or media which both educate and entertain at the same time, such as TV, books, computer software.

E-Enabled - Being able to communicate and/or conduct business using the internet.

Egalitarian - Believing that everyone is equal and should all have the same rights and opportunities in life.

E-Lance - Freelance working using the Internet to sell services or goods anywhere in the world.

Elasticity Of Demand - The measure of whether people require more or less of a product or service after a price change.

Electronic Cottage - A home which has the necessary electronic equipment, such as telephone, computer, etc., from which to run a business.

Electronic Data Exchange - A means of exchanging documents between businesses using electronic equipment such as computers.

Electronic Purse - A type of microchipped smartcard which stores small amounts of money to enable payment for purchases, especially on the Internet, instead of having to use cash.

Embezzlement - Dishonestly appropriate goods or money from one's employer for personal gain; steal from one's employer, typically by electronic administrative methods, thus abusing a position of trust or responsibility.

Emolument - Total wages, benefits or compensation paid to someone for the job they do or the office they hold.

Emoticon - Used in e-mails, internet chat rooms and text messages, symbols which represent facial expressions, e.g. :-) = smile.

Emotional Capital - Emotional experiences, values and beliefs of a company's employees that make good working relationships and a successful business. Low emotional capital can result in conflict between employees, low morale and poor customer relations.

Emotional Intelligence - The ability or skill of a person to understand and control their emotions, and to understand and assess and respond appropriately to the feelings and situations of others. Commonly abbreviated to EQ (Emotional Quotient, alluding to the concept of IQ - Intelligence Quotient), Emotional Intelligence theory seeks to enable a sophisticated practical appreciation and application of the concept of intelligence, especially in work, management, leadership and human relationships.

Empirical - Information derived from experience, observation or experiment rather than from theory or subjective opinion. From Greek - empeiros, meaning skilled - in turn from peira, meaning trial or experiment.

Employee - An individual who is hired and paid by another person, company, organisation, etc., to perform a job or service.

Employee Buyout - A transaction in which employees purchase all or most of a company's shares, thereby gaining control of the company.

Employee Ownership - A business model and constitutional framework in which staff hold significant or majority shares of a company, thereby ensuring higher levels of loyalty and commitment, and fairness in the way that business performance relates to employee reward. The John Lewis Partnership is one of the prime and most successful examples of the concept.

Employee Self Service - An Internet based system which enables an employee to access their personal records and payroll details, so they can change their own bank account details, contact details, etc.

Employee Stock Option -  Allows specified employees the right to purchase shares in the company at a fixed price.

Employer - A person, business, organisation, etc., that pays for the services of workers.

Employment Equity - Promotes equal employment opportunities for everyone, regardless of gender, race, ability, etc.

Employment Law - Also known as Labour Law. The branch of the law that deals with the legal rights of employees, e.g. workplace safety, discrimination, compensation, etc.

Encrypt - Convert data into code which cannot be easily understood by people who have no authorisation to view it.

End Consumer - An individual who buys and/or uses a product or service.

End Marker - Used at the end of a take in a film, TV program or audition to cover a mistake or to remind people who the person auditioning was during auditions.

Enterprise - A company or business. A business project, often one which is sometimes difficult and/or risky.

Enterprise Application Integration - Software technology that links computer programs, data bases, etc., within an organisation, so that information can be shared.

Entrepreneur - An ambitious person who starts new business ventures in order to make a lot of money, often taking financial risks.

Environmental Impact Assessment - The effect that a proposed project, such as a new building or development, will have on the environment.

Environmentalist - An individual who is concerned about the protection, conservation and improvement of the natural environment.

Eponym/eponymous - A person's name or another sort of name which is used as the name or title or brand for something such as a business or brand or book or other product or concept. The word 'eponymous' also describes any name which features in a concept/book/etc and is actually the name of the concept/book/etc. For example, a story written about a man called John, which is called 'John' or 'John's Adventures', or 'A Story of John', etc., could be described as 'eponymously titled', and the character John could be referred to as the 'eponymous character'. Many eponymous names have become very well-known and entered language to the extent that the origins of the word are not widely appreciated, or largely forgotten altogether. Many have become genericized tradenames. There are thousands of famous eponyms (eponymous names) in business and life in general. Here are a few varied examples, starting with some very big examples of words which have acquired genericized descriptive meanings far beyond their original eponyms:

Biro - in many parts of the world this means generally any ballpoint pen, in addition to being the Biro brand of ballpoint pen. Biro is named eponymously after its Hungarian inventor László Bíró, 1899-1985.

