Taboo Taboos are injunctions against certain behaviors. Excessive behaviors, beyond what is acceptable, are taboo.

Tactics are specific courses of action. Like strategy different writers use this term in different ways.

Take-over/acquisition is the acquiring, by a company, of a controlling interest in the voting share capital of assets of a company. Note, sometimes sole traders, who are not companies, take over other sole traders' business assets and so perhaps the first half of this definition is a bit restrictive.

Target market Market, or market segment to which an organization offers goods/services; one or more segments selected for special attention by a business.

Targeting see Segmentation.

Tariff is taxes imposed on imported goods with the intention of reducing their competitiveness with domestic equivalents.

Task culture Performance is judged by results; people like working in teams.

Taxation includes payments to the government from the private sector and constitutes the primary source of revenue to finance state expenditure. Levies are made on income, property and expenditures.

Team development stages: 1) Forming (the group is just coming together), 2) Storming (the stage involves conflicts between group members), 3) Norming (a period of setting down), 4) Performing (the group sets to work to execute its task).

Reaction of individuals to group norms: 1) compliance, 2) internalization, 3) counter-conformity.

Team effectiveness (Charles Handy): 1. The givens: 1.1 The team's members, 1.2 The team's task, 1.3 The team's environment; 2. Intervening factors: 2.1 Team motivation, 2.2 Processes, 2.3 Procedures, 2.4 Leadership style; 3. The outcomes: 3.1 Productivity, 3.2 Team satisfaction.

Criteria of team effectiveness: 1) fulfillment of task and organization goals, 2) satisfaction of team members.

Effective teams: 1. Quantifiable factors: 1.1 Low rate of labor turnover, 1.2 Low accident rate, 1.3 Low absenteeism, 1.4 High output and productivity, 1.5 Good quality of output, 1.6 Individual targets are achieved, 1.7 There are few stoppages and interruptions to work; 2. Qualitative factors: 2.1 There is a high commitment to the achievement of targets and organizational goals, 2.2 There is a clear understanding of the group's work, 2.3 There is a clear understanding of the role of each person within the group, 2.4 There is free and open communication between members of the group and trust between members, 2.5 There is idea sharing, 2.6 The group is good at generating new ideas, 2.7 Group members try to help each other out by offering constructive criticisms and suggestions, 2.8 There is group problem-solving which gets to the root causes of the work problem, 2.9 There is an active interest in work decisions Group members Seek a united consensus of opinion, 2.10 The members of the group want to develop their abilities in their work, 2.11 The group is sufficiently motivated to be able to carry on working in the absence of its leader.

Ineffective teams: 1. Quantifiable factors: 1.1 High rate of labor turnover, 1.2 High accident rate, 1.3 High absenteeism, 1.4 Low output and productivity, 1.5 Poor quality of output, 1.6 Individual targets are not achieved, 1.7 Much time is wasted owing to disruption of work flow, 2. Qualitative factors: 2.1 There is no understanding of organizational goals or the role of the group, There is a low commitment to tar-gets, 2.2 There is confusion about the role of each person and uncertainty, 2.3 There is mistrust between group members and suspicion of group's leader, 2.4 There is little idea sharing, 2.5 The group does not generate any good new ideas, 2.6 Group members make negative and hostile criticisms about each other's work, 2.7 Work problems are dealt with superficially, with attention paid to the symptoms but not the cause, 2.8 Decisions about work are accepted passively, 2.9 Group members hold strongly opposed views, 2.10 Group members find work boring and do it reluctantly, 2.11 The group needs its leader there to get work done.

Team leader roles (John Adair): 1. Group maintenance: 1.1 Encouraging, 1.2 Peace-keeping, 1.3 Clarifying, 1.4 Standard-seeking; 2. Task roles: 2.1 Initiating, 2.2 Information-seeking, 2.3 Diagnosing, 2.4 Opinion-seeking, 2.5 Evaluating, 2.6 Decision-making, 3. Individual maintenance roles: 3.1 Goal-setting, 3.2 Feedback, 3.3 Recognition, 3.4 Counseling, 3.5 Training.

Team roles (Belbin): 1) co-ordinator; 2) shaper; 3) plant; 4) monitor-evaluator; 5) resource-investigator; 6) implementers; 7) team worker; 8) finisher.

