Business Cycle

Bribe – A payment made to buyers to influence their purchase decisions.

Bridal Registry – In retailing, a system which provides for the listing of the bride-to-be’s selection of china, linens, and other patterns, and maintains a record of what has already been purchased as gifts so the duplication can be avoided. The store favored with the specific choices usually becomes the source of the bulk of the bridal gifts.

Bridge – In broadcasting media , the transition from one scene to another by means of sound effects, music or various visuals.

Broadcast – Program transmission by means of waves which travel through the air or ground, such as in radio and television. (2) The sending of letters, bulletins, and the like, to all dealers at the same time.

Broadcast Quality – The media industries’ standard for material that can be aired. Technical format and content are both aspects of broadcast quality. For example, 3/4-inch tape is broadcast quality, VHS is not. Publicity submissions that are not broadcast quality generally will not be used.

Broadcast Television – A method of distributing television signals by means of stations that broadcast signals over channels assigned to specific geographic area.

Broad-Line Strategy – The offering by a business of a large number of variations of a product. See: Limited-Line Strategy

Broad Market – A situation in a market in which there are included a large number of segments of widely differing characteristics. May also refer to a market of great geographical size. See: Narrow Market

Broadside – A giant folder, often used as a self-mailer

Brochure – An elaborate or impressive booklet

Broken Lot – A quantity of goods offered for sale which is smaller than that normally considered a unit of sale.  2. An amount less than some understood standard unit of sale. See: Job Lot

Broken Case Lot Selling – Breaking of cases to sell smaller quantities, done by many wholesalers to accommodate retailers who cannot afford to buy in full shipping case lots.

Broker – A functional middleman whose distinguishing features are: his services to a principal are intermittent, he has limited authority to make terms, and he finances his principal only under unusual circumstances. He may represent either the buyer or the seller. Sometimes called: Merchandise Broker    Infrequently misapplied to a merchant

Brokerage – A charge, sometimes in the form of a commission, made by a functional middleman for bringing buyer and seller together. Usually applied to the side for whom the middleman is working sometimes both buyer and seller pay.

Brood Hen and Chick Method – A system of treating Branch Stores in retailing from a centrally controlled organization policy, much as chains are operated, but with firmer controls on merchandising and general store operations.

Brood Hen Concept – The retail buyer at the parent store keeps in close touch with the branches, receives requests for merchandise and acts on them at his discretion. Merchandise comes to the parent store from sources; after processing it is sent to the branches.

Brown Goods – Household appliances having the characteristics of furniture, particularly as to finish, e.g., television sets, stereos, etc. 2. Merchandise in the consumer electronic audiovisual field such as televisions, radios, stereo sets, etc. The name came from the brown (furniture color) cases in which such merchandise is frequently manufactured. At one time the term also included furniture.

Brussels Nomenclature – A tariff classification system developed by an international committee of experts under the sponsorship of the Customs Cooperation Council. The rules were used by most GATT members up until January 1989, when Harmonized Tariff System went into effect.

Bubble Card – Same as: Blister Pack

Bubble Plan -A store layout plan that shows the rough placement and adjacency of keys element of a proposed store.

Budget – Any projection or plan of receipts and expenditures over a given period of time.  2. The detailed financial component of the strategic plan that guides the allocation of resources and provides a mechanism for identifying deviations of actual from desired performance so corrective action can be taken. A budget assigns a dollar figure to each revenue and expense related activity. A budget is usually prepared for a period of one year by each component of an organization. Like the action program, a budget provides both a guide for action and a means of assessing performance. See: Cash Budget, Merchandise Budget, Sales Budget

Budget-Book Sale – The customer contracts for a certain amount to be paid back on a regular basis with a small carrying charge. The customer is given a book containing coupons in various denominations aggregating the contracted amount. These coupons can then be used as cash in any department store.

Budget Effect – An attributes possessed by a commodity which makes it possible to cause s transfer of a consumer’s patronage to the source offering it because the consumer is convinced he can in so doing buy more with the same income. See: Transfer Effect

Buffer Inventory – An amount of stock kept on hand to avoid, or at least minimize, the risk of running out due to delivery failure, unanticipated supplier problems, and other contingencies. Same as: Back-Up Inventory

Build-Up Approach – A way of allocating the advertising budget to lines of offerings. It begins with requests for advertising budgets from those responsible for the lines. These are adjusted as necessary by the one in charge of promotion and then combined to produce a total. See: Break Down Approach

Bulge – A quick advance in the price of a commodity

Bulk Breaking – Same as Breaking Bulk

Bulk Checking – A way of verifying the receipt of goods by comparing the carton markings with the packing list or invoice. When items are shipped in standard-quantity packages and the source is reliable, it is usually not worth the time to open each package for complete verification of the contents.

Bulk Discount – A schedule of payment for advertising set by a publisher, in which the charge per unit of space or time decreases as the total units accumulate to specified amounts. See: Flat Rate, Frequency Discount

Bulk Freight – Same as: Bulk Goods

Bulk Goods – Items which are sold and delivered in loose form, such as coal, gravel, grain. They generally have the common quality of flowability, so that they may be loaded and unloaded by either gravity or blower devices. Sometime applied to any large shipment of one item.

