Final answer:
The definitions of several terms related to information technology and business processes, such as Application Service Provider (ASP), Bench marking, Beta versions, and so forth. These concepts are essential in understanding how companies manage their technical resources and business strategies.
Step-by-step explanation:
The definitions and understanding in relation to various concepts commonly discussed within information technology and business management contexts. An Application Service Provider (ASP) is a business providing computer-based services to customers over a network; for instance, access to a particular application using a standard protocol such as HTTP.
Bench marking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Whereas, Beta versions are the pre-release versions of software meant for testing and feedback.
Custom-designed software is tailor-made software created specifically to meet the unique requirements of an organization or user. Offshoring refers to relocating business processes to another country, often to capitalize on lower costs of operation. Outsourcing denotes the business practice of hiring a party outside a company to perform services that traditionally were performed in-house by the company's own employees.