GE-18-MIDTERM-HANDOUTS PDF - Business Concepts

⚫ Market Research ⚫ Definition: The process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry environment. ⚫ Target Market ⚫ Definition: A specific group of consumers identi...

⚫ Market Research ⚫ Definition: The process of gathering, analyzing, and interpreting information about a market, including information about the target audience, competitors, and the overall industry environment. ⚫ Target Market ⚫ Definition: A specific group of consumers identified as the intended audience for a product or service, characterized by shared demographics, interests, and needs. ⚫ Market Size ⚫ Definition: The total potential sales volume for a product or service within a defined market, often expressed in terms of revenue or the number of potential customers. ⚫ Market Segmentation ⚫ Definition: The process of dividing a broader target market into smaller, distinct groups of consumers based on specific characteristics, such as demographics, psychographics, or buying behavior. ⚫ Competitive Analysis ⚫ Definition: An assessment of the strengths and weaknesses of current and potential competitors, focusing on their products, services, market position, and strategies. ⚫ SWOT Analysis ⚫ Definition: A strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. ⚫ Value Proposition ⚫ Definition: A statement that explains how a product or service meets the needs of customers, differentiates from competitors, and offers unique benefits. ⚫ Market Trends ⚫ Definition: Patterns or tendencies in a market that indicate how consumer preferences and behaviors are changing over time. ⚫ Pricing Strategy ⚫ Definition: The approach a business takes to set the prices for its products or services, influenced by factors such as costs, competition, and perceived value. ⚫ Break-even Analysis ⚫ Definition: A calculation to determine the point at which total revenues equal total costs, indicating that a business will start to generate a profit beyond this point. ⚫ Market Entry Strategy ⚫ Definition: A plan outlining how a business intends to enter a new market, including methods of distribution, marketing, and sales tactics. ⚫ Customer Persona ⚫ Definition: A semi-fictional character that represents a segment of the target market, used to help businesses understand and anticipate customer needs and preferences. ⚫ Demand Forecasting ⚫ Definition: The process of estimating future consumer demand for a product or service based on historical data, market trends, and economic indicators. ⚫ Product Life Cycle ⚫ Definition: The stages a product goes through from its introduction to the market to its eventual decline, including introduction, growth, maturity, and decline phases. ⚫ Feasibility Analysis ⚫ Definition: An assessment of the practicality and potential for success of a proposed project or business idea, considering various factors such as market demand, technical capabilities, and financial projections. ⚫ Regulatory Environment ⚫ Definition: The laws, regulations, and guidelines that govern how businesses can operate in a particular industry or region, which can impact market feasibility. ⚫ Distribution Channels ⚫ Definition: The pathways through which products or services flow from producers to consumers, including wholesalers, retailers, and online platforms. ⚫ Marketing Mix (4Ps) ⚫ Definition: A combination of factors that influence a consumer's decision to purchase a product, traditionally defined as Product, Price, Place, and Promotion. ⚫ Return on Investment (ROI) ⚫ Definition: A financial metric used to evaluate the profitability of an investment, calculated as the net profit divided by the initial cost of the investment. ⚫ Market Share ⚫ Definition: The percentage of total sales in a market captured by a specific company or product, indicating its competitiveness and position relative to others. ⚫ Technical Feasibility ⚫ Definition: An assessment of whether the proposed technology and processes are capable of meeting the project's requirements within the given constraints. ⚫ Production Process ⚫ Definition: The sequence of steps or activities involved in transforming raw materials into finished products, including planning, design, manufacturing, and quality control. ⚫ Process Flow Diagram (PFD) ⚫ Definition: A graphical representation of the sequence of processes involved in production, detailing the flow of materials and information through the system. ⚫ Equipment Requirements ⚫ Definition: The machinery, tools, and technology necessary for the production process, including specifications, capacities, and operational needs. ⚫ Production Capacity ⚫ Definition: The maximum output a production facility can achieve under normal operating conditions, usually measured in units produced per time period. ⚫ Layout Design ⚫ Definition: The arrangement of machinery, work areas, and equipment in a production facility to optimize workflow, efficiency, and safety. ⚫ Supply Chain Management ⚫ Definition: The management of the flow of goods, services, and information from suppliers to manufacturers to consumers, including procurement, logistics, and distribution. ⚫ Raw Materials ⚫ Definition: The basic inputs or substances used in the manufacturing process to create finished goods, including their sources, costs, and availability. ⚫ Bill of Materials (BOM) ⚫ Definition: A comprehensive list detailing all the raw materials, components, and assemblies required to manufacture a product, along with their quantities. ⚫ Quality Control ⚫ Definition: A systematic process to ensure that products meet specified quality standards through inspections, testing, and evaluations during the production process. ⚫ Process Optimization ⚫ Definition: The practice of improving production processes to enhance efficiency, reduce waste, and lower costs while maintaining product