Chapter 5
Terms
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- vision
- main concept you have for your business
- distribution channel
- is the means for supplying the product to the customer
- benefit
- something that promotes or enhances the value of the product or service to the customer
- feature
- a distinctive aspect, quality, or characteristic of the product or service
- direct channel
- delivering the service directly to the customer
- trade association
- offers technical and general assistance to enntrepreneurs in a specific profession or industry
- business plan
- a document that describes a new business
- competitive grid
- allows you to organize important info about the competition
- feasibility analysis
- determines if an idea for a new business is practical
- Small Business Administation
- a federal agency that provides services to small businesses and new entrepreneurs
- indirect channel
- selling your product to a wholesaler who finds retail stores to carry your product
- executive summary
- is a brief recounting of the key points contained in a business plan
- business concept
- an idea for a new business that can be tested