Introduction
Business is an institution that is organized for offering the goods and services to society in incentive. This presentation demonstrates the essential business terms.
Definition of business concept
The business concept is the foundational idea behind the business. It is designed for offering a meaningful direction with the procedure of building the business plan and launching company. In this phase, things will change and there would be no requirement for a business concept to fully define the business. The business concept is used for maintaining the unique value proposition for business in the context of crowded market (Chang, 2016).
Business concept terms
The Laws of Supply and Demand Vision, Mission, Strategy, and Tactics Marketing Time Management Wealth Creation, Risk, and Uncertainty Don’t Compete, Create a Competitive Advantage Opportunity Recognition
The Laws of Supply and Demand
The law of supply and demand is an essential significant business concept. It is an internal method that could be used for making a list of hobbies interest and skills in one column. In another column, the company can make a list of business opportunity. The laws are related to supply and demand is interacted to assess price. It can communicate the data to entrepreneur and consumer regarding the best technique to distribute the resources (Wirtz, Pistoia, Ullrich, & Göttel, 2016).
Vision, Mission, Strategy, and Tactics
Business can find a vision that it wants to attain at the global level. It can also create a clear mission for business. It can use the economics of one unit accurate and simple. Business can write down the strategic goal for making them measurable with number and timeline. This strategy can present a product at a lower cost as compared to competitors, having better emphasize on the consumer market and differentiating it in the marketplace. This tactic will use the resources for attaining the strategic goals (Bajada, Jarvis, Trayler, & Bui, 2016).
Marketing
If a business listens to customers and asks honest questions, then these customers will tell them regarding needs and wants. Business can address the interest of people and they can learn so much regarding their issues. For example, the business should focus on asking the right questions and engaging in active listening. It can develop the insight of business for finding the niche market. It can make sure the name of the business in a simple and accurate form. Business should build the brand via excellent products, good communication, and customer services. Marketing is the procedure to generate the product and services that attain the requirement of the customer (Shmueli, Bruce, Yahav, Patel, & Lichtendahl Jr, 2017).
Time Management
The significant resource for business is time. It is a precious element that can never get it back by business. Business should not waste it. By making a plan on how time will be utilized for coming day, weeks, month and year, business would be much likely for attaining the goal and live a productive as well as positive life (Sambhanthan, 2019).
Wealth Creation, Risk, and Uncertainty
Wealth is generated by a business opportunity that is integrated with ownership. In terms of business, wealth is generated by developing a business that has profit and could be sold for different earnings. Both monetary and mental wealth is the end outcome of effective entrepreneurial occupation (Hair Jr, Wolfinbarger, Money, Samouel, & Page, 2015).
Being a manager without ownership could be terrible as other people can develop the profit on their perception. A person can comprehend the difference between profit and salary in less time in a significant manner. Ownership of future profit could be sold for multiple earnings. Along with this, salaries and wages are compensation for work in the present and hence worth could be below profit. It could be projected into the future. All investment can take place in an uncertain globe with risk. The investment regarding resources can be used for generating the business. It could be wisely balanced in against the risk entailed (Mendling, Weber, Aalst, Brocke, Cabanillas, Daniel, & Gal, 2018).
Don’t Compete, Create a Competitive Advantage
The key business term ‘compete’ could be practiced for gaining the competitive benefits. Business can generate a winning business model with an advantage. Like the grateful dead, the key secret is to address the niche in which, a business can be not required the best but the only (Bruenger, 2016). Business can address the competitor’s strategy and then develops the strategy to do something different. Competitive benefits could rely on unique skills, intellectual benefits and by selling the unusual time and location. The alternative for uniqueness could be ordinary and sell the same product at the same rate (Bendell, 2017).
There are different ways of addressing the opportunities such as an external and internal method. The external method in which, a business can see the opportunity where others see problems and obstacles. In the internal method, the business can make the list of hobbies, skills, and interest in one column and business opportunity that can generate in another. Whenever a business encounters the issues then, it should think about how it could be resolved (Lyskova, 2016).
From the above interpretation, it can be concluded that the business concept is used for offering a meaningful direction for the procedure to build a business plan and launching the company. There are different essential business terms such as laws of supply and demand, vision, mission, strategy and tactics, marketing, time management, wealth creation, risk, and uncertainty, do Compete and opportunity recognition.
References
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Bendell, J. (2017). Terms for endearment: Business, NGOs and sustainable development. UK: Routledge.
Bruenger, D. (2016). Making Money, Making Music: History and Core Concepts. USA: Univ of California Press.
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Hair Jr, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015). Essentials of business research methods. UK: Routledge.
Lyskova, I. (2016, August). Moral concepts of modern business processes. In International Conference on Judicial, Administrative and Humanitarian Problems of State Structures and Economical Subjects (JAHP 2016). UK: Atlantis Press.
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Wirtz, B. W., Pistoia, A., Ullrich, S., & Göttel, V. (2016). Business models: Origin, development and future research perspectives. Long range planning, 49(1), 36-54.