Teaser campaign Advertising intended to tease the public by offering only bits of information without revealing either the sponsor of the ad or the product being advertised. The purpose of a teaser ad is to arouse curiosity and generate attention for the campaign that follows. (Responsive Database Services, Inc)

Technological diffusion process see Diffusion process.

Technological environment embraces changes to products, processes and methods of business which impact on the organization.

Opportunity of technological changes: 1) Excess profit, 2) Competitive advantage, 3) Lover costs, 4) Faster growth, 5) Greater flexibility.

Threads of technological changes: 1) The loss of market share / profitability as a result of technological surprises, 2) Hi-tech may involve highly specialized plant and inflexibility in face of changing consumer tastes, 3) High cost of investment, 4) Risk and loss of failure.

Impacts of technical change on the natural environment: 1) Effluent, 2) Emissions, 3) Acid rain, 4) Ozone-layer depletion, 5) Greenhouse effect, 6) Solid wastes, 7) Resource depletion.

Technology Apparatus (e.g. tools, equipment); technique (ways of using tools, work methods); organization (social arrangements for productive ends).

Technology transfer Feature of many joint venture and investment arrangements between developed and developing countries whereby a company has the right to make and sell a product in a local market, but in order to do so, must transfer technological expertise to the local company to assist the local government's industrialization and development priorities.

Telecommuting see Teleworking.

Telemarketing is the planned and controlled use of the telephone for sales and marketing opportunities.

Combined within the marketing and selling functions, telemarketing in important in the following areas: 1. Building, maintaining, cleaning and updating databases; 2. Market evaluation and test marketing; 3. Dealer support; 4. Traffic generation - encouraging attendance at promotional events; 5. Direct sales and account servicing; 6. Customer care and Loyalty building; 7. Crisis management.

Telephone research is a relatively fast and low cost means of gathering data compared to personal interview.

Advantages of telephone research: 1) High probability of locating respondents, 2) Reasonable co-operation levels, 3) A wide spectrum of respondents, 4) Open-ended questions are possible, 5) Respondents can be screened for research suitability, 6) Relatively fast, allowing a considerable number of interviews to be carried out.

Disadvantages of telephone research: 1) Bias 2) Limited techniques (verbal communication), 3) High refusal rate, 4) Short duration.

See also Interview.

Television rating (TVR) is the unit of measurement, by which television is bought and sold. A TVR is a percentage measurement of how many within a specified audience (homes, adults, men), were watching at a specific point in time.

Teleworking (Telecommuting or Electronic cottage) is working at home, with computer links with the office.

Benefits of teleworking: 1) Flexibility, 2) Reduced cost, 3) Solution to travel problems, 4) Employ staff with care responsibilities, 5) Convenience, 6) Space saving, 7) Retain skilled staff.

Drawbacks to teleworking: 1) Management and communication difficulties, 2) Social isolation, 3) Losing touch with the organization, 4) Unavailability for meetings.

Terms of trade
Definition #1. Terms of trade is the ratio of export prices to import prices.
Definition #2. Terms of trade is the index of average export prices compared to average import prices.

Test marketing Samples of a proposed new product are tried out in areas which are supposed to be representative of the market as a whole.

There are some key points that should be remembered when testing a new product: 1. The objectives of the experiment should be clearly stated in writing. 2. The marketing activity in the test area should be consistent with the general level in the company as a whole. 3. Representative areas should be chosen so that when the findings are extrapolated to the whole sales area, the results are indicative of likely activity and market share.

The key advantage of test marketing is that it is possible to evaluate a new product or service without launching nationally and incurring a large amount of expenditure on both promotional elements and sales training. It therefore allows sales forecasts and market share to be estimated.
It is also possible to identify product weaknesses and test different elements of the marketing mix to check that, not only in the product acceptable, but it is being offered at the right price in the right packaging and with an appropriate name.
Generally, test marketing is practiced in consumer markets rather than industrial markets.

The major limitations of test marketing: 1. Alerts the competition to the new product or service and allow them to respond by developing an equivalent which they may choose to launch nationally ahead of you if they see your product is going to be successful. If the product is easy to copy it may be better to go without a test market. 2. Even if the test is successful and the region is thought to be representative, in reality it may not be and the national launch may be unsuccessful. 3. With fashion items, the period of time required to test the market may be counterproductive as the fashion may have changed by time the company feels ready to launch nationally. 4. If special plant and equipment needs to be commissioned to produce the new product, the fixed costs may make it uneconomic to launch on a limited scale and having carried out exploratory research, it may be better to launch nationally, to recoup the investment costs as soon as possible.

