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terms 3
Business Plans Terms Part 2
| Term | Definition |
|---|---|
| Management | businesses organize and direct workflow, operations, and employees to meet company |
| Market analysis | gathering and analyzing data to understand market size, growth potential, target audience, and competitive landscape |
| Market position | the ability to influence consumer perception regarding a brand or product relative to competitors |
| Marketing | activities a company undertakes to promote the buying or selling of a product or service |
| Marketing plan | a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period |
| Niche | a market segment where certain products and services are in demand |
| Operations | activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit |
| Physical resources | all the tangible items useful in the business's daily operations |
| Product | a form of marketing copy used to describe and explain the benefits of your product |
| Product development | to cultivate, maintain and increase a company's market share by satisfying consumer demand |
| Product promotion | the process of using various mediums at your disposal to encourage customers to buy certain products |
| Profit | the money you have left after paying for business expenses |
| Resource | any factor that's necessary to accomplish a goal or carry out an activity |
| Return on investment | the money an investor in a business earns for the injection of financial capital |
| Risk management plan | a term used to describe a key project management process |
| Royalty | payments that one party makes to another party that is the owner of an intellectual property or real property asset |
| Sales volume | the number of units your company sells during a specific reporting period |
| Strategic plan | helps you define and share the direction your company will take in the next three to five years |
| Strategy | the long-term goal or roadmap for an organization, and how it plans to reach them |
| Table of contents | lets readers quickly find the information that is most important to them |
| Target market | a specific group of potential customers who a business aims to reach with its products or services |
| Third-party agreement | an contract between two parties that is used to add a third party to be governed under the terms of the original agreement |
| Venture | a new business or business activity that entrepreneurs or institutions launch that involves the potential for a return and risk |
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laurencio.g747
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