As in many professions MBA graduates have developed their very own language that not many outsiders can understand. Business Week has recently compiled a glossary of the most frequently used terms and we thought this is a great starting point to develop an “MBA Dictionary” that puts an end to any confusion beginners might experience.
Please add more terms in the commentary section if you can think of any others and we will update the dictionary accordingly.
360-degree view
Complicated way of saying a thorough analysis, usually of customers.
30,000-ft. view
Taking a broad perspective on a problem without going into details – the people on the ground look like ants anyhow.
Actionable
Ready. “Are those deliverables actionable?” (See “Deliverable”.)
Bandwidth
Resources necessary to complete a project.
Best practice
Technique or method considered superior for consistently achieving the desired result
Blue ocean
Uncontested market with new business opportunities.
Caveat
A way to warn against bad news. “I want to caveat our deliverables.” (See “Deliverable” below.)
C-level
In business, C describes a company’s “chief” managers.
Cannibalize
To decrease demand for an existing product by introducing a similar new product.
Core competency
Area in which a company excels (screwing up does NOT count) that cannot be easily mimicked
Decision tree
Business owners’ version of Chose Your Own Adventure that maps out the outcome of different decisions
Deliverable
Task that must be completed under the terms of an agreement.
Delta
Problem with more than two sides.
Exit strategy
How a business owner and entrepreneur gets out of an investment.
First mover
First company to enter a market or industry.
Free rider
Those who enjoy resources paid for by others
Game changer
Visionary person, company, or product that revolutionizes the way business is done.
Home run
Great success.
Invisible hand
Force guiding the free market.
Lean
Business management strategy that emphasizes customer value while minimizing waste. (See “Six Sigma.”)
Leverage
To take advantage of.
Low hanging fruit
Easiest work or opportunity that can be undertaken quickly.
Market penetration
Share of total potential customers reached.
Mindshare
Consumer awareness of a brand or product.
Monetize
To turn something into a money-making asset.
Offline
In private.
Paradigm shift
Dramatic change in how things are done or thought of.
Perfect Storm
Disastrous event caused by combination of several factors.
ROI
Abbr. for return on investment, a way to measure the benefit of an investment.
Scope creep
When the limits of a project expand without changing the schedule or budget.
Silo
Reason no one in the company ever knows what’s going on.
Six Sigma
A business management strategy developed by Motorola in 1986.
Stakeholder Umbrella
term referring to anyone with an interest in a company or project including investors, employees, customers, suppliers, government, and the community.
STP
Abbr. for Segmentation, Targeting, and Positioning, a process used to develop marketing strategy.
Synergy
Benefit or value achieved by bringing together parties that would not be possible individually.
Triple bottom line
Way of measuring organizational performance that includes people, planet, and profit.
Take-away
Information that people gain e.g. after a meeting.
Take a deep dive
To review extensively
Transparency
Making it easy for others to see actions behind something.
Source:
Businessweek
