Starting a Small Business Vocabulary
Learning Based Structure
allows functions to work together; they are not subordinate to each other
Mission
clear broad statement describing the purpose of the organization
Organization Structure
clear managerial structure for each function of the business
Market Analysis
describes the current condition of the industry and forecasts where the industry is moving in the next three to five years
Target Market
describes who a business is providing services for
Hierarchical Structure
organizational structure in which business functions are subordinate to the other
Survey
questionnaire asking various questions about people's interest in a product
Focus Groups
soliciting individuals to consume a product and provide proactive feedback
Objectives
specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement
Business Plan
written map for beginning and growing a business; includes a mission, business goals and objectives