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terms 3

Business Plans Terms Part 2

TermDefinition
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
Created by: laurencio.g747
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