AP Business Principles with Personal Finance Unit 1

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Business

Back

An organization or entity that produces and distributes products, inclusive goods and/or services.

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Customer

Back

An individual or business that purchases a good or service.

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Entrepreneur

Back

An individual who develops a new business and assumes the risks and potential rewards.

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Widgets

Back

What an organization sells to generate revenue.

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Product-Led Business

Back

Business that creates a widget and then finds a market for it.

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Market-Led Business

Back

Business that finds out what customers want and then provides it.

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Value

Back

The tangible and intangible benefits that the company promises to provide to/for customers, and how useful their products and processes will be for them.

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Proposition

Back

An easy to relate to reason why a customer should buy their product or service.

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Value Proposition

Back

Explains how a product fills a need, solves a problem, or caters to a customer's preferences, and builds a case for why it's greater than other products.

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Characteristic

Back

A feature or quality belonging to a person, place, or thing that can serve as a means to identify it.