Archive for the ‘Word of the Day’ Category
A set of circumstances that allows people to find new uses.
Usage: Apple set up a generative scenario by encouraging iPhone and iPad apps.
The complete process of creating and implementing a new product or service for customer purchase from an existing entity.
Usage: The new product development team included a researcher, a finance person, and a marketing person.
Business to Consumer. Often-used abbreviation of the business model in which one company sells to consumers or individuals (as compared to B2B, selling to businesses).
Usage: The B2C marketing program included television advertising.
Small to Midsize Business. A market of business customers that range from very small (single employee) to medium in size (that is, not “big”).
Usage: The entrepreneur said that his product would be of interest to the SMB market.
Sales revenue less the direct costs associated with creating what was sold. The profit that is available to cover other operating expenses.
Usage: The gross profit from selling a book is the difference between what the book sold for and the price the bookstore paid for it.
Technology that is not yet proven and may be unreliable, difficult to use, and challenging to learn. The user may end up figuratively bloodied. More extreme than “leading edge.”
Usage: Users of a bleeding edge technology have to be both adventurous and patient.
The extent or degree of statistical association among two or more variables.
Usage: Just because there is a correlation between two events doesn’t mean that one caused the other.
The plan for moving from one software program to another. May also refer to moving from one system or product to another.
Usage: The team needed a migration strategy to move their customer base from a single product to a family of products.
VOSB. A small business that is at least 51% owned and generally managed by a qualified veteran.
Usage: Veteran Owned Small Businesses are encouraged to bid on government contracts.
The ability to rapidly increase, or decrease, the level of sales, production, or volume.
Usage: It is important to consider scalability when developing a new business.