Vocabulary
a distinctive aspect, quality, or characteristic of a product or service.
What is a Feature?
a working model used by entrepreneurs to determine what it takes to develop their products or services.
What is a prototype
McDs and Starbucks
Give 3 examples of industries
car dealerships, quick serve restaurants, and insurance companies
the means by which you deliver the product or service to the customer.
What is distribution channel?
a business that offers similar products or services to another company within the same market
What is a direct competitor?
a collection of businesses with a common line of products or services.
What is an industry
How many components are there in a business plan?
14
What are the four components to a business concept?
the product/service, the customer, the benefits, and the distribution.
a tool for organizing important information about a business venture’s competition.
What is a competitive grid?
the distribution channel through which your product or service flows from the producer to the customer.
What is a value chain?
is something that promotes or enhances the value of a product or a service to the customer.
What is a benefit?
What is an example of an indirect channel?
a wholesaler
What is the purpose of a value chain?
The goal is to deliver maximum value for the least possible total cost.
A founding team includes how many members?
2 or more
describes how you intend to make money with your business concept.
What is a business model?
a document that describes a new business and a strategy to launch that business
What is a business plan?
What are the 4 Ps of Marketing
Product, Price, Place, and Promotion
List 3 of the 5 components of a competitive grid
competitor, customer, benefits, distribution, stregth/weakness
establishes the scope and purpose of a company and reflects its values and beliefs
What is a vision statement?
expresses the specific aspirations of a company, the major goals for which it will strive
What is a mission statement?
people who are most likely to buy a business’s products or services.
What are target customers
What is the contingency plan?
Examines the business’ greatest risks and suggests plans to minimize the risk.
List 4 of the 7 parts of a feasibility analysis
1. Industry
2. Customers
3. Products/Services
4. Founding Team
5. Competition
6. Start up Resources
7. Value Chain
Name 4 factors that need to be considered when calculating start up costs.