Threats are changes in the environment whose impact may prevent the achievement of a firm's objectives.

Threshold models Buyer behavior models based on the idea that consumers have cut-off points or thresholds beyond which they will not venture.

Time management involves the following: 1) Identifying objectives, 2) Prioritizing and scheduling, and 3) Planning and control.

Indicators of poor time management are: 1. Personal: 1.1 Long hours - having to work longer hours than normal, 2) Lack of planning - having little or no time for planning or preparation; 3) Interruptions - frequent interruptions from colleagues; and 4) Subordinates - problems in other areas.

Principles of good time management: 1) Set goals and priorities, 2) Make time to plan, 3) Appropriate delegation, 4) New technology, 5) Focus on key activities.

Hints and tips to improve the time management: 1. Plan each day; 2. Produce a longer-term plan; 3. Assess the opportunity costs; 4. Use travelling time effectively in other areas; 5. Use ACIB method of in-tray management: 5.1 Act on the item immediately, 5.2 Co-opt someone else to act on it (delegate), 5.3 Input a time to your diary, when you will deal with it, 5.4 Bin it, if you're sure it is worthless; 6. Use 'the half open door: 6.1 Being unavailable, 6.2 Setting up 'surgery hours', 6.3 Determining which people are 'urgent' or 'important', 6.4 Arranging regular meetings with people you have to deal with frequently, 6.5 Staying in control of meetings, 6.6 Do not allow people to by-pass the hierarchy; 7. Staying in control of the telephone: 7.1 Only take calls during certain times and divert calls to your secretary during the rest of the day, 7.2 Group calls so that you make a number of calls together, 7.3 If someone is unavailable when you call, say that you'll ring back at specified time, rather than allowing the person to ring you back at an inconvenient time for you, 7.4 You should know what you aim to achieve by each telephone call, also what information you will need to have handily and how long the call will take; 8. Appointments with yourself; 9. Work to schedules, checklists etc.: 9.1 Write down information about appointments, events and duties, 9.2 Don't put off large, difficult or unpleasant tasks simply because they are large, difficult or unpleasant, 9.3 Recognize and set reasonable deadlines; 10. Organize work in batches; 11. Maintain a list of 'five-minute' jobs which can be completed whilst waiting for a meeting, telephone call etc.; 11. Take advantage of work patterns; 12. Follow up tasks - see them trough.

Prioritization quadrant of urgency or importance (Dr Tedd Johns): 1) Tasks both urgent and important should be dealt with now, and given a fair amount of time, 2) Task not urgent but still important (strategy) will become urgent as the deadline looms closer. Some of these tasks can be delegated. 3) Tasks urgent but unimportant should be delegated, or ' designed out' of your job. The task might be urgent to someone else, but not to you. 4) Task neither urgent nor important should be delegated or unloaded.

Time series analysis Quantitative forecasting technique using the statistical analysis of past data, which has been arranged in a time series.

Time series analysis: 1. Exponential smoothing, 2. Moving averages, 3. Rolling forecast, 4. Z-charts, 5. Trend analysis, 6. Random factor analysis, 7. Sesonality, 8. Cycle analysis.

Advantages of time series analysis :
1. Account is taken of seasonal variation in establishing the trend; 2. It is based on historic data.

Three principal methods of Time series analysis : 1) Inspection, 2) Linear regression analysis by the least squares method, 3) Moving averages.

Total cost see Overheads/costs/expenses.

Total market demand The total volume of a product or service that would be bought by a defined consumer group in a defined geographic area in a defined time period in a defined marketing environment under a defined level and mix of industry marketing effort. (Philip Kotler)

Totalitarianism Power concentrated in single leader of the ruling party. Official ideology rules. Repression of opposition parties. Government controls media. Central direction/command. Minorities persecuted.

TQM (Total quality management)
Definition #1. TQM is an approach to production, and also management, aimed to prevent defective manufacture and to promote continuous improvement.
Definition #2. TQM is the continuous improvement in quality, productivity and effectiveness obtained by establishing management responsibility for processes as well as outputs. In this, every process has a process owner and every person in an entity operates within a process and contributes to its improvement.

