Business Concept - a clear concise description of an oppurtunity., Feature - a distinctive aspect, quality, or characteristic of a product/service., Benefit - something that promotes/enhances the value of the product/service to the customer., Feasibility Analysis - the process used to test a business concept., Industry - a group of businesses with a common interest., Target Customers - one most likely to buy a business's product/service., Competitive Grid - a tool for organizing important information about a business venture's competition., Prototype - a working model used by entrepreneurs to determine what it takes to develop their products/services. , Bsuiness Model - a description of how entrepreneurs plan to make money with their business concepts., Value Chain - the distribution channel through which a product/service flows from the producer to the customer., Business Plan - a document that describes a new business and a strategy to launch that business., Executive Summary - a brief recounting of the key points contained in a business plan., Vision Statement - a declaration of the scope and purpose of a company., Mission Statement - a declaration of the specific aspirations of a company, the major goals for which it will strive., Distribution Channel - the means by which a product/service is delivered to the customer., Direct Channel - the means of delivering a service/product directly to the customer such as via a Website., Indirect Channel - the means of delivering a service/product indirectly to the customer such as through a wholesaler., Small Business Administration (SBA) - a U.S. government agency established to promote and strengthen the overall economy by assisting small businesses., Trade Association - an organization made up of individuals and businesses in a specific industry that works to promote that industry.,

Chapter 5 Key Terms

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