Chapter 1: Online business Flashcards
(134 cards)
1
Q
Venture
A
a risky or daring journey or undertaking.
2
Q
Realm
A
a field or domain of activity or interest.
3
Q
Vital
A
absolutely necessary; essential.
4
Q
Encrypt
A
convert (information or data) into a code, especially to prevent unauthorized access.
5
Q
Retailer
A
a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
6
Q
Entrench
A
establish (an attitude, habit, or belief) so firmly that change is very difficult or unlikely.
7
Q
Investment
A
the action or process of investing money for profit.
8
Q
Guise
A
an external form, appearance, or manner of presentation, typically concealing the true nature of something.
9
Q
Rudimentary
A
involving or limited to basic principles.
10
Q
Purveyor
A
a person who sells or deals in particular goods.
11
Q
E-commerce
A
the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.
12
Q
E-business
A
a business organization that conducts business operations over a computer-mediated network.
13
Q
Manufacturing process
A
all the stages involved in making something.
14
Q
Manufacturing plant
A
a factory.
15
Q
Fab plant
A
a factory where hi-tech silicon chips are manufactured.
16
Q
Assembly plant
A
a factory where products such as cars are put together on assembly lines.
17
Q
Ramp up
A
increase the level or amount of something sharply.
18
Q
Manufacturing sector
A
the sector that makes things, rather than other sectors of the economy.
19
Q
Manufacturing capacity
A
the amount that can be made at a particular plant or at plants as a whole.
20
Q
Manufacturing operations
A
activities related to making things.
21
Q
Manufacturing productivity
A
the amount produced by each worker, or group of workers - OUTPUT
22
Q
Manufacturing jobs
A
work involved with making things.
23
Q
Assembly line
A
a series of workers and machines in a factory by which a succession of identical items is progressively assembled.
24
Q
Operate at full capacity
A
produce as much as it is able to.
25
Operate below capacity
produce less than it is able to.
26
Idle plant
a plant that is no longer operating.
27
Suppliers
a person or organization that provides something needed such as a product or service.
28
Raw materials
materials or substances used in the primary production or manufacturing of goods.
29
Components
a part or element of a larger whole, especially a part of a machine or vehicle.
30
Supply chain
the interconnected journey that raw materials, components, and goods take before their assembly and sale to customers.
31
Supply chain management
the handling of the entire production flow of a good or service.
32
Vertical integration
When a company produces everything internally that it needs, owning all the stages of the supply chain management.
33
Outsource
obtain (goods or a service) by contract from an outside supplier.
34
Buy in
the process of outsourcing company tasks.
35
Procurement
The buying in process of a company.
36
Just-in-time
an inventory management method in which goods are received from suppliers only as they are needed.
37
Warehouse
a large building where raw materials or manufactured goods may be stored prior to their distribution for sale.
38
Storage
space available for storing something, in particular allocated space in a warehouse.
39
Production lines
an arrangement in a factory in which a thing being manufactured is passed through a set linear sequence of mechanical or manual operations.
40
Cluster
a group of similar things or people positioned or occurring closely together.
41
Captive plant
a plant that only provides components to one nearby manufacturer.
42
Distribute
give a share or a unit of (something) to each of a number of recipients.
43
Automated warehouses
warehouses that make use of automated handling equipment and conveying systems to optimize the performance of operations, including truck loading and unloading.
44
Logistics
the process of planning and executing the efficient transportation and storage of goods from the point of origin to the point of consumption.
45
Quibble
a slight objection or criticism about a trivial matter.
46
Stolid
calm, dependable, and showing little emotion or animation
47
Dismantle
take (a machine or structure) to pieces.
48
Disposal
the action or process of getting rid of something.
49
Recycle
aims to salvage as much value as possible from retired products
50
Refurbished
restoring the product back to original specifications
51
Retired product
a product that no longer serves it's value
52
Remanufacturing
aims to upgrade the product, with additional functions and features.
53
Repair
fixing or replacing broken or non-functioning parts or components for use by the original or another buyer.
54
Reverse logistics
the supply chain process of returning products from end users back through the supply chain to either the retailer or manufacturer.
55
Cradle-to-grave
from production stage to disposal or recycle stage.
56
Cradle-to-cradle
design and production of products of all types in such a way that at the end of their life, they can be truly recycled (upcycled).
57
WEEE
waste electrical and electronic equipment directive.
58
Salvage
rescue.
59
Subcontractors
outside suppliers.
60
In-house
done or existing within an organization.
61
Company core competences
the skills that allow it to maintain it's competitive edge.
62
Competitive edge
value that gains advantage over other companies in the market.
63
Farm out
to give work to other people to do.
64
Transaction cost analysis
the study of trade prices to determine whether the trades were arranged at favourable prices – low prices for purchases and high prices for sales.
65
Capabilities
skills.
66
Corporate culture
the way a company does things, how it's employees think, etc.
