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BPT Part 2
| Term | Definition |
|---|---|
| Management | the process of dealing w/ or controlling things/people |
| Market analysis | the activity of gathering information about conditions that affect a market place |
| Market position | the ability to influence consumer perception regarding a brand/product relative to competitors |
| Marketing | the activity/business of promoting and selling products/services, including market research and advertising |
| Marketing plan | the advertising strategy that a business will implement to sell it's product/service |
| Niche | a market segment where certain products and services are in demand |
| Operations | the fact/condition of functioning or being active |
| Physical resources | tangible items that are used in the operation of the business |
| Product | an article/substance that is manufactured/refined for sale |
| Product development | a series of steps that includes the conceptualization, design, development, and marketing of goods/services |
| Product promotion | the process of explaining the value of a product to potential and existing customers to educate, generate interest and spur purchase |
| Profit | obtain a financial advantage/benefit, especially from an investment |
| Resource | a stock/supply of money, materials, staff and other assets that can be drawn on by a person/organization in order to function effectively |
| Return to Equity | the measure of a company's net income divided by it's shareholders' equity |
| Return on investment | A performance measure used to evaluate the efficiency of an investment or compare the efficiency of several investments |
| Risk management plan | the forecasting and evaluation of financial risks together w/ the identification of procedures to avoid/minimize their impact |
| Royalty | a sum of money paid to a patentee for the use of a patent or to an author/composer for each copy of a book sold or for the each public performance of a work |
| Sales volume | the number of units |