v
Difference between the revenues earned by a business and the costs of operating the business.
Profit
The quantity of a good or service that consumers are willing to buy at a given price.
Demand
The quantity of a good or service a producer is willing to produce at different prices.
Supply
The name, symbol, or design used to identify a product.
Brand
Items of value that you own.
Assets
Means through which goods and services are produced.
Economic Resources
Value of the next-best alternative.
Opportunity Costs
A business owned by two or more people.
partnership
A paid form of communication sent out by a business about a product or service.
Advertising
Individuals or companies that are interested in a product or services and are willing to pay for it.
Target Market
Evaluation of your strengths and weaknesses
Self- Assessment
The study of moral choices and values; involves choosing between right and wrong
Ethical Behavior
A legal agreement that gives an individual the rights to market a company’s products or services in a particular area.
Franchise
The process of achieving goals by establishing operating procedures that make effective use of people and other resources.
Management
Blending of the product, price, distribution, and promotion used to reach a target market.
Marketing Mix
A letter that introduces and explains an accompanying document or set of documents.
cover letter
A short restatement of the report portion of a business plan
Executive Summary
A business that has the legal rights of a person but is independent of its owners.
corporation
A system for collecting, recording, and analyzing information about customers, products, services, and customers.
Market Research
A description of the person or company that is likely to buy your product or service.
Customer Profile
A brief explanation of why the writer of a business plan is asking for a loan and what she or he plans to do with the money.
Statement of Purpose
A harvest strategy, or the way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully.
Exit Strategy
Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.
Marketing Concept
Defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and anticipates change.
Marketing Plan
Data that describes a group of people by age, marital status, gender, etc.
Demographics