TQM involves: 1) reducing waste, 2) reducing variation, 3) monitoring the process of production to ensure conformance quality, 4) continuous improvement.

Ideas of importance in the TQM movement: 1) Zero defects (Statistical process control), 2) Right first time, 3) Continuous improvement.

Possible process failures: 1) poorly trained or inappropriate staff, 2) 'unfriendly' computers, 3) poor or non-existent co-ordination between functions, 4) poor grouping of work within the organization, 5) lack of resources.

Trade blocs involve groups or countries who co-ordinate their trading activities. Internal tariffs are removed but external tariffs with the rest of the world may (customs union) or may not (free trade area) be controlled.

Trade blocs: 1. European Union (EU): Belgium, France, Italy, Luxembourg, Germany, Netherlands, UK, Denmark, Greece, Ireland, Spain, Portugal, Australia, Finland, Sweden. 2. Asia-Pacific Economic Co-operation (APEC): Australia, Brunei, Malaysia, Singapore, Thailand, New Zealand, Papua New Guinea, Indonesia, Philippines, Taiwan, Hong Kong, Japan, South Korea, China, Canada, US, Mexico, Chile. 3. European Free Trade Association (EFTA): Norway, Switzerland, Iceland, Liechtenstein. 4. Asian Free Trade Area (AFTA): Brunei, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam. 5. North American Free Trade Agreement (NAFTA): US, Canada, Mexico, Chile, 6. Andean Pact: Venezuela, Colombia, Peru, Bolivia. 7. West African Economic & Monetary Union (UEMOA): Ivory Coast, Niger, Burkina Faso, Togo, Senegal, Benin, Mali. 8. South African Development Committee (SADC): Angola, Botswana, Lesotho, Malawi, Mozambique, Mauritius, Namibia, South Africa, Swaziland, Tanzania, Zimbabwe, 9. South Asian Association for Regional Co-operation (SAARC): India, Pakistan, Sri, Lanka, Bangladesh, Maldives, Bhutan, Nepal. 10. Mercosur: Brazil, Argentina, Paraguay, Uruguay. 11. African franc zone. 12. Latin American Free Trade Association (LAFTA). 13. Gulf Cooperation Council (GCC). 14. Association of South East Nations (ASEAN), 15. South African Development Coordination Conference (SADCC).

Integrated forms of trade blocs: 1) Free trade areas, 2) Custom unions, 3) Economic unions.

Trade creation is goods and services now imported in preference to domestic production.

Trade descriptions is legislation requiring that products perform to the specification stated or implied, i.e. they are fit for their purpose.

Trade debtors represent the total amounts owed to a company at any one time by its credit customers.

Trade diversion involves discrimination in favor of member imports even though non-member costs, prior to imposition of common external tariff, were lower.

Trade fair Trade fairs are events at which many firms display their wares to other businesses.

Advantages of trade fairs 1. The ability to let potential customers see demonstrations and trials. 2. The ability to make personal contact with existing and potential customers to maintain and develop relationships. 3. Allowing direct contact with major decision makers and influencers at a time when they are interested in the product. 4. Providing an opportunity for market research, such as competitor activity and buyer response. 5. Contacting a large number of potential customers in one place.

Trade promotion Sales promotion designed to gain reseller support and to improve reseller selling efforts, including discounts, allowances, free goods, cooperative advertising, push money, and conventions and trade shows. (Philip Kotler)

See also Promotion.

Trade union Organized association of people working in one or more trades, occupations or industries.

Trade-in allowance A price reduction given for turning in an old item when buying a new one. (Philip Kotler)

Trade-off models Buyer behavior models that put forward the viewpoint that because buyers have such a wide array of choices no one product will be the best on all product attributes, therefore the buyer will undertake some kind of trade-off, accepting a product which is lacking in one attribute but is strong in another.

