End user of the product or service. - Beneficiary, Something that promotes or enhances the value of a product or a service to the customer. A benefit sells. - Benefit, A clear and concise description of a business opportunity. It contains the four elements: the product or service, the customer, the benefit, and the distribution. - Business concept, A tool for organizing important information about a business venture's competition. - Competitive matrix, The process that tests a business concept; it allows the entrepreneur to decide whether a new business concept has potential. - Feasibility analysis, A distinctive aspect, quality, or characteristic of a product or service. A feature tells. - Feature, A collection of businesses with a common line of products or services. - Industry, A working model used by entrepreneurs to determine what it takes to develop their products or services. - Prototype, One most likely to buy a business's products and services. - Target customer, The distribution channel through which a product or service flows from the producer to the customer. - Value chain,

Principles of Business Unit 1

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