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EII obj 1.01

business plans terms part 2

TermDefinition
management setting specific goals for the new venture.
market analysis a detailed assessment of your business's target market and the competitive landscape within a specific industry.
market position the ability to influence consumer perception regarding a brand or product relative to competitors.
marketing the process of getting people interested in your company's product or service.
marketing plan details the strategy that a company will use to market its products to customers.
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 tangible items that are necessary and available for a business to function.
product a good or service that you can sell to consumers.
product development a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.
product promotion the process of marketing a new or featured item or service to consumers.
profit the money a business pulls in after accounting for all expenses
resource the propensity of an individual to behave creatively, act with foresight, use intuition, and be alert to new opportunities.
return on equity the measure of a company's net income divided by its shareholders' equity.
return on investment the ratio of net profit over the total cost of the investment.
risk management plan a term used to describe a key project management process. A risk management plan enables project managers to see ahead to potential risks and reduce their negative impact.
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 a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise.
strategy the long-term goal or roadmap for an organization, and how it plans to reach them.
table of contents ets readers quickly find the information that is most important to them.
target market a group of potential customers that you identify to sell products or services to.
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: esmeralda.m753
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