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ELL Obj. 1.01 pt 2

TermDefinition
Management Process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives
Market Analysis A detailed assessment of your business's target market and the competitive landscape within a specific industry.
Market Position A strategic exercise we use to establish the image of a brand or product in a consumer's mind
Marketing Refers to the activities of a company associated with buying, advertising, distributing, or selling a product or serve
Marketing Plan Outlines your intended marketing/advertising activities for a specific period, usually over the next 12 months
Niche Market segment where certain products and services are in demand.
Operations Business operations refer to activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit.
Physical Resource Inventory, components, materials, buildings, computers, point-of-sale systems, machines, equipment, and distribution channels
Product Any item or service you sell to serve a customer's need or want. They can be physical or virtual.
Product Development All stages involved in bringing a product from concept or idea through market release and beyond
Product Promotion The process of using various mediums at your disposal to encourage customers to buy certain products.
Profit The money earned by a business when its total revenue exceeds its total expenses.
Resource Any factor that's necessary to accomplish a goal or carry out an activity.
Return on Equity The measure of a company's net income divided by its shareholders' equity
Return on Investment The profit you make as a result of your investments
Risk Management Plan help minimize the impact of risks that could weaken your cash flow or damage your brand. It will also help create a culture of sensible risk awareness and management in your business.
Royalty fees that one party pays to another in exchange for the use of their intellectual property, land or rights. A person or company can license their ideas, giving other people or companies permission to use their logos, trademarks or products themselves.
Sales Volume the number of units your company sells during a specific reporting period.
Strategic Plan sets out a company's goals and defines the actions it takes to get there
Strategy the long-term goal or roadmap for an organization, and how it plans to reach them. Or, the path the organization will take towards its goals.
Table of contents lists the chapters, sections, or other major divisions of a written work, along with their respective page numbers.
Target Market is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources
Third-party agreement agreements that involve a person who is not a party to the contract but is involved with the transaction
Venture a new business or business activity that entrepreneurs or institutions launch that involves the potential for a return and risk.
Created by: jacklyn.
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