1. GOODS AND SERVICES The outputs offered by businesses to satisfy the demands of consumer and industrial

markets.

2. CONTINUAL FLOW OF NEW PRODUCTS Takes place when the company innovates since the customer needs to get something

new in order to stay interested in a company’s product and this can be in the form of new features, new shapes, new products and even a new price

3. VOICE OF CUSTOMER Term used in business to describe the process of capturing a customer’s requirements A market research technique that produces a detailed set of customer wants and needs Studies on this typically consist of both qualitative and quantitative research steps and

they are generally conducted at the start of any new product, process, or service design initiative in order to better understand the customer’s wants and needs, and as the key input for new product definition and the setting of detailed design specifications

4. RETURN ON INVESTMENT The percentage of money gained or lost on an investment relative to the amount of

money invested

5. BREAKEVEN POINT The point at which cost or expenses and revenue are equal

6. BUSINESS RATIONALE Defines the fundamental reason or reasons why developing the product will be

beneficial to the business and it outlines a reasoned step by step explanation

7. BUSINESS PLAN Formal statement of a set of business goals, the reasons why they are believed to be

attainable, and the plan for reaching those goals, and it may also contain background information about the organization or team attempting to reach those goals

8. PRODUCT POSITIONING The process by which marketers try to create an image or identity in the minds of their

target market for their product, brand or organization The objective of this is to ensure that the consumer remembers the product or brand

despite the noise created by the communication clutter

9. SALES PROCESS Systematic approach to selling a product or service and it includes all aspects of sales

and helps in creating standardized processes which allow monitoring of processes and in enhancing sales

10. SALES TOOLS All factors that help in selling a product and these include consumer schemes,

advertising, printed leaflets, banners, etc.