Levi jeans are named after Levi Strauss, the US businessman who co-registered the original riveted design and begain producing the eponymous working jeans in the late 1800s.

William H Hoover and son, Herbert W Hoover, Sr., bought a patent for a vaccuum cleaner in the early 1900s. They built a very big household equipment business, and the word 'hoover' became a way to clean the floor. Few people consider the word's origins.

Jacuzzi, the brand, and the general reference to a bubbling hot tub, is named after seven Jacuzzi brothers, Italian US immigrants whose business developed in the early 1900s from aeronautics, though water pumps, to whirlpool bathtubs.

Thermos/Dewar (vacuum) flask - alternatively named after James Dewar its 1892 inventor, and the German company Thermos, which exploited Dewar's failure to patent his innovation and first produced the product commercially.

Dunlop and Goodyear - industrial brand names, especially tyres/tires named after the founders/inventors of original pneumatic tyre/tire technologies and companies.

The Victorian age is (obviously, but often disregarded) an eponymously named era, after Queen Victoria.

The Buzz Lightyear character in Toy Story is named after US astronaut Buzz Aldrin, and Yogi Bear was named after Yogi Berra, the baseball player.

Glastonbury, the huge music festival event and brand is named after its village location of Glastonbury.

Homer's ancient Greek classic The Odyssey (and therefore the modern word odessey too) is named after the main character, Odysseus.

The Heimlich manoeuvre abdominal thrusts emergency first-aid treatment is named after its conceiver Henry Heimlich.

Yale University, Connecticut, US, is named after Elihu Yale, an early-18th century English businessman philanthropist benefactor.

Earl Grey tea is named after Charles Grey, 2nd Earl Grey, Viscount Howick, British Prime Minister 1830-1834.

The Pavlova fruit-meringue dessert is named after Russian ballerina Anna Pavlova, 1881–1931, for whom Australia and New Zealand claim to have devised the pudding when she visited on tour.

Beef Wellington is named after Arthur Wellesley, 1st Duke of Wellington (1769–1852).

The American Bell Telephone Company (which became American Telephone & Telegraph Company, AT&T) was named after Alexander Graham Bell, 1847-1922, Scottish/British/US/Canadian scientist and inventor (of the first viable telephone, amongst other things).

The giant Casio corporation was established in 1946 by Japanese engineer Tadao Kashio. (Casio's second product was a calculator; the first was a finger ring to enable cigarettes to be smoked to the stub.)

Dolby/Dolby Surround audio systems are named after US engineer Ray Dolby, b.1933, inventor of the Dolby noise reduction system.

In ice-skating, the jumps called Axel, Lutz and Salchow are named after figure skaters Axel Paulsen (Norway), Alois Lutz (Austria), and Ulrich Salchow (Sweden).

E-Procurement - Electronic procurement. Businesses using the internet to purchase from, or sell goods and services to, other businesses.

Equal Pay Act - In Britain, a government Act of 1970 which gives women the right to earn the same money and to receive the same benefits as men for performing the same job.

Equilibrium Price - The price at which the demand of a particular product or service is equal to the quantity supplied.

Equity Accounting - When a company records, in its financial records, profits which can be claimed from an affiliated company which they part own.

Escape Clause - A condition in a contract which allows the contract to be broken in particular circumstances.