quality. ⚫ Production Schedule ⚫ Definition: A plan outlining the timing and sequence of production activities, including timelines for raw material procurement, manufacturing, and delivery. ⚫ Operational Costs ⚫ Definition: The expenses associated with running a production facility, including labor, materials, overhead, maintenance, and utilities. ⚫ Scalability ⚫ Definition: The capability of a production process or system to handle increasing amounts of work or to be enlarged to accommodate growth without sacrificing performance. ⚫ Technology Assessment ⚫ Definition: An evaluation of the technological requirements and innovations necessary for the successful implementation of a project, including feasibility, compatibility, and costs. ⚫ Human Resources ⚫ Definition: The personnel required for the production process, including their roles, skills, training needs, and labor costs. ⚫ Production Methods ⚫ Definition: The techniques and approaches employed in manufacturing, such as batch production, continuous production, or just-in-time (JIT) production. ⚫ Environmental Impact Assessment (EIA) ⚫ Definition: The evaluation of potential environmental effects resulting from the production process, including waste management, emissions, and resource consumption. ⚫ Prototyping ⚫ Definition: The process of creating a preliminary version or model of a product to test concepts, functionalities, and design before full-scale production. ⚫ Maintenance Strategy ⚫ Definition: The plan for maintaining and servicing equipment and machinery to ensure optimal performance, reduce downtime, and prolong the lifespan of production assets. ⚫ Management Feasibility ⚫ Definition: An assessment of the adequacy of the management structure and the ability of the proposed team to execute the project successfully, including skills, experience, and leadership capabilities. ⚫ Organizational Structure ⚫ Definition: The system that outlines how activities such as task allocation, coordination, and supervision are directed toward achieving organizational goals, typically represented in a hierarchy or flowchart. ⚫ Management Team ⚫ Definition: The group of individuals responsible for overseeing the planning, execution, and monitoring of the project, including their roles, responsibilities, and expertise. ⚫ Project Management ⚫ Definition: The application of knowledge, skills, tools, and techniques to project activities to meet project requirements and achieve specific objectives within a defined timeframe and budget. ⚫ Human Resource Planning ⚫ Definition: The process of forecasting an organization's future human resource needs and developing strategies to meet those needs, including recruitment, training, and retention. ⚫ Stakeholder Analysis ⚫ Definition: The identification and assessment of individuals or groups that have an interest or stake in the project, including their influence, interests, and potential impact on project outcomes. ⚫ Risk Management ⚫ Definition: The identification, assessment, and prioritization of risks associated with a project, followed by the application of strategies to minimize or mitigate those risks. ⚫ Operational Plan ⚫ Definition: A detailed plan that outlines the day-to-day activities required to run the project or business, including specific goals, timelines, and resource allocations. ⚫ Performance Metrics ⚫ Definition: Standardized measurements used to evaluate the efficiency and effectiveness of the project or business operations, including key performance indicators (KPIs) and benchmarks. ⚫ Budgeting ⚫ Definition: The process of creating a financial plan that outlines expected revenues, expenses, and investments for the project, providing a framework for resource allocation and financial management. ⚫ Change Management ⚫ Definition: A systematic approach to managing the transition of individuals, teams, and organizations from a current state to a desired future state, including strategies for communication and training. ⚫ Decision-Making Process ⚫ Definition: The steps involved in making informed choices regarding project direction, including problem identification, alternative evaluation, and selection of the best course of action. ⚫ Communication Plan ⚫ Definition: A strategy for how information will be shared among stakeholders, team members, and other interested parties throughout the project's lifecycle, including methods and frequency of communication. ⚫ Training and Development ⚫ Definition: Programs and initiatives designed to enhance the skills and competencies of employees to improve performance, foster career growth, and support organizational objectives. ⚫ Exit Strategy ⚫ Definition: A planned approach for disengaging from a project or business, including methods for transitioning responsibilities, selling assets, or winding down operations, if necessary. ⚫ Resource Allocation ⚫ Definition: The process of assigning available resources, such as personnel, equipment, and budget, to various tasks or activities within the project to optimize efficiency and effectiveness. ⚫ Operational Policies ⚫ Definition: Guidelines and procedures that govern the day-to-day operations of the organization, helping ensure consistency, compliance, and quality in processes and practices. ⚫ Timeline/Schedule ⚫ Definition: A chronological representation of the project's phases, milestones, and deadlines, providing a visual roadmap for project management and execution. ⚫ Customer Relationship Management (CRM) ⚫ Definition: Strategies and technologies used to manage a company’s interactions with current and potential customers, focusing on improving customer satisfaction and retention. ⚫ Feedback Mechanisms ⚫ Definition: Processes for collecting, analyzing, and acting on feedback from stakeholders, team members, and customers to improve operations and project outcomes.