Business yr 11 term 1 SAC NOTES!!!

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Business management Unit 1

Last updated 8:42 AM on 2/25/25
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13 Terms

1
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Business Concept
The core idea behind a business that explains what it offers, who its customers are, what makes it unique, and how it plans to succeed.
2
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Feasibility Study
An assessment of the practicality and potential success of a proposed project or business venture.
3
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Market Research
The process of collecting and analyzing data about a market, including customers, competitors, and trends.
4
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Innovation
The process of change and improvement within a business.
5
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Value Proposition
A statement that summarizes why a customer should choose a product or service, highlighting unique benefits.
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Target Market
The specific group of consumers that a business aims to reach with its products or services.
7
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Revenue Model
The strategy by which a business intends to make revenue, including direct sales, subscriptions, and consulting.
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Personal Motivations for Starting a Business
Factors like financial independence, passion, flexibility, problem-solving, and making a difference that drive individuals to become entrepreneurs.
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Entrepreneurship
The process of starting and running a business to bring new ideas or products to the market.
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Business Opportunity
A potential idea or venture that can be developed into a profitable business.
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Goal Setting
Defining clear and measurable objectives to provide direction, focus, and motivation.
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Market Conditions
The current state of a market, including demand, competition, and economic trends.
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Operational Feasibility
The examination of infrastructure, personnel, and processes needed for a business to operate.

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