Esoteric/Esoterica - These words (adjective/noun) refer to language, communications or concepts which are understood only by people of expertise or good knowledge of the subject concerned. Advertising and other communications intended for the general public should not be esoteric, although much of this sort of language is highly esoteric, for example instruction manuals for technical products, and most corporate terms and conditions - usually because these materials are written by specialists who are unable to translate complex terminology into everyday recognizable language. Professional communicators such as advertisers, trainers, leaders, writers of manuals and instructions, etc., should aim instead to be exoteric, which refers to communications which are inclusive, and simple to understand by everyone. This relates strongly to the concept of accessibility. The words are respectively from Greek esotero, within, and exotero, outer. The less commonly used noun forms of the words are esoterica and exoterica, i.e., materials that are respectively inaccessible and accessible.

E-Tailer - An retailer who uses the internet to sell goods and/or services to the public.

Ethernet - Technology, invented by The Xerox Corporation, which connects computers in a local area network (LAN).

Ethics - Offering

Euroland - Also known as the Eurozone. All the countries in the EU (European Union) that use the Euro as currency.

European Union - EU. Previously called the European Community. An international, economical and political organisation which brought the nations of Europe together so that people, goods, money, services, etc., can move freely between member nations.

Exchange Rate - Also known as Foreign Exchange Rate. The rate, which can vary from day to day, at which a country's currency can be exchanged for another country's currency.

Exchange Rate Exposure - When a business risks losing money because of the need to change one currency for another of lower value.

Execution Risk - The risk that a company's plans, or a project, will fail because of changes being made, e.g. entering a new market, bad management, etc.

Executive Director - Also called Internal Director. A person who usually works as a full-time senior employee for a company, and is responsible for the day to day running of the business, and is often a member of the company's board of directors.

Ex Gratia - Something given or carried out as a favour or gift, rather than as a legal duty.

Exit Strategy - Also called Harvest Strategy. A plan by an investor to dispose of an investment, such as shares in a company, to make a profit, or a business owner to dispose of their company, e.g., by selling the business, floating it on the stock market, ceasing to trade, handing it over to another family member, etc.

Ex Officio - Someone who has a right to be included because of their job or position, e.g. to sit on a committee. (Latin - by virtue of office or position)

Experience Curve - In business, when costs fall and production increases as a result of increase in workers skills and lower material costs.

Expectancy Theory - A theory of motivation developed by Canadian Victor Vroom, Yale professor of management and psychology, established in his 1964 book, Work and Motivation, which essentially states that motivation necessarily comprises and is determined by three elements of belief:

Effort will produce success.

Success will produce reward.

These outcomes will be personally satisfying.

Expert System - A computer software system which can provide expert knowledge for a specific problem when users ask a series of questions.

Export Credit - A loan taken out by an importer with a bank in an exporters country, so that the importer can buy foreign goods and pay for them at a later date.

Export Factoring - A facility offered by banks to exporters. The bank is responsible for collecting payments for exported goods, so that the exporter can borrow money from the bank before the goods have been paid for by the customers.

Exposition - A public event at which businesses, that produce related goods, can showcase their products and/or services.

Ex Stock - Goods which are available for immediate delivery because the supplier has them in stock.

Extension Strategy - A marketing strategy to stop a product going into decline by making small changes to it, reaching new customers or finding new uses for it, e.g. a drink which was sold as an aid to those recovering from illness is now sold as a sports drink.

External Competitiveness - Being able to sell goods and services to customers in foreign countries at a competitive price.

External Debt - Also known as Foreign Debt. Money that is owed by the government, organisations or individuals to creditors in other countries.

External Equity - A situation in which an organisation's employees receive similar pay for the same type of work as employees in other organisations, i.e., pay which is equal to market rates.

Extranet - A private computer network to which a company's customers and suppliers can link and communicate using the Internet.

Extrapolation - The estimation or determination of what will happen in the future by extending (extrapolating) known information or data. The verb usage 'extrapolate' is common and means using mathematics or other logical process to extend a proven trend or set of data. 'What if?..' scenarios and business modelling generally involves some sort of extrapolation. It's a way of predicting something by assuming a historical pattern will continue into the future.

Ex Works - Goods which are delivered to the purchaser at the plant or place where they are manufactured. The purchaser then pays for transporting and insuring the goods from that point. 

-Ajit Patel UK, Sanda Wellbeing and Sanda Wellness Group, Goldshield Group