Trademark A brand or part of a brand that is given legal protection - it protects the seller's exclusive rights to use the brand name or brand mark. (Philip Kotler)

Trading organizations (legal forms)
A Sole trader is a person carrying on a business with sole legal responsibility for his actions, not in partnership nor as a company (i.e. the business has no separate legal existence).
Characteristics: 1) Oldest type, simplest to form, 2) Unincorporated, 3) Ownership and control in a single person, 4) No separate legal existence, 5) No disclosure of information bar to tax authorities, 6) No limit on employees, 7) Farming / personal services / building / retail.
Advantages: 1) Minimum formalities/privacy, 2) Complete control/no consultation, 3) Highly motivated/single-minded, 4) Least costly to form, 5) Close to customers/employees, 6) Flexible/attended to detail, 7) Niches where limit to market, 8) Exemption from legislation/VAT, 9) Personal satisfactions - status.
Disadvantages: 1) Unlimited liability for any debts, 2) Raising capital difficult: own funds/family, 3) Specialized and risky - bank view, 4) Narrow outlook, 5) Depend on health/lack continuity, 6) Self-exploitation - work long hours, 7) Competition from large/small, 8) Lack management skills, 9) No-one to share burden.
B Partnership. Two or more people in business together.
Characteristics: 1) Unincorporated, 2) Two or more in common with a view to profit, 3) No more than 20, bar certain professions, 4) Form an agreement or are bound by 1890 Act, 5) Unlimited liability and jointly liable, 6) Share management/profits/losses, 7) No legal personality.
Advantages: 1) Able to raise more capital, 2) Pool experience, mutual supports and funds, 3) More chance to specialize, 4) No corporation tax on business, 5) Risk reduction, 6) Protection of corporate identity.
Disadvantages: 1) Unlimited liability unless 'Limited' - still must be at least one partner fully liable, 2) Lack of legal identity - dissolves if death/disagreement = expense/trouble, 3) Potential disagreements, 4) Frozen investment, 5) Difficulties of management, 6) Decline of interest by one partner.
C Registered company.
Characteristics: 1) Incorporated, separate legal entity - enter contracts etc., 2) Members contribute capital and own shares, 4) Dominated form, 4) Liability limited to amount invested or guaranteed.
D Co-operative Business organization whose profits are owned by the workforce or consumers etc.
Characteristics: 1844 Rochdale pioneers in retailing, 2) Government by Industrial and Provident Act, 3) Worked ownership/control but falling numbers/mergers, 4) Limited liability but one member, one vote, 5) Self-help non profit maximizing via management committee, 5) Equitable distribution on dividend if a surplus is made.
E Limited companies are organizations incorporated under Companies Acts (1989 in UK). They have a separate legal identity from the person who own it (shareholders) and with limited companies, the liability of shareholders for debts of the business is limited their investment in the share capital. Advantages: 1) Separation of the business from its owners, 2) Community of operation, 3) more professional appearance
F Franchise A contractual association between a manufacturer, wholesaler, or service organization (a franchiser) and independent business people (franchisees) who buy the right to own and operate one or more units in the franchise system. (Philip Kotler) Popular in retail and service industries, the franchisee supplies capital and the franchiser supplies expertise, a brand name and national promotion.
Characteristics: 1) Franchiser sells the right to market a product under its name to a franchisee, 2) Separate entities but interdependent businesses, 3) Rapid grow especially retailing, 4) Ready-made opportunity for entrepreneur with capital wishing to minimize risk of a new venture.

Traditional leadership Authority is bestowed by hereditary entitlement, or decisions are taken on the basis of precedent.

Training see On-the-job training.

Transaction A trade between two parties that involves at least two things of value, agreed upon conditions, a time of agreement, and a place of agreement. (Philip Kotler)

Transaction processing system Used for routine tasks in which data items or transactions must be processed so that operations can continue.

Transfer earnings is the minimum payment needed to prevent a factor of production from moving to other employment. For example, the transfer earnings of a person who earns $30,000 and whose next best alternative employment is a job paying $25,000 are $25,000.

Transfer payments Payments which are not made in return for goods or services. Student grants and social security payments are examples.

Transfer price The price at which goods or services are transferred from one process or department to another or from one member of a group to another. The extent to which costs and profit are covered by the price is a matter of policy. A transfer price may, for example, be based upon marginal cost, full cost, market price or negotiation. Transfer pricing is important in global businesses souring components from many countries.

Transnational company This term is used in a variety of contexts, and might be taken to mean Global company or Multinational company.

Trends are general tendencies to move or extend in a specific direction.

See also Time series analysis (Trend analysis).

Trust-control dilemma T(rust) + C(ontrol exercised by superior over a subordinate) = C(onstant) (Handy).

Two-part pricing A strategy for pricing services in which price is broken into a fixed fee plus a variable usage rate. (Philip Kotler)

TV advertising General articles about advertising on TV. (Responsive Database Services, Inc)

TV rating point see Television rating.