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Chapter 4
Business Ownership
| Term | Definition |
|---|---|
| Unique Value Proposition | Clear and concise statement defining the particular attributes of a product or service which makes it different and valuable |
| Trade-Offs | Exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable |
| Theme | Implicit or recurrent idea; motif. |
| Target | Desired goal. Used in the business sense, this normally means customers whom the business wants to reach. |
| Rules | Usual, customary, or generalized course of action or behavior. |
| Reach | To succeed in getting in contact with or communicating with: they reached us by phone |
| Media Mix | Utilizing more than one means of communication that reach the general public and usually carry advertising |
| Marketing Plan | Portion of a business plan dealing with the marketing of the product or service; or similarly, a self-contained plan. |
| Market Place | Place to conduct commerce or sell goods |
| Industry Norms | Accepted beliefs about an industry and the ways of doing business within that industry |
| Frequency | Property of occurring at frequent intervals |
| Fortune 500 Companies | List of the top 500 companies in the world, published annually by Fortune Magazine. |
| 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 |
| Economic | Pertaining to the economy, or the field of economics (as in "Council of Economic Advisors"). |
| Decision Maker | Someone who has the authority, responsibility and reputation for making decisions |
| 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 |
| 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 |
| Business Point of View | Position from which something is observed or considered from a business perspective. |
| Business Plan | A comprehensive document in various parts including both a narrative and a financial description of a business or a proposed business. |
| 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 |
Created by:
Jdegolier16
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