Bussiness II exam

Ontology

study of what exists; the nature of reality

Epistemology

study of knowledge; how we know what we know

Linear analysis

step-by-step, sequential reasoning

Iterative analysis

repeated cycles of analysis and refinement

Scenarios

possible future situations used for planning

Analogies

comparisons between similar things to explain ideas

Metaphors

symbolic comparisons without using “like” or “as”

Triangulation of data

using multiple sources to validate findings

Logical fallacies

errors in reasoning that weaken arguments

Inductive reasoning

drawing general conclusions from specific examples

Deductive reasoning

applying general rules to specific cases

Claim

main argument or assertion

Warrant

reasoning that connects evidence to the claim

Value statement

A statement that declares a company’s beliefs, judgments or morals

Tagline (Mantra/Slogan)

short, memorable phrase representing a brand

Value Proposition

why a customer should choose your product/service

Elevator Pitch

quick, persuasive summary of an idea or business

Vision statement

future goals and aspirations

Purpose

reason something exists

Personality

brand’s tone, style, and character

Appreciative Inquiry

focusing on strengths to drive improvement

Business Strategy

plan to achieve competitive advantage

Business Model Canvas

visual framework of how a business operates

Business Model

how a company creates, delivers, and captures value

Cover letter

introduction highlighting qualifications for a job

Executive Summary

brief overview of a report or plan

Opportunity

favorable situation for growth or success

Archetype

typical example or model

Policy statement

formal guidelines or rules

Issue

problem or topic needing attention

Recommendation

suggested course of action

Theory

explanation based on evidence

Strategy

plan to achieve objectives

Strategic decision

long-term, high-impact choice

Stakeholder

anyone affected by a decision

Scope

boundaries or extent of a project

Competitive advantage

factor that makes a business outperform others

Differentiation

making a product unique

Cost strategy

competing by offering lowest price

Focus strategy

targeting a specific market niche

Organizational Behavior

study of how people act in organizations

Networking

building professional relationships

Significance

sense of meaning or importance

Transition point

moment of significant change

MTE Goals

Most Important Goals (top priorities)

Situational limitations

constraints from circumstances

Marketing

creating value and building customer relationships

Marketing Offers

combination of products/services provided

Marketing Myopia

focusing too narrowly on marketing products instead of customer needs

Customer Value

benefits of a product relative to cost

Marketing Management

planning and executing marketing strategies

STP

Segmentation, Targeting, Positioning

Segmentation

dividing a market into groups

Targeting

selecting which segment to serve

Positioning

shaping how customers perceive a product

The Four P’s

Product, Price, Promotion, Place

Product

what is being sold

Price

amount charged

Promotion

communication/advertising

Place

distribution channels

SWOT

Strengths & Weaknesses, and Opportunities & Threats

Four elements of opportunity:

Customers, Value, Reach, Commitment