What is a Business?
An organization or entity that produces and distributes products, inclusive of goods and/or services.
What is a business?
Any physical or virtual space where businesses (the sellers) interact with their customers (the buyers).
What is a market?
Policies and dynamics that affect market activity such as trade policy, taxes and subsidies, mandates, bans, and political stability.
What are political factors?
An individual who develops a new business and assumes the risks and potential rewards.
What is an entreprenur?
Defining beliefs and principles that guide an individual’s or business’s actions. Examples of core values may include creativity, excellence, transparency, empathy, and reliability.
What are core values?
an individual or business that purchases a good or service.
What is a customer?
The ability to outperform rivals (other businesses) in the same market, leading to increased market share and potentially to increased profits.
What is competitive advantage?
Factors are any features of a market related to the availability of activity such as internet access, automation of production processes, innovation.
What are technological factors?
Observing, interviewing, and/or surveying potential customers to identify and validate a problem, need, or want.
What is empathy in the design thinking process?
Individual’s or business’s capabilities, skills, and expertise that contribute to their ability to outperform rivals and achieve competitive advantage.
What are core competencies?
identifying customer problems, needs, and wants (market opportunities) and developing goods and services to address them
What is problem-solution fit?
Obstacles that make it difficult for new firms to compete.
What are barriers to entry?
Any external conditions that promote or limit market activity such as geography, access to renewable and nonrenewable resources, waste management policies.
What are envioromental factors?
The simplest working version of a product — only core features — to gather feedback.
What is MVP = Minimum viable product?
A concise description of a business’s core values and aspirations.
What is a vision statement?
When businesses provide a product that responds to customers’ problems, needs, and wants.
What is value creation?
A market without competition, in which only one business operates and produces a unique good or service
What is a monopoly?
Specific rules or regulations that impact market activity such as employment laws, consumer protection laws, health and safety laws, environmental regulations, intellectual property protection, and antitrust laws.
What are legal factors?
Gathering evidence that the problem, need, or want exists, can be clearly defined, and is experienced by multiple potential customers.
What is validation in the design thinking process?
A description of what a business does and how the business will achieve its long-term goals.
What is a mission statement?
When businesses are able to charge customers a higher price for a product than it cost to produce.
What is value capture?
A few large companies that domnate the market.
What is an oligopoly?
Trends in culture that affect consumers, and therefore market activity, such as consumer demographics, cultural norms, lifestyle trends, and the population growth rate.
What are social factors?
Gathering evidence that the problem, need, or want exists, can be clearly defined, and is experienced by multiple potential customers.
What is validation?
An organization that serves the public good rather than generating profit for their owners.Any surplus funds (i.e., revenues in excess of costs) must be reinvested in the organization by law.
What is a nonprofit?