Business terminology

What is the definition of competitive advantage?

• the action or process of innovating

• a condition or circumstance that puts a company in a favourable or superior business position

• trade considered in terms of its volume or profitability

• the state or quality of being productive

What is the definition of innovation?

• the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services

• the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing

• the action or process of innovating

• the implementation of a new or significantly improved production or delivery method

What is the definition of process innovation?

• the implementation of a new or significantly improved production or delivery method

• the work environment that leaders cultivate in order to nurture unorthodox thinking and its application

• the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services

• a condition or circumstance that puts a company in a favourable or superior business position

What is marketing innovation?

• a condition or circumstance that puts a company in a favourable or superior business position

• the work environment that leaders cultivate in order to nurture unorthodox thinking and its application

• the implementation of a new or significantly improved production or delivery method

• the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing

What is business culture innovation?

• the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services

• the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing

• the work environment that leaders cultivate in order to nurture unorthodox thinking and its application

• the implementation of a new or significantly improved production or delivery method

What is product innovation?

• the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services

• the action or process of innovating

• the implementation of a new or significantly improved production or delivery method

• an organization's process for introducing new ideas, workflows, methodologies, services or products

What is open innovation?

• an organization's process for introducing new ideas, workflows, methodologies, services or products

• Innovations are developed by companies themselves

• an organisation doesn't just rely on their own internal knowledge, sources and resources for innovation

• the implementation of a new or significantly improved production or delivery method

What is the definition of marketing?

• the activity or profession of producing advertisements for commercial products or services

• the action or business of promoting and selling products or services, including market research and advertising

• a method of marketing whereby consumers are encouraged to share information about a company's goods or services via the Internet

• a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

What is the definition of profit?

• a person who purchases goods and services for personal use

• the action or business of promoting and selling products or services, including market research and advertising

• a person who sets up a business or businesses, taking on financial risks in the hope of profit

• a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

What is the definition of an entrepreneur?

• a person who sets up a business or businesses, taking on financial risks in the hope of profit

• a person who purchases goods and services for personal use

• a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

• the action or business of promoting and selling products or services, including market research and advertising