Business Literacy for Companion Animal Enterprises (Strand 1: Business Operations / 21st Century Skills)

Business Opportunity

A situation where a real problem is solved for a customer group in a way that is profitable.

Companion Animal Industries

Industries focusing on products and services related to pets.

Value Proposition

A clear statement of what you offer, who you serve, the main benefit, and what makes you unique.

Market Research

The process of gathering information on competitors and customer preferences.

Friction

Customer experiences of stress or inconvenience that indicate unmet needs.

Unmet Needs

Customer desires that cannot be satisfied with current available options.

Demand Shift

An increase or decrease in demand at every price level due to external factors.

Supply Shift

An increase or decrease in supply at every price level, influenced by external factors.

Market Equilibrium

The point where the quantity demanded meets the quantity supplied.

Fixed Costs

Expenses that do not change regardless of the volume of goods or services produced.

Variable Costs

Expenses that vary directly with the amount of goods or services produced.

Break-even Point

The level of sales at which total revenues equal total costs, resulting in no profit or loss.

Operational Plan

A detailed plan describing how the business will be run day-to-day.

Customer Communication

Methods used to inform customers about prices, services, and policies.

Risk Management

The process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize them.

Services vs Products

Services are time-based and cannot be stocked like products; they have capacity limits.

Emotional Purchasing

Buying decisions influenced by emotions, particularly in pet-related industries.

CAPACITY

The maximum number of services that can be provided within a certain timeframe.

Pilot Testing

Offering a limited version of a service to gauge customer interest before full launch.

Credibility and Trust

Customer confidence in the reliability and quality of your services.

Seasonality

Patterns in demand that vary according to the time of year.

Training and Skills

Qualifications and expertise required to deliver services effectively.

Unique Advantage

What makes a business stand out from competitors.

Consumer Preferences

Trends and inclinations of consumers that affect buying decisions.

Cost Estimation

The process of calculating the total expenses involved in delivering a service.

Marketing Strategies

Plans designed to promote products or services and attract customers.