Business Ideation & Lean Canvas Introduction - Glossary

What is a Lean Canvas?

• A detailed financial report for businesses.

• A one-page business plan template focusing on key elements of a startup.

• A marketing strategy for social media campaigns.

• A project management tool for tracking tasks.

What is a Unique Value Proposition (UVP)?

• A marketing strategy that focuses on social media engagement.

• A clear statement that describes how your product or service solves a problem and why it's better than alternatives.

• A financial analysis tool used to assess business performance.

• A customer feedback mechanism to improve product features.

What is a Target Market?

• A broad audience that includes everyone

• The specific group of customers a business aims to serve.

• The total number of customers in a market

• A marketing strategy for reaching all demographics

What is Opportunity Recognition?

• The ability to identify potential business opportunities by observing problems or unmet needs.

• The process of evaluating existing business models for improvement.

• The skill of negotiating deals with potential investors.

• The technique of marketing products to a specific audience.

What is a Customer Segment?

• Groups of customers with shared characteristics or needs.

• A marketing strategy for individual customers.

• A type of product designed for a specific audience.

• A method of measuring customer satisfaction.

What is a Bug List?

• A list of software bugs to be fixed.

• A brainstorming tool for identifying common problems or frustrations.

• A checklist for software testing procedures.

• A document for tracking user feedback.

What defines a Viable Business Idea?

• A concept that is feasible, profitable, and meets a market need.

• An idea that is popular among friends and family.

• A concept that requires minimal investment and effort.

• An idea that is unique but not necessarily profitable.

What is a Problem Statement?

• A vague description of a business issue.

• A clear description of the issue your business aims to solve.

• A summary of the business's financial goals.

• A list of potential solutions to a problem.

What is Feasibility Analysis?

• The evaluation of a business idea's potential for success.

• A method to increase sales through advertising.

• A process to determine the legal requirements for a business.

• An analysis of market trends and consumer behavior.

What is a Customer Need?

• A specific problem, desire, or requirement of a target customer.

• A general trend in consumer behavior.

• A marketing strategy to increase sales.

• A financial goal for a business.