This document defines several key business and marketing terms:
Analysis is studying something in detail to understand more about it. Business ethics refers to standards for morally right conduct in business. A business plan provides an overview and description of a company's future. Customers are important because they drive revenues; without them businesses cannot exist. Innovation implements new or improved goods/services. A value proposition is the unique value a company offers customers.
This document defines several key business and marketing terms:
Analysis is studying something in detail to understand more about it. Business ethics refers to standards for morally right conduct in business. A business plan provides an overview and description of a company's future. Customers are important because they drive revenues; without them businesses cannot exist. Innovation implements new or improved goods/services. A value proposition is the unique value a company offers customers.
This document defines several key business and marketing terms:
Analysis is studying something in detail to understand more about it. Business ethics refers to standards for morally right conduct in business. A business plan provides an overview and description of a company's future. Customers are important because they drive revenues; without them businesses cannot exist. Innovation implements new or improved goods/services. A value proposition is the unique value a company offers customers.
Analysis - the act of studying or examining something in detail, in order to discover or
understand more about it.
Business ethics - refers to the standards for morally right and wrong conduct in business Business plan - is an essential written document that provides a description and overview of your company's future. Competitor - is a person, business, team, or organization that competes against you or your company. Concurrent Development - The process of undertaking some product development steps simultaneously than sequentially. Copyright - is a legal term used to describe the rights that creators have over their literary and artistic works. Corporation - a business or team of individuals with legal standing to operate as a single unit (i.e., a person). Cost reduction- focuses on reducing the initial and/or ongoing cost that a customer pays for owning and/or operating a product or service. Technology has played a great role in helping consumers reduce costs. Core competencies - unique capabilities and resources that provide a competitive advantage. Cost leadership - achieving a competitive advantage by offering products or services at a lower cost than competitors. Customers -is an individual or business that purchases another company's goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist. Customization- supports the modern consumer's interest in self-expression and individualism. Consumers expect products that they use to be an extension of their personalities and a medium through which they can communicate their values and priorities to the world. Differentiation - distinguishing a company's products or services from its competitors through unique features or characteristics. Entrepreneurial Mindset (EM) - influences how you think about the world and act upon what you see. Equity capital - Is where a company raises money by selling off a percentage of the business in the form of shares that are purchased and owned by shareholders. Execution plan - a governing document that defines how a project is to be executed, monitored, and controlled Exit Strategy - Is a plan that a founder or owner of a business makes to sell their company, or share in a company, to other investors or other firms. Financial Analysis - is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Innovation - is the practical implementation of ideas that result in introducing new goods or services or improving in offering goods or services. Intellectual property (IP) - refers to creations of the mind, such as inventions; literary and artistic works; designed symbols, names, and images used in commerce. Lender or Creditors - Are the individuals who provide the company with funding able to meet the short- and long-term financial needs of the business? They are not entitled to any ownership. However, they would charge an interest fee on any loans. Manufacturing - A type of business according to the industry which refers to the creation of goods Market - It is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services Merchandising - A type of business according to an industry that refers to buying and selling of goods Philanthropy - Philanthropy refers to charitable acts or other good works that help others or society as a whole. Philanthropy can include donating money to a worthy cause or volunteering time, effort, or other forms of altruism. Product - a tangible item put on the market for acquisitions, assumptions, or consumption. Raising Capital - An investor or a lender gives business funds to assist with starting, growing, and managing day-to-day operations. Retained earnings- are simply the money that is left over after expenses and other obligations. SAFE - Is an acronym that stands for Simple Agreement for Future Equity. It functions similarly to convertible debt (less the interest). Segmentation - is the process of dividing a company's target market into groups of potential customers with similar needs and behaviors. Service - is an intangible item, which arises from the output of one or more individuals. Shareholders or investors -These can be people or organizations that are the legal owners of the business because they possess stock in it. Stakeholders - Stakeholders are people, companies, or organizations who are interested in or impacted by a company's operations and the outcomes they create Strategic positioning - selecting a distinct position within a market or industry to better compete against rivals. Supplier - a person or business that provides a product or service to another entity. The role of a supplier in a business is to provide high-quality products from a manufacturer at a good price to a distributor or retailer for resale. Target customer – a type of person that a company wants to sell its products or services to. Target market - is a specific group of people with shared characteristics that a business markets its products or services to. Team Formation - it begins with an understanding of how individual people work alone and together. Trade - the voluntary exchange of goods or services between various economic entities is referred to as a trade. Value proposition - the unique value a company offers to its customers through its products, services, or overall approach.