Bulking – Essentially the same as Assembly and the opposite of Breaking Bulk.

Bulk Marking – the practice of placing the price only on the original shipping containers or at lest bulk packages; individual units are not marked until the merchandise is transferred from reserve to forward stock. It is also referred to as deferred marking.

Bulk Plant – A secondary storage facility which receives product from a refinery or terminal and delivers principally by bulk wagon to customers in this area. It may be operated on a salary, commission or jobbers basis.

Bull – One who believes prices are likely to rise. See: Bear

Bulldog Edition – That edition of a morning newspaper that is printed on the preceding evening and sent out-of-town. See: Salesmanship

Bundle of Benefits Concept – The idea that consumers or Industrial users do not buy things as such, but rather buy the benefits that those things are expected to provide. Without the expected benefits the things would be meaningless and lack the power to attract those who would own them. See: Salesmanship

Bundle of Services Concept – An argument favorite leasing rather that owning of equipment in the Industrial Goods Market based on the consideration that the purchase of a machine can be thought of as the purchase of the number of yearly services that the machine is expected to last. The costs thus calculated can be compared with the yearly cost of the lease on a present value basis.

Bundling – Offering several complementary products together or offering additional services in a single “package deal”. The price of the bundle is typically lower than the sum of the prices of the individual products or services included in it. Groups of services or products may be bundled in different combinations appealing differently to different segments in order to price discriminate among these segments and to avoid cherry picking.

Bureaucratic Organization – this term is associated with government, where official decision making is circumscribed by laws, rules, and regulations which often result in inflexibility, “red tape”, and slowness to act. The term is sometimes applied to the hierarchical business structure, which is thought to lead to slow decision making and slow response to change. It should be noted, however, that business – unlike government – operates in a competitive environment that does not reward slow decision making if it results in poor sales or customer service. Comment: To combat any tendency towards bureaucracy, particularly in large corporations, companies have speeded up decision making by measures such as decentralized and flatter organization structures along with computerized information and communication system that alert management quickly to problems requiring resolutions.

Buried Position – That position on a publication page in which the advertisement is surrounded by other advertisement or is a bottom corner inside a page with advertisements at top and side. A generally poor position for an advertisement.

Busheling – Applied to the alteration of garments after purchasing by a customer. The term is gradually fading out of use.

Bushelman – A formerly common term referring to a repairer of garments, especially in the alteration room for men’s clothing.

Business Analysis – This is a term of many meaning, and in marketing it is usually associated in some way with the evaluation of new product proposals. In format, it may consist of a five-year discounted cash flow, net present value type of of financial analysis, or it may be a more comprehensive analysis of the entire situation surrounding the proposed product. Chronologically, it may come early in the development process (when it is used to decide whether expensive research and development should be undertaken), and/or late in the product development cycle when the commercialization decision is being made.

Business Consumer – A misnomer except in the economic sense of one engaged in Consumption. See: Consumer

Business Cycle – Changes which take place in business conditions with some rhythm over a period of time. Usually, the phases of the cycle are identified as depression, when GNP is low and unemployment is high, also called trough; recovery, the start of betterment in the Business Indicators, also called upturn, revival, expansion, prosperity, when production is approaching capacity and employment full; peak, at which demand outruns supply and Inflation accelerates; crisis, the beginning of a downturn in production which unchecked leads to decline, which if also unchecked goes down to depression. Much have been learned over the past forty years about managing the economy, but no precise formula has been developed. The many theories put forward to explain the cycle have all proved lacking in one way or another.

Business Defamation – Statements made that are unfair or untrue about competitor, its products, or its salespeople.

Business Definition – Specifies the present and/or prospective scope of strategic business unit’s activities in terms of boundaries of the arena in which the business elects to compete. The definition also serves to direct attention to the true function of the business that is, the way the business meets the needs of its target customers. A complete definition requires choices about the business position a long four dimensions: 1. customer functions – addressing the benefits being provided; 2. customer segments – specifying the customer groups seeking similar benefits and sharing characteristics that are strategically relevant; 3. technology -specifying the alternative ways in which a particular function can be performed; and 4. vertical business system – specifying where the business chooses to participate in sequence of stages in the vertical business system,

Business Development – (1) Most frequently, same as: Reciprocity. (2) Sometimes used to indicate the activity at the top echelons of a firm which aims to seek out and extend the use of its products into other industries.

Business Ethic – A moral practice that puts personal personal gain foremost among other values. See: Social Ethic

Business Gift – a gift to a costumer or other business friend as an expression of appreciation. Unless the gift is of nominal value, a serious question may arise as ti the propriety of accepting it, or even of offering it. See: Commercial Bribery

BUSINESS INDICATOR – A series of the data related to a particular aspect of business activity, such as sensitive commodity prices, that gives insight into general economic and business conditions. Indicator are usually classified as Leading Indicators if they usually reach their peaks or Troughs before those in aggregate economic activity as measured by the Roughly Coincident Indicators, which move up or down almost together aggregate economic activity; the Lagging Indicators, which usually reach turning points after aggregate economic activity has turned. These are all determined by the NBER.    See: Business Cycle

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