Business Terminology PDF

TERMINOLOGIES Business Name – The official name under which a company operates, used for branding, legal recognition, and marketing purposes. Business Logo – A visual symbol or design that represents a business and helps in brand recognition. Tagline – A short and catchy phrase that conveys the e...

TERMINOLOGIES Business Name – The official name under which a company operates, used for branding, legal recognition, and marketing purposes. Business Logo – A visual symbol or design that represents a business and helps in brand recognition. Tagline – A short and catchy phrase that conveys the essence of a brand or business and helps in marketing. Product Name – The specific name given to a product to differentiate it from others in the market. Mission – A statement that defines the purpose, values, and primary objectives of a business. Product Description – A detailed explanation of a product’s features, benefits, and specifications to inform customers. Target Market – A specific group of consumers that a business aims to serve based on demographics, preferences, and needs. SWOT Analysis – A strategic tool used to evaluate a business’s Strengths, Weaknesses, Opportunities, and Threats. TOWS Analysis – A variation of SWOT analysis that focuses on matching external opportunities and threats with internal strengths and weaknesses to develop strategic options. Demand Analysis – The study of consumer demand for a product or service to determine potential market size and customer needs. Supply Analysis – The examination of the availability of goods and services in the market and how businesses meet consumer demand. Demand-Supply Analysis – A combined study of market demand and supply to determine equilibrium price and quantity. Factors Affecting the Market – Various elements such as economic conditions, consumer behavior, competition, technology, and regulations that influence market trends. Price Study – The evaluation of pricing strategies, competitor prices, and consumer willingness to pay for a product or service. Sales Forecast – A prediction of future sales based on market trends, historical data, and business strategies. Market Share – The percentage of total sales in an industry that a particular business or product holds. Marketing Programs and Strategies (7Ps) – A framework that includes Product, Price, Place, Promotion, People, Process, and Physical Evidence to develop effective marketing plans. Marketing Plan – A strategic document outlining marketing goals, strategies, target audience, and actions to promote a product or service. Vision – A long-term aspirational statement that defines what a business aims to achieve in the future. Long Range Objectives – Goals set for an extended period, typically five years or more, to guide business growth and development. Location of the Business – The physical or online presence of a business, chosen based on factors such as customer accessibility and operational needs. Type of Business Organization – The legal structure of a business, such as sole proprietorship, partnership, corporation, or cooperative. Source of Funding – The financial resources used to start and operate a business, including personal savings, loans, investors, or grants.