67
Payroll
Payment of employees’ salaries
68
Back office outsourcing
the process of hiring a third-party company to handle the gritty tasks of your business that don't directly involve delivering the product or service you sell to your customers. Includes:
- purchasing
- payroll
- billing/invoicing
69
Front office outsourcing
the outsourcing of client or customer-facing services to external businesses or third-party vendors. Includes:
- technical support
- marketing
70
Bandwidth
Connection speed
71
Broadband internet
high-speed Internet access that is always on and faster than the traditional dial-up access.
72
Video-on-demand (VOD)
all video content requested on-demand by users. Examples:
- Netflix
- Amazon prime
- Hulu
73
WLAN
Wireless local area network (Wi-Fi)
74
Hotspot
a public place where a wireless signal is made available so that the internet can be accessed.
75
Loaded
Equipped
76
SatNav
Satellite navigation
77
GPS
Global Positioning System
78
Moore’s law
The principle that the computing power of a computer chip will roughly double every 18 months, therefor meaning that the cost of a unit of computing power will continue to halve every 18 months.
79
Dotcom bubble
A stock market bubble that was caused by speculation in dotcom or internet-based businesses from 1995-2000
80
Web 2.0
the second stage of development of the internet, characterized especially by the change from static web pages to dynamic or user-generated content and the growth of social media.
81
Interoperability
The ability of different computers and computer systems to work together
82
Wikis
Websites that anyone can edit
83
Instant messaging
internet users sending short messages to each other that are received immediately
84
Social networking sites
Websites that allow users to post details and pictures about themselves in their profiles, say who their friends are, etc.
85
External social networking sites
social networking sites that are open to everyone
86
Internal social networking sites
social networking sites open only to particular groups, for example medical workers in a particular speciality, who exchange information and advice with eachother
87
To vet
To check
88
Blog
Online diaries written by bloggers, with readers able to react and comment
89
Vlog
Online diaries written by vloggers
90
Chat rooms
Users conversing with eachother in written form to socialize
91
Forums
Where people discuss a particular subject
92
Killer app
The next very popular and profitable application
93
Tacit
Unspoken
94
Externalization
Developing concepts, often with analogies that allow them to be communicated
95
Socialization
Spreading tacit knowledge by sharing experience in working on something
96
Internalization
Learning by doing and hands on experience, the knowledge becomes part of the individual’s knowledge base and thus becomes an asset for the organisation
97
Knowledge base
What u know
98
Asset
Something valuable
99
Knowledge creation
The way that knowledge in a company is built up
100
SECI model
Socialisation
Externalization
Combination
Internalization
Explains how tacit and explicit knowlege are convered into organizational knowledge
101
Corporate intranet
A website specifically for a company’s employees
102
Tap into
Freely available whenever needed
103
Metadata
Information about where the content is to be found
104
Proprietary
Relating to an owner or ownership
105
Collective knowledge
The body of knowledge that grows out of a group
106
Crowdsourcing
Obtaining work, information, or opinions from a large group of people who submit their data via the internet, social media, and smartphone apps
107
Prosumers
A consumer who becomes involved with designing or customizing products for their own needs
108
Infiltrating
Illegaly penetrating
109
Virus
a piece of code that is capable of copying itself and typically has a detrimental effect, such as corrupting the system or destroying data.
110
Firewall
a network security device that monitors and filters incoming and outgoing network traffic based on an organization's previously established security policies.
111
Hijack
a type of network security attack in which the attacker takes control of computer systems, software programs and/or network communications.
112
Trojan horse virus
a type of malware that downloads onto a computer disguised as a legitimate program.
113
Malware
malicious software
114
Cybercrime
criminal activity on the internet.
115
Phishing
a type of cybersecurity attack during which malicious actors send messages pretending to be a trusted person or entity.
116
Spyware
software that enables a user to obtain covert information about another's computer activities by transmitting data covertly from their hard drive.
117
Electronic trail
record of sites visited
118
Confidential
intended to be kept secret.
119
Snoop into
to look around a place secretly, in order to discover things or find out information about someone or something.
120
Big brother
a person or organization exercising total control over people's lives.
121
Uberisation
the act or process of changing the market for a service by introducing a different way of buying or using it, especially using mobile technology.
122
Gig economy
a labour market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.
123
Self-employed
working for oneself as a freelance or the owner of a business rather than for an employer.
124
Reviews
a formal assessment of something with the intention of instituting change if necessary.
125
Crowdfunding
the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the internet.
126
Sharing economy
an economic system in which assets or services are shared between private individuals, either free or for a fee, typically by means of the internet.
127
Equity-based
something that is connected to the value of shares in a company.
128
reward-based
individuals donating to a project or business with the expectation of receiving a non-financial reward in return, such as goods or services at a later stage.
129
Start-up
a newly established business.
130
Peer-to-peer (P2P) sites
a decentralized platform whereby two individuals interact directly with each other, without intermediation by a third party.
131
Pirate
use or reproduce (another's work) for profit without permission, usually in contravention of patent or copyright.
132
Copyright
the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.
133
Digitize
convert (pictures, text, or sound) into a digital form that can be processed by a computer.
134
Digital watermark
a piece of code embedded in a digital image, video, or audio file in order to provide copyright information, typically being undetectable during normal use of the file.
