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Business 101

 

If the world of professional services is new to you, you can build your knowledge of business vocabulary by using our “Business 101” glossary. 

When going through our selection process, we'd encourage you to do your research, including using the PwC website and referring back to the job description for your role. It's important that you have an understanding of PwC, what we do and the role you’re applying for.

 

A - D

Acquisition

When one company purchases most or all of another company's shares to gain control of that company.

Artificial Intelligence

Leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.

Assertive Culture

The ability to speak up for ourselves in a way that is honest and respectful.

Asset

Something a person or business owns, or has value  e.g. buildings, vehicles, a copyright, cash in a bank account, money someone owes you.

Automation

The use of machines and technology to make processes run on their own without manpower.

Business Model

A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

Business 2 Business

A transaction or business conducted between one business and another, such as a wholesaler and retailer.

Cash Injection

This is when cash is introduced into a business. For example, through investment from the business owner, shareholders or a bank loan.

Depreciation

A reduction in the value of an asset over time, due in particular to wear and tear.

Disposal

Selling or getting rid of something that you’ve owned for a long time e.g. disposing of a building by selling it to someone else, disposing of a written off vehicle by taking it to the scrap yard.

E - L

Economic Life

When one company purchases most or all of another company's shares to gain control of that company.

E-commerce

Leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.

Emerging Markets

The economy of a developing nation that is becoming more engaged with global markets as it grows.

Emerging Technology

Something a person or business owns, or has value  e.g. buildings, vehicles, a copyright, cash in a bank account, money someone owes you.

Employee Turnover rate

The use of machines and technology to make processes run on their own without manpower.

Fixed Assets

Assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

Lean

A business that maximizes value while minimizing waste.

Liabilities

Something a person or company owes e.g. loans, expenses.

Litigation

The process of taking legal action.

M - Z

Mergers

Combine two separate businesses into a single new legal entity.

Operational change

A change to the way a business process takes place e.g. the way a supermarket sources their produce, or the way a company distributes their product.

Phishing

The practice of sending fraudulent communications that appear to come from a reputable source.

Revenue

The total amount of income generated by the sale of goods or services related to the company's primary operations.

Service model

The way that a firm chooses to deliver services to their customers.

SWOT analysis

A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

Example SWOT analysis

A SWOT analysis is a simple framework used to evaluate a company’s competitive position.

Strengths and Weaknesses are things that a company does well or could improve upon. They are sometimes referred to as ‘internal’ factors that are focussed specifically on the company

Opportunities and threats are things that the company could take advantage of, or cause the company harm if not addressed. They are sometimes referred to as ‘external’ factors that other companies may also be affected by.



Internal factors

Strengths

Weaknesses

Well established brand name and loyal customer base


No social media presence



External factors

Opportunities

Threats

Recent regulation changes mean the company’s products can now be sold overseas

Several new competitors have entered the market and are generating a lot of interest

Unique Selling Point (USP)

A feature or characteristic of a product, service, etc. that distinguishes it from others of a similar nature and makes it more appealing.

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