VOCAB 1-4

5. The steps a business takes to set goals, create plans, and make sure they stay on track.
6. Looking at external factors (like trends or competitors) that might affect the business.
8. The specific group of people a business wants to sell to.
10. what goals a business wants to achieve and figuring out how to get there.
12. The process of gathering information about the market, such as what customers want and how much they’re willing to pay.
14. A document that explains a business idea, its goals, how it will achieve them, and its financial plans.
15. The process of improving a region's economy, which can lead to new business opportunities.
17. Analyzing different parts of a market to figure out which groups are most likely to buy the product.
19. Continuously checking for changes in the market or environment that might impact the business.
20. Long-term planning focused on where the business wants to be in the future and how to get there.
22. Planning done by managers to make sure everything in the company runs smoothly and meets goals.
23. Changes in the economy (like inflation or unemployment) that can impact a business’s success.

1. The outside factors—like the economy, competitors, and regulations—that affect how a business operates.
2. Planning for unexpected events, like a crisis or disaster, so the business can handle it well.
3. The maximum demand a product or service could have in a specific market.
4. New technologies that affect how products are made or sold and may change the market.
7. External challenges or risks, like competition or economic changes, that could hurt a business.
9. Different groups within the larger market based on common characteristics, such as age or location.
11. The place or group of people who are interested in buying a product or service.
13. How appealing a market is for a business to enter, based on size, growth, and competition.
16. Data about a population, like age, gender, income, and education, used to understand customers better.
18. A chance for a business to offer something new or better to meet a customer need and make a profit.
21. Short-term planning focused on specific actions to achieve parts of the bigger strategic plan.