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BPM WP 1 final
| Term | Definition |
|---|---|
| Median | The middle number in the range of values |
| Mass Production | Assembly process that produces a large number of identical products |
| Consumer Panel | A group of people who offer opinions about a product or service |
| manufacturing | Form of production in which raw and semi-finished materials are processed, assembled, or converted into finished products |
| Retailer | Businesses that sell directly to the final costumer |
| Wholesalers | Businesses that buy products from another business and sell them to retailers or other businesses |
| Marketing | The activities between businesses and customers involved in buying and selling goods and services |
| Industrial Good | Products designed or use by another business |
| Margin | The difference between the selling price and the cost of the goods sold |
| Net Profit | The amount remaining after subtracting all expenses from revenue except taxes |