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Bus. Owner Chapter 4

Chapter 4 Vocab

TermDefinition
Advertising Effectiveness Results of an advertising campaign in terms of increased sales, increase in market share or change in level of awareness; also includes assessment of the reasons for the campaign's success or failure.
Business Plan A comprehensive document in various parts including both a narrative and a financial description of a business or a proposed business.
Business Point of View Position from which something is observed or considered from a business perspective.
Change Agent Attitude that a person, or in this case, a business person brings where they feel both the responsibility and ability to introduce positive change in the way things are done.
Common Barriers to Entry Conditions that create difficulty for competitors to enter the market. For example, copyrights, trademarks, patents, dedicated distribution channels and high initial investment requirements.
Decision Maker Someone who has the authority, responsibility and reputation for making decisions.
Economic Pertaining to the economy, or the field of economics (as in "Council of Economic Advisors").
Focus Groups Small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis.
Fortune 500 Companies List of the top 500 companies in the world, published annually by Fortune Magazine.
Frequency Property of occurring at frequent intervals.
Industry Norms Accepted beliefs about an industry and the ways of doing business within that industry.
Market Place Place to conduct commerce or sell goods.
Marketing Plan Portion of a business plan dealing with the marketing of the product or service; or similarly, a self-contained plan.
Media Mix Utilizing more than one means of communication that reach the general public and usually carry advertising.
Reach To succeed in getting in contact with or communicating with: they reached us by phone.
Rules Usual, customary, or generalized course of action or behavior.
Target Desired goal. Used in the business sense, this normally means customers whom the business wants to reach.
Theme Implicit or recurrent idea; motif.
Trade-Offs Exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable.
Unique Value Proposition Clear and concise statement defining the particular attributes of a product or service which makes it different and valuable.
Created by: EBlackman16
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