Chapter 5 Vocab

a clear and concise description of an opportunity

• Business concept

• Benefit

• Target Customers

• Target Customers

something that promotes or enhances the value of the product or service to the customer

• Benefit

• feature

• business concept

• industry

is a distinctive aspect, quality, or characteristic of a product or service

• Feature

• Industry

• Target Customers

• Beneficiaries

process used to determine the initial feasibility of an idea

• Feasibility Analysis

• Industry

• Benefit

• Business Concept

a group of businesses with a common interest

• Industry

• Beneficiaries

• Target Customers

• Prototype

most likely to buy your product or service

• Target Customers

• Prototype

• Beneficiaries

• Competitive Matrix

end users of the service

• Beneficiaries

• Business Model

• Value Chain

• Business Plan

a working model of a new product

• Prototype

• Target Customers

• Beneficiaries

• Value Chain

a tool for organizing important information about the competition

• Competitive Matrix

• Business Model

• Value Chain

• Business Plan

describes how you intend to create and capture value with your business concept

• Business Model

• Value Chain

• Business Plan

• Executive Summary