Business Vocab (1.1 Unit)
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8 Terms
Business
An organization or entity that produces and distributes products, which includes both goods and/or services.
Customer
An individual or business that purchases a good or service.
Consumer
An individual who uses the good or service, whether or not they were the buyer.
Problem-Solution Fit
Achieved when a business identifies market opportunities (customer problems, needs, and wants) and develops products to address them.
Product-Market Fit (PMF)
Means being in a good market with a product that can satisfy that market.
Value Creation
Occurs when a business provides a product that responds to customers' problems, needs, and wants.
Value Capture
Occurs when a business can charge customers a higher price than it cost to produce the product.