Consisting of elected individuals who serve as advisors to a corporation, a board of directors acts as a proxy (representative or substitute) for shareholders.For-profit and nonprofit corporations – as well as some government agencies – have a board of directors.
A cash market is a market for securities or commodities in which the goods are sold for cash and delivered immediately.In some cases, "immediate" means one month or less.
Elasticity is a measure of the change in one variable in response to a change in another.In economics, elasticity generally refers to variables such as supply, demand, income, and price.
In the manufacturing and logistics world, just in time (JIT) inventory management helps companies reduce storage costs and improve quality.Originated by the Toyota Motor Company, just in time practices help companies reduce waste and align all processes of their production.  Does just in time management work for every company?
Liquidity risk is the risk that a company or individual will not be able to meet short-term financial obligations due to the inability to convert assets into cash without incurring a loss.This most often occurs when assets (such as securities) cannot be sold for a reasonable price due to a lack of buyers, large price movements, or widening bid-ask spreads.
The definition of marketing mix can best be described as the combination of elements used to promote products or services.These variable elements are based upon the analysis of the “four P’s” of marketing: product, price, place, and promotion.
Opportunity cost is the return on an investment/opportunity you missed out on, compared to the return on the investment that you chose.To determine what was lost (or gained), opportunity cost may be calculated as a number or a ratio.
Outsourcing is a business strategy that includes transferring work from a company’s employees to an external party.Many companies outsource their services and the creation of goods with the goal of decreasing costs such as employees, overhead, equipment, and technology.  Outsourcing work or production to other countries may further decrease costs and allow a company to focus more heavily on its critical operations.
A value proposition is a marketing statement that positions a company’s products in the mind of the consumer as the best one for their needs.It clearly, easily, and concisely articulates what the company sells and why it is better to buy this particular product or service (instead of a competitor’s product or service).  While value propositions are meant to be easily remembered, they definitely aren’t easy to create.
Work in process refers to items in a manufacturing plant that are in the stages between raw materials and finished goods (or inventory).In-process goods are expected to be finished and moved into inventory soon, but they aren’t quite complete yet.