Business concept - A clear and concise description of an opportunity., Feature - A descriptive aspect quality or characteristic of a product or service., Benefit - Something that promotes or enhances the value of the product or service to customers., Feasibility analysis - A process used to test a business.Helps entrepreneurs decide whether a new business concept has potential., Industry - A group of businesses with common interests such as telecommunications,computer, retail,and grocery., Target customers - Individuals that are most likely to buy products and services., Competitive grid - A tool for organizing important information about the competition., Prototype - A working model of a new product., Business model - A description of how someone intends to make money with a business concept., Value chain - The distribution channel through which products or service flows from the producer to the customer., Business Plan - A document that describes a new business and strategy to launch that business., Executive summary - A brief recounting of the key points contained in a business plan., Vision statement - A statement that establishes the scope and purpose of a company and reflects its values and beliefs., Mission statement - A statement that expresses the specific aspirations of a company, the major goals for it will strive., Distribution channel - The means by which you deliver the product or service to the customer., Direct channel - Any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media., Indirect channel - A sales channel in which goods and services are sold indirectly from the producer through independent middlemen to final users., Small business Administration(SBA) - A federal agency that provides services to small businesses and new entrepreneurs., Trade association - Agency that offers technical assistance to entrepreneurs in a specific profession or industry.,

Chapter 5 ket terms Pt 2

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