Personalization

The ability for customers to change a product or service to better suit their needs and desires. It differs from Customization in that Personalization offers a much wider set of pre-defined attributes as well as the ability to create new or original attributes. This can reduce wasted materials and energy, while offering a dynamic and satisfying experience for customers.  Read More

Perfect Markets

Most of neoclassical economics (and current economic theory) is based on the assumption that markets are perfect in the following ways: all parties know and share the same information, rational decision-making on the parts of buyers and sellers, low or no transaction costs, perfect competition, no monopolies, and equal access. In reality, none of the conditions are usually present, creating a situation where current economic theories of market dynamics... Read More

Pension Fund

An investment fund created with funds from a portion of an employee’s and/or employer’s wages and profits for the purpose of providing a salary when an employee retires. They are, mainly, focused on long-term returns (in the 20-40 year time frame). Companies, governments, unions, and other organizations can all create or contribute to pension funds. Because they are worth so much money, pensions funds for large companies and governments can exert... Read More

Participatory Organizations

Organizations whose culture and procedures require or allow members’ involvement in the creation of policy and change. A related term, participatory design, refers to an organization including customers in the design and development process in order to create more appropriate and successful products, services, and experiences.  Read More

Overshoot

The amount that any value exceeds its intended measure. In sustainability terms, overshoot is often the amount a variable (such as a measure of environmental impact) exceeds what is intended or thought to be healthy or acceptable. Overshoots can be positive but are usually used to convey negative impacts of human or business activity. Alternatively, The point where human consumption and waste production exceed nature’s capacity to create new resources... Read More

Organizational Change

The ability for an organization, its culture, and its procedures to grow in a positive way that leads to great success and more effective performance (both internally and externally).  Read More

Organic

In regards to food (both plant and animal) and other agricultural products (such as cotton), a term describing the absence of pesticides, hormones, synthetic fertilizers and other toxic materials in cultivation. In some countries, “organic” has a legal definition. For example, in the USA, it is defined in the Organic Food Production Act of 1990 and refers to food and products that are at least 95% free of toxic and synthetic materials as described... Read More

Opportunity Cost

The benefit that could have been received by taking an alternative course of action. Opportunity Cost is used to determine if a business investment is worthwhile in light of other opportunities. It should be a component in projecting cost flows.  Read More

Open-Loop Recycling

The conversion of material from one or more products into a new product, involving a change in the inherent properties of the material itself (often a degradation in quality). For example, recycling plastic bottles into plastic drainage pipes. Often called downcycling or reprocessing.  Read More

Niche

A type of market characterized by small size (relative to traditional markets) and special interests. Growing markets and trends often start as niche markets. In most categories, because there are no market majorities (a product or service with more than 50% of market sales), niche markets can be influential and lucrative.  Read More