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Resource Library

Glossary of Useful Business Terms & Definitions

Advertising Strategies- Methods of introducing businesses products and services to target markets.

Best Practices Assessment- Evaluating a business’ current practices using industry standards to determine the best methods and procedures for a business to function.

Best Practices in Process Control- Applying scientific process controls to improve efficiency, control cost or increase profits based on how the business operates.

Business Assessment- An independent and objective analysis of a businesses options within a given market, product, service or geographic location to determine the best opportunity for business success.

Business Development- An organized procedure used for managing a project to establish, expand or remove a business concept, operation, or facility.

Business Management- Applying proven methods to organize resources and practices for a functional business enterprise.

Business Partner- A company that shares its expertise, resources and/or customers in support of another company’s clients, projects or services.

Business Plan- A formal presentation document that outlines a businesses organizational structure, operational and financial plans and strengths and weaknesses within the target market(s) it plans to serve.

Case Only Basis (CBO)- Reviewing individual unique requirements to determine manageability.

Competitive Analysis- A process used to identify, qualify and rank competitors by their comparative strengths and weaknesses

Compilation- Compiling results required for analyzing market and industry information collected during research.

Consultant- A trained business professional with expertise and experience in a particular area of business management.

Consulting Services- Applying educational and experiential knowledge to improve business understanding for the owner, manager or team to increase the probability of success.

Customer/Client- A person of business entity that chooses to purchase products or services offered by a business enterprise. They represent the most important factor to a business in making decisions for generating opportunities to increase market share, retention and profit.

Delivery- The means for delivering products and services to consumers sometimes referred to as distribution channels.

Forecasting- Financial projections, based on historical data, probability or rationalized information derived from experience and education, used to project future budget and revenue potential.

Human Resource Management- Applied behavioral science methods used to strengthen workforce management with regards to identifying and retaining key personnel.

Industry Analysis- Analyzing industry trends to project the general direction of a business industry over the next three years.

Market Analysis- Evaluating the market to identify target segments that represent a significant growth opportunity in terms of size and revenue potential.

Marketing Communications- A method used to determine type(s) of media to use for advertising.

Marketing Objectives- The objectives of marketing are to grow the size of the business’ products/services offered and increase market share and revenue.

Marketing Plan- A formal presentation document that identifies how products and services will enter a particular market segment.

Marketing Research- Reviewing market data to determine access and identify a point-of difference with respect to the competition.

Offerings- Types of products and/or services a business makes available to target markets.

Operations Plan- A plan for defining and setting up and operating practices for conducting business on a day-to-day basis.

Planning- Organized predetermined steps structured to improve management of projects to obtain desired results.

Pricing- The method for determining how much a consumer will pay for any product or service.

Process Development- An organized method for documenting steps required to complete a service or function designed to deliver products and services to customers.

Project Management- A method to manage multiple tasks, risk, contracts, budgets, time-lines and resources from start to finish while maintaining control of project constraints.

Quality Assurance- A methodology used to analyze data to determine weaknesses or areas for improvement to an existing process to increase efficiency and satisfaction derived from process output.

Research- A process for collecting all data required to analyze and complete a plan including requirements for concept, business, marketing, project and development plans.

Situation Analysis- An analysis of a company’s strengths, weaknesses, opportunities, and threats often referred to as a SWOT analysis.

Technical Writing- Method of writing used to create or refine business documents for technical audiences that are detailed, structured, and accurate.

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