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4 Important Terms in the Glossary of Business - Carol Evenson - ContactCenterWorld.com Blog

4 Important Terms in the Glossary of Business

Business is a complex topic that is chock full of nuance, so it can be difficult for the layperson to parse much of the terminology involved. However, a business owner, or a potential future business owner, needs to understand the intricacy of commerce in order to effectively run a company. Here are a few important factors to consider in order to keep your business operating efficiently

The Supply Chain

A supply chain is, appropriately enough, a series of steps that must take place in order for products to make it to market. On one end of the supply chain is the point of origin, manufacturing, in which raw materials are processed and turned into products, and on the other is retail. In some cases, retailers produce some of their own products, but this is a rarity. Instead, the major of resellers have arranged a supply chain incorporating at least one other business and usually multiple businesses. Retailers typically buy from distributors, though there are instances in which buying straight from a manufacturer makes more economical sense. This is because each step in the process increases the cost of the products involved. However, there is a reason that companies often choose to pay more for the service of distribution.

Value Added Resellers

The term might be unfamiliar, so what is a value added reseller? A value added reseller is a distributor that does more than simply moving the product in question from point A to point B. This process hinges on providing additional services that benefit the company in question and tends to pay for itself. In some cases, the value is added is that of additional features to products that can make them more valuable in the retail environment, which is common practice in the tech industry. Value added reselling can also include the provision of additional services, such as planning the layout of an office that has purchased office furniture.


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Supply and Demand

“Supply and demand” is a mantra often spoken in the commercial sector, but it isn’t often explained, presumably because the people who are likely to cite this principle expect it to be known among their peers. However, it’s often cited because of its profound importance in economics, so it’s worth addressing. Supply refers to the supply of a certain good, while demand refers to the demand for said good. The principle of supply and demand is striking a balance between the two that most  benefits the company, the public, or both. Typically, insufficient supply to match the demand for a product increases the price of the product.

This is bad for consumers, as it makes it more difficult for a consumer to obtain the product in question, but it can also be bad for the company selling the product. While increased prices sound good on paper, higher prices can often mean  fewer purchases. Meanwhile, too much supply and not enough demand means that a company will have excess stock that is either doing nothing or recouping substantially lower prices from reselling.

Marketing

Marketing is a term that is more widely known and understood by the general public, but its underlying complexity often goes unnoticed. Marketing is the vessel by which your company talks to the masses, in a sense, and it includes things like advertising and branding. Marketing is used to make the public aware of a company via advertising and to convey a certain personality or narrative to the company via branding, among other crucial tasks. An increasingly common form of marketing is the use of social media. Social media is one of many outlets for advertising, but it is also a way to brand a company by offering the aforementioned personality of the brand. In essence, marketing is the face of the company, and that becomes all the more literal with the addition of a company mascot or, more commonly, a logo.

These are just a few of the many terms that any business leader needs to know, but each of them is instrumental to the success of any company. With this primer, you can more readily understand the operations required for a business to operate and eventually succeed.

Publish Date: May 27, 2020 5:33 PM

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