Coordinating the key business functions

solvency

a measure of long term financial stability i.e. can meet financial obligations in the longer term

differentiation

a unique aspect of the business's products

efficiency

achieving maximum output with a minimum level of inputs

promotion

activities to generate customer awareness of the business and their products

cost leadership

an approach to operations where the focus is to reduce costs in order to allow the business to compete on price and still maintain profits

transforming resource

an input used by the business that combines or alters other resources during operations processes

transformed resource

an input used by the business that is changed during operations processes

management

coodinating and intergrating activites to achieve business goals

debt finance

finance sourced from outside the business that must be repaid at some future date

equity finance

finance that is sourced from inside the business

profitability

increasing business returns through higher revenue or reduced costs

strategic goals

long term goals for the whole business

liquidity

the ability to pay debts in the short term

competitive advantage

the features of a business that provide it with an edge over its competitors and attracts customers

marketing

the key business function that connects the business with its market. It plans, prices, promotes and distributes want satisfying goods and services to customers

operations

the key business function that is involved in producing the business's outputs

finance

the key business function that provides the business with the financial resources to conduct activities

synergy

the output / outcome is greater than the sum of the parts

interdependence

the situation where the key business functions impact and rely on each other