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EII OBJ 1.01

Business plans terms part 2

TermDefinition
Management the practice of giving the innovation inherent in entrepreneurship a more solid management structure
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 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 tangible items that are necessary and available for a business to function.
Product the item offered for sale.
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 explaining the value of a product to potential and existing customers to educate, generate interest, and spur purchase.
Profit the money a business pulls in after accounting for all 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 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 a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives.
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 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: Genesis.c
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