Business Dictionary

Business Dictionary Dictionary Word Of The Day
Frugal Innovation - Engineering - Word of the Day
January 9, 2018
Frugal innovation or frugal engineering is the process of reducing the complexity and cost of a good and its production. Usually this refers to removing nonessential features from a durable good, such as a car or phone, in order to sell it in developing countries. Designing products for such countries may also call for an […]
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Some Business Vocabulary
May 3, 2017
1. Back-of-the-envelope: calculations made haphazardly or informally. “Jim’s giving me back-of-the-envelope numbers, but I need concrete, exact figures.” 2. Bio break: a bathroom visit during business hours. “Sorry I’m late, guys. I had to take a bio break.” 3. Bleeding-edge: a concept or trend that’s so innovative and new, it goes beyond being cutting-edge. “This […]
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What is back-of-the-envelope calculation / napkin math means?
April 18, 2017
Napkin Math / back-of-the-envelope calculation
When we say “it was on the back of a napkin,” it means we did it quickly. It wasn’t formal. It makes you imagine the person was eating dinner, suddenly had an idea, and had to write it on the nearest paper, which was a napkin. 🙂 When a tutor uses a fast food premises […]
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Impulse Buying
April 18, 2017
Spur of the moment, unplanned decision to buy, made just before a purchase. Research findings suggest that emotions and feelings play a decisive role in purchasing, triggered by seeing the product or upon exposure to a well crafted promotional message. Such purchases ranges from small (chocolate, clothing, magazines) to substantially large (jewelry, vehicle, work of […]