Exam (elaborations)
ESB V2 Domain 2 Lesson 1 (1)
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ESB V2 Domain 2 Lesson 1 (1)
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ESB V2 Domain 2 Lesson 1Target Market - ANS-Identifies the customer group to which a company markets its products and
services.
Value Proposition - ANS-Statement that explains why a customer should do business with a
company.
Primary Data - ANS-A more accurate and reliable source of customer wants: first-hand
accounts, interviews and surveys.
Secondary Data - ANS-Less reliable information on customer needs because it contains
personal bias, articles and academic journals.
Direct competitor - ANS-Business that sells similar products or services to your business.
Indirect competitor - ANS-A business that sells a different product or service from yours, but fills
the same customer need or want.
SWOT - ANS-Strength, Weakness, Opportunity, Threat
Risk tolerance - ANS-Amount of loss one is willing to take when making an investment decision.
Executive summary - ANS-Creates the first impression of a business plan.
Growth Mindset - ANS-Believing that one can accomplish anything through hard work.
S Corporation - ANS-For-profit corporation with limited liability and comes with a lower tax rate
that prevents the company from being double-taxed.
Ideation stage - ANS-In design thinking where the team comes up with new ideas to spark new
ways of thinking.
Empathy - ANS-Allows one to see and experience a customer's perspective.
Stockholder - ANS-Owns shares in a company and votes on new management (CEO)
Opportunities - ANS-Anything that can increase your sales and grow your company.
Threats - ANS-Anything that poses a risk to your company's success or growth.
Strenthgs - ANS-Things your company does well.
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