Unit 2 Vocabulary: Opportunity Recognition & Idea Generation

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Opportunity

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A situation in which a problem or unmet need exists and a business could create value by offering a solution.

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Problem Statement

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A clear and specific description of a problem that needs to be solved for a particular group of people.

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Innovation

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The creation of a new or improved product, service, or process that provides value to customers.

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Trend

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A general direction in which behavior, technology, or society is changing over time.

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Value

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The benefit a customer receives from a product or service, which may be functional, emotional, or both.

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Target Customer

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A specific group of people a business intends to serve who share similar needs, behaviors, or characteristics.

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Competition

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Other businesses or solutions that attempt to meet the same customer need.

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Competitive Advantage

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A factor that makes one business or solution more attractive to customers than its competitors.

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Pivot

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A deliberate change to an idea, product, or strategy based on feedback, data, or new information.