Chapter 5 voc

A clear and concise description of a business opportunity. It contains four elements the product or service, the customer, the benefit, and the distribution.

• Business concept

• feature

• benefit

• target customers

something that promotes or enhances the values of a product or service to the customers

• Benefit

• feature

• prototype

• value chain

A person who receives value in terms of monetary or other values by circumstances represented in a legal document will insurance policy

• Beneficiaries

• feature

• porotype

• vision statement

A document that describes a new business and a strategy to launch that business

• business plan

• feature

• prototype

• vision statement

A tool for organizing important information about a business venture's competition

• competitive matrix

• prototype

• vision statement

• mission statement

A brief recounting of the key points contained in a business plan

• Executive summary

• prototype

• feature

• mission statement

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

• feature

• benefit

• target customers

• beneficiaries

the process that tests a business concept it allows the entrepreneur to decide whether a new business concept has potential

• Feasibility analysis

• business concept

• target customers

• prototype

a collection of businesses with a common line of products or services

• industry

• feature

• target customers

• value chain

the means delivering a service or product indirectly to the customer such as though a wholesaler

• indirect channel

• trade association

• small business